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Old 01-06-2010, 04:38 PM
 
1 posts, read 4,829 times
Reputation: 11

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I visited Summerhouse today and like the area. It is true that the club house, pool, weight room, etc looks wonderful. I was offered a discount on lots near the club house at 70-80% below the price of $225,000. that would put the sale price at 45,000 a lot. Does that seem right to anyone.

Other noticeable problems... is the road getting to route 17. An additional 3 to 4 thousand cars is alot of traffic. Anymore advise would be great. But, I sure do like the place.
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Old 01-08-2010, 06:11 PM
 
Location: Jacksonville
160 posts, read 699,339 times
Reputation: 105
Quote:
Originally Posted by Donald Lerow View Post
I visited Summerhouse today and like the area. It is true that the club house, pool, weight room, etc looks wonderful. I was offered a discount on lots near the club house at 70-80% below the price of $225,000. that would put the sale price at 45,000 a lot. Does that seem right to anyone.

Other noticeable problems... is the road getting to route 17. An additional 3 to 4 thousand cars is alot of traffic. Anymore advise would be great. But, I sure do like the place.
There are dozens of lots in the local MLS for $15,000 to $30,000. It sounds like you've been talking to an onsite agent. Big mistake in my opinion. Hire a buyers agent, any buyers agent and get some representation that isn't linked up to the developers.
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Old 02-02-2010, 10:30 AM
 
3 posts, read 13,082 times
Reputation: 10
Default Developer Reps

Actually the Developer Reps can and have sold 10 to 1 to the local real estate agents, foreclosed lots. The huge benefit of using one of the agents at the Summerhouse office is that they really KNOW the community front to back, have all of the recorded plats, covenants and restrictions, actual lot sizes, and marketing material. Outside real estate agents theoretically cannot access the community because it is private and gated. for more info visit Summerhouse on Everett Bay - Spectacular Waterfront Development Just North of Historic Wilmington, North Carolina
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Old 02-02-2010, 03:56 PM
 
Location: Jacksonville
160 posts, read 699,339 times
Reputation: 105
I don't think the developer at Summerhouse is offering lots for $15,000 and no on site agent is going to steer a potential lot purchaser towards a cheaper foreclosure lot when they have developer lots to sell. That's why I suggested getting an outside real estate agent so that a potential buyer gets exposure to ALL of the lots for sale in Summerhouse. Plats, lots sizes and covenants are available online and I'm sure that any agent listing a property for a Summerhouse lot owner won't have any difficulty getting through the gate.
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Old 03-28-2010, 04:34 PM
 
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While I can appreciate NCGT trying to steer people in the 'right' direction, I am disturbed by his extreme negativity. To test his last opinion, I called Summerhouse and asked about available lots. The salesperson was very forthcoming about ALL the lot prices. Yes, the developers want to sell high price lots, but it is also in their best interest to sell any remaining foreclosed lots. As to the comment about the homeowners association going bankrupt, the HOA already has over $2 million in escrow for future upkeep expenses.
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Old 03-29-2010, 10:47 AM
 
Location: Jacksonville
160 posts, read 699,339 times
Reputation: 105
The foreclosure lots are not being listed or marketed by the developer. They are marketed by independant real estate companies. Furthermore, the developer doesn't list his lots in the local MLS. There are so many foreclosure lots listed for sale now that you can purchase one for $10,000. That's a 33% decline since my last post in this thread just 2 months ago. You can view my comments as extreme negativity if you want but I am simply providing valuable information to potential buyers who are welcome to use or disregard this info as they see fit.
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Old 03-30-2010, 06:16 AM
 
291 posts, read 766,143 times
Reputation: 143
NCGT -
I think you have provided valuable info - don't see it as negative at all - hope the person who was trying to buy a lot on another thread sees this one, especially since there someone on that thread trying to sell their lot in Summerhouse for $71,000! Yikes!
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Old 04-12-2010, 09:52 AM
 
2 posts, read 9,514 times
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Default trip to summerhouse

Actually, here are the facts: I visited Summerhouse over Easter weekend. The developer rep. that I met with was VERY forthcoming about all the lots for sale, foreclosures included. All the amenities that were promised are built or in the process of being built. The clubhouse is on track to be finished in June. We met a family that had just moved in and were happily kayaking on the bay. They are the second family to move in. There are about 6 more houses due to begin construction shortly. As I previously stated, the HOA has in excess of 2.5 million in escrow. The original developers have been cleared of all wrongdoing in the Virginia case, which sets a precedent for all future cases. The company that came in and flipped the lots to the buyers in Virginia are an entirely separate entity. If you go to the Summerhouse website, there is a sampling of lots for sale: 6 re-sales and 6 foreclosures. Anyone would be lucky to have a lot in Summerhouse. It is gorgeous. My advice: Buy now while you can get good prices on the lots. It's not going to last much longer
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Old 04-13-2010, 03:19 PM
 
Location: Jacksonville
160 posts, read 699,339 times
Reputation: 105
I was riding through Holly Ridge today and noticed that the Summerhouse sales center on Highway 17 is GONE. (as in the building has been removed from the site).
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Old 04-14-2010, 05:15 AM
 
3 posts, read 13,082 times
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The office has moved 1 mile south on route 17 to Holly Ridge Station.
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