Some months ago, I answered a few questions privately from a reader interested in Cobblestone Park in Blythewood, SC, 15 minutes from the state capital of Columbia. Cobblestone had a brief flirtation with Bobby Ginn, who took over the community from its original developers, made a bunch of promises and then was forced to divest when his empire began to crumble. Our reader was looking to find a deeply discounted foreclosure or bank-owned property and, from the sound of the note he sent me last night, it appears he has done just that.
I did indeed make the decision to purchase a lot from foreclosure at Cobblestone Park in Blythewood SC. There were and still are many lots for sale by banks for pennies on the dollar compared to the hyped prices in 2005. Mine is a nice sloping lot on the tee on the 3rd hole with views across two fairways. I was able to bargain with the bank to purchase the lot for over 90% off the price paid back in 2005. Realistically, it is probably more like 25% of what it is really worth in today's market. I truly felt this was a one-time chance that would not last long, and I could not let it pass. The best part is not that these lots are being sold by the banks for such a low price (as that does depress the value for sure); but rather that they are now being bought by local folks who want to build and who will use the club and facilities and pay their HOA dues. These are not absentee investors from over 1,000 miles away with no intention to ever see the property, let alone build on it.