Saturday, September 25, 2010

Reynolds Blue Ridge Landslide Insurance Issues

Watauga County Landslide Hazard Maps

North Carolina Geological Survey

Watauga County Real Estate

Watauga County is one of twenty-one Western North Carolina mountain counties declared landslide-hazardous. As a consequence, the North Carolina General Assembly authorized the Western North Carolina landslide hazard mapping program in 2005. Watauga County planning board members were apprised of hazardous-land conditions in January 2008.

Macon (2006), Watauga (2008) and Buncombe (2009) counties have been surveyed for unstable land conditions. The North Carolina Real Estate Commission has determined that published landslide hazard maps are material facts that must be noted on property listings and in sales contracts.

Reynolds Blue Ridge Real Estate

The Reynolds Blue Ridge 6,200-acre residential project, part of the Reynolds Signature Communities, is located in Watauga and Wilkes counties. Geologic risk data indicates that proposed steep slope home sites and private roads within the Reynolds Blue Ridge subdivision tract are likely to be impacted by damaging earth movement.

In violation of material fact disclosure rules, the principals
(Reynolds Capitol Group and the Lubert-Adler Partnership) providing funding for Reynolds Blue Ridge have declined to reference Watauga County landslide hazard maps on property listings and in promotional material.

Unstable land conditions are significant real estate investment risks: landslide insurance is not purchasable.

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