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Old 07-08-2011, 01:48 PM
 
13 posts, read 36,133 times
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Does anyone know if this place is improving any? I was told by an agent there have been some recent sales, but they were mostly bank foreclosures, plus some other sales without local MLS agents involved. Is this place appreciating or do the recent buyers just not know the area, the history of the place or both?
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Old 07-09-2011, 06:46 AM
 
Location: Sneads Ferry, NC
11,261 posts, read 19,805,802 times
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I live near Summerhouse (in Sneads Ferry). I would have offered to drive around, but the place is gated. From what you can see on Zillow, the are only two houses built and dozens of lots for sale. Besides that, the website isnt working any more. I would say the development is on life support.

I agree with another poster that the Holly Ridge market can't support a high-end 1000 home development. The homes that ARE selling in the area are priced at 165K- 178K. The town doesn't offer much for amenties, although there is a new Lowes and a Harris Teeter. It isn't Porter's Neck, in terms of shopping.

In addition, the people who could afford to build there would probably have to sell their existing home at an appreciated price. That isn't likely to happen for a while. (There's a Yahoo finance article today about why the middle class is wiped out by the housing bust.) So maybe, if the economy recovers, Summerhouse might start to grow in 5-6 years.

Last edited by goldenage1; 07-09-2011 at 06:47 AM.. Reason: typo
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Old 07-09-2011, 07:33 AM
 
Location: Swansboro, NC
107 posts, read 215,255 times
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The Swansboro, Cape Carteret, Hubert areas are really stable, areas are still growing, with good schools, and lots of amenities, watersports, beach, lots of dental and doctors, etc..
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Old 07-09-2011, 01:06 PM
 
Location: Sneads Ferry, NC
11,261 posts, read 19,805,802 times
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I also looked around the web and found a recent document (March 2011) consisting of Architectural Guidelines from Charette Architects of Charlotte. I read part of it, and realize they would require a lot owner to submit their plans the the Architectural Review Committee with a $1,000 fee for the HOA to review the plans. One also has to put up $3,000 peformance bond.

Are these normal costs before one is allowed to build a house? These documents seem excessively bureaucratic to me, like the developers are trying to be so exclusive they price themselves out of the market. Before I even looked at a lot in Summerhouse, I would have a lawyer review their requirements.
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Old 07-09-2011, 02:34 PM
 
13 posts, read 36,133 times
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This website is still working, there may be more than one. Summerhouse on Everett Bay

I believe your right about the middle class being all but wiped out by the RE bubble, it's certainly changed a lot of people's moving and retirement plans.
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Old 07-09-2011, 07:05 PM
 
Location: Sneads Ferry, NC
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Quote:
Originally Posted by jfgruner View Post
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.
According to the Pattern Book from Charette Architects, they are encouraging 3-story homes with the garage on the ground level. So, 2400 square feet is spread over 3 stories, and it doesn't seem big. Giving those plans, I would ask about the risk of flooding on the ground floor.
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Old 07-09-2011, 07:07 PM
 
Location: Sneads Ferry, NC
11,261 posts, read 19,805,802 times
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Quote:
Originally Posted by RyalsCreek View Post
This website is still working, there may be more than one. Summerhouse on Everett Bay
Thanks. That web site mentions an Open House on Sundays 12-5. I may check it out.
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Old 07-10-2011, 12:16 PM
 
Location: Sneads Ferry, NC
11,261 posts, read 19,805,802 times
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[quote=RyalsCreek;19932028]Does anyone know if this place is improving any? QUOTE]

I visited Summerhouse today. The amenities are built up. There is a gorgeous clubhouse and pool, tennis courts and playgrounds. The sales rep. was honest about the number of foreclosed lots, and will provide you with listings of them. There have been 700 lots sold out of 1000+ .

The rep said there are 4 houses built, one foundation and 1 due to start in a few weeks. There are good deals on lots, but you will have to pay the $150 per month home-owners association fee and local taxes.

The site is attractive, but I wouldn't buy there. The main reason is that the lots are small and narrow. They average about 1/4 acre, and there can be as little as 10 feet between houses when it's built out. The second reason I wouldn't buy there is the lack of trees. Most of the lots have been cleared, and the few remaining trees seem to be on unbuildable wetlands.

The third reason I would not buy there is that you must contract with a custom builder, and pass their architectural review. With a 2400 minimum SF house, I was quoted a figure of about $125 / SF to build. That would be about $300,000 to build, plus your lot cost and fees. That is a bit higher than you would pay for a production builders' house.

On the whole, I am happy we bought in Mimosa Bay. We have a 1/2 acre lot with nicely preserved trees. There are about 40 families in Mimosa Bay now, and it is still growing. There are 4 builders working now, with homes ranging from the $250K to low $300K.

I took a few picture from Summerhouse, and I can mail them to you if you contact me privately.
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Old 07-11-2011, 10:20 AM
 
Location: NC
128 posts, read 432,860 times
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I was in there last week as well and was told that the beach area that was to be constructed on the southern end of the big lake across from the clubhouse has been replaced by construction of a large deck to keep potential sunbathers elevated and away from the water. Apparently Summerhouse has a substantial alligator population.
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Old 07-12-2011, 05:45 AM
 
Location: Sneads Ferry, NC
11,261 posts, read 19,805,802 times
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Wink Alligators

Quote:
Originally Posted by CarolinaAppraiser View Post
Apparently Summerhouse has a substantial alligator population.
Alligators are another reason beside cockroaches to scare away Northerners.
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