I just spoke with Substitute Trustee David Pryzwansky who confirmed that news.

So, the drama continues and we will wait for later this month for a resolution.  And the community and neighbors will continue to hold their breath.

Several attendees were adjacent property owners who were concerned about the possible impact on their homes, or other property nearby.

And, there were a few Realtors, including yours truly, of course.

How could the auction be canceled?  Trustee David Pryzwansky was not at liberty to say, but typically postponements occur when the lender and the property owner are trying to work things out and avoid foreclosure.

Rescheduled for February 3, 2009, 10:00AM.

We have seen other Triangle subdivisions in trouble, either being offered for sale in entirety, or all the lots being offered for sale, or model homes on the market long before they had outlived their marketing usefulness to the builder.

The December 3, 2008 Cary News has legal notice that Hasentree properties will go on the foreclosure auction block at the Wake County Courthouse at 10:00AM on December 19, 2008.

This is also confirmed in the Triangle Business Journal this week and in today’s Raleigh News and Observer.

Hasentree was to be 650 luxury homes, from over $1,000,000 to over $4,000,000, and was kicked off with a multi-million dollar marketing campaign that included flying potential buyers over the development, including the Tom Fazio golf course, in complimentary helicopter tours.

34 homes remain for sale, and the luxury home market has been notoriously slow over the course of 2008 anywhere in Wake County.