Monday, March 1, 2010

Condo woes mean unpaid taxes: $396,195

The developer of the French Renaissance-style condos at Providence and Sharon Amity roads has filed for bankruptcy protection. Among the top 20 unsecured creditors: Mecklenburg County.

According to the bankruptcy petition, filed in the middle district of Georgia, developer Jerry Stephens, managing director of WCDM Development Co. of Macon, Ga., owes $396,195.71 in 2009 property taxes.

Click here to read the petition.

As reported by the Observer's Kerry Hall Singe last week, the Rosewood Condominiums, started in 2005, pushed the limits of the Charlotte luxury market, touting amenities such as concierge service, massage rooms and a putting green.

The 134 condos range from the $400,000s to more than $1.5 million. The developer still owns 52 units, according to court filings.

The bankruptcy petition came three weeks after its lender started foreclosure, the latest example of how lenders are trying to take back properties as developers struggle to sell homes in a soft market.

Eight would-be buyers who paid more than $1 million in deposits are also among Rosewood's top unsecured creditors.

- Doug Miller

7 comments:

Anonymous said...

Thats funny!

Anonymous said...

Cut the dayem taxes so maybe people like us can pay taxes... little by little, the terrorist has won.... Our economy went down after the 9/11 attack. Business use that as an excuse to layoff people and when people lose jobs, they don't spend as much and when they don't spend as much, other businesses are affected by it too. *sigh*

Vito Andolini said...

They should have never built that eyesore in the first place. All of the lovely trees were torn down, making that corner a monstrosity. I'm glad they're going under, they get what they deserve, it'll be another foreclosed property that covers an entire block before long. Good riddance.....

atayala said...

I am agree with you Vito.

Deirdre G
condominium philippines

medyum said...

Cut the dayem taxes so maybe people like us can pay taxes... little by little, the terrorist has won.... Our economy went down after the 9/11 attack. Business use that as an excuse to layoff people and when people lose jobs, they don't spend as much and when they don't spend as much, other businesses are affected by it too. *sigh*

condominium philippines said...

Love the design of this condo. To those who work there, they were very good.

Deirdre G

manila condominiums said...

Thanks for sharing the link where I can find the and read the petition.

Arriele P