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Old 05-01-2010, 02:40 PM
 
Location: Lake Waccamaw, NC
21 posts, read 77,793 times
Reputation: 14

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question about this development and others like it,(Mimosa Bay, Eagles Watch, etc...). Whats the WORST that could happen should you buy a lot and build in one of these developments? The time for us to move is getting very close, and although I like all these places (and more) I'm scared to death something horrible will happen if we build in one of these. I just don't know what that could be.

Any and all input would be greatly appreciated.
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Old 05-28-2010, 01:08 PM
 
1 posts, read 3,577 times
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The worst that could happen is that you would need to move again in a year and lose some money.... If you don't foresee that happening, and aren't lumping all your eggs in one basket, so to speak - I say now is the time to buy! We are actually getting ready to build in Eagles Watch. I paid about 15K more for the lot than I could have elsewhere, and I am willing to concede the prices may drop a bit before they come back - but we fell in love with the neighborhood and I don't care who you are, the home you live in warrants making adding emotion into the decision process!

Quote:
Originally Posted by ohnowill View Post
question about this development and others like it,(Mimosa Bay, Eagles Watch, etc...). Whats the WORST that could happen should you buy a lot and build in one of these developments? The time for us to move is getting very close, and although I like all these places (and more) I'm scared to death something horrible will happen if we build in one of these. I just don't know what that could be.

Any and all input would be greatly appreciated.
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Old 05-29-2010, 06:12 AM
 
291 posts, read 767,085 times
Reputation: 143
I think one of the main things I would be concerned about would be related to the amenities in these developments....how can a small number of home/lot owners paying dues support the large clubhouses, pools, tennis courts, etc.... I think I would pick a community that didn't have to support all of this unless it was well established...
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Old 05-30-2010, 01:40 PM
 
1 posts, read 3,547 times
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We visited Summerhouse two years ago. Thank God we didn't purchase a lot. At that time they were going anywhere from $175.000 up. When I questioned our sales person about some of the things I am reading here (ie, lots not selling, development not finished, etc. he kept saying that it wouldn't happen, they had sold X amount of lots, they had millions in reserve to keep everything moving, blah, blah, blah. ) Well low and behold. A lot of what we were concerned about is happening.
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Old 06-02-2010, 04:15 PM
 
Location: Jacksonville
160 posts, read 700,348 times
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I looked through the MLS lot listings for Summerhouse today and the lowest listing is now down to $11,000. It looks like prices continue to drop.
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Old 06-02-2010, 06:08 PM
 
2,784 posts, read 7,345,346 times
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Quote:
Originally Posted by ohnowill View Post
question about this development and others like it,(Mimosa Bay, Eagles Watch, etc...). Whats the WORST that could happen should you buy a lot and build in one of these developments? The time for us to move is getting very close, and although I like all these places (and more) I'm scared to death something horrible will happen if we build in one of these. I just don't know what that could be.

Any and all input would be greatly appreciated.
This would be near the top of my list as one of the WORST that could happen!

San Rio lot owners to sue developer over unfinished Shallotte subdivision | StarNewsOnline.com
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Old 06-11-2010, 08:10 AM
 
1 posts, read 3,467 times
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Quote:
Originally Posted by jerseyj View Post
This would be near the top of my list as one of the WORST that could happen!

[url=http://www.starnewsonline.com/article/20090727/ARTICLES/907279993]San Rio lot owners to sue developer over unfinished Shallotte subdivision | StarNewsOnline.com[/url]
I'm still an owner at Summerhouse ... i saw that article you shared about the San Rio community so I googled it to see if there was an update ... (because that would be really scary if that happened to Summerhouse!)

Here's a more positive and more current news article about the San Rio community that I found (dated Jan 2010):
[url]http://www.starnewsonline.com/article/20100131/articles/100139987[/url]
San Rio development in Shallotte being resurrected | StarNewsOnline.com

(I hope the link I posted works -- I just signed up for an account on city-data.com and I'm not sure of how to make my hyperlinks work yet.)
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Old 06-11-2010, 12:21 PM
 
2,784 posts, read 7,345,346 times
Reputation: 2801
Quote:
Originally Posted by OKGL View Post
I'm still an owner at Summerhouse ... i saw that article you shared about the San Rio community so I googled it to see if there was an update ... (because that would be really scary if that happened to Summerhouse!)

Here's a more positive and more current news article about the San Rio community that I found (dated Jan 2010):
San Rio development in Shallotte being resurrected | StarNewsOnline.com
San Rio development in Shallotte being resurrected | StarNewsOnline.com

(I hope the link I posted works -- I just signed up for an account on city-data.com and I'm not sure of how to make my hyperlinks work yet.)
I read that article and saw some activity at San Rio when we were down there last week. At least the property owners will be able to build on their lots. It will be interesting to see what amenities (if any) they end up building.

Here are some recent photos of the construction at Summerhouse (2010)-
Summerhouse on Everett Bay (http://www.summerhouseoneverettbay.com/summerhouse-everett-bay-image-gallery.cfm - broken link)

Looks like it is shaping up nicely
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Old 11-08-2010, 03:33 PM
 
Location: Jacksonville
160 posts, read 700,348 times
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Just an update. The Summerhouse community amenities are basically complete. The pool is finally finished. Lots are selling at a steady pace for $5,000 to $15,000. There are now two existing homes in the subdivision. I heard that HOA dues will increase with the next approved budget. Mind boggling for a 1200+ homesite subdivision with just two existing homes.

The next big wave of foreclosures is likely to come next year as lot owners that haven't already given up their property will be facing the mandatory 5 year build clause. Initially I had planned to jump on a $5,000 lot for investment purposes but I don't think this subdivision will ever recover. There never was and never will be a market for large high end homes in a town with a year around population of less than 1,000 people and the carrying costs on the lots are high. $150 monthly HOA dues (which is slated to go up) plus property taxes.

I could be wrong but I see a big battle coming. Lots are super cheap and attractive to track housing builders. Plus the only viable potential pool of buyers are military families stationed at Camp Lejeune. It will be interesting to see if minimum square foot entry level construction homes start popping up in Summerhouse in the next few years.
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Old 11-22-2010, 07:19 AM
 
13 posts, read 36,146 times
Reputation: 10
Wow, what a thread. Great information here. I visisted that place sometime back and wish I had paid more attention then. I was just told by an agent recently that foreclosed lots could be purchased for around $15,000, yet some lots are still listed for over $100,000 by out of state buyers who are still trying to sell them perhaps? How much are the foreclosures selling for that are on the lakes? Will the subdivision ever reach a "normal" status?
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