Much of Cliffs Communities being sold, investors hope to restart sales

Here’s an excerpt from the Asheville Citizen-Times article:

A Texas couple is buying much of the assets of financially troubled Cliffs Communities, developer of the luxury housing developments The Cliffs at Walnut Cove and The Cliffs at High Carolina in Buncombe County.

Buyer Steve Carlile and his wife, Penny, said this morning they will put more money into Cliffs amenities like clubhouses and golf courses and will restart efforts to sell home lots in the company’s eight communities in Upstate South Carolina and Buncombe County.

But Steve Carlile said it is too soon to say just what will happen to Cliffs at High Carolina, which sits on both sides of the high ridge dividing Fairview and Swannanoa, N.C.

The golf course designed by Tiger Woods for the community has yet to be completed and only a small number of lots in High Carolina have been sold.


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