I did not intend to do a follow-up story on yesterday's article about Land Resource and its Grey Rock development (see below), which closed operations and laid off its 25 employees last week.  The parent company closed other sales offices and released another 50 employees.  But Jay Williamson, the professional golfer, extended the story.
    I was watching the final holes of the final round of the PGA John Deere Classic yesterday, and there was Williamson with a chance to get into a playoff.  Williamson attended Trinity in Hartford, CT, just down the road from my home, and I was rooting for the local boy.  
    CBS showed a close-up of Williamson and there, on his visor, were the words "Land Resource."  Williamson, I came to find out, and Land Resource CEO Mike Flaskey are neighbors in Orlando and became friends a few years ago.  The company's name was on Williamson's visor last year (and on his bag and shirt) when the pro almost won the Traveler's Championship in Hartford.  He lost in a playoff.
    On the first playoff hole at the John Deere yesterday, Williamson was in prime position off the tee.  But then he pull-hooked his 185-yard approach into the water and that was that.  Kenny Perry won.
    All was not lost for Williamson, though.  Since Perry had chosen not to compete in the Open Championship at Royal Birkdale next weekend, Williamson earned the trip there by virtue of his second place at the Deere.  Given the worldwide exposure of the British Open and the many sponsors who will probably pay handsomely to be on Williams' visor, it might be the noble thing to do for his friend and neighbor to release him from his contract.  We'll see.

    A real estate agent friend sent me a note about Grey Rock, a community near Lake Lure in North Carolina.  Grey Rock closed its operations last week after three years.  Only three homes have been built at Grey Rock, one of them a House & Garden TV Dream Home.  Grey Rock's developer, Land Resource, also closed six other of its sales offices and laid off a total of 70 employees.
    Although not a golf community -- it is just down the road from Queens Gap, another fledgling community with a Jack Nicklaus Signature course under

Grey Rock had sold more than 400 lots in just three years.

construction -- Grey Rock's bad fortunes are a good reminder of the importance of homework and calling on professionals who know these local areas and the idiosyncrasies of building there. 

    Grey Rock looked promising from its earliest days of operation, and scoring the HGTV Dream Home was a big coup that added luster to its marketing efforts.  It had an experienced developer behind it in Land Resource, which has been in operation since 1997 and whose CEO had experience in the luxury resort business.  Grey Rock sold more than 400 lots in its first few years, not bad in the softening market, but it ran into problems with its infrastructure.  Some of its road construction caused significant soil erosion issues, and Land Resource was fined by the state enviros and then sued by some of its own landowners whose home sites were soiled with extra soil. 

    The pressure from inside and out, plus the eroding market, apparently did the company in.  As in most of these deals, the early investors - many of them pure play speculators -- are the losers when a developer goes belly up.  But we should feel less sorry for them than for the 25 employees at Grey Rock who won't find landing another job easy in the remote Lake Lure area.
    Land Resource's web site is not functioning except for its home page.  Its statement of purpose on the home page ends with the line, "A great eye for beauty combines with a thorough knowledge of property infrastructure to create communities that are wonderfully distinctive and built to endure."  For the sake of those owning property at Grey Rock, we hope the community does endure.  But it will almost certainly be under new ownership.