General Area in Greensboro>Question Details

Jerry, Home Buyer in Greensboro, GA

What is the long term outlook of Reynolds or Harbor Club. Will this turn into a ghost town if the economy continuers to falter????

Asked by Jerry, Greensboro, GA Wed Apr 18, 2012

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Short term outlook is stable and long term outlook is great. People live here for the proximaty of Atlanta, Aufusta, and Athens. Convenient but not too close. Country, genteel living but with the conveniences of great medical facilities, lots of golf courses and of course the most wonderful Lake Oconee. Clean air and no traffic.
0 votes Thank Flag Link Thu Apr 19, 2012
On the contrary. The infrastructure that they put in place is infallible and way to valuable to fall into demise. Reynolds has some "big" players looking to purchase. Harbor Club's owners are solid!! No problems there for sure!

Pat & Ed Okenica
RE/Max Lake Oconee
0 votes Thank Flag Link Wed Apr 18, 2012

Good morning. Actually the long term outlook for Reynolds and Harbor Club is great. Harbor Club has no debt and is fiscally strong. The community is very stable. Reynolds Plantation has around 2800 roof tops and 3200 members. While the community is in a state of receivership, the number of distressed properties is very low compared to the number of existing homes and members. I would say there is less than 4% of the homes that are distressed (probably less). THere has been a lot of interest from buyers to pursue the purchase of the community. Compared to other resort communities and metro areas, we have depreciated less and have more stability. Reynolds has a very pro active HOA and member base. Reynolds has world class facilites and a Ritz Carlton to bring it through these difficult times. Now is a great time to buy at lower prices before the uncertainty is lifted with a new buyer and the market stabilizes. It will certainly never be a ghost town.
0 votes Thank Flag Link Wed Apr 18, 2012
Many people wonder the same thing especially about Reynolds. Harbor Club is in good shape as they did not over extend during the boom years & this is working well. Reynolds is, of course, in receivership. Their problems were mostly the result of over expansion just before the curtain fell. The receivership is being well run & while there is cost cutting that is necessary, there is no loss of amenities & to look at it you would never know the difference. Rumor has it that there is a deal that is very close to being done & the parties are not far apart. There is no public information at this time though. In my opinion, there is little chance of this becoming a ghost town. The proximity to the Atlanta market as well as Hartfield/Jackson makes this easily accessible. Most of the fluff has gone out of the prices now & there is not very much new construction to compete with current resales. The amenities are top quality, with a highly regarded Ritz Carlton adjacent to the gates and enough golf courses to satisfy the most devout of golf junkies. Last but not least, there are some real buying opportunites now which should fuel the buyer pool and bring back demand. The overall uncertainty of the receivership has really had an impact on sales & there is more negotiation now with sellers being much more realistic & buyers getting some bargains. Once the financial situation is resolved I believe the rush will be on. Hope this helps answer your question.
0 votes Thank Flag Link Wed Apr 18, 2012
I happen to live in Harbor Club, and we are doing quite well! Harbor Club has always been debt free, and lately the owner has hired Affiniti Golf Group to manage its amenities. The word around is that Reynolds is nearing a deal concerning their amenities. We did have several slow years, but the housing market has picked up significantly during the last three quarters. New businesses are opening, and new homes are being built. As a homeowner, and as a home seller, I think the outlook for the Lake Oconee Area is very good for the future.
0 votes Thank Flag Link Wed Apr 18, 2012
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