It is not totally formulated yet, but here goes and I am just throwing hypotheses out there.
What is the best way to drive home prices down: Crime. Area has million dollar homes; exclusive; gated. Reynolds Plantation was bankrupt prior to the sale to MetLife. The 3600 Residents would not agree to buy Reynolds Plantation for 20K a piece, so the developer had to find outside funds. Residents: 80% voted against, 20% for the assessment.
Retribution for the vote and development takeover by MetLife. How is MetLife going to build and sell houses, create shopping centers, drive new money into this area now? Just a thought.
I get the crime and property value part
I need to concentrate on the RP bankruptcy
SO RP was tyring to prevent bankruptcy by selling each resident RP at $20K a piece.....
WHo was going to maintain it all then if there was no HOA funds?
Okay, so it was voted out by residents.
RP bankrupts. Wait, FILED bankruptcy? Or do you mean, were simply out of funds? If you bankrupt or if foreclosed (by whom) you can't sell unless it's a short sale/ bank pre approved
Ok I'm going with RP had no funds bankrupt and then sold to Metlife.
(or did metlife takeover?)
WHY then did RP need to sell to residents? or was this tried prior to the sale to Metlife
RP is pissed they had to sell?
So now metlife new owner, RP was the developer
Rsomeone kills dermonds to drive prices downP so metlife can't..........what? maintain the common grounds?
I'm clearly missing SOMETHING LOL
Ok, metlife tookover, if their was a bankrupcy deficiency, Metlife would attach to more or RP property or try to attach other properties owned by RP even in another LLC if same owners
SO now metlife can't develop etc etc
How does that HELP RP? buy it back? Under another LLC? because I doubt they'd work with RP now after bankruptcy
HMMMMMM, not sure if I followed you or made up my own scenario LOL
SINISTER !!!!!! well a decapitation would keep me from buying there
for now, a few years from now, sadly, it won't be top news but ,..by then, Metlife will be bankrupt LOL
I'll ask my cousin, she's a commercial RE professional!