Thursday, July 12, 2007

Grandfather Vistas Documents

The Grandfather Vistas - Peerless Real Estate Connections

News reports indicate that the Grandfather Vistas development in Caldwell County appears to be abandoned and that at least two of the individuals associated with Grandfather Vistas developer Blue River Ridge of Blowing Rock, LLC were also associated with the Village of Penland project. (Upon examining some deeds recorded in connection with the Grandfather Vistas project, I found at least one instance where Peerless Real Estate Services, Inc., Neil G. O'Rourke, President is listed as "manager" of Blue River Ridge of Blowing Rock, LLC.)

Articles of organization for Blue River Ridge were filed with the NC Secretary of State on February 7, 2006 listing as "organizer" W. H. Johnson, III, c/o Womble Carlyle Sandridge & Rice, PLLC, 2530 Meridian Parkway, Suite 400, Durham, NC 27713 and listing the initial registered office of the company as 135 Crown Ridge, Spruce Pine, NC 28777. (A Mr. Kip Johnson with Womble Carlyle Sandridge & Rice was listed as a reference in a 2005 brochure published by Peerless Real Estate.)

On April 20, 2007, Randy A. Carpenter resigned his position as registered agent for Blue River Ridge at Blowing Rock, LLC and stated that written notice of his resignation had been delivered to John Perry, Vice President, Peerless Real Estate Services, Inc., 211 Skyview Drive, Spruce Pine, NC 28777. (Mr. Carpenter’s resignation as registered agent of Village of Penland, LLC and Peerless Real Estate Services, Inc. was filed on that same date. I should add that Mr. Carpenter was also an agent for yet another corporation, Grandfather Vistas, LLC.)

The Blue River Ridge corporation is still listed as active and current, though it appears a required annual report may be overdue for filing.

Introducing Source One Communities

The web domain was registered September 7, 2006 and administrator of the web domain is listed as Frank Baylor, 10698 Ocean Highway, Pawleys Island, SC 29585, , 843-385-0499. (Stephen Rayborn is also listed in association with the site, same address) If you’re so inclined you can use Domain Tools (whois) to look up similar details on any web domain you come across. [I can't pass up the chance to critique the web-site. Not bad. They should have used spell-check, though. At least one glaring error scrolls across the screen. And the music is perfect, except it keeps repeating every 10 seconds. Gets old fast. Hmm, how many hundreds of thousands do you guys say you charge for this stuff?]

You can view an advertisement run for Grandfather Vistas in the (Raleigh) News and Observer on October 18, 2006. The offer was for a complimentary three day-two night stay (with travel reimbursement). "Mountain View and Riverfront Homesites from $219,000)…Accommodations are provided and arranged by Source One Communities."

Googling "Source One Communities" brings up a website that describes Carolina Barriles, LLC which brought together "Davidson and Jones Corporation, represented in this endeavor by Robert L. Jones and Seby R. Jones, and Source One Communities, LLC, represented by its principals, H. Lee Farthing and [Stephen M.] Rayborn." Elsewhere in the site, we read of Prudential Source One Communities, LLC of Pawleys Island, SC.

Further, they describe their impressive marketing prowess:

Imagine selling-out an entire property in less than three hours and earning gross revenues of more than $20 million in one day. It's a reality at Source One Communities. We market our properties to the right buyers at the right times, so come purchase day, they're ready to buy.

We have a proven track record of success in developing and selling waterfront and mountain properties. The keys to these achievements are that we understand the discerning tastes of the affluent buyer, and we know how to choose properties that present buyers with an opportunity to be among a distinguished group of residents who take advantage of an once-in-a-lifetime opportunity.

… Grandfather Vistas of Blowing Rock - Blowing Rock, North Carolina. Over $20 million sold the first 90 days. 2800 acres, 5 -7 year sellout. Average marketing expenditure - $300,000 - $500,000 per sales event.

Plats and Contract Forms for Grandfather Vistas

What is presented as the Grandfather Vistas website (with Source One Communities also listed) contains some intriguing documents which I have archived. These are blank forms, and I have not yet determined whether these were used in any actual transactions. I expect these would be of interest to some readers more adept at parsing such things than I am.

The one-page flyer, "Capture a View That Refreshes the Soul" is your usual real estate fluff.

Several pages of plat maps for the Grandfather Vistas development are available for viewing.

A lengthy document of restrictive covenants for Grandfather Vistas is also available. The document refers to the Grandfather Vistas Homeowners Association, Inc., which I cannot identify as being a North Carolina corporation. Mentioned in the document is Columbia Development Group, LLC…not an NC corporation (possibly KY?)

Finally, and perhaps most interesting are the contract for purchase of property and contract addendum. The contract form lists an escrow agent, Mr. Phil Murdock, Jr. Esq., Nexsen Pruet Closing Network, LLC, 1425 Constitution Blvd., Rock Hill, SC 29732.

Much appreciated are the comments of one reader who has already examined these items and had some observations: "The contract addendum offers 12 months interest to the buyer. 10% down, pay nothing for a year and we guarantee you can sell your land for a profit. And most of the properties are 100ft wide! That is appropriate for inner city development. There are many more of these to fail."

There are some very well-informed viewers of this site, and it would be interesting to hear about any other possible irregularities found in these contracts.

1 comment:

Anonymous said...

I've been watching the plots at grandfather vistas get bigger and prices drop lower. Any new information on who owns the land out there now would be really helpful.