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 Read comments (77)Three businessmen combine to form 360 Land DevelopmentMonday, February 25, 2008
Mike Mathes, owner of Mathes Land Development, joined forces with Stacy Mansfield, owner of Midwest Construction, and Eugene Holloway, owner of Holloway Carpet One, to create 360 Land Development LLC, combining 12 subdivision developments and hundreds of home lots into the biggest development company in the county. The name, Mathes said, comes from the concept that the company's properties form a 360-degree circle around Cape Girardeau and Jackson.
And the size of the endeavor will put other development programs in the shadows: Mathes said the partnership intends to build 135 to 140 homes in 2008 and spend $45 million to $50 million on construction. In 2007, there were just over 300 homes built or started in the county, counting building permits issued in Cape Girardeau and Jackson and those recorded as being occupied in unincorporated areas by the Cape Girardeau County Assessor's office. Mathes, who already ranked at or near the top among builders in the county, said his firm built about 80 homes in 2007. "The statement we want to make is that we are confident enough to merge together to build 140 homes in Cape Girardeau County," Mathes said. A big part of Mathes's business has been building and selling homes as rental property investments to investors from outside the area, many from California. The construction program outlined for 360 Land Development, Mathes said, is the program for building and selling homes to local buyers. He anticipates constructing 50 to 75 additional homes for his investment program, he said. Eight of the 12 subdivision developments are outside the city limits of Cape Girardeau or Jackson. Most are established developments that one or another of the partners owned before joining forces, Mansfield and Mathes said. Others include Whispering Oaks, a 140-lot subdivision off County Road 620, where 360 Land Development bought out the interests of developer Rodney Arnold. Unincorporated areas are attractive because land costs are lower and regulations are looser, Mathes said. There are no planning or zoning rules outside Jackson or Cape Girardeau and no inspectors checking wiring, plumbing or other aspects of the building process to slow down work, he said. "In the county we don't have nobody baby-sitting us," Mathes said. The deal came together now because the partners see a bright future for the area, they said. The recent announcement that Saint Francis Medical Center will invest $84 million in a new heart and cancer hospital adjoining its established hospital means more doctors and other professionals will be drawn to Cape Girardeau. And while nationally the housing market is slumping as foreclosures pile up, construction slows and existing homes go unsold, those problems are not biting the regional economy nearly as severely, they said. "What we are doing is while everybody else says the real estate market is bad, we are investing," Mansfield said. While Mathes's main thrust has been as a developer, hiring contractors for the construction end, Mansfield has a construction background. Holloway, who could not be reached for comment because of the death of his father, brings more than 30 years' experience in supplying flooring and other materials, they said. Where each has weaknesses, Mathes and Mansfield said, the other members of the partnership have strength. "The reason this came about is because we competed against each other for the last 12 to 15 years," Mathes said. "We asked, how can we advance by combining?" Mansfield said the national slowdown had one effect on the Cape Girardeau area construction market: Material prices are falling as demand drops off. "Now is the time," he said. "If we don't do it now, we may never do it again." Several of the developments included in the partnership have already seen substantial construction, such as Mathes's Saddlebrook development southwest of Jackson or the Whispering Oaks subdivision. Others involve entirely new projects, from The Enclave at the Lake off Highway 25, purchased by the partners with room for 93 homes, or Old Towne in Gordonville, with room for 49 of what Mathes calls "old-style houses" in a development designed to foster a family atmosphere and community living. The Enclave will feature homes starting at 1,400 square feet at modest prices selling for $175,000 to $300,000. The Old Towne development will be a little more costly, with homes selling from $250,000 to $500,000 each, Mathes said. One of the more expensive developments will be Winding Ridge, off Route Y northeast of Jackson, designed with 33 lots of two acres or more and home prices that will be in the $600,000-and-up category. Other developers and real estate brokers contacted for this article declined to comment publicly on the partnership's plans, but some raised questions about whether the construction industry can supply the work force and other supports for the ambitious plan. Mathes dismissed those concerns, saying the workers are available. He said he anticipates that up to 600 people could be employed both on the construction jobs and support companies. Overall, he said, the construction program is reasonable and realistic. "That is a very conservative figure," he said. "We are basing this on very conservative times." And while they are busy with the projects already underway, the partners aren't focused just on their current developments. "We are looking for land every day," Mathes said. 335-6611, extension 126 Comments
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Good luck to Mike, Eugene, Stacy, and Jerry. I wish them luck, but to those who buy from them they must keep in the back of their mind that when it comes right down to it making money is their ultimate intention. I hope everybody understands that saturating the housing market (that is already saturated) with new built homes during a housing slump doesn't help home prices. I also hope that people know the difference between quality construction and new construction.
You know I wise man once told me that people who talk bad about other people are only trying to make themselves feel good..and just because all of the these negative people couldn't do what Mike Mathes is doing.. So what if his grammar isn't perfect... If you really know Mike Mathes you would know that is one of the hardest workers out there .. and That he never got anything handed to him..We all make mistakes and thats how we learn.. This merger sounds like a great idea .. Spend your effort trying to make your own dream happen . Use your time more wisely and put more effort into yourself and maybe you to could be as sucessful as Mike Mathes...
The Missourian has the right to remove or change anything on their site. If you check WHOIS they own it.
Some of the remarks are bad. No Mathis didn't build on the old landfill. Nobody has except for the Flying club.
I never have had any bad dealings with Mike, Eugene, or Stacy.
This area is blessed with many people that will roll the dice to make a buck. Some people even went as far as saying it wasn't fair for someone to make a profit. Those whiners need to go out there buy 2 million dollars of property and get with it.
Thank God I am at the end of my business years. I am so tired of dealing with jealous competitors that were too scared to do what I did. They couldn't sell themselves so they tore apart my character. It didn't work. All but a handful failed.
You don't need to post links to bad stuff about Marshall Reddick. Just go to Google and search his name. A ton of bad, shady experiences from unhappy investors will pop up. He is definitely a bad apple! Don't ever invest in a person's scheme when they try to make their investments seem credible by using god or christian values in their sales pitch like some other shady real estate people in the area. Pretty low to use the lord's name to swindle people.
I can believe that the SEM removed the posts you put up. They were giving information on a company in California that made that organization and Mathes look bad. Maybe one of the partners has a direct line to the SEM and when something is posted that makes them look bad, they pick up the red phone and it starts ringing the other end.
I checked out the links and read those sites. Pretty damning info!
Shame on the SEM for removing those links. This isn't China and you don't have the right to remove free speech.
Mathes doesn't sound to educated in his qoutes. He might also consider that some of this land he is developing may be annexed into the city limits according to the planning going on now with the city's Comprehensive Plan. Then he might very well have a "baby sitter".
Why was my post taken down? I didn't curse or slander anyone. I only provided the facts that led to some websites that reported on Marshall Reddick, a known associate of 360 Development. I also spoke about knowledge of changes to the original design of Willow Heights to benefit Mathes Land with additional lots in a a confined area. I am telling the truth, for I have the proof in a rolled up set of documents.
It's okay to call people names, curse at each other, yell racial slurs and post website links and myspace pages, but it's not okay to talk bad about poor little ol' Mike Mathes and his band of thieves?
If you have followed these comments since the
story broke, you will have noticed that some comments not favorable to the partners have
disappeared from the list. Somebody early on
mentioned something about free speech? I guess
the testimonials from employees weren't getting
much traction...
Umm, yeah. The old landfill out on 177.
Mathes built expensive homes on or near the old Cape landfill?
These contractors are overbuilding in our area which will result in lower real estate values for everyone.
Building rental property to sell to out of town landlords means properties will not be maintaned.
It would be nice to see them use most of their resources on re-habing existing housing in this area and reselling it.
okay, lets just simmer down everybody...here are the facts: Mathes has money. He likes to spend it. He likes to talk about how he spends it--not always the best decision for him (open mouth, insert foot)...However, we can not fault someone for wanting to get ahead. Mathes has made his money because he was willing to take risk, often because he wasn't smart enought to recognize it--truth be told. I do think it is bad business and morally wrong to better yourself and the disinterest of others (ie..Willow Heights). Hopefully, by now, he realizes that his actions there were not well received and not a good reflection of his reported Christian values.
I have a friend that contracted with the company for a new home in a subdivison near Fruitland off 177, the same company that built the homes across the street from the new fire station. When they put the roof decking down, it was 3/8" particle board. he said when they got the shingles on, it looked like waves running down the roof. He got out of the contract.
Looks as if the Mathes employees have come out in numbers!Sorry ya'l,you work for a individual who only cares about money and will taxi the systems in any way he can to obtain it.I do wish he was run out of Cape County so that he does no more damage!
I knew this would get wild.
JacksonAlum75 - The understanding is that no previously build homes were purchased, only land.
A sad consideration is that people looking for a home get all starry-eyed by 'new' and typically don't specifically look for the things that matter - lot stormwater drainage; quality and warranties/expected lifespans of appliances ('contractor-grade' is apparently about as low on the quality scale as one can go); HVAC systems and plumbing; actual enforcement of any covenants in force at the time of purchase; quality of streets and utilities services; roofing warranties; etc. to name a few.
When a seller who is well-versed on the cost differences between 10- and 30-year shingles, one-year appliance/HVAC warranties versus a 5- or 10-year, concrete- or asphalt-covered paths versus real bona-fide streets built to last 50 years, PVC plumbing versus copper, etc. - and a buyer who only is only looking at the 'pretty' factor - meet up - easy to see how these unfortunate, unfavorable situations can arise.
Caveat Emptor (buyer beware)? - yes, certainly, always.
Ethics, integrity, and following generally-accepted practices of good construction and good faith business practices - perhaps this remains wide-open to interpretation.
My husband and I were looking at homes at Whispering Oaks, now we are alittle leary. Are these homes owned by people from California? Are they not inspected during the building process?Who are the builders and do they have a reputation for having problems? We really liked several of them, but are not feeling very confident now.
Who owns Sun Loan Company?
Well Tiffany Smart, let me introduce myself to you. My name is Donald Trump and your fired!
Rudi,
I didn't realize until noon that the paper version answered some of my questions I had asked, sorry!
Quote from today's article:
"In the county we don't have nobody baby-sitting us," Mathes said.
If his new business partners have any integrity and appreciation for this community at all they should run away from this relationship as fast as possible. I'd refuse to spend my hard earned money with anyone associated with Mr. Mathes.
Hey tbell28. For a man who apparently tithes to the church it seems Mathes has forgotten many of the commandments! For example, do unto others as you would have them do unto you. Mathes may not have been the developer of Willow Heights but he is definitely the person who destroyed the neighborhood by building the cookie cutters. You don't do that to your neighbors (even if you don't plan to live there). Mathes saw nothing wrong in it and, in fact, thinks he doing us a service.
So the burning question is, "If he did it in Willow Heights and Savannah Ridge why should anyone think he'd do something different elsewhere"? Be afraid...be very afraid.
As someone who has had personal business dealings with each of the partners in the 360 Land Development, I would like to ask the question of the posters on this site: What if they had taken their money and invested it in another county???? Would you not then be complaining that they should have invested their money in their own town??? Would they not be getting bashed for not believing and investing in the Cape area????
My personal experiences with each one of these partners has always been one of utmost professionalism, honesty and highest integrity on the part of Mike, Stacy and Eugene.
I must wonder if everyone posting these negative comments have personally met each of these partners and are not basing their opinion on gossip and heresay. As far as the quality of the properties being built, how come the other developments owned by these partners such as: Carolina Oaks, Saddlebrooke Ridge, Arbor Heights, Hilltop Ridge, etc.... are not being mentioned. How about we let these partners decide what they want to do with their money and support them in trying to keep jobs and their money right here in our town. These men are dedicated to the Cape area (the area in which they all chose to raise their families). I wish them the best of luck in their endeavor and believe the Cape area will be better because of it.
Anyone leaving next to any of their
developements make sure and stay observant to how they shape the land. Othewise, you're gonna end up
with a river of rainwater headed right
for you backyard everytime is rains more
than 1/2 an inch...
I personally have worked for Mike Mathes for 1 1/2 years. I know how he conducts business, he always takes care of his customers if and when there is an issue. With each sale of the properties, Mike donates 10% of each sale to the church. Mike is a good person to work for and I am finding that Stacy and Eugene are also.
opinionated1, with all the homes that are supposed to be built, our area is going to have its own little real estate meltdown.
if mathes really wanted to cash in, he'd buy a mortgage company.
i bought a car from mike once. i never had any problems with it. got a good deal too.
Great business idea in merging these companies and I wish the best of luck to all involved, but who do you people think are going to purchase these homes? Given the current economic state, mostly due to extravagant real estate being purchased by individuals who can not afford them, why continue this foolishness on ridiculously oversized homes when it unnecessary?
It may be lucrative for the pockets of those involved, but all these builders, as well as lenders, need to wake up and realize what a large economic crisis they are fueling. If the economy goes to shit it isn't going to matter how lucrative the investments were.
Congrats to Mathes and his partners...I think these developments will bring great value to the area in coming years.
Mathes' comments about the inspections highlight a major problem with a system that allows inspectors to walk around like gods and tell people what to do with their own property. Most inspectors that I've met aren't worth their salt.
Strict inspection and zoning guidelines drive developments outside of the city. In adopting these guidlines, municipalities are driving away a solid property tax base as well.
Ultimately, the market works itself out. People who have the raw land are willing to sell it to Mathes because his money is worth more to them than their land is. Similarly, people are willing to buy homes from Mathes because the house he is offering is worth more to them than the value of keeping their money. These are called Pareto superior exchanges.
In each transaction, the parties willingly engage in the deal because they perceive themselves as better off as a result of the bargain. Should the government or anyone else really step in and halt these efficient exchanges?
I'd recommend that most of the posters on this comment board take a basic economics class from Peter Kerr or Diane Primont. I can guarantee that the world around you will start to make more sense.
Have your mothers never taught you if you didn't have anything nice to say don't say anything at all? Shame on all of you! Everyone likes to talk…everyone likes to be-little and point fingers, but no one will take action...except 360 Land Development. I am the property manager for Mike Mathes, unlike a lot of you I am not hiding behind my user name I am being up front in letting you know who I am. Once before I offered gman; and I am offering anyone else interested, to take a personal tour to a Mathes Land Development home or a Midwest Construction home. I assure you they are quality homes and are beautifully built, regardless of its cost. I have personally met many of the "Californians" when they came to MO to see their properties. I assure you they too are business people who care about their property values. They may not live in the homes but never-the-less they own them and if the property values go down it hurts them too. If everyone would quit the bickering long enough to look at the big picture you would realize that 360 Land Development is offering opportunities for jobs, homes, and economic growth at a time when those opportunities are few and far between maybe you would be thanking them for taking a chance on Cape Girardeau and the people of Cape. If they can believe in Cape's potential why can't you!
This article should have been posted in the "Comic" section.
As so many before me have stated....all you need to know about this article is one word:MATHES
Selling ice makers in the arctic!!!!!!!!
Very good point aware/beware!!
Have we all forgotten that Mike Mathes is really a used car salesman? He sold cars, then became an excavater, then a builder, then a developer, now owns a real estate company, but what he really is is a salesman. He moves on to the next thing when he is no longer making money at what he is doing. As far as Holloway goes, how does selling carpet give you experience in home building and developing?
This is certainly a huge buyer beware.
Mavman!obviously you need to read the article again.Not only does Mathes build homes without any type of inspection,he also does not know the english language very well.I am sitting next to a gentleman who lived in one of his homes.He could not wait to get out!Thankfully he was able to within a year!When you show as little regard for inspections and tell me its too time consuming, I indeed have a huge problem with HIM!I am in an industry that fully understands how important these inspections are!I hope someone comes along next to his developments out there in the County and builds a huge hog operation!Then perhpas he will understand the need for planning and zoning as well as inspections.
well, I guess mavman got a great deal on his house.
Marcllous Wallace is right. Mathes has developed some of the most prestigous, highest quality subdivisions that this area has to offer. They are more of the caliber that you would find in a high-end metro market. Why does he not get credit for this? Also, Mathes is not the developer of Willow Heights subdivision. He did build homes there, but he simply bought lots and built homes within the framework of the covenants as set forth by the developer. Look closer at Mathes' subdivisions (the covenants are very strict - to the benefit of property values)and you will find they are the ones that you would most like to live in. I do, and I have no plans on moving.
onthefly run a full page ad everyweek in the Sunday classified section and see who they protect. I am not surprised that we have seen another fluff piece on this guy on the front page in less then one month. The last one was on 1-25-08. I am sure my post won't last long.
What about Hill Top Ridge or Cedarhill Lake Estates. I mean come on, these are subdivisions that have million dollar plus houses. I know people who live in these areas and havn't complained a bit. Secondly have any of the nay sayers ever worked for mathes, mansfield, or holloway? I've never heard anybody complain when they were getting paid by these 3 guys.
I wonder why the Missourian took it down? Do you think Mathes was throwing a fit? Hmmm...wasn't there something called free speach?
Hey! Maybe they'll offer deer hunting in their community?
Several months ago a large group of citizens from Jackson took on one of these developers at a Planning and Zoning meeting with petitions in hand. They were protesting his plan to build duplexes, triplexes,aka trash in their nice residential neighborhood. He left angrily, saying that he would build in the county where he could do whatever he wanted. We have all seen the trash he built on 25. He is selling our county out to Californians who do not live here and have no ties here. They don't care what it does to our property values and neither does he. He is a snake in the grass and needs to be stopped.
If I needed to sell my home I'd surely avoid Mathas's real estate firm.
Who's house do you think they'll be pushing, mine or theirs..
Isn't it curious that this story was taken
down off the Southeast Missourian internet
page, right about the time that the comments started coming in? It's still
available, of course, in the archives--if
you know that it's there.
It was replaced by an article on bow hunting deer in the city limits. Might
be a good recreational use for some of the
abandoned neighborhoods...
Ready this article tells me that Cape County needs to pass some serious zoning ordinances before they get a bad reputation nation wide.
I agree, any builder that is happy his work doesn't have to pass inspection is not someone I'd rush to buy from.
my my such doom sayers...
These guys are scared. They're in a terrible slump, and this is a last ditch effort out of desperation. They'd better have deep pockets, and their bankers better keep a close eye. The new home market is in the tank, and many people who "could" afford to build or move are deciding not to do so. Quality HAS been an issue, and will probably continue to be. Be careful . . .
Fultile rant,your name Explains your post perfectly.
If Mathes turns around too fast your nose will get broke!!Everyone knows his developments are less the adequate.Wake up!
Your opinion on the housing market is also way off base!I say run these developers who think they are above inspections out of the County with some tar and feather on them!Hope thats not too harsh for some of you.
Once again, a perfect example of what happens when landowners are forced to "sell-out" to the highest bidder/developer, because they can no longer afford to "fight the system".
I, too, will suffer the same fate with my homestead, in the coming years, what with all of the "improvements" that are on the board for the out-county area. But I don't intend to lose such quietly---how about the rest of you landowners? At least make these "leeches" put forward some effort in taking what is still yours. Don't be the "sheep for slaughter", just because everyone else has already given them a "free-ride"....
afraid..that's right about the subdivisions and klaus park. That neighborhood started out as nice high-end houses, the builder left and they started building slab houses out there. This sounds like a fishy deal to me and I doubt it will end well.
Hey futile_rant. What some proof? Take a drive through the subdivisions Mathes has recently purchased. Willowbrook Heights started as a nice subdivision - now it's covered with cheap rentals sold to unsuspecting California investors who thought they're getting a deal. Not only are they cheaply built they're stinkin' identical, one after another! You can't tell me that Mathes didn't know he was hurting the good folks who had already built there. Now head to Savannah Ridge...ditto. How about the back of Klaus Park. Even though it is primarily duplexes he is managing to throw up crap that lowers the investment of the other duplexes.
And now we're to believe this merger is a good thing? You can put lipstick on a pig, but at the end of the day...it's still a pig.
Apparently Greywolf is an inspector.
in regard to the question of what are the 12 subdivisions they are involved in, these are some of them: Saddlebrooke Ridge, Whispering Oaks, Winding Ridge, Willow Heights, The Enclave at the Lakes, Savannah Ridge, Old Towne, Hilltop Ridge, Duffer's Fore,and the development out on County Road 612 (don't know the official name)
There are still many quality subdivisions out there, that are not owned by these guys. They do not have nearly the percentage of the market that they want everyone to believe.
Not to get off subject here, but I don't believe the area is suffering from a mortgage crisis. I don't see everybody up and down streets having for sale signs in their yards like they do in california and florida. Just because the news shows people losing their homes it doesn't show the real reason. Those reasons are the people made bad decisions and bought past their spending limit. If you are hurting financially to make ends meet, get a part-time job, sell your car, cut-out other things and ride the storm out.
futile_rant if your assumption that if they are built cheap they will be more affordable and sell quickly is off the mark. If I want a "cheap" home I would buy a mobile home. At least I know it is inspected when it comes off the assembly line. Now if all someone is looking at is the dollar amount and can accept everything that goes with the purchase then you may be correct. But most of the time this is the largest single purchase a person will make and they take it more serious then buying a car.
When I built my home 4 years ago in the county my builder was very easy to deal with and was more then happy to have someone come on the job site anytime and review the work in progress. Fortunatly no problems where found and any questions I personaly had was address immediatly. I have not had any problems referring freinds to my builder because of the quality of work and his willing to have thing double checked, and yes my house was built on time.
One more observation. If they will be selling like hot cakes why is the subdivision on 612 still have many lots empty? I mean with the view over the gentle rolling hills and it being so close to P&G this should be a slam dunk.
Argh! They are going to encircle us and build a wall around the perimeters of the county of army baracks and duplexes to trap us in!!!
I love how we've had a dozen people saying "dont buy from this guy" blah blah blah "he has other properties that are bad...blah blah blah"
post some examples, proof...
john in jackson, the article says they are going to build a variety of houses to fit different markets, but seems to be targeting lower middle to upper middle class.
Gutsy move by these developers! Caveat Emptor to those under contract. It all works well when builder/purchaser communicate each other's needs. . .as far as workers go, I had a roof contracted through Lowe's this last fall and the work was exceptional. By buying through Lowe's I got warranties on both labor and materials. And guess who the workers were???? Mexican!
One thing people need to know is that Whispering Oaks is two subdivisions. Whispering Oaks is almost fully built. The Meadows of Whispering Oaks is a separate subdivision. I suspect that 360 purchased The Meadows of Whispering Oaks.
Whispering Oaks is over 90% filled and has its own Homeowners Association with Board of Directors. Please don't confuse the two separate subdivisions.
I'm just glad my home isn't in Whispering Oaks. First all the legal troubles with Rodney Arnold building rental property in the subdivision and now a new Mathis managed company.
Current homeowners take note. SELL BEFORE YOUR HOME VALUES DECLINE FURTHER.
Rudi,
Thank you very much! I asked and you delivered! However, your article does not say whether Mathes Land Development &/or Midwest Construction would continue operations as separate entities. In other words is this a corporation of convenience, or are both companies going to be absorbed and completely join forces. Or, as I suspect, is only Midwest going to disappear?
Also, you only mention a few of the sudivisions, what are all 12? Where are they? What is the % of these subdivisions that are built up and how many existing new homes are these contractors now holding.
I also wonder what market are they going to focus upon? A company can't be all things to everyone, no matter what Mr. Mathes says. Will their main focus be on the high end quality homes, and build quality small homes on the side. Or will they concentrate on the smaller economy homes, and build "quality larger homes" at lower per-square-foot-prices because of their "increased buying power" because "of their company size"?
My final questions, with 1400 sf homes for $175k, thats $125 per square foot; that seems a little high for "modest" pricing, am I wrong? What prices are other contractors getting for new homes?
I personnaly know of a Mathis home built on the cheap! Expect years of anguish and many sleepless nights. Oh, and get out your checkbook and a good inkpen.
Take a look at some of the stuff that Mathes has built lately "on the cheap" and think twice before getting in on this deal. This is a person that is purely interested in his own profit, not building up the community.
I realize that a businessman should be interested in profit, but not at the expense of turning out a poor product.
pessimistic people, tsk tsk
this is isn't a horrible time to be building houses, 1-2 years ago was a horrible time to be building houses.
interest rates will probably hit their lowest levels late this year or early next year and I am sure you will see a flood of people going to buy houses. Also as he said material costs/labor costs are low as well as cost of borrowing money
Also if he does build these "cheaply" they will be more affordable houses and probably sell quick. One of the main reasons, if not the biggest reason, for the housing market slump is how the prices of houses shot up compared to the income of the home owners.
As far as the inspector situation goes, they can be a pain in the ass. It can take a week to get one to check wiring, then another week wait to check pluming, etc = $$$$$$$. Builders don't typically cut corners on those types of things anyway, more than likely it'll be things like steepness of stairs and things like that.
try to have a home built for yourself, and want it done on a time frame. You'll hate inspectors too.
Eveyone has hit it the nail on the head with his comment: "In the county we don't have nobody baby-sitting us,". This should raise many red flags to buyers and existing neighbors whose property values are going to be affected one way or another.
Come on Rudi, you are great at digging deep with your articles. Please spare us the second fluff peice on this guy and get out a shovel.
When most developments haven't sold a home in 4-6 months, how does this sound like a good idea?
I thought Zimmer bought Whispering Oaks? Is he a silent partner or backer?
I wish I knew what moron bank was financing this.
With the mortage crisis currently going on in the country and with a forecast to even get worse how in the world can these guys start on an adventure like this. The comment no inspectors to worry about this tells me people better be carefull in purchasing these homes, the one's that are able too, which is not many right now due to the mortage conditions. Be carefull with this one consumers
"There are no planning or zoning rules outside Jackson or Cape Girardeau and no inspectors checking wiring, plumbing or other aspects of the building process to slow down work, he said.
"In the county we don't have nobody baby-sittingg us," Mathes said.
This should tell everyone everything they need to know about this idiot!His statement
is typical of his attitude and will certainly speak for the quality of these homes he intends to build.
Older Eagle!
Your post is ridiculous!!"Trust the builders"
Are you kidding?I for one would not even entertain the idea of purchasing one of these homes!Most folks know the reputation of these developers.
ddrjr: I think you are mistaken.
Trust the builders. Inspectors hardly know what they are looking at, and when they do, they just strut around the jobsite like a primping prince.
I don't think there is a single Mathes development that has ever reached maximum occupancy.
I would be very cautious and read the restrictive convenants and make darn sure that there isn't a rule in there stating that the developer has the right to amend the convenant at his or her own personal discretion. If there was such a rule in there, then they could build 1800 square foot homes with brick fronts, then 2 years later with 20 lots sitting un-developed turn around and change it to 1200 square foot with siding wrapped around. Worse they could make them all rental homes.
I would also be very cautious if I were someone buying a home from someone who was building 12 homes a month. Their probably employing riff-raff laborers with minimal experience. He has already said he enjoys the looser regulations which should be a red flag for everyone. There is a reason why the city has certain regulations and that is to protect the homeowner.
It's one of those "I'll believe it when I see it" cases.
Do some more digging Rudi. The financial roots of the operation are deeper than just 3 puppet owners.
Building in the county to avoid being babysat by inspectors scares me. Who is monitoring the quality of these homes? I'd think twice before I bought one of these homes.
Good luck. However, with the excess inventory of homes on the market right now, a project of this magnitude will likely disappoint the investors and their lenders.