Update 12/28/08: The Auction listed below as December15th has been rescheduled for February 3rd at 10am in from of the Wake County Courthouse.
The credit crunch has caught up with the Hasentree community in Wake Forest. SunTrust bank now holds the deed to all of the unsold land, golf course, and amenity buildings in the luxury Hasentree Golf Community located off of Hwy 98 in Wake Forest between Camp Kanata Road and Stony Hill Road. The property is scheduled to be auctioned off on December 19th. Partners Carlton Midyette and Henry MacNair of Creedmoor Partners have turned the property over to SunTrust but will stay on and continue to manage the project. They have said that the recent credit crunch has forced them to make this decision which they feel will be best for the community. Here is a quote from an article in the Triangle Business Journal:
“We had the choice of sacrificing quality and letting the community stand on its own merit or let it be neglected and become run-down. We decided that the bank has deeper pockets than we do,” MacNair says. “We stepped aside and did what’s best for the development.”
You can read the rest of that article here: TJB Article on Hasentree Foreclosure.
The Hasentree community features the areas only Tom Fazio designed golf course in the area and is the home course of local professional Carl Pettersson. The community is expected to have 650 homes with most valued over $1,000,000. The community also features a 30,000 square foot clubhouse, water & swim pavilion, 13,000 square foot family activity center, fitness center, tennis complex, and trail system. Here is a link to the Hasentree Website.
So for those of you wondering here are the latest statistics on how the sales of homes have been doing in the Hasentree Community:
Hasnetree Active Listings: There are 29 Active listings in the Hasentree Community as of today. They range in price from $799,450 to $4,598,000. The most expensive home has 11,000 square feet!
Hasentree Pending Listings: There are 6 homes under contract with one set to close on December 15th. They range in price from $881,600 to $2,706,857. The other 5 homes are scheduled to close throughout next year.
Hasentree Sold Listings: To date there have been 23 sold homes according to Triangle MLS. These homes have sold between $830,000 and $3,075,000.
If you are interested in seeing the homes for sale in Hasentree then visit the Alice Ray Team's search page and then choose the advanced search tab and type "Hasentree" in the "Limit to this Subdivision" box.
This got me thinking about how the luxury market was doing for the entire Triangle Area. So I decided to do a little research on it in another post: How is the Luxury Market in the Triangle Doing?