I own property in an exclusive community in North Myrtle Beach and our community has been split by a faction headed by a real estate agent who is trying to break our C & R "Build Out Clause". When each lot was sold, the buyers were notified that there is a 24 month build out requirement. The purpose was to quickly complete all the construction so the neighborhood could enjoy peace and quiet. Flippers continued to buy even though many never meant to build but they were caught up in the "Flip It" fever.
As property sales slowed, a few years passed before the developer turned the community over to the homeowners to manage and he never enforced the rule. He owned several lots so it was not in his best interest to enforce. Finally, he turned the community over to our elected officers. The new homeowners' board recognized that the market had declined to the point that lot sales were non-existent unless owners sold at a loss so there was a vote to extend the deadline plus instead of a daily penalty which would have amounted to almost $4,000 per year...it was proposed that a flat $1000 a year penalty would be levied beginning this year. Lot owners have known this since October 2010 and now they are angry. They don't want to pay anything.
Lots are on the market for sale, and chances that they will sell at the listed prices are slim right now. An agent who has several properties listed has spearheaded a group who wants to force a change in the C & R. She lives in the community and several of her friends own vacant lots. They want to delete the "Build Out Clause." The battle is destroying our community. Homeowners resent being held hostage by this agent and her group of lot owners who all admit they knew about the build out. Now, they are threatening a lawsuit.
A meeting will be held the first week in March to vote again to delete the clause but it seems that the agent and her group are planning to sue, even if the vote is to keep the build out. Most of us are aware that buyers and sellers renege on contracts all the time but to have a licensed broker-in-charge leading the action is amazing to me.
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