From unsold lots to foreclosures to liens, Grande Harbor faces continuous problems
Jeff Keeling, Johnson City Press
Oct 31, 2009 at 12:00 AM
The Tri-Cities is known for its conservatism, but the bubble mentality that gripped the nation during the housing boom may not have been completely absent here, and the Grande Harbor subdivision near Tri-Cities Regional Airport seems to provide a case in point.
It may have been a local case — with a heavy dose of involvement from outside investors — of what former Federal Reserve Chairman Alan Greenspan once referred to as “irrational exuberance,” a longtime local mortgage broker says.
“There was just a few of those projects that stood out in your mind a little bit, and that was one of them that seemed to be overpriced even at the height of the market,” says Steve Reed, who received several lot loan proposals for Grande Harbor property around the end of 2005.
Read the full story on the Johnson City Press site.