The Asheville (NC) Citizen-Times reported this morning that Balsam Mountain Preserve, a golf community near Waynesville, NC that I reviewed favorably earlier this year, is in foreclosure.  Developers Chaffin & Light say they cannot come up with the $20 million their banks are demanding.

         Chaffin & Light has been a well-regarded developer, known for its high-end communities and patient approach to development.  Their Arnold Palmer mountain-top golf course is breathtaking, if a bit over the top in its design.  The developer seemed to have a rational plan for Balsam Mountain.  This may be a case of a good company making some bad decisions, or it could be a signal of more badness to come in the high-end residential community sector.  I am hearing rumors about other similar Carolina mountain developments that are on the brink.  Stay tuned.

         You can read the Citizen-Times article by clicking here.