No one buys Magnolia Green at auction - NBC12 - WWBT - Richmond, VA News On Your Side

No one buys Magnolia Green at auction

By Beth Danziger - bio | email                                      

Posted by Terry Alexander - email

CHESTERFIELD, VA (WWBT) - Some Chesterfield residents may end up living in an undeveloped neighborhood indefinitely. The original owners defaulted on their loan last month. Tuesday the Magnolia Green neighborhood was up for auction and no one bought it.

The entrance gives the appearance of a fully development neighborhood but once inside it's only partially done and it could stay that way for a while, but county leaders say that may not be a bad thing.

From the yard Jill Carmichael's home looks like any other. But one look down her driveway and you'll notice the difference.

The road in front of home remains unpaved, lots next to her empty, and a promised golf course and pool are nonexistent.

"It's horrible, it's really your worst nightmare. You buy into something and it doesn't even come through at all," said Carmichael.

Carmichael is just one of about 15 Magnolia Green residents whose dream community is in limbo. Home builders are still putting up houses but the development's owners defaulted on their loan last month leaving these 1,700 acres up for auction.

By Tuesday morning the future became even more uncertain. Even at nearly half the price no one wanted to buy the undeveloped land. The loan holder I-Star Financial had no comment on what it plans to do.

But some Chesterfield county leaders say leaving this land undeveloped will be alright by them. The development was passed in 1991 and the planning department director says the county is going in a new direction in 2009.

"Our demographic is changing. Our population is changing. Their expectations are different and hopefully we will see interest in new projects and new life styles," said Chesterfield Planning Director Kirk Turner. 

Turner adds he believes the parts of the subdivision already started should be completed but that's it. The next step for residents is to get together to discuss possibly taking legal action.

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