Foreclosures rise among Fayette builders

Tue, 09/22/2009 - 3:49pm
By: John Munford

While numerous individuals in Fayette County have been battling foreclosure with the rough economy, with few exceptions local developers have managed to dodge the bullet by and large ... until now.

Some very prominent real estate developers have seen their aspirations slip into foreclosure notices listing their properties for sale on the courthouse steps to the highest bidder.

One of the biggest residential listings in recent foreclosures is that of developer Dan Stinchcomb for just over $8 million to United Community Bank for several undeveloped properties including a 586-acre tract abutting Huiet Road and Lake Edith in Fayetteville along with smaller tracts of 54, 165, 54 and 42 acres each.

Also, developer Thomas D. Reese was listed in default on a property listed as 55 Grady Avenue with loans outstanding totaling $2.82 million. The loans were originally made by Citizens & Merchants Bank that was later acquired by Bank of North Georgia.

And it’s not just residential developers that are hurting. Commercial developers are also beginning to pop up more often in local foreclosure listings.

Exeq Park Place, the developer of the Park Place shopping center immediately adjacent to The Avenue shopping center in Peachtree City is on the foreclosure hook with a $3.85 million loan from Regions Bank.

The Marketplace shopping center at the northwest corner of Ga. highways 74 and 54 is also in foreclosure listings with Han Properties on the hook for a $1.99 million loan from Metro City Bank for an address that was the former site of the Macaroni Grill restaurant.

Other developers on the hook in recent foreclosure listings include:

• Lanham Building Company, $1.59 million to Southern Community Bank for lots in the Lake Windsong subdivision in Tyrone;

• ATTP Holdings, $1.36 million to Branch Banking & Trust for a 3-acre property off Paschall Road and Dividend Drive in Peachtree City;

• Office Park 54 LLC, $3.23 million to First Georgia Community Bank for an 8-acre site on Ga. Highway 54 in Fayetteville;

• Jeff Betsill Homes, $439,200 to Southern Community Bank for several lots in the Summit Point subdivision in Fayetteville.

• Rossetti & Rossetti for $956,000 to United Community Bank for lots in the Lake Windsong and Tullamore subdivisions.

• Nicholas W. McCullough and James W. McCullough, for $810,000 to The Bank of Georgia for eight lots in the Edenton Estates subdivision.

• Jordan Homes & Properties, for $1.46 million to The Bank of Georgia for lots in the Lake Windsong and Horsemen’s Run subdivisions.

The listings have also seen a marked increase in the number of high-dollar homes being foreclosed on, ranging from a $640,000 loan to a home in the Legacy Hills subdivision in north Fayette to a $1 million loan for a home in the Whitewater Creek subdivision in south Fayette.

Also on the foreclosure listings are a $900,000 loan for a home just east of Peachtree City off Ebenezer Road and a $1.08 million loan for a home on Sams Drive near Sandy Creek Road.

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Submitted by FayetteFlyer on Thu, 09/24/2009 - 4:13pm.

there are drastic improvements in employment figures, then any lasting stability in the real estate market isn't likely to happen. I'm just not sure if the metro area is getting, or will continue to secure, the types of higher level income jobs that will reduce the current upper priced housing inventories. I'm seeing a double dip recession in the offing.

Robert W. Morgan's picture
Submitted by Robert W. Morgan on Wed, 09/23/2009 - 6:54pm.

Meaning whould think that Lake Windsong would fail?

Me for one, but no one listened.

Real estate rule for success - location, location, etc,

Sorry for the builders, not their fault.


Submitted by normal on Wed, 09/23/2009 - 6:15pm.

So this is what happens when things have hit bottom and the recession is over. Not. The worst is still coming on commercial and residential real estate.

S. Lindsey's picture
Submitted by S. Lindsey on Wed, 09/23/2009 - 9:01pm.

yet.. But they will and when they do.. this will be just a speed bump.

The American people will never knowingly adopt socialism.
But, under the name of “Liberalism” “they will adopt every fragment of the Socialist program, until one day America will be a Socialist nation, without knowing how it happened” Norman Thomas US Candidate for President


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