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Troubleshooters: Update on Mark Saunders and Coastal Companies

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In tonight's Troubleshooters report, we have an update on a story we have been covering for the better part of a year now. More than 200 individual property owners are now suing local developer Mark Saunders. Saunders is president of the Coastal Companies, which is behind a number of major developments in Brunswick County. Wilmington attorneys Sarah Reamer and Wes Hodges are representing the property owners from Ocean Ridge, Ocean Isle Palms, Sea Watch, and Rivers Edge. The lawsuit started with 2 property owners back in February, and has now snowballed to include disgruntled customers from all over the country. The attorneys claim that Mr. Saunders orchestrated a scheme to artificially inflate the value of his properties, generating hundreds of millions of dollars in profits for Saunders and his co-defendants at the expense of the plaintiffs. Many of the property owners have been unable to build their homes because infrastructures, like roads and sewer, have not been installed. Attorneys hope to take this to court in the next month or two.

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See you soon

Mark,

Did you really think that you could "borrow" all the money and not develope.

A $78million law suit has been filed by Bank of America...

You have frauded hundreds of people, banks, and even "borrowed"
Monies against your own "companies"....curious where the millions
Went...

We look forward to seeing you at our "gated facility" real soon.

Bernie

Coastal Companies and Brunswick County

I Own a Home in Ocean Ridge Plantation but I do not live there full-time.

The one thing am very disappointed about with Brunswick County is the utility costs for water and electric which are far greater than what I pay in New York State which has been supposedly the highest in the country.

If you add up all the expenses as:
Taxes
Homeowners Association Fees
Wind and Hail Insurance
Utility Costs

it is considerably more expensive to live in Ocean Ridge plantation than it is to live in New York.

Also the corruption and Brunswick County and the North Carolina is frightening.

Look at former NC Sen. RC Soles
Brunswick County Sheriff's that were running major drug operations get a six-year sentence send out in three years. That's a disgrace by itself.

Brunswick County and the Board of Commissioners simply incompetent.
I don't really believe it is a single commission on the board but has any education to speak of or any business Expo. Instead would greatly qualify him for such a position.

These jobs are typically sought after for the kickbacks they receive from contractors.

In 2011 Brunswick County commissioners voted themselves a 100% pay increase. I am sure they deserve that, what work it actually do?
These positions should be purely voluntary.

Brunswick County has allowed in excess of overdevelopment and now all these new plantations that they're completely empty.

This causes property values to plummet due to the supply far greater than demand.

Take my advice stay out of Brunswick County, NC.

word gets around fast

Are all these developers stupid?
Word is going to get around the nation fast that if you move to the Wilmington,NC area you have a 50/50 chance of getting screwed on the new house you buy.
All those people that brought money from other areas to move here are now telling all their friends what goes on.
A bad reputation is hard to overcome.
Things don't get swept under the rug up north like they try to do down here.
Good luck to all you builders/ developers-what goes around will come back around to you!

Mark Saunders

Just like a Hemorrhoid that appears again and again when you think you and your seasoned professional team have the darn thing under control, huh, Mr. Saunders? Annoying, and at times, quite painful, isn't it? If you still have the County in your back pocket then you'll be okay to carry on. Waiting to see what's next!

Mark Saunders

Listen Big Bird, Mr. Saunders doesn't have the County in his "back pocket". Though there is merit for disappointment and perhaps even be a little angry, your assumption that the County might back Mr. Saunders up for his lack of responsibility is unfounded and untrue. I wouldn't live in one of Mr. Saunder's communities simply for the reason that all you people do is bicker amongst yourself, spend money on lawyers and keep bad press going. Go find something to do!!!!!!!!!!!!!

The Problems That Saunders Created

The bottom line is that the initial business deal as agreed to by developer and buyer were not as they seemed. Promises made by developer, lender banks. Promises not kept. A deal is a deal, Mark. If you are going to use your name as the hero of the communithy development, integrity is key to success. No wonder that some of these ventured deals were not successful, for the buyers or for you.

EGOMANIAC

Seasoned professionals, come on, there is nothing professional about a group of spineless folks and spin artists....again compare this guy and his "team of professionals" to Madoff....scam artists!! Anyway, hundreds of millions of dollars and nothing, yeah, ok, a couple of homes, and some streets, maybe an amenity center or two, but after all these years there should be more than that!! Again, that is why I bought in STJ. Its there and cannot be argued. Take this guy down already, or force the bonds to get the infrastructure in so good families can start construction of their dream homes.....oh yeah, Mark controls that too.....Just get ride of that EGOMANIAC and his team of "pro's"!!!