The Coastal Companies began decades ago and it is now one of the leading real estate and development teams in southeastern North Carolina. Working hard to create extraordinary coastal lifestyles, the dedicated staff of The Coastal Companies holds itself to the highest standards and maintains a supreme level of excellence.
Comprised of Mark Saunders Luxury Homes, Coastal Construction, Coastal Development & Realty, Coastal Vacation Resorts, four championship-level golf courses, and an impressive class of coastal communities such as Ocean Ridge Plantation, Rivers Edge Golf Club & Plantation, and SeaScape at Holden Plantation, The Coastal Companies is a respected real estate and development company in North Carolina.
Mark Saunders, manager of the Ocean Ridge® development companies, and the Ocean Ridge Master Association, the property owners’ association for the Ocean Ridge Community, announced that they have reached an amicable settlement to resolve the litigation between them pertaining to past assessments.
The issue began in 2010, when the governance of the association was turned over to board members elected by the property owners. The community’s protective covenants called for the developer to be exempt from assessments and its funding obligations ended at the time of turnover. Unfortunately, the exemption provision was apparently overlooked, and the developer paid assessments on exempt home sites for several years until the error was discovered. “We’re confident that the payment of assessments for exempt home sites was an innocent mistake – most likely a simple carryover from prior years. We are pleased that the lawsuit is resolved and extend our gratitude to the association’s board of directors for working with us to settle the issue amicably,” said Saunders. The lawsuit was filed in Superior Court of Brunswick County, NC, last year (16 CVS 2340).
While the terms of the settlement, including the total sum paid, are confidential, the association did refund a portion of the assessments, and contributions also were received from insurance companies who were representing the parties involved. The association’s current and future budgets account for the developer’s recognized dues-exempt status.
“We have always had a cordial and productive working relationship with the association members, who are an important reason that Ocean Ridge Plantation® has thrived,” Saunders said, “and, while the lawsuit was unfortunate, it is good to get the issue resolved. We look forward to continuing to work with the association’s board of directors.”
The Coastal Companies is conveniently located between Wilmington, N.C., and Myrtle Beach, S.C., in the southeastern coastal stretch of North Carolina known as the Brunswick County islands.
Whether you’re looking for a new home, an amenity community, golf, or a vacation, the amazing properties and management of The Coastal Companies has you covered. There’s no doubt about it, The Coastal Companies has perfected what it means to live the coastal Carolina lifestyle.