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Laurelmor

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I was shocked when i read that something like this is planned for Northwest NC?...the forgotten side of the state. this should be a nice economic boost to the northern foothill/mountain region.

laurelmor_graphic.gif

Laurelmor, a Ginn Clubs & Resorts project under way in Wilkes and Watauga counties, is expected to add more than $2 billion in property values if it is built out according to a 10-year plan...

Laurelmor will be built in phases, with a master plan calling for about 1,500 homes, 1,000 condominium units or hotel rooms, two 18-hole golf courses, 50 miles of roads, a spa, water park, equestrian center, observatory and other amenities. Ginn plans to hold a sale of lots in October and to open in 2009...

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To college kids and skiiers, Boone/Watauga County is not forgotten nor lacks acknowledgement in that part of the state. Its home to Appalachain State and numerous ski resorts.

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The only problem with developments like this in the Boone/Blowing Rock/Banner Elk area is that local residents are having harder times finding decent housing. If you look at your stats, median household income is only $32-$34K in these areas. In many urban areas of the state that figure is more like $45-$65K. Land values have been skyrocketing in Watuaga/Avery Co. for years and are causing a hardship on the local populace.

Let's not forget the additional traffic the three towns face due to additional developments, have you ever been in Boone on peak autumn leaf weekend in conjuction with an ASU homecoming football game and a regional religious gospel event in Banner Elk? YOU ARE TALKING GRIDLOCK!!!

trust me, I know, I lived there for 12 years!

This area really need an influx of jobs besides the service jobs associated with tourism and the colleges. The state jobs at ASU sound great, but there are only so many to go around.

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is this on 421, or old 421 or what cuz yea ummmmm... its definately not near 321 or anything, I'm just trying to get my bearings and see how the traffic would be effected, it would definately be a great thing for the area I think.

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is this on 421, or old 421 or what cuz yea ummmmm... its definately not near 321 or anything, I'm just trying to get my bearings and see how the traffic would be effected, it would definately be a great thing for the area I think.

Old 421, to the southwest; looks like the development will be on the Blue Ridge front, facing southeast. Beautiful area - if you want a gorgeous drive (before the development starts), take NC 268 from Wilkesboro to Patterson. There are several paved roads (in Caldwell County) that run from 268 back up the ridge to old 421 in Watauga. There are a handful of areas left (Linville Gorge Wilderness and Upper Wilson'c Creek/Lost Cove Wilderness in Avery) that would make fine additions to the National Park Service, perhaps as Monuments, which might actually be quite an amenity as other stretches of the Blue Ridge are allowed to develop.

Don't know what to think of the development - I lived in Boone and Foscoe for 12 years, and towards the end (1999) prices started to climb in a substantial way. I do recall the traffic problems around other resorts - NC 105 between Boone and Banner Elk or Linville is a beautiful stretch of highway, but the summertime traffic is terrible. And the clogged traffic of Boone reminds of a much larger city, not a good thing at all.

The NW corner of the state needs professional employment opportunities. Geographically, it's not ignored by many of us, but from an economic development standpoint (something beyond service-sector) it's a seriously skipped-over.

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I was shocked when i read that something like this is planned for Northwest NC?...the forgotten side of the state. this should be a nice economic boost to the northern foothill/mountain region.

laurelmor_graphic.gif

Laurelmor, a Ginn Clubs & Resorts project under way in Wilkes and Watauga counties, is expected to add more than $2 billion in property values if it is built out according to a 10-year plan...

Laurelmor will be built in phases, with a master plan calling for about 1,500 homes, 1,000 condominium units or hotel rooms, two 18-hole golf courses, 50 miles of roads, a spa, water park, equestrian center, observatory and other amenities. Ginn plans to hold a sale of lots in October and to open in 2009...

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This Ginn Resort Property, a 6000 plus acre mountain residential community, was approved in 2006 before its location could be mapped for landslide hazards. The federal Western North Carolina mapping program was mandated after the region was devastated by landslides in September 2004.

Watauga County, the primary location of Laurelmor, was identified in 2006 to be at extreme risk for future landslides. Please see "Watauga Tops Landslide List."

Considering the evidence of slope failures throughout the county, Laurelmor should have been inventoried for landslides and other slope instability factors before the developer received his permit. But since the state has no regulations regarding the development of hazardous land, this project was approved.

The Laurelmor website provides a site plan but it does not show the resort's location on the Watauga County landslide maps. Finalized hazard maps were released in January 2008.

Laurelmor/Ginn provides a list of featured home builders for their clients. These individuals are not qualified to assess the safety and stability of the building sites. Anyone buying mountain slope property in Laurelmor should visit the North Carolina Geological Survey and take a serious look at the Watauga County landslide maps. North Carolina geologists warn that all slope property should be investigated for landslide probability. The costs for a professional site specific study are reasonable, generally less than $2,000. Caveat: Slope stability tests should only be performed by independent state licensed geologists and engineers.

Laurelmor investors should note that they will be self-insuring for all landslide property loss. Homeowner policies will not cover this peril, regardless of the cause.

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Laurelmor and the Ginn Company Lawsuit

History of The Ginn Company Lawsuit

A class action lawsuit was filed against The Ginn Company on May 29, 2007. This nine-count lawsuit was filed in U.S. District Court in Michigan. The $60 million Federal lawsuit has been moved to the Middle District of Florida in Jacksonville. The following article from

LawyersandSettlements.com provides a summary of the legal complaints:

A class action lawsuit has been filed against the real estate venture for allegedly misleading and defrauding consumers in property purchases. The lawsuit was filed in the United States District Court for the Eastern District of Michigan on behalf of all those who purchased land an homes from The Ginn Company and alleges the company has breached agreements and violated several laws, including the Interstate Land Sales Full Disclosure Act and the Securities and Exchange Act of 1934. The suit claims Ginn solicited plaintiffs to purchase vacant residential lots in Florida by sending brochures and marketing materials advertising the lots. Purchasers were allegedly promised large returns for their investment and claim initial purchasers were actually paid the promised returns which attracted additional purchasers. The lawsuit alleges Ginn created a complicated web of companies to be used in marketing, soliciting, and promoting properties to potential purchasers in order to avoid scrutiny of US regulators. The case also claims Ginn perpetuated a ponzi scheme where returns to investors were not financed through the success of the underlying business venture, but were taken from principle sums of newly attracted purchasers. In all, the suit is alleging nine counts, namely violation of Interstate Land Sales Act failure to provide property report; violation of the interstate Land Sales Act Fraud and Deceit upon purchasers; violation of securities and exchange rules registration, reporting and disclosure requirement; false representation under Securities Exchange Act of 1934; "Ponzi Scheme" and violation of section 10(b) of the Securities and Exchange Act; violation of State Securities laws; fraudulent misrepresentation; innocent representation; and violation of Racketeer Influenced and Corrupt Organizations Act.

For additional information please see the following articles:

"The Ginn Co.'s federal suit moves to Fla." Orlando Business Journal March 14, 2008

"Ginn fights lawsuits and other woes" Orlando Sentinel.com October 5, 2007

Will this lawsuit affect the financial well being of The Ginn Company and their plans for Laurelmor? Should this lawsuit be disclosed to current and future Laurelmor investors?

For additional information please visit ginnlawsuit.com

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I've been reading about Laurelmor in the local paper... the developer is defaulting on loans. Seems like some folks are really getting screwed.

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