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Old 04-29-2014, 01:57 PM
 
Location: Sneads Ferry, NC
11,251 posts, read 19,773,666 times
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Quote:
Originally Posted by RyalsCreek View Post
Is there any good news in this place or is it still ready to be prodded with a fork? Is tract housing on the way?
There are a few more houses being built. The prices are about $296K to $350K.

In my opinion this is still not cheap enough to attract buyers in a critical mass. Furthermore, there is a glut of other building going on at lower prices nearby. Summerhouse is not competitive except to people who want to live in a near-empty development.
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Old 02-02-2015, 09:17 AM
 
13 posts, read 36,104 times
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Has Summerhouse changed at all for the good or is there still a glut of lots at low prices?
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Old 02-02-2015, 09:33 AM
 
Location: Sneads Ferry, NC
11,251 posts, read 19,773,666 times
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Quote:
Originally Posted by RyalsCreek View Post
Has Summerhouse changed at all for the good or is there still a glut of lots at low prices?
As far as I am concerned, there is still a glut of empty lots. There are a few dozen houses built and a wonderful clubhouse and pool. If you are a pioneering type, it could be a good investment in 20 years.
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Old 08-01-2015, 10:32 AM
 
24 posts, read 34,194 times
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So it's a year later. How is the progress in Summerhouse?
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Old 08-01-2015, 02:00 PM
 
Location: Sneads Ferry, NC
11,251 posts, read 19,773,666 times
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Quote:
Originally Posted by JBPearse View Post
So it's a year later. How is the progress in Summerhouse?
I haven't driven by there lately. However, Zillow tells me that one house sold in July of 2015. The sale price was $256K, for a house rated at 3600 square feet. That doesn't sound like a good price to me. Another house also sold for $76/SF in the summer of 2014.

Two more houses were sold in the fall of 2014, probably closer to their asking price. These two were close to the clubhouse. So I count 4 houses sold, and a bunch of lots sold for very low prices.
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Old 11-16-2015, 07:44 PM
 
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Anyone have any updates or chatter about Summerhouse. We have seen everything in that area, moving from up north. Nothing compares to Summerhouse for what we want. (Beach style house style neighborhood w/boat ramp access)
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Old 11-18-2015, 07:06 AM
 
Location: Sneads Ferry, NC
11,251 posts, read 19,773,666 times
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Quote:
Originally Posted by HRH SunSeeker View Post
Anyone have any updates or chatter about Summerhouse. We have seen everything in that area, moving from up north. Nothing compares to Summerhouse for what we want. (Beach style house style neighborhood w/boat ramp access)
Another home sold in September of 2015 for $275,000, but I have nothing else to add to my August report.

It would be acceptable to buy in Summerhouse if you don't mind having very few neighbors. Also check out the Chadwick Acres neighborhood of Sneads Ferry.
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Old 11-18-2015, 11:57 AM
 
Location: Sneads Ferry, NC
11,251 posts, read 19,773,666 times
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Quote:
Originally Posted by goldenage1 View Post
It would be acceptable to buy in Summerhouse if you don't mind having very few neighbors.
Adding a few thoughts. The majority of lots at located in Pender County, but a few are in Onslow County. The taxes are lower in Onslow, but you may get fewer services. I am not sure whether you would get Fire Department service from the town of Holly Ridge. Be sure to ask questions about which town or county services are available to you and what tax rate you will pay.

Also ask where the water and sewer services come from. I have seen a private septic plant there, and you need to ask whether the HOA dues pay for the septic service, or whether it is another bill. Also check out whether you can smell anything from the plant. You can see the plant and settling pond with an aerial view over Twining Rose Lane, Holly Ridge, NC.

Last edited by goldenage1; 11-18-2015 at 12:57 PM..
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Old 11-18-2015, 12:00 PM
 
49 posts, read 45,484 times
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Just want to chime in as a local that is familiar with Summerhouse...In my opinion, it is pretty much the prime example of a defunct neighborhood and the bubble run-up the coastal area received during the last boom. Barring the scandal of trading lots for influence by the developer in a similar subdivision, the truth of the matter is that the market for home products offered in Summerhouse and the price point just isnt there.

Were talking about $300k+ for new homes (if the subdivision was performing) in an area with relatively no economy. Snead's Ferry is a fishing village, albeit in a gorgeous scenic area in my opinion, but the economy isnt there to support that high of a price tag.

The other reason the subdivision will struggle and probably wont be filled up for another 10+ years is the size of the lots and architectural controls from the HOA. The HOA,as i understand, requires a certain size and look to the homes. This pretty much requires homes to be in the $300k+ price arena, when the only neighborhoods that are selling nearby are barely breaking $250k at best.

The primary new home buyer demographic in the area is military from camp lejeune. THey cannot afford summerhouse. Finally, the postage stamp sized lots are what are called 'charleston style' aka extra small and you must build up to get 3+ bedrooms. The only local people in Sneads ferry with the money to pay $300 or more for a home are the retirees and they do not like stairs. This makes the lots much less marketable.

While the subdivision's amenities and water frontage is nice, people forget there are plenty of public boat ramps and only a handful of the lots are waterfront. Also, i feel people arent looking ahead to what it would feel like to be in a subdivision of 1,500+ homes if the place was built out. Thats a lot. Overall, id consider it a prime case study of irrational exuberance. I'm not trying to do a drive by bash piece on the subdivision but id figure people would like to know a different side of the story.

It also seems too many northerners come down to these sleepy coastal areas and somehow don't mind paying land prices like they were up in Maryland or the Bronx, despite the developers salivating over that kind of market ignorance. Bottom line, save your money and find a stabilized subdivision. These lots are not an 'investment.
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Old 11-18-2015, 12:59 PM
 
Location: Sneads Ferry, NC
11,251 posts, read 19,773,666 times
Reputation: 5082
Quote:
Originally Posted by liquidicevapor View Post
The only local people in Sneads ferry with the money to pay $300 or more for a home are the retirees and they do not like stairs. This makes the lots much less marketable.
As a retiree, I agree. If HRH Sunseeker wants to build there, they should ask about installing an elevator, for the sake of resale value. They probably cannot build a ground level bedroom because of the flood risk or the architectural controls.
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