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Old 05-24-2014, 12:08 AM
 
7 posts, read 19,062 times
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I am interested in a new home that is next to a BMP in a Cary subdivision. I understand that a BMP is something related to storm water management but I don't know anything more. There are only 3 lots remaining. 2 are next to the BMP, backing up to woods and 1 is on the other side of the road directly facing it. The 3 bed, 2-5 bath, 2500 sq ft home will cost around $360-380k after all the upgrades. I am curious as to why all the other homes in that part of the subdivision got sold and these 3 are still sitting there? In the 400k+ part of the subdivision, there are again 3 lots surrounding a BMP that are not sold. Most of the other lots in that part are also sold.

Do BMPs affect resale value? Will it attract snakes? critters? mosquitoes? There are woods right behind it. The strange thing is that even the homes backing up to the future Morrisville parkway extension have got sold!
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Old 05-24-2014, 05:35 AM
 
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Quote:
Originally Posted by phmiller View Post
I am interested in a new home that is next to a BMP in a Cary subdivision. I understand that a BMP is something related to storm water management but I don't know anything more. There are only 3 lots remaining. 2 are next to the BMP, backing up to woods and 1 is on the other side of the road directly facing it. The 3 bed, 2-5 bath, 2500 sq ft home will cost around $360-380k after all the upgrades. I am curious as to why all the other homes in that part of the subdivision got sold and these 3 are still sitting there? In the 400k+ part of the subdivision, there are again 3 lots surrounding a BMP that are not sold. Most of the other lots in that part are also sold.

Do BMPs affect resale value? Will it attract snakes? critters? mosquitoes? There are woods right behind it. The strange thing is that even the homes backing up to the future Morrisville parkway extension have got sold!
Was the home next to the BMP one of the initial homes built in the subdivision or one of the last? If it was one of the first homes built and remains unsold I believe that answers your question. Buyers shy away, therefore it could negatively affect the resale value as in buyers minds the stormwater management area is a negative. On the other side of opinions, a lot next to an area designated as stormwater management property will give you some privacy.
Look at the area. Is there any evidence of erosion? Some new area designated for stormwater management that was improperly designed will show erosion evidence. If none and development is mature there should be no concerns.
The fact that you as a buyer are concerned may also answer your question. If it concerns you, would it not concern other buyers and there in itself is proof that the lots next to the stormwater management area are less desirable and will be reflected as such when you resell.
Another question, does this designated area drain into a stormwater retention pond? If so, that brings up additional questions you need to be cencerned with before purchasing.
Good luck!
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Old 05-24-2014, 07:37 AM
 
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If you are close to a pond be prepared for a cacophony of frogs at times. That's when walking by the pond; don't know how loud it sounds when inside a home next to the pond. You should assume the last lots being sold will have a disadvantage at resale time.
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Old 05-24-2014, 07:45 AM
 
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Thanks bluecomet for your reply. Sorry I should have been more clear. Those 3 homes are yet to be built. All the other homes in that part of the subdivision have been built or are being built. This is near Highcroft village and Fryars gate in West Cary. I am new here, so I don't know if that is a flood prone area or if there is erosion there. I will have to check with the agent about the storm water retention pond question.
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Old 05-24-2014, 08:24 AM
 
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Originally Posted by phmiller View Post
Thanks bluecomet for your reply. Sorry I should have been more clear. Those 3 homes are yet to be built. All the other homes in that part of the subdivision have been built or are being built. This is near Highcroft village and Fryars gate in West Cary. I am new here, so I don't know if that is a flood prone area or if there is erosion there. I will have to check with the agent about the storm water retention pond question.
In addition to agent, if you are serious about buying there, take the time to visit Town of Cary planning/zoning department and look at documents filed for this project including requirements that Town of Cary required the builder to take to move flood water off the property into natural streams, retention ponds, etc.
Also the answer to your original question is probably answered in your statement. Why do you think the builder saved these lots for last homes?
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Old 05-24-2014, 08:36 AM
 
Location: My House
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Are you looking in Westvale?

If so, I live in one of the builder's neighborhoods and they're careful with retention ponds. That said, retention ponds attract critters. We have two in our neighborhood and the frog chorus in one of them right now is deafening.

The last home built in our development wasn't by either retention pond. I think it varies.
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Old 05-24-2014, 11:07 AM
 
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Thanks to all who replied. The lots adjacent to the BMP, backing into cemetery woods got into a bidding war (not us) and got sold!!!! My understanding now is that those lots were just recently released. The BMP is going to be a fenced storm water retention pond.
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Old 05-24-2014, 11:27 AM
 
Location: My House
34,935 posts, read 36,068,421 times
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Originally Posted by phmiller View Post
Thanks to all who replied. The lots adjacent to the BMP, backing into cemetery woods got into a bidding war (not us) and got sold!!!! My understanding now is that those lots were just recently released. The BMP is going to be a fenced storm water retention pond.
Yeah. They are popular builders. Sorry, OP.
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Old 05-24-2014, 11:41 AM
 
Location: Raleigh, NC
12,475 posts, read 32,136,501 times
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Inventory is low. We have lots of buyers. We are in a seller's market.

Be careful. Be very careful.

Anything you ask about as to whether or not it is a negative will be asked by the next buyer when you are ready to sell. If inventory is plentiful, another buyer may choose the home across the street that isn't near any negatives.

Having said that, I've seen many retention ponds that look very pretty. Many are fenced. Some have water features.

It wouldn't bother me to be close but it all depends on the look (for me)!

As others have said, there will be frogs and mosquitoes. Another thing to consider is if the water level gets low in the retention pond, how will it be affected?

Right now, bidding wars are not unusual. Even our appraisers are willing to push up values (they didn't do this in the past few years). My concern is that when inventory picks up, any type of negative that a buyer of today is willing to ignore, may not be ignored if there are others homes to choose.

Vicki
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Old 05-24-2014, 11:50 AM
 
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My house is next to BMP. I don't have much of a problem except with mosquitos. They bother us until the HOA sprays something in the pond and the issue gets resolved. We are glad we have a pond next to the home as it offers privacy and adds additional beauty since it is fenced
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