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Old 02-12-2014, 08:08 PM
 
2,790 posts, read 7,377,971 times
Reputation: 2825

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Quote:
Originally Posted by Umbria View Post
I'm really puzzled by this. I don't consider a house that is 9 -10 years old to be "Old". Is it that the quality of the houses built in the area is on the low scale so they simply don't hold up like in other parts of the country? The homes in my neighborhood are from the 60s and sell like hotcakes. We have harsh weather here.

I'm trying to understand if this is due to:

1) hurricane activity - do they get beat up that badly
2) low quality
3) due to a regional difference in opinion based on where many of the people that are now moving into the area are from

I plan to move to the Southport area and would prefer a resale. I have built one house and would rather not go down that road again plus I like that most resales have had improvements made overtime - as another poster has described.

I noticed that many of the resales have been on the market a long time - they either get snapped up right away or they sit. I get that buying in a flood plain is a bad idea. Would the pex, enforced garage doors etc... make that big a difference? I am totally in need of some education I guess. I will be coming down in March to check out the area.

As previously mentioned, even at the tender age of 9-10 years houses become tired or somewhat outdated as trends, styles and finishes, as well as preferences for appliances and trim change - so it is not an issue of exposure but rather style and amenities. If you do not want to endure the trials of new construction again, then it sounds like a resale is in your future. Resale's are likely less expensive compared to new construction so there should be some room for minor improvements to satisfy your tastes; however, considering the number of new starts available, you can expect that demand for resale properties would be diminished as well as cost per sf.

After all, many folks moving to this area are looking for "their" dream home, not some one else's.

Good luck with your search.
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Old 02-12-2014, 08:52 PM
 
Location: Edina, MN, USA
6,966 posts, read 7,435,652 times
Reputation: 16314
I appreciate your responses. I've done the dream home thing - now I want to simplify my life and downsize so I guess we are coming at this from a different perspective. My dream is to go from the corporate world and living for a house & property to become a beach bum I'd be perfectly happy with a little cottage as long as I don't have to go far to plant myself by the sea.

It will be interesting visiting the area.
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Old 02-12-2014, 09:22 PM
 
Location: Sneads Ferry, NC
11,320 posts, read 19,948,541 times
Reputation: 5107
Quote:
Originally Posted by Umbria View Post
My dream is to go from the corporate world and living for a house & property to become a beach bum I'd be perfectly happy with a little cottage as long as I don't have to go far to plant myself by the sea.

It will be interesting visiting the area.
I am not sure how well you will fit in with St James Plantation as there are so many expensive, prestigious homes there. Please also look outside the development. There are many charming older cottage-type homes in the town of Southport which you might enjoy. There are also many other developments where small cottages are the norm.
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Old 02-12-2014, 09:28 PM
 
Location: Edina, MN, USA
6,966 posts, read 7,435,652 times
Reputation: 16314
Quote:
Originally Posted by goldenage1 View Post
I am not sure how well you will fit in with St James Plantation as there are so many expensive, prestigious homes there. Please also look outside the development. There are many charming older cottage-type homes in the town of Southport which you might enjoy. There are also many other developments where small cottages are the norm.
Yes - that's the feeling I had.
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Old 02-13-2014, 05:45 AM
 
907 posts, read 1,534,999 times
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My thought has been a resale as I have been through two builds and I am not in the mood for that agravation again as I see the current housing inventory at a SJP and OR meeting most of my needs. I fully understand the updates that may be needed but I see resales going for $50,000-100,000 less than a new build. Hard to believe there where only flood plain and lousy building lots ten years ago. Is there another aspect of a new build that I may be missing? Moving to a new place is there a "comraderie" among homeowners that exists in the new build areas that I will miss out on? I want to make sure our "social needs" are addressed with the buy of a resale in a "new to us community".

On a side note I am sitting in a hotel at the Philly airport facing a cancelled flight and no way to get back to my home in Reading, PA. Even worse the bar doesn't open till noon! Two years till retirement and my new life in NC.
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Old 02-13-2014, 07:23 AM
 
Location: Sneads Ferry, NC
11,320 posts, read 19,948,541 times
Reputation: 5107
Quote:
Originally Posted by caco54 View Post
I fully understand the updates that may be needed but I see resales going for $50,000-100,000 less than a new build..... Is there another aspect of a new build that I may be missing? Moving to a new place is there a "comraderie" among homeowners that exists in the new build areas that I will miss out on? I want to make sure our "social needs" are addressed with the buy of a resale in a "new to us community".
Some of the greater cost of the new build is the builders profit margin and some is greater material, labor and transportation costs.

I am sure there is camaraderie among the new homeowners, but is it worth a $100K difference to you? Translate into a price per square foot, and the resale sounds like an even better value.

St James sounds like it has plenty of other opportunities for friendships to develop.
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Old 02-13-2014, 08:15 AM
 
11 posts, read 16,586 times
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So, is it the general opinion here that new homes will not appreciate like in other areas where ongoing new home inventory is not as high. Will new home values more resemble new car values and depreciate after the new models are released?
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Old 02-13-2014, 08:31 AM
 
Location: Sneads Ferry, NC
11,320 posts, read 19,948,541 times
Reputation: 5107
Quote:
Originally Posted by VirginiaJim View Post
So, is it the general opinion here that new homes will not appreciate like in other areas where ongoing new home inventory is not as high. Will new home values more resemble new car values and depreciate after the new models are released?
I prefer to discuss specific facts rather than "general opinion". However, I don't think housing values resemble the new-to-used car price drop. If you bought a new builders house and had to sell 1-2 years later, I think you would have to take a price cut because there is so much new inventory. However, houses don't depreciate the way cars do. One can check this trend on Realtor.com .

The more serious problem for sellers is those who bought at the housing peak in 2007.

Last edited by goldenage1; 02-13-2014 at 09:32 AM..
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Old 02-13-2014, 02:29 PM
 
11 posts, read 16,586 times
Reputation: 12
thanks Goldenage1. So many things to consider. I appreciate your thoughts
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Old 02-14-2014, 11:55 AM
 
83 posts, read 123,623 times
Reputation: 58
Yea, like us, boy did we get screwed. We had to move to NJ during that time when homes were at their "ALL TIME" high and now with around 22 months to go we will never get our money back. Not to mention the 50k we had to invest for repairs as well.

Get me outta here.................
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