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Whatever happened to the development the ‘Cottages at Price’s Creek’ in Southport and the builder Phil Arroyas?

Andrew Dunn

After about half a dozen homes, a clubhouse and a pool were built, the Cottages at Price’s Creek development found itself with a new owner a few months ago — Security Savings Bank.

The properties fell into foreclosure earlier this year and came into the bank’s possession in April, Security Savings Bank CEO Ken Mabe said.

Developer Phil Arroyas began the subdivision envisioning small high-end cottages. The development was connected to utilities, half a dozen homes were built and about 10 other lots were sold. The existing homes are valued at from $389,000 to $489,000.

But then, Mabe said, the bank lost touch with Arroyos sometime from December 2009 to January 2010.

The StarNews’ efforts to reach Arroyas on Monday were unsuccessful.

Now the bank has brought in Atlanta-based Bull Realty to market the properties. The company has listed the 40 undeveloped lots at a price of $2.5 million. The bank is also open to selling individual lots.

“We’re still trying to take advantage of what’s there,” Mabe said.

User-contributed question by:
Lyn Allen

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