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Steve_ Shaffer

  • Total Karma: -1
Hasentree(Fazio) in Raleigh, NC
« on: April 01, 2009, 03:37:42 PM »
Sun Trust Bank takes it over after no bids at foreclosure sale:

www.newsobserver.com/business/story/1466960.html

www.hasentreeclub.com

Another toxic asset?

« Last Edit: April 01, 2009, 03:46:29 PM by Steve_ Shaffer »
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Scott_Burroughs

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Re: Hassentree(Fazio) in Raleigh, NC
« Reply #1 on: April 01, 2009, 03:51:45 PM »
It's in Wake Forest, actually, 5 minutes from me.

A 400+ home, very high-end housing development in an area where the nearby Wakefield development hadn't filled out it's high-end section with less than 50 homes in the same price range in 10 years.  Even if the market hadn't collapsed, I didn't see the market for that many high-end homes here, in one spot.

The golf course is good, but not great, but not the reason for the foreclosure.  Tour pro Carl Petterson had joined there as a playing rep, with the club's logo on his bag, but I heard that changed (at least the bag part).
« Last Edit: April 01, 2009, 03:59:38 PM by Scott_Burroughs »
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rjsimper

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Re: Hasentree(Fazio) in Raleigh, NC
« Reply #2 on: April 01, 2009, 03:56:14 PM »
Not exactly sure what you're getting at with the thread, or what the topic of discussion should be, but I can say that Hasentree is a very nice golf course, a beautiful community, and I'd be sad to see it fail

Really tough to sell homes starting at 800k in a market like this period, let alone in a locale that is typically known for affordable real estate (and it's technically in Wake Forest, I believe)

Hasentree rivals TPC Wakefield for some of the nicest homes on the golf course in the area, that's for sure.  Of course, many are for sale - I drove through last month and it seemed like 10% of the lots were built on, and of those, probably half were for sale (new builds)

It's tough to see this as a case of the land for the course being worth more as homesites, though.  There's already a ton of land up there to begin with.
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John Moore II

Re: Hasentree(Fazio) in Raleigh, NC
« Reply #3 on: April 01, 2009, 04:02:50 PM »
Not sure what they will end up doing, but if it were me, I'd open the course to the public for the time being. Put it in the $50-75 price range and try and get some revenue coming in. But I agree with what has been said all ready, I just didn't see the market for another high end course like that in the area. Same as I didn't see the market for Dormie in Pinehurst. Both seem to be headed down the same road.
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Brock Peyer

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Re: Hasentree(Fazio) in Raleigh, NC
« Reply #4 on: April 01, 2009, 08:36:26 PM »
What a shame. 

Did I hear right that The GA Tech Club/Echelon was in the same boat?  I played there two weeks ago but didn't get to ask the situation?
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Mike Hendren

  • Total Karma: -1
Re: Hasentree(Fazio) in Raleigh, NC
« Reply #5 on: April 02, 2009, 09:48:23 AM »
Nice writing:  SunTrust "scooped up" the property.  That's like saying the Wicked Witch of the East scooped up Dorothy's house. 

If there are any other bankers out there, repeat after me:

Never, ever finance a golf course development.
Never, ever finance a golf course development.
Never, ever finance a golf course development.
Never, ever finance a golf course development.

Bogey
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Matt Varney

Re: Hasentree(Fazio) in Raleigh, NC
« Reply #6 on: April 02, 2009, 02:30:47 PM »
What was the opening price to start bidding at the foreclosure sale?

This is amazing nationally how many golf real estate developments are in the tank or dead in the water just waiting to be acquired or going through a foreclosure sale.   Hasentree looks like a quality project in a nice area of NC.  Sign of the times we live in today!
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