Quote:
Originally Posted by New2Charlotte
Sounds like you purchased after the big price drops, the current base price of my floor plan is $35k less than I paid. I would get killed if I tried to sell anytime soon. The part that ticks me off is that the mccar model I almost bought is still close to the same price (up a tad I believe). And truthfully, aside from spec homes I haven't really seen any depreciation in berewick outside of kb.
Aside from that, my only issue with kb in berewick is that 1/2 the perimeter of my house is osb board rather than plywood like every other builder in the community. Not good for insulation or sound suppression. Other than that though I don't have any serious complaints about the workmanship.
So no, I wouldn't say its fiction at all... just lucky for you that you purchased after the price drops. I'd feel worse but I am not in the worst shape because there are others that paid more than I did. Hopefully the community ends up being all that we originally thought it would be and none of this will matter.
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We live in Maccar, and the base price on our house is about the same as when we bought in late 2006. I'm not terribly disappointed, mainly because most of Charlotte slowed down on housing appreciation during the same period. I think that the housing crunch may help Berewick. We will get more people that can actually afford to live here because the banks are getting more strict with the loans. Just so long as the people that bought before the crunch don't foreclose and drive prices even lower.
I think the biggest threat to long term housing prices in Berewick is the crime and the fate of the new elementary school. If they can do something about the crime and the riff raff at the basketball courts which is a terrible eye sore for any perspective buyer driving into the neighborhood and the retail comes in (especially if it is higher end retail) then I think that Berewick could rebound quite nicely. Look at Baxter 10 years ago, it was not looking so hot. There was a crime problem in the unoccupied houses, people were complaining that their yards were too small, and the there was nothing around. Then Startbucks and some of the shops moved in and boom, prices went through the roof. I don't think that the market allows that much of a boom in Berewick, but we could see significant improvement after the retail comes in. The school situation could also make or break the neighborhood. Depends if the Dixie River Rd. School turns out to be more like Lake Wylie Elementary and Winget Park or more like Steele Creek elementary. CMS publishes statistics on both on their website and the differences are staggering.
Bottom line is, when we bought here we knew it was a risk. The market has dived a bit, and we have taken the hit for some of that, but the neighborhood still could have a big upside. We need to control the crime, manage the image at the manor house, and get higher end retail and we could be sitting in a good spot in 5 years.
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03-04-2008, 04:43 PM
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