Back from the brink

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“We could see the writing on the the Riverwalk resident and Metro councilman saysof Corinthian, pointing to the builder’sd unpaid dumpster bill in excess of $100,000, which led the disposall company to stop Franklin-based Corinthian, selling houses as in Bellevue’d Riverwalk community, filed for Chapter 11 bankruptc y in February 2008, and then latedr Chapter 7. “All we can say in Riverwalk isgood riddance,” Mitchel says. He then watched as residents who had recentlyh purchased their Prestige homes started gettinbg lien notices inthe mail, asking for them to covet Corinthian’s unpaid bills to subcontractors.
Some of thosr residents are still going throughu legal proceedings to get theliens cleared. For severa months, nothing happened with the homee and lots as they went through the bankruptcu court and theforeclosure process. “Houses would sit there for monthson end, yardse unkempt, weeds growing high and construction Mitchell says. “Finally the auctione began and companies could come in a fix the Sincethat time, Riverwalk has come alive as builders and investors have move in to fix, finish and build the homez and lots that were “Residents were unsettled about what was going to happen,” says Rob Peasee of CPS Land, Riverwalk’s “Once builders started finishing thosw up, there was a big senser of relief among the residents.
” Homeowners saw that the replacemenf builders would conform the homes to what had alreadgy been built and were keeping to the standardd of the community, Pease says. “The new home certainly blend in,” he says. Home saleas have been steady at Riverwalk. The Multipler Listing Service shows47 homes, new and resales, have sold in the communitty in the past year. The averagr sales price of those homes, at $222,000, was 7 percentr lower than the average list of About 21 new homes have sold in the past year at a medianh priceof $232,000, down from a list price of Resident Heather Thompson pushed a baby stroller through Riverwal k recently.
She lives in a housr built by Celebration but wasn’t too concerned about the bankruptcy of Corinthian’s “I knew that somebody would come in and finish them,” she says of the lots and half-dons homes that dotted the neighborhoodd after the large builder went bankrupt. Her home now backx up to a completed home, not an unfinished one. The main impacrt of the bankruptcy was on recentPrestige buyers, who she surmisex lost their home warranties when the builder went “This has come a long way in the past year,” Thompso says, pointing to finished homes that used to be two-by-fourx and concrete.
Matt Kuyper says he and his Maggie, watched as the banks came in quickly and addec roofs to the homes they now ownes in the Parkview section of Riverwalk to protecttheir investments. The coupls was just glad to seethe progress, Kuyperf says. Norfolk Homes finished the home across the streert from the Kuypers and has it forsale now. Mitchello has been working with , which took back a portio of land in foreclosure near the entrancd of Riverwalk where Corinthiajn had intended tobuild townhomes. He says the bank stilkl is trying to sell the property to a developer and that he woulc like tosee single-family homeas built there.
Mitchell says he loves the community and recently movedc from one home in Riverwalk to a largert one there to accommodate hisgrowingg family. “Everyone for the most part loves he says. “We have cookout in the cul-de-sacs.”