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Old 01-13-2014, 09:36 PM
 
Location: New Jersey
383 posts, read 746,685 times
Reputation: 214

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Joisey Jim,

I remember hearing that the remaining homes to be built was around 1,500, but don't quote me on it. I think you are a few years away from capacity. There will always be a high resale pool and the prices will vary by location. In a community like SJP, location will be a key factor. If you look at many resales that have been on the SJP website for many months, a lot are in flood plain. Look forward to having you in the community.

Pony
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Old 01-14-2014, 09:17 AM
 
83 posts, read 123,650 times
Reputation: 58
Quote:
Originally Posted by PonyPride View Post
Joisey Jim,

I remember hearing that the remaining homes to be built was around 1,500, but don't quote me on it. I think you are a few years away from capacity. There will always be a high resale pool and the prices will vary by location. In a community like SJP, location will be a key factor. If you look at many resales that have been on the SJP website for many months, a lot are in flood plain. Look forward to having you in the community.

Pony

Thats what I thought Pony, as relates to some of the homes that haven't sold. Quick followup question as we just went through "Sandy" up here last year. And this question applies to any of the other "posters" on this site. How big of a concern is living in the Flood plain. Have there been any recent horror stories and people experienced legimitate flooding or is it more of a concern if the 100 year storm comes?

As i enjoy playing poker and gamblins on the side I am trying to see if i might take the "Gamble" that the big one won't hit while I'm still cruising the earth before the Crematory gets me as a paying customer??

I am sooo loking forward to getting out of the Garden State.
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Old 01-14-2014, 10:20 AM
 
907 posts, read 1,534,999 times
Reputation: 1901
I am still a couple of years away from making the move but plan on buying a resale rather than go through the "building experience" which I have done twice once in NJ and once in PA. Most homes there and in OR meet my critera of ground floor master, open concept, high ceilings, etc. Buying a 10 or 15 year old home will I be missing out on any major construction innovations that have come along since? I understand I will be faced with a roof issue in time and heat pumps go but just wondered if there were any major structural moves that I will miss out on.
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Old 01-14-2014, 10:26 AM
 
Location: Maryland
38 posts, read 77,880 times
Reputation: 39
Default Flood Plain

we are building on the Flood Plain, three blocks from the Marina. I have done "extensive research" and interviews on the flooding history of this section of SJP. Nada. There is no record or memory of this section ever being underwater. It is well drained, with the excess water flowing to the ICW. With Oak Island and the ICW between us and the ocean, we are protected from a surge tide. It would take a super, record breaking hurricane, hitting at high tide for to be even a remote possibility of a surge tide reaching us.

When we started considering locating in the flood plain, we kept hearing about being required to get flood insurance from FEMA, but no one in the business would give us an estimate until an elevation survey was done. As it turned out, the FEMA cost, in our area, runs from $497 to $553 per YEAR, depending on the deductible you chose. That is $41 to $46 per month. Less than I had feared. NOTE: FEMA only covers the first $250,000.

As I have said before, the shocker is the cost of the required WIND and HAIL coverage. We are insuring our home for $320,000, with the max. allowed deduction of $2,500, and our annual cost is just over $2,000 per year, or almost $170 per month. ALL property owners within a specified boundary along the NC coast, are REQUIRED to get Wind and Hail coverage, whether in the flood plain or not. ALL of Brunswick County is inside that boundary.

Then you have your Homeowners coverage to pay. In our case, it is $173 per year. Why so low, you ask. Because Flood and Wind/Hail is not included under Homeowners, like it would be at home.

Add it up and our TOTAL insurance cost is just under $2,700 per year, or around $230 per month. That is almost $2,000 per yr ( $165/mo) HIGHER than we pay here in MD.

There goes some of the savings we had expected from the lower local Property Tax, compared to home. Oh well. You win some and you lose some.
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Old 01-14-2014, 10:54 AM
 
Location: New Jersey
794 posts, read 1,646,166 times
Reputation: 343
Just an FYI... ALL property owners are NOT required to purchase wind and hail insurance in NC, there is NO requirement by any government agency or insurance agency for any homeowners to purchase wind and hail insurance in NC.

Only "IF" you have a mortgage on the house, the bank / mortgage company will REQUIRE you to have wind and hail insurance on the dwelling for their loan.... other than that there is no requirement by anyone to have it..... many people do not.
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Old 01-14-2014, 12:21 PM
 
83 posts, read 123,650 times
Reputation: 58
Quote:
Originally Posted by Active Pair View Post
we are building on the Flood Plain, three blocks from the Marina. I have done "extensive research" and interviews on the flooding history of this section of SJP. Nada. There is no record or memory of this section ever being underwater. It is well drained, with the excess water flowing to the ICW. With Oak Island and the ICW between us and the ocean, we are protected from a surge tide. It would take a super, record breaking hurricane, hitting at high tide for to be even a remote possibility of a surge tide reaching us.

When we started considering locating in the flood plain, we kept hearing about being required to get flood insurance from FEMA, but no one in the business would give us an estimate until an elevation survey was done. As it turned out, the FEMA cost, in our area, runs from $497 to $553 per YEAR, depending on the deductible you chose. That is $41 to $46 per month. Less than I had feared. NOTE: FEMA only covers the first $250,000.

As I have said before, the shocker is the cost of the required WIND and HAIL coverage. We are insuring our home for $320,000, with the max. allowed deduction of $2,500, and our annual cost is just over $2,000 per year, or almost $170 per month. ALL property owners within a specified boundary along the NC coast, are REQUIRED to get Wind and Hail coverage, whether in the flood plain or not. ALL of Brunswick County is inside that boundary.

Then you have your Homeowners coverage to pay. In our case, it is $173 per year. Why so low, you ask. Because Flood and Wind/Hail is not included under Homeowners, like it would be at home.

Add it up and our TOTAL insurance cost is just under $2,700 per year, or around $230 per month. That is almost $2,000 per yr ( $165/mo) HIGHER than we pay here in MD.

There goes some of the savings we had expected from the lower local Property Tax, compared to home. Oh well. You win some and you lose some.

Thank you very much Active Pair. You must have read my mind on these questions i now don't have to ask. You also did the research i was going to perform on historical floods around St James. A resale might just work for us as well as we are not too picky and plan on spending 15 hrs a day outside or at some type of activity outside of the house....
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Old 01-14-2014, 12:23 PM
 
83 posts, read 123,650 times
Reputation: 58
Quote:
Originally Posted by Stonecreek67 View Post
Just an FYI... ALL property owners are NOT required to purchase wind and hail insurance in NC, there is NO requirement by any government agency or insurance agency for any homeowners to purchase wind and hail insurance in NC.

Only "IF" you have a mortgage on the house, the bank / mortgage company will REQUIRE you to have wind and hail insurance on the dwelling for their loan.... other than that there is no requirement by anyone to have it..... many people do not.


Thanks Stoney. I won't have a mortgage so I have something to think about. Heard the good news on your house. Congrats...

Biscy
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Old 01-14-2014, 12:38 PM
 
Location: Maryland
38 posts, read 77,880 times
Reputation: 39
Default I Stand Corrected - AGAIN

WIND and HAIL insurance CORRECTION

ONLY NC Homeowners located WITHIN the WIND/HAIL coverage region, who HAVE a MORTGAGE, are REQUIRED to obtain WIND and HAIL insurance.

Thanks Stoney, for straightening me out.

Last edited by Active Pair; 01-14-2014 at 01:58 PM.. Reason: Correction
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Old 01-14-2014, 02:10 PM
 
Location: Sneads Ferry, NC
11,321 posts, read 19,948,541 times
Reputation: 5107
Quote:
Originally Posted by Active Pair View Post
Add it up and our TOTAL insurance cost is just under $2,700 per year, or around $230 per month. That is almost $2,000 per yr ( $165/mo) HIGHER than we pay here in MD.

There goes some of the savings we had expected from the lower local Property Tax, compared to home. Oh well. You win some and you lose some.
We had the same experience compared to our house in Silver Spring, MD. But the plus side is we have more house for the money, friendlier neighbors and a lot less traffic congestions.

I am sure you will enjoy your new place near the St James marina and the sticker shock will be irrelevant.
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Old 01-14-2014, 02:26 PM
 
Location: New Jersey
794 posts, read 1,646,166 times
Reputation: 343
Biscy... I met your buddy at an open house we had.... I cannot post what he said about you, they have rules against it, lol.
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