Carolina Colours transitions to new ownership
Carolina Colors, a golf-course community in New Bern, was bought in April by the Cary-based Preston Development Company.
The company purchased the developed home sites and all undeveloped land in the 1,800-acre community from Ken Kirkman, owner of Carolina Creek, LLC., who started Carolina Colours after he acquired the 1,800-acre property from Weyerhaeuser Real Estate in 2004.
Julian “Bubba” Rawl of Preston Development said there were several reasons he and his partner Tim Smith decided to purchase Carolina Colours including the New Bern location and working with someone as experienced in real estate as Kirkman.
“And the truth is there is not going to be another golf-course community in the future,” he said.
Building large residential developments around golf courses has not been favorable in the real estate industry for about eight years, Rawl said.
“You just can’t justify those dollars,” he said.
Preston Development paid off the mortgage on Carolina Colours, giving the community stability, he said.
Sandy-affected residents offered, urged to take buyouts in Middlesex County
OLD BRIDGE — Jerry Cheslow plans to apply to have his two properties in Cliffwood Beach qualify for the state’s buyout program for victims of Hurricane Sandy, but he’s not waiting to see if he’s eligible.
Cheslow has decided to elevate his properties to the levels required under the Federal Emergency Management Agency’s new flood zone maps and renovate the houses so he can rent them again.
“I will file the application for the buyout, but a buyout is not assured,” he said. “There is no time frame that anyone can give you when that might be available. For people like me who are landlords, I’m paying property taxes on two properties and not getting anything back.”
Cheslow said he believes that in time, most of the homeowners in his neighborhood along the Raritan Bay in Old Bridge will apply for the buyouts. For those who don't, he said, “I think the town will take them in eminent domain.”
Dominic Cicio, the Old Bridge emergency management coordinator, said applications for buyouts under the state’s Blue Acres program were sent to “everyone who had substantial damage" from Hurricane Sandy.