Cedar Point Changes Hands
Majority control of Cedar Point subdivision changed hands this week when local company Waterfront Development purchased the Dallas-based lender EIC who had foreclosed on the property.
Immediately after completing the purchase, Waterfront Development paid off over $60,000 in back taxes and donated 114 lots to the Property Owners Association; giving them needed Green Belts, parks and several key maintenance areas in the subdivision.
In a separate action, the Property Owners association filed a lawsuit in Polk County Monday 4 December against the former developer, seeking to transfer ownership of the Common Areas from Concord Capital Group as Trustee, directly to the Property Owners Association. The former Developer plagued, by legal problems including criminal indictments, filled bankruptcy on Monday 4 December in a Dallas Court.
Over the weekend, well over half of the property owners in Cedar Point worked together and voted to change their deed restrictions in an effort to protect their common areas and clean up the old and abandoned homes, mobile homes and travel trailers scattered around the community.
Many of our residents were trying to make the subdivision a great place to live however, we needed the help of deed restrictions to eliminate the small percentage of those who are hurting our community, says POA President Bettie Dugan, a long time Cedar Point resident. Our community is working so hard to make life great here, just look at the incredible Christmas lights on the homes and at the entrance. These new deed restrictions will prevent additional mobile homes from being moved into the community while allowing the existing ones which are in good condition to stay in place.
Waterfront Development, through its subsidiary Vacation Home Builders in cooperation with The Von Schmidt Design Group already have two upscale homes under construction in the subdivision, and will begin redevelopment of Cedar Point with the help of the community after the start of the New Year with 12 new homes slated for the first half of 2007.
A separate community Know as the Villages of Cedar Point for “over 55” residents is planned with cottages ranging form 900-1400 square feet. Exterior maintenance will be provided allowing people to visit family and travel without worrying about their yards. The undeveloped peninsula, which may represent the largest remaining undeveloped shoreline on the southern half of the lake, is slated to become 55 waterfront lots. Each lot will be over 100 feet wide. This project is slated for February 2007.
Waterfront Development, who will be investing over 7 Million dollars in this project, estimates that new construction over the next three years will add over 32 million dollars to the Polk County tax appraisal rolls, while providing needed new housing to attract affluent Houston buyers as well as Baby Boomer retirees.
“Cedar Point is a breathtaking piece of property which we have been interested in for over two years”, said Charles Von Schmidt, the company’s President. “We feel the market is right for a project of this nature and, with the help of local realtors, we will be able to provide jobs, needed tax revenues and additional business for local merchants”.
“After many years of mismanagement, the combined positive actions and forward thinking of all involved are making the future a lot brighter for Cedar Point”.
For more information