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.

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. Photo Credit: Gregg Palermo
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. Photo Credit: Gregg Palermo
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.
Scott Simon July 11, 2013 at 11:59 PM
Well looks like the developer wants to railroad residents. Sign by XXX or else. 33% above appraised value? This developer is dreaming!
20feet high July 12, 2013 at 09:49 AM
It is not railroading it is an offer. Railroading is someone making you do something that you dont want. There is not an "or else" either you sign it or you don't. FYI it is 33percent over assessed value not appraised value, if you think that is low call the county appraisers office and ask them to raise it along with your taxes. A backbone would help also
Patricia July 12, 2013 at 10:00 AM
Market value is what a willing buyer will pay a willing seller. Assessed value is based on what the county reviews from other similar sized homes sold in the same area over a 2 year period of time. We are coming out of a depressed housing market and have had a few foreclosures in the neighborhood in the past 2 years. That impacts our assessed values.
Ann Learner July 12, 2013 at 10:51 AM
Are these offers actual Sales Contracts, or just Options to Buy? Can the developer back out if for example the local market for new retail development collapses due to overbuilding (2 dueling projects in Chesterfield)?
20feet high July 12, 2013 at 11:00 AM
Basically a sales contract if the developer get 100 percent of residents to sign plus all the zoning changes required to develop this into a retail shopping center. Yes to the 2nd question. It has happened to this subdivision twice previously.
Ann Learner July 12, 2013 at 04:08 PM
What a conundrum. How do you get 100% of any group to agree? Do the last holdouts get more? I would guess that no one could sell out in the mean time because who would want to buy a house that will possibly be demolished is a couple of years. And you have gone through this twice before?!
20feet high July 12, 2013 at 06:53 PM
One un-ethical property owner who is also a broker has put 3 houses up for sale an has/had contracts on 2 of them without disclosing the proposed buyout. One of the buyers found out and we think is backing out.
20feet high July 23, 2013 at 07:42 PM
I know this thread is old but I do not have Facebook. The slum lord in our subdivision who has 6 rentals says he will not consider anything less then $400,000 for each of his houses. He rents to anybody an when driving the streets you can tell which are his houses as they are unkept an bring the rest of the houses down in value.
Stephanie R. July 28, 2013 at 02:24 PM
Just remember government wants you to sell out. They'd rather have sales tax retail than your property taxes. Businesses feed the beast that is government. If you're among the sell-out crowd never complain about government again because you did what they wanted.
Patricia August 04, 2013 at 03:13 PM
New offer came out 7/30; new deadline 8/20/13. 'Best shot.' If all don't accept by 8/20, 'we have no alternative other than rescinding all of our Sale Contracts.'
20feet high August 06, 2013 at 04:59 PM
Patricia - Did you fully read the last contract/letter? The rescinding of contracts would be if ALL the home owners were being as unrealistic as the examples they listed. We aren't ALL in that category. The 8-20 date is to indicate a yes or no whether you approve your current contract. Looks to me like they want to meet with the home owners again. That may be a good thing.
Laura Muther- Schifferdecker September 28, 2013 at 12:35 AM
For all of you who do not live here, you have no idea what this is like. This buyout and every other one that has been proposed is BS! There is no amount of money worth my home and my families-PERIOD. For those of you who have dollar signs in your eyes, shame on you. We need another #%&* retail market place like we need a hole in the head. Maybe that's what you greedy, selfish, self centered people who want this need! Greed is the root of all evil and that's what those of you who want this and the developer are. This would be the biggest buyout in Saint Louis County history. If you don't like living here then LEAVE, buy a home some where else. We are not going anywhere-this buyout will bring down the value of all the homes along Craig road and the like. As far as I'm concerned the developer can go find another site....THIS ONE IS NOT FOR SALE!!!!


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