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Old 11-22-2010, 11:52 AM
 
Location: NC
128 posts, read 432,503 times
Reputation: 104

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The first single family home offered for sale went into the MLS over the weekend.





I was actually surprised at the low price but that's about right for our market.

Last edited by SunnyKayak; 07-17-2012 at 10:01 PM.. Reason: real estate link
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Old 01-23-2011, 08:15 AM
 
13 posts, read 36,110 times
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Does anyone know what's happened with Summerhouse recently? Their website looks very strange, there is lot for sale by owner on the site. Someone said they heard that the HOA is now involved in the marketing. I googled Summerhouse for any news and couldn't find anything recent.
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Old 01-27-2011, 09:18 AM
 
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There now is a lot for less than $10,000 in Summerhouse on Everett Bay. FYI. There will be problems with this development for years - but if you can wait it out it should pay off.

NC Broker
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Old 02-01-2011, 06:47 AM
 
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It does look like they might possibly be a good buy long term, very long term, but what I don't understand is the homeowners dues being $150 a month. That seems excessive for a vacant lot. For the entire subdivision that comes to a total of about $2 million dollars a year. Will that $150 a month stay approximately the same or will it increase or decrease? ie. I'm comparing it to buying a parcel in the boonies where the only expense is property tax. One lot for $10,000 plus $1,800 yearly homeowners dues is 18% of the lot each year.
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Old 02-01-2011, 09:38 AM
 
Location: NC
128 posts, read 432,503 times
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The HOA dues are supposed to be going up soon and I got that information from a very, very reliable source. I think the lots are a bargain but only if you intend to build. Lots prices won't increase until demand does and that is years, perhaps decades away.
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Old 02-09-2011, 09:22 PM
 
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Wow! I'm watching this all spin out of control, and my attorney told me to run away as fast as I could.

What about some of these other brokers buying lots at foreclosure prices, marking them a few thousand dollars, and then reselling them? Are any of them involved in lawsuits? There was one guy in Wake Forest who was really nice, but I don't know how he is doing. Inner Banks Living I think it is called.
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Old 02-10-2011, 09:35 AM
 
Location: NC
128 posts, read 432,503 times
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The foreclosure lots are selling at a steady rate simply because they are priced cheap and there are a lot of them. I haven't seen any foreclosure lots purchased and then resold for a slightly higher price. I can't imagine who would buy a foreclosure resale considering there are dozens of foreclosures to choose from. I am fairly certain that the foreclosure lots are again being bought by investors rather than end users which is why I think this subdivision may never recover. I said this in 2006 and I think it remains true today. There is no market to sustain a 1200+ high end homesite subdivision in Holly Ridge, NC. After five years there are only 2 existing homes and 2 under construction. Meanwhile the vacant lots are burdened with property taxes and high HOA dues.

I think Summerhouse is well on it's way to becoming a tract house subdivision. Some builder is going to see an opportunity to buy large chunks of cheap lots and build mid grade minimum required sq ft homes and sell them cheap. It has already happened in some other "high end" subdivisions in the Sneads Ferry area. The real estate market always finds its equilibrium.
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Old 02-10-2011, 12:42 PM
 
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I bought a foreclosure lot in Sumerhouse recently and feel confident that when my wife and I retire in about 5-6 years it will be a great place to live. All the amenities are fully built/developed and are very high quality. We were looking for a quality waterfront community, with municipal water & sewer, in a quiet and clean semi-rural setting having bigger towns and cities conveniently located nearby. For the cost of the lot, I'll gladly pay the annual HOA fees and taxes for the next 5 years, it's still a bargain. The only downside is having to wait the 5+ years to retire!
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Old 05-10-2011, 02:06 PM
 
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An agent informed me there were 3 lot sales in April for $19,000 apiece. Does anyone know if this is an improvement in the market or just someone out of state buying them sight unseen?
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Old 05-10-2011, 02:46 PM
 
Location: NC
128 posts, read 432,503 times
Reputation: 104
Quote:
Originally Posted by RyalsCreek View Post
An agent informed me there were 3 lot sales in April for $19,000 apiece. Does anyone know if this is an improvement in the market or just someone out of state buying them sight unseen?
All three of those lots were lake front and the $19k price is down about 30% from what lake front lots were selling for 6 months ago. The most recent non-water view lot sale was 3 weeks ago for $5k.

Free advice. If you are considering a lot purchase for an investment you are going to lose money.
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