Community Corner
Orchard Lakes Residents Go Online To Talk Buyout Offer
Homeowners have until the end of August to sign off on a deal that would clear the way for commercial development on key property between Creve Coeur and Maryland Heights.
After weeks of speculation, residents living in the Orchard Lakes Subdivision just north of Creve Coeur in unincorporated St. Louis County now have a formal offer to consider as a developer targets more than 250 homes for a commercial retail project.
Residents received the offer July 1. Several people described it as "Market value of the home" plus 33 percent. The developer, Dan Devereux, was not available for an interview Thursday.
Some took to Patch to comment on the offer.
"Well, just got the offer. Not what I expected, still not bad though. Now just to see what happens," Chris wrote.
"33% over a very low appraised value is not a good offer when you have to wait 2 plus years for it as home prices and interest rates increase. Also, the contract binds the seller to supporting Devereux in his efforts to acquire the neighborhood," a user identified as Patricia commented.
Neighbors have started a Facebook page to discuss their questions and concerns about the deal. One resident wondered there if the agreement was handing over for free common areas in the subdivision that are owned equally among property owners.
Reached Thursday, Jay Ashcroft, a subdivision trustee, declined to comment on the nature of the offer citing a desire of trustees to not be seen as taking sides. Ashcroft said while a review of subdivision indentures takes place periodically over time, there was nothing scheduled to be presented to residents for their review.
According to a source familiar with the offer, homeowners have until Noon on August 30 to sign contracts. The deals themselves would not close until September 15, 2015.
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