Contentious Pinehurst Property Up for Sale Again
The roads were built for the Traditions at Old Town site about two years ago.
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The new owner of four acres across from Pinehurst's Arboretum is putting the property up for sale next week at a public foreclosure auction.
According to legal documents filed in connection with the sale, Dogwood Portfolio LLC in Fort Myers, Fla., now owns the property on McCaskill Road that once was the planned site for a luxury town home development called The Traditions of Old Town.
The property is for sale to the highest bidder for cash at the public auction, which will be held at noon on Jan. 24 at the Moore County Courthouse, 102 Monroe St., Carthage.
Village Attorney Mike Newman said there likely will be plenty of interest in the property.
"With the infrastructure there - the water and sewer and its location - I expect there will be some folks interested in getting it," Newman said of the property.
It is unclear in the documents if there is a minimum bid required.
"I guess we will just have to wait until Jan. 24 to see what happens," Newman said.
Currently the land is the only property in the Village Residential (VR) district. That district calls allows a maximum dwelling density on the property to be between six and eight units per acre.
There is a minimum square footage requirement that states 50 percent of all the units shall be at least 1,800 square feet and in no case shall the minimum square footage be less than 1,400 square feet of heated floor area. The minimum amount of open space is 20 percent.
The property was purchased in 2007 by Traditions of Old Town LLC, a group headed by Mike Donninger. Donninger wanted to build million-dollar town homes. The infrastructure was put in place, but no buildings have been constructed, despite multiple zoning changes.
That site - and its changing zoning - has been a contentious issue for the village over the years.
In April 2011, the property was purchased by Hudson Realty Capital LLC, after it was foreclosed on by Crescent State Bank. Two months later, a Cary developer Eli Zablud, told the Village Council he had an option to buy the property and develop it. On multiple occasions he requested more accommodating terms for development.
The council opted to change the zoning to its current form in July, 2011.
It was thought that the unique development could be a link between the residential Old Town and the business district known as NewCore, which is now being called Village Place.
Mayor Nancy Fiorillo called the proposed Traditions development an "interesting chapter in Pinehurst's history." She said she is hopeful that a change in ownership could be the impetus for new development on the property.
"We hope that we ultimately have a buyer who can work with us on a development plan," Fiorillo said. "I hope it is a new day for Traditions."
Contact Tom Embrey at (910) 693-2484 or tembrey @thepilot.com.
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Comments
phstresident 4 months ago
The Village should buy it for parking at the Arboretum. IF, and it's a big IF, it can be bought at a reasonable price.
doughnuts 4 months ago
Nice spot for a fast food eatery like McDonald's, Dunkin Donuts, Biscuitville, Taco Bell or Bojangle's to name a few.
Toda 4 months ago
doughnuts ~ Like Carthage, job and business opportunities in the Hurst aren't available. At least Carthage has a McDonalds and Hardee's. The silver hair crowd has to lower their standards to visit Aberdeen for a quick fast-food fix.
mymindwanders 4 months ago
Or maybe a shooting range...
ncsnafu1 4 months ago
A village parking lot is a good idea. With the way the council treated the sand lot as a "government building", 70% or about 3 acres could be paved thereby leaving an acre of green space.
Pinehurst_Nurse 4 months ago
Not everyone in Pinehurst has silver hair, just sayin'!
tarheelborn 4 months ago
OK all you geniuses out there in Reader Land. To begin with, unless I missed something, the property is owned by the bank! We ALL know the greed of the banks. The banks are not in the business of losing money. Therefore, any auction on the public courthouse steps, MUST be approved of the first position holder of the assets. Whatever the amount owed on the properties, I do not see it selling for one dime less! Regardless of what is printed in this article.
tarheelborn 4 months ago
It's kinda like the poor business illiterate residents of all these homes being foreclosed by THE BANKS! The banks have NO INCENTIVE to negotiate or take a haircut from the "Loaned Amount" on these mortgages... Because the Government has ALREADY PAID THE BANKS for their losses! You see "THEY CAN'T LOSE WITH THE STUFF THEY USE"! They get the money Guaranteed for the loan from the Government (which is SUPPOSED TO BE US TAX PAYERS), and STILL KEEP THE PROPERTY! How COOL is that? That's right , I'm HOLLERING AGAIN! We have IGNORANT People allowing THIEVES and CONVICTED CROOKS to run this nation... The REAL problem is our elected officials are not allowed to vote for the people that supposedly placed them into office. It's the POWERS TO BE (MONEY HOLDERS/BANKS) which tell our Elected Officials EXACTLY HOW THEY WILL RUN THINGS! It's sad, but true!
Thatcher 4 months ago
"To begin with, unless I missed something, the property is owned by the bank!" You might have missed something: the article says the property is owned by Dogwood Portfolio LLC from Florida. Whether you believe that fact affects the rest of your posts is up to you. Cheers!
irishman 4 months ago
Thatcher, don't be stupid. The bank is foreclosing on the property by selling it at the courthouse steps, and will begin the bidding at the outstanding note balance.
Thatcher 4 months ago
irishman-- Wait a second, and read again the first 2 sentences of the article...including who now owns the lot. I didn't write the article. Yet if you believe "the bank" is foreclosing, tell us which bank and how, and then tell the Pilot writers to update their story. And no, I do not choose to return the insult.
tarheelborn 4 months ago
@Thatcher. "the article says the property is owned by Dogwood Portfolio LLC from Florida." You obviously believe everything you read. As long as a "Mortgage" is on a piece of Real Property, (or any other property) for that matter, it is NOT OWNED by the Registered So Called Owner. First Position, means just that, FIRST POSITION, until the Mortgage is PAID IN FULL... Even then you REALLY DON'T OWN IT as Long as there is a STATE. Hence, if the taxes are not paid, OR the STATE wishes to TAKE IT BY Imminent domain one Never Owns a piece of Real Property....
@irishman. You are 100% Correct...
I have bought property at Public Auction via Private Sales, Advertised Sale, Tax Sale (after the allowed time for upset bids), IRS sales, etc.... They are always going to try to start the bid in these type situations for the outstanding amount owed the bank...
It is ONLY after a Bank sits on a piece of property after a Public sale for (1Year) or BIRTHDAY if you will that they will even THINK ABOUT letting it go... They have been paid ONCE, by the person taking out the mortgage in the first place over how many months they made their payments, then again when they foreclosed and the FDIC Federal Government Backed Loan from Day One the FULL AMOUNT, and NOW we allow the banks to sell the property and COLLECT AGAIN from an Auction! This is another reason why our GOVERNMENT MANAGED PUBLIC SCHOOLS only teach WHAT THE GOVERNMENT wants your children to learn! Keep everyone DUMB, BAREFOOT and PREGNANT and they will continue to control everyone!
Send your children to a PRIVATE School or you don't have a snowball's chance in hell of ever succeeding in this life! UNLESS you are fortunate to be born into the Elite Political World... Sorry, those are the facts. Like it or not!
Thatcher 4 months ago
Uh, they are selling a lot. You and irishman claim the owner is "the bank." I simply pointed out that the article says the owner is an LLC out of Florida. If you are correct, and not the author of this article, then take it up with him/her. But I feel confident that whoever is selling this lot...bank or private equity firm...is not asking you to use all CAPS in opposing it, or in saying that folks should "send your children to a PRIVATE School or you don't have a snowball's chance in hell of ever succeeding in this life!" The story is about the sale of a lot. A vacant lot. As best I can tell, it is not about keeping "everyone DUMB, BAREFOOT and PREGNANT..." as you contend. Cheers!
irishman 4 months ago
Thatcher, I never said the bank owns the land. I said the bank is selling it at the courthouse steps. The foreclosure process is the borrower/owner defaults, bank makes demand, borrower fails to cure default under demand, then bank advertises the property for sale at the courthouse steps under order of foreclosure, and they usually bid it back in at the outstanding balance. If someone wants to bid higher than that, they will usually end up with the property.
That's the foreclosure process in a nutshell, my apologizes for calling you stupid, you may not know how foreclosure works.
Steve 4 months ago
There will not be a lot of interest. Any builder in the area knows how hard it is to work with Pinehurst. Directly quoting their staff "they love a good fight".
concerned 4 months ago
You all would argue over has fast grass grows. Do you all really care who owns the land? I mean REALLY!!!
Courseaire 3 months, 4 weeks ago
tarheelborn - you are a riot, that was one of the funniest comments I've ever read. If what you were saying was true, then if I wanted to sell my house, I'd have to get the permission from the bank to approve the sale since they own the property thru the mortgage. That is hilarious.
irishman 3 months, 4 weeks ago
Coursaire, you are the riot. Would you have to get permission from the bank to sell if for less than you owed? Of Course, it's their collateral!! Owners have an obligation to pay their debts.