[Upchuck]

Got a call today from a builder we work for. He is looking at buying the remaining 4 lots on an existing subdivision and finishing the road. The guy who started the subdivision had inherited the land so he owed nothing on it.

He had an exclusive agreement with a high end builder in our area. He sold 1st 7 lots at 130,000. He now claims he doesn't have enough money to finish the subdivision and the town is in court with him because 4 families live on the unfinished road.

The land for the road was a field with no wetlands and the material was nice gravel. No sewer & water on the street only small amount of drainage.

The list of things that need to be done are:
1. Fence around retention pond.
2. Top coat asphalt & cape cod berm.
3. Asphalt sidewalk
4. Install 46 trees
5. Loam & seed tree belt
6. Monunentation & as built plan.

Town figured 125,000 needed to finish. I think thats high. I will be bidding only 3,4,5. I just can't understand how a guy make almost a million dollars on land he owes nothing on and can't finish the road.

 

[Jayrek]

yeah but I am sure there is a lot that you are not seeing.(not that you are privy to it anyway, or get both sides of the story) He could have been mortgaged to the hilt and not able to get any money in this current economy, he could have burned every bridge and he cannot get the work done, he could be playing games and trying to pocket all the dough. Give it some time and the truth will come out.

 

[Anderson]

He could have not paid his sub's and now no one will work for him

 

[Celtic]

I just can't understand how a guy make almost a million dollars on land he owes nothing on and can't finish the road.

What happens in Vegas - stays in Vegas.
:laughing: