Summerhouse on Everett Bay, Holly Ridge (Surf City: real estate, foreclose, new home)

[Fred Burns]

Originally Posted by NCGT

Does anyone own a lot in this subdivision? I'm curious to know what the status of the HOA is. I'd also like to know if the boat docks are going to be constructed.

I own a lot in Summer house, The docks are in the club house and pool are under construction. The pool is like no other I have ever seen this is going to be the best property on the NC coast by the end of next year. One house compleate 2 more under construction 730 lots sold. Home Owners meeting last week 1.8 million in reserve now. Boat ramp done, I fished around the ramp red deum and flounder are in now blue crabs also from the docks I could see dolphin in the Icw about 200ft. from the boat docks. Hope this helps out.

[NCGT]

From Texas To Myrtle Beach… Four Great Communities, Four Incredible Incentives | Ideal Living Magazine



Looks like the developer is trying to dump the remaining lots in Summerhouse with prices starting around $75,000 which is still too high but it is about half of what they were asking a year or two ago. They are now doing "owner financing" since the conventional financing dried up. There are still dozens of foreclosure lots in the local MLS. Prices on those are $20,000 and up.

[NCGT]

The foreclosure count now stands at 27 for 2009. There have been 6 foreclosures this month and at least 4 more in the pipeline. There are two pending sales in the MLS. List price, $20,000 each. Foreclosure sales ARE the market in Summerhouse now. If anyone is considering a purchase in Summerhouse, avoid the onsite marketing company and hire a local buyers agent that's not associated with the developer.

[Burnt Owner]

Does anyone have these lawyers names and phone numbers. I personally know dozens of people burned and are facing financial ruin.

[NCGT]

I don't have any info on litigation in Summerhouse. I've been updating this thread to keep potential buyers aware of what's going on in the subdivision as far as foreclosure rates and current prices. Maybe someone else will post with some info on lawsuits.

[ohnowill]

Anyone know the minimum requirements on sq. footage to build a house there? I've seen one lot for sale there that listed 2400 minimum, but I don't know if thats for that specific lot or the whole area. If it is 2400 for the whole community, thats crazy. I do know the HOA fees are like 1800/yr., which I could deal with if I could get the right price on a lot. But a 2400 sq. ft. house is a bit much for a 3 person family. We're going to be moving to the area soon, and this is one of the communities we're interested in.

[NCGT]

You can probably email the onsite marketing company and find out what the minimum is. If you find out, please post it and I'll ask around and see if I can find out too.

[jfgruner]

As of right now the sq. footage minimum for the neighborhood is 2,400 on all homesites. I would not be surprised if they end up lowering that in the future to accomidate the market. Just my opinion.

If you have any other questions about the community let me know.

[ohnowill]

2400 for every lot is absurd. Some of the lots there are like .22 of an acre. You wouldn't even have room for a driveway, much less an actual backyard. Thats not to mention some people just don't want a large house. What is a 3 person family supposed to do w/ a 2400 sq. ft house, other than leave half of it empty? I hope you're right about them changing the limits, but it'll probably be too late for us. We're planning on moving to the area around March of next year. Thanks for the info though. I emailed the marketing people, but have yet to hear back from them.

Anyone hear any of the goods/bads about Eagles Watch? That the area my wife is most interested in.

[NCGT]

There are a few foreclosure lots listed around $50-60k in Eagles Watch. Those are no great deal by any means but not a bad price for the amenities and location.