High-end home sites in Village at Grandfather residential development set for auction

LINVILLE, N.C., April 29, 2013 /PRNewswire/ -- Expectations were high in 2007 as work began for the high-end Village at Grandfather subdivision off North Carolina Highway 105. The home sites -- nestled in the 3700-foot elevation Linville Valley between Grandfather Golf & Country Club and Village of Sugar Mountain -- provided a spectacular setting high in the Blue Ridge Mountains.

But the timing was wrong, as the credit crisis brought a sharp drop in demand for luxury homes and home sites. Now, the development is getting new life, as Mountain Community Bank, a division of Bank of Tennessee, prepares to sell the remaining 46 home sites in an online auction, with Nashville-based McLemore Auction Company managing the sale, in cooperation with Auction Management Corporation.

"This is a beautiful community near two of the Southeast's premier ski resorts -- Beech Mountain and Sugar Mountain. Now, with a strengthening economy, builders and individuals who are seeking sites for high-end homes in the mountains of North Carolina will be able to get the lots for what will almost certainly be a fraction of the former asking price," said Will McLemore, president of the auction company.

The Village at Grandfather, with 46 lots, will be the largest of five auctions of home sites and land for the bank. Also selling during the same time period will be:

• Three home sites at Horseshoe Creek in Avery County, near the prestigious Banner Elk Winery.
• Three home sites in the 5,000-foot elevation Rocky Knob subdivision in Watauga County, near Banner Elk, as well as 2.187 acres nearby.
• A 1.85-acre commercial tract and a 2.29-acre residential tract at Orchard Lane in Banner Elk.
• The 18-lot Ridge at Roan Mountain Subdivision in Roan Mountain, Tenn.

All five auctions will conclude on Wednesday, June 5, with bidding for the Village at Grandfather ending at 11 a.m. Eastern. Details on the properties, terms and closing times are available at www.mclemoreauction.com or by calling 615-517-7675.

McLemore Auction Company, based in Nashville, is a respected auctioneer of land, homes, commercial property and personal property. Auction Management Corporation is a leading real estate auction company headquartered in Atlanta.

For more information:

Carl Carter, 205-823-3273

SOURCE McLemore Auction Company