Wednesday, August 6, 2008

Land Resource, LLC Closes West Virginia Roaring River Development

Mike Flaskey, C.E.O. of Orlando-based Land Resource, L.L.C. told The Charleston Gazette on July 16, 2008 that the company was shutting down their Roaring River sales office. Mr. Flaskey cited economic constraints and stated that the company would not refund any money to the people who had bought lots. Please see Susan Williams’s article “Gorge Housing Project on Hold”

The Roaring River mountain slope development is located along the New River Gorge and the company had envisioned building 2,000 homes on the 4,300 acre site. According to Mr. Flaskey the company has sold 100 to 150 lots.

The Roaring River project is located in an area known for landslides and unstable soils. In July 2001 a major landslide occurred along a 600-foot section of Cunard River Access Road on the New River Gorge National River. This area was also impacted by landslide events in 2003.

West Virginia Mountain Land is Hazardous

The following information was taken from Community Alert online:
Because of the mountainous nature of West Virginia, landslides are a common hazard. A Geological and Economic Survey study estimated that there are nearly 500,000 landslides each year in the state, and damage estimates are about $30 million annually (Lessing, 1996). West Virginia accounts for 13 percent of U.S. landslide damage and is ranked one of the top two states in highest landslide damage per capita values at $100-$300/person/year (Kite, 2003).

According to the United States Geologic Survey, practically all of West Virginia resides in a zone of high incidence of landslides. As such, landslides pose a significant threat to the lives and property of West Virginia's residents.
Roaring River and the Interstate Land Sales Full Disclosure Act

Roaring River, HUD Subdivision Id: 31655, lot sales are covered under the Interstate Land Sales Full Disclosure Act and all purchasers must receive a detailed Property Report prior to signing a contract. The Property Report must include known land risks such has flooding, landslides and unstable soils. If Land Resource, L.L.C. neglected to provide Property Reports as required by ILSA, purchasers have two years to seek rescission of their purchase contracts and three years to seek damages. For additional information concerning consumer rights and protections please contact the United States Department of Housing and Urban Development.

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