Bundoran Foreclosed On

Wells Fargo has foreclosed on the Bundoran Farm development, Bryan McKenzie writes for the Progress. Over three square miles of the development—presumably not including the parcels already sold—will be sold on the steps of the courthouse next week. The developer says that their partners, who provided the money for the development, had “their other investments…hit hard and they had liquidity issues and couldn’t meet the lender’s requirements”—or, in English, they didn’t have the money to pay their mortgage. Wells Fargo says that they’re hopeful that the development will continue in its current rural style, with large lots and ongoing agricultural interests, but what with selling it, what they hope for probably doesn’t much matter.

3 Responses to “Bundoran Foreclosed On”


  • “Wells Fargo says that they’re hopeful that the development will continue in its current rural style, with large lots and ongoing agricultural interests, but what with selling it, what they hope for probably doesn’t much matter.
    Hopefully there are deed restrictions in place that would guarantee that just such a thing, continued development consistent with the current rural style, will continue. If not, those who bought and or built already aren’t going to get what they paid for.

  • To my knowledge, there are no such restrictions in place. From Fred Scott’s 2005 letter to his neighbors:

    “March 3, 2005 … It is with great pleasure and hope for a bright future that I report that Bundoran Farm is under contract to be sold to Qroe Farm, a preservation development company. The terms are cash and there are no seller-imposed restrictions on the property. This sale is not conditional on any rezoning. That’s the same way we Scotts bought it, long ago.”

    Reference: http://www.ballyshannon.com/qroe.html

  • The article says “Bundoran Farm is a low-density, 100-lot rural residential community with the majority of its acreage protected under easements and deed restrictions that limit future development and are intended to preserve the site’s agrarian charm.” I don’t know what that really means. Hmm.

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