INDIAN LAND, N.C. -- New owners are breathing new life into Edenmoor - a neighborhood which became the poster child of the local housing bust.
Saybrook Capital LLC out of Los Angeles bought the land and infrastructure bonds for nearly $25 million. The deal closed last week and now crews are getting the land ready for 300 new homes.
"It just does my heart good. I'm really excited about the fact that we are finally going to see people move in,” said Edenmoor homeowner Wanda Rosa, while on her evening walk Wednesday with her husband.
Go to the neighborhood off Jim Wilson Road in Indian Land and you’ll find people working, machines moving, roads getting repaired and lots getting prepped for new homes.
"I'm going to bake cookies for these guys,” Rosa said.
Neighbors said the last couple of years were anything but hopeful.
"We walked around these roads for three years and just watched everything decay, become so run down,” Rosa said.
Developers backed out, left overgrown lots, potholes, sinkholes, an unfinished bridge and nowhere near the number of homes promised. Neighbors also didn’t get promised amenities, including a club house.
That left neighbors wondering if their homes were smart investments and if they'd ever be able to sell them.
Saybrook said the plan is to start selling the lots in six months and make good on promised amenities, including the club house, fields and an EMS station.
"They've really hit the ground running and putting a lot of work,” said Edenmoor homeowner Ben Cook.
Cook and his son now have more to look at and be hopeful for as well. “Look, they’re chopping some wood down here,” Cook said to his son while pointing out the work.
Saybrook Capital executives said they bought Edenmoor because it was a good deal for a large piece of land in an area where homes are still being built.
Saybrook also said due to the price they paid they will be able to keep lot prices low, create affordable homes, and that several builders have already expressed interest in building the homes.
For now, Saybrook isn’t releasing the price ranges of the homes.
