Central ME condos up for auction
Eight units at a condominium complex near the Natanis Golf Course in Vassalboro are headed for the auction block, after the developer failed to make mortgage payments.
The Arrowhead Ridge condos are scheduled to be sold at a public auction Friday, along with a farmhouse on the property and about 44 acres, according to the Morning Sentinel. Developer China Lakes Association LLC originally planned to build 36 condos priced at $250,000 or more each, but completed just 12 units, priced from $199,000 to $239,000, and sold only four. Savings Bank of Maine said China Lakes Association owner Mark Paine breached a first mortgage and 2006 loan agreement with the bank, as well as a second mortgage obtained in 2007, both for undisclosed amounts. The bank has foreclosed on both mortgages. The association also owes more than $46,000 in unpaid property taxes as of December.
A potential buyer would have rights to continue developing the property and add the additional 24 units, according to the paper.
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