In the last few days, the Register-Herald has been covering the problems of the Roaring River Development along the New River Gorge near Fayetteville, West Virginia.
The development, which was originally planned as one of the largest along the rim of the New River Gorge, has suffered from the downturn in the housing market. Land Resources Company, the parent corporation for the Roaring River project has laid off all of their employees in Fayetteville and closed the sales office.
The ramifications of the development halting sales and the building of infrastructure was discussed in a story today in the Register-Herald. The story is located here. An Elkview man and his wife had purchased several lots in the development as a way to diversify their investment portfolio. The frustration of the purchaser is apparent at the end of the article – the possibility of a class-action lawsuit is mentioned.
The question of whether legal action could be taken against the developer or the parent corporation would depend on a lot of factors, including whether the developer promised to build the infrastructure that appears to be non-existent at this point.
What is clear from this story is that West Virginia is not immune to the downturn in the housing market that is occurring across the country.