Carolina Park Update - Developers Of Carolina Park Sued

According to an article in The Post and Courier newspaper, the developers of Carolina Park a facing a foreclosure lawsuit for allegedly defaulting on a $25 million loan. The newspaper stated that a Charleston based investment group, Palmetto Debt Holding LLC is seeking to foreclose on hundreds of acres of property the borrowers had pledged as collateral in Carolina Park. The Wando High School site as well as Roper St. Frances Hospital sites are excluded from the foreclosure.

According to the newspaper article, "the borrowers could turn over the land deeds without a legal fight, or they could line up new financing to pay off the $25.3 million balance, which is growing at a rate of nearly $4,700 a day. Filing for bankruptcy protection is an extreme option that would buy time. The Carolina Park has been known for years as the Marino Tract.

It is interesting to note that according to the Charleston mls, 22 vacant residential building lots being marketed by Carolina One Real Estate were withdrawn from the market in Carolina Park on September 24, 2009;


Posted By Joe Eddleman of Agent Owned Realty
824 Johnnie Dodds Blvd.
Mt. Pleasant, SC. 29464
(843)725-5009
http://www.OurCharlestonHome.Com

Carolina Park High Definition Video Taken September 20, 2009

Here is a high definition video of Carolina Park taken September 20, 2009. As you can see there has been limited construction to date due to the slow real estate market and the downturn of the economy. Click on the square next to the "HD" icon at the lower right to view video in a full window.






Posted By Joe Eddleman of Agent Owned Realty
824 Johnnie Dodds Blvd.
Mt. Pleasant, SC. 29464
(843)725-5009
http://www.OurCharlestonHome.Com

New Cline Home Under Contract in Carolina Park

A "Spec" home by Cline Home Builders located at 1479 Crane Creek Drive has just gone under contract, contingent on financing. This home had originally been listed at $409,000 with the current list price of $399,000. This two story home has 4 bedrooms and 2 1/2 baths. It is listed as having 2532 square feet of living space and backs to wetlands.

Homes For sale In Carolina Park.


Posted By Joe Eddleman of Agent Owned Realty
824 Johnnie Dodds Blvd.
Mt. Pleasant, SC. 29464
(843)725-5009
http://www.OurCharlestonHome.Com