Last summer, Redstone Properties (out of MA) raised eyebrows with its Highlands at Bethel Woods gated development, pricing 5 to 10 acre (wooded, not lakefront) lots from $149K to $299K. They did quite a bit of high profile promotion, including having a booth at a number of concerts at Bethel Woods. (Bethel Farms came to market at about the same time, with a similar product in a similar price range.) In early May this year, Redstone slashed the starting price on 5+ acre parcels to $79,900 (with a top price of $189,900). When Kenoza Lake came to market in Summer 2005, 5+ acre lakefront lots were priced from $325,000 to $700,000. Recent price cuts have brought lakefront prices there down to a range of $250,000 to $575,000, with an average drop in the range of about 20%.
I was most surprised, though, when I went to the website for Tanzman Lake (outside of Parksville) (www.tanzmanlake.com) this morning, and saw the headline "$5,000,000.00+ Developer Liquidation Auction." It looks like the developer is auctioning the remaining properties with minimum bids at close to fire-sale prices (the reserve price is $99,000 for lakefront lots and $49,000 for non-lakefront lots.)
And anybody know what happened to the Grande at Hurleyvillle? A couple of years ago, D.R. Horton, one of America's largest home builders, rolled out was was to be a 111 home mid-range subdivision. You probably remember the signs coming up Route 17 – "Drive 20 minutes. Save $50,000." I know a few houses were built, but haven't heard anything about it in a while. The billboards are gone, and the Grande at Hurleyville is no longer on the D.R. Horton website.