Jul 03, 2015
(SYLVA, NC) Was it really just five years ago, that Balsam Mountain Preserve’s original developers lost ownership in a 2010 foreclosure? Since then, the news for this premier private golf community has been good enough to shout from the mountaintop. Real estates sales have steadily climbed over the last few years, and last month an unprecedented partnership between a successful North Carolina real estate developer and several community homeowners has resulted in new ownership. Real estate entrepreneur Chris Manning formally completed the purchase of the development on June 8th. An experienced developer and operator of golf courses, real estate and lifestyle communities, Manning has been involved in the development of more than 5,000 residential units in the Carolinas with a combined value of more than $450 million over the past fifteen years. What makes this transaction unique is the partnership he created with the community’s homeowners who invested in the purchase and have contributed significant capital resources to ensure a number of improvement initiatives are fully funded in advance and can be implemented immediately. Among these are improvements to the golf course, the design and construction of a clubhouse complex and the start of a homebuilding project to include golf cottages and townhomes that will appeal to the families looking for more of a “lock and leave” product as opposed to a traditional single family residence. Perhaps even more unique is that the developer and homeowners are in step with each other.
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