The previous content was removed at the request of James Carbine.
The only factual part of the story I feel comfortable posting at this point is the sales summary from the local MLS (I apologize to those sources who brought the original story to light, but I am not going to risk a frivolous lawsuit):
As of September 12, 2009: There are 21 homes listed for sale on the MLS, one of which shows an offer made. There are also 2 homes pending. Through the first 8.5 months of the year, only 4 homes have closed for an average $477,062 or $114/ft. One of these homes was a bank owned foreclosure, one was sold for $140,000 less than original listing price and the other 2 were pre-sales. These prices represent rather large discounts from the year before when the 18 closed sales averaged $140/ft.
The story appears different in their condo/townhome product. Currently, there are only 4 listed for sale, 7 pending and 3 that have closed in 2009. Three of the active listings are representative ‘to be built’ listings.
Update 9/25/2009 – Thompson’s Station Officials sue Tollgate Farms
According to the Tennessean: “On Tuesday, Thompson’s Station officials filed a in Williamson County Chancery Court against Tollgate Farms, which is being developed by James Carbine. The complaint states that the development is required to dedicate land to the town for use as a wastewater treatment area. The town demanded that Tollgate convey the land on Aug. 24, but that hasn’t happened, according to the suit. The lawsuit also states that several roads in the subdivision are in need of repair.” – (thanks to Edgar for submitting the story)
* A reminder to those who wish to publish rebuttals. All of those will be published except for those who do not identify themselves. If you are willing to say it, you must stand behind it as I do.