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Our dilemma - being a couple of years out - do we buy a lot now or take our chances and see what's available a year or so from now?
The standard advice is not to buy a lot until you are ready to build. You will have taxes and property owner fees to cover. You never know if some disastrous medical event will change your plans and require the cash.
A more objective view would be to look at the rate at which lots are selling now. For example, if there are 100 lots on the market now, will 20% sell in the next year? I don't have the statistics, but my feeling is that there will still be plenty of desirable lots left in the 3-5 years you still have to wait.
We are also a few years out. We purchased a resale lot that I found on the MLS. it met all of our requirements (trees, fairly private, easy access to a gate) and was significantly cheaper than the lots for sale by SJP. even after our club membership costs (which we spread out over 24 months), we still paid less.
IMO, the decision to buy depends on 1) if you have a particular location in mind and if there is a lot available and 2) the pricing. In SJP, since the houses along the golf courses are mostly built out, so there will be less inventory to choose from. Location is also important, as many re-sales are in the flood plain. Now I have never seen SJP flood, but from an insurance standpoint that may be a consideration. We looked at lots and re-sales for over a year. We ended up purchasing a lot that was in foreclosure. It was the exact location we wanted and the pricing was below market. Plus, since it did not include membership, the monthly carrying costs were much lower. We were not sure if we were going to be members of the clubs, so that worked out fine. Bottom line is that most people have different circumstances that determine the timing of their purchase.
Got an e-mail from the Town of St James today that said the state of NC has approved the application to extend St James Drive to Middleton Blvd. "With this approval the Town can move forward with the engineering and construction of the Town's portion of the road." ETA on completion will follow when the construction schedule is firmed up.
BTW jsn0802 .. glad you enjoyed your visit. The last I heard/read the developer stated that SJP would be "built out" in 6-7 years if the current rate of construction continues. Most of the remaining properties will be in the NW corner near the intersection of 211 and Middleton. No doubt there will be scattered lots almost every where in the plantation. Woodlands is currently "booming" as is Seaside. Good luck
We returned home from our weekend visit to SJP last night and our heads are spinning. We did the package and added a night to spend a little extra time there. Here is a trip report. Arrived late on Thursday evening - picked up the package & keys to the condo in Members Club at the main gate. Condo was very nice and well appointed. Went to Mr. P's Bistro in Southport for dinner - great food and packed on a Thursday in March.
Friday - Met our realtor at the SJP sales office at 9:00 am- after spending about 45 minutes going over the logistics - off we went. The tour of the property took about 2 1/2 hours & is a great way to see the clubs, model homes, lots, & of course the marina. Since we are a couple of years from retiring - buying a lot and building is our best option. With that in mind, when we returned to the sales office - our realtor printed off several listings of available lots for us to tour in the afternoon. After lunch at the marina (met several nice people who gave us a lot of information on moving to SJP) - we spent the rest of the afternoon looking at lots all around SJP. Our realtor was in constant touch by phone & text, sending us additional properties to view. After a long day, we headed over to the Reserve Club for dinner - Excellent!
Saturday - Met with a realtor at Ocean Ridge for their tour. Good thing my wife didn't have a check book with her as she was ready to buy a lot (post card picture lot over looking a green & 2 ponds). After lunch in Ocean Isle and coming to our senses, we headed back to SJP. Our realtor had set up for us to take a golf cart and tour the lots on the Reserve from the course side. Sorry if we interrupted any of your games or slowed down play as we did visit with several couples who were playing (did I mention how friendly everyone is). After touring the course & resting for a little while, we went to the Players Club for dinner. Another great meal and friendly people.
Sunday - Went to the Marina for coffee and then looked at a few more lots before heading home.
Great weekend and I highly recommend doing the sales office tour. It gives a feel for what's going on, plus they have all the good maps. My Observations
Ocean Ridge - beautiful property. Pricing for lots & homes are about the same, amenities are not.
SJP - as one person told us - "if you are bored here - it's your own fault". The property is not as big or difficult to get around as I've read. There is a price point for anyone who wants to jump in. The online views vs the real thing are not the same - you have to see & feel it in person to appreciate.
Our dilemma - being a couple of years out - do we buy a lot now or take our chances and see what's available a year or so from now? PM me if you have specific questions.
Looks like you had a great weekend - I know it's a lot to see!! I'm curious --- what lot were you looking at in Ocean Ridge Plantation that had two ponds -- was that the lot on Castlebrook or the lot on Kirkwall Point???
I live on Castlebrook with Kirkwall 2 lots down from me. There are a few on Kirkwall but one has begun construction last month. All are very nice lots and if you want you can play Leopards chase being you are in Phase 4 of Ocean Ridge Plantation and close to the back gate to get to the beach.
Good luck....
Quote:
Originally Posted by missynancy
Looks like you had a great weekend - I know it's a lot to see!! I'm curious --- what lot were you looking at in Ocean Ridge Plantation that had two ponds -- was that the lot on Castlebrook or the lot on Kirkwall Point???
My husband and I took the tour four years ago and like you were many years away from building. On our tour, our agent showed us the different types of lots available and price points. Towards the end we came upon a cul de sac that was recently cleared and developer was selling lots. One lot in particular stuck out to us as it was in the back of the cul de sac, it backed up to a nature reserve and the lot next to it was going to be common ground. We would only have a neighbor on one side. The developer was offering incentives at that time for 10% off plus they'd include the signature membership which was I think $30k at the time. Prior to coming to SJP we were ready to buy a lot in Brunswick Forest. But after seeing the community, all the amenities, and this lot (not to mention the price and incentives), we ended up putting a deposit on the lot by the end of our trip.
For the last four years we've been coming down to SJP several times a year, enjoying the amenities, meeting neighbors and new friends, and visiting builders and touring a lot of homes. We finally decided on a builder and house plan and will start building next year. We're still not ready to retire for several more years, but we'll enjoy the home as a vacation home until we're ready to move in full-time. Good luck with whatever you decide!
We finally decided on a builder and house plan and will start building next year. We're still not ready to retire for several more years, but we'll enjoy the home as a vacation home until we're ready to move in full-time. Good luck with whatever you decide!
Do you mind sharing which builder you selected along with the approx square footage of your dream home?
Thanks!
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