Lake vistas.. Good investment? (Charlotte, Hickory: bank owned, homes, bankrupt)

[ADA_NC]

Lake Vistas Ad - 9/6/2012 - Lots & Land Ad in Charlotte

Is this a good investment ? I am not clear about the value proposition of this place?

This falls between 3 important cities in nc, but is it worth it?

[amploud]

I've seen quite a few of these flyers. In fact, I get them in the mail a few times a month. Some are for lake front lots and/or homes, others of them are for mountain lots and/or cabins. The prices always seem too good to be true, but I've been interested in several properties.

Does anyone have any experience with these types of offers? Are some more reputable than others?

[lovesMountains]

Originally Posted by ADA_NC

Lake Vistas Ad - 9/6/2012 - Lots & Land Ad in Charlotte

Is this a good investment ? I am not clear about the value proposition of this place?

This falls between 3 important cities in nc, but is it worth it?

These lots are apparently on Lake Rhodhiss near Hickory.

The lake is smallish with a surface area of about 3000 acres and 90 miles of shoreline.

It was built in the 1920's by Duke Power and supplies the drinking water for Granite Falls, Lenoir, Morganton and Valdese. Because of this, it is likely clean and unpolluted. It is fed by the Catawba River.

I'm only familiar with it as a place to do some good fishing.

Obviously some development deal went bankrupt in the recession and now the property is bank owned.

For anyone interested in having a home on water, it might be worth a day trip out to see it, as the prices do seem incredible for waterfront. It's not in a upscale area at all, and is probably more of a middle class haven.

I'll add that the lake above Lake Rhodhiss is my favorite in the state - Lake James. If I were looking to be on water with a mountain backdrop, THAT is where I'd go

[frewroad]

Originally Posted by lovesMountains

I'll add that the lake above Lake Rhodhiss is my favorite in the state - Lake James. If I were looking to be on water with a mountain backdrop, THAT is where I'd go

Yes indeed. I enjoy boating on that lake. It's the nicest on the Catawba system. I looked at home prices there once and they were quite flabbergasting almost at Lake Norman prices, but they may have come down in the last couple of years. My preference for a mountain lake however is Fontana. The TVA's Lake Watauga between Boone & Johnson City is also very nice for a lake in a mountain setting.

In general however I think Duke Energy, which manages all the lakes on the Catawba system down to Lake Wateree has ruined every one of it's lakes with over development. It's especially bad on Hickory, Norman, Wylie and Wateree. IMO, they should have had their license taken away from them given how badly it's been managed for the sake or their own profits. I also give them very poor marks on lake maintenance.

Go to any other lake, not managed by them, in the Carolinas and it's immediately how bad these lakes have become. Lake Hartwell in SC & Kerr Scott Reservoir north of Charlotte are managed by the federal government and they are very nice in comparison. There are similar bankrupted developments on the NE of Lake Norman where Crescent stripped some of the last undeveloped land left that have sat there for a couple of years when they went bankrupt.

I would not invest in a Duke Energy lake when there are so many better alternatives out there.