Driftwood Manor...info need :) (Raleigh, Cary: for sale, apartments, rentals)

[guimond777]

Hey guys, I was wondering if anyone could give me any information on Driftwood Manor off of Shaub Drive. I'm looking to buy my first place and I cant afford much. Driftwood is in my price range, and I just so happen live 1/2 a mile from it currently.

I realize its a "you get what you pay for" type deal at my price range, but I was wondering if anyone can tell me some "lesser known" information about the area, like how is the crime, is it relatively quiet, personal experiences etc.

ANY information on the place would be greatly appreciated!

Thanks

[weluvwakeforest]

Originally Posted by guimond777

Hey guys, I was wondering if anyone could give me any information on Driftwood Manor off of Shaub Drive. I'm looking to buy my first place and I cant afford much. Driftwood is in my price range, and I just so happen live 1/2 a mile from it currently.

I realize its a "you get what you pay for" type deal at my price range, but I was wondering if anyone can tell me some "lesser known" information about the area, like how is the crime, is it relatively quiet, personal experiences etc.

ANY information on the place would be greatly appreciated!

Thanks

I know they were apartments 20 years ago, and I guess they were converted to condos. From what I remember, they felt *old* way back when, so my thinking is they've surely been updated, etc....

[saturnfan]

We used to live in that area in the Apts of Westgrove.

Crime is up since some project residents were relocated to the area.

I'd recommend not buying there since you might have a bad time if you decide to sell the unit later.

[MikeJaquish]

Originally Posted by guimond777

Hey guys, I was wondering if anyone could give me any information on Driftwood Manor off of Shaub Drive. I'm looking to buy my first place and I cant afford much. Driftwood is in my price range, and I just so happen live 1/2 a mile from it currently.

I realize its a "you get what you pay for" type deal at my price range, but I was wondering if anyone can tell me some "lesser known" information about the area, like how is the crime, is it relatively quiet, personal experiences etc.

ANY information on the place would be greatly appreciated!

Thanks

You should be able to buy something in Driftwood Manor in the mid to upper $60,000's. You might get something in the $50,000's, but it will need a lot of updating.

You will need to check with your lender to see if they will finance a unit in Driftwood Manor. The units are about 78% NOO, Non-Owner Occupied. That means they are rentals. At that level of rental ownership, Fannie Mae will not back the loan. Tell your lender that you are looking for a mortgage on a "Non-warrantable condo" and see what the reaction is.
You may be able get funding through a bank or credit union that will hold the loan in house, but that may require 20% down. I know a lender who can lend through an insurance company at decent rates with low down payment.

I had two rental condos in Driftwood Manor, and recently sold both of them. They were the townhome-style units.
Clean units sell fairly easily.
I prefer the townhome-style units for a couple of reasons, but mainly that there are no common stairwells, they have laundry hookups inside, and the parking is very close to the unit. Some of the flats are 150 feet from parking, then up a common stairwell.

HOA dues on the townhome-style units are currently $131/month and include water, trash, sewer, common areas, and grounds and exterior maintenance. The HOA board and residents are working on an assessment to accumulate funds to replace roofs, do other exterior repairs, and reopen the swimming pool. Might be an additional $50/month on the dues.
Basically the HOA is struggling financially as the owners have not allowed dues increases to cover increased maintenance costs that an older complex requires.
You can read about this in the Driftwood Manor Yahoo Group.

I never heard so much about crime, and thought the average resident was reasonably happy, other than some who are worrying about the HOA dues assessment being considered.
We did get mass letters about people not picking up after their dogs...

Obviously it is a great location if you work in town, or at State, or even in Cary. At that price point it may be one of best housing values in Raleigh.

[saturnfan]

The NOO% sounds very bad.

As Mike indicated, the absentee owners tend to scrimp on allocating maintenance money.

The condo on Falls near Spring Forest looks the same, patched roofs, etc.

Although inexpensive, this type of condo might not be a wise purchase for an owner-occupant.

[guimond777]

Thanks for the information Mike! I realize this is probably something I'm going to have to deal with (NOO's) due to the price range i'm looking for. The ones I saw for sale (Condo style ones) where going for the mid 70k's, and the area seemed quiet. I was unaware the HOA's where at 138...I believe I read 118 last time I looked.

I think I'll really give this location a shot. Of course, I'm still a few months away from closing out on a place. One question though...buying a place that has such high NOO's would probably kill the resale price right? I'm not too familier with how that works...

[MikeJaquish]

Originally Posted by guimond777

Thanks for the information Mike! I realize this is probably something I'm going to have to deal with (NOO's) due to the price range i'm looking for. The ones I saw for sale (Condo style ones) where going for the mid 70k's, and the area seemed quiet. I was unaware the HOA's where at 138...I believe I read 118 last time I looked.

I think I'll really give this location a shot. Of course, I'm still a few months away from closing out on a place. One question though...buying a place that has such high NOO's would probably kill the resale price right? I'm not too familier with how that works...

1. The HOA dues vary depending on the square footage of the units. All of the townhome-style are the same, I think, but the flats vary, since some have a larger footprint that others. There may be $15.00-$20.00/month difference between various sized units.

2. The market has set the value and resale value already. There isn't a great deal of appreciation, due to NOO's, but you shouldn't be hurt too badly either. So the NOO factor will be priced in both when you buy, and when you sell. Buy it right, and sell it right, and you should be OK, IMO.
Besides, units there are at a price point that they cash flow for rentals, and there is always someone around to write a cash offer on a cash flow rental. Some security there, too.

[guimond777]

I guess that right there is my main concern...the resale value. In 3 years...how high up will it appreciate? If I can get 10k extra out of the place...great. I'm just not sure what the average flux of resale is in that development. Anyone know?

[saturnfan]

I've seen some condos on Millbrook Rd really sink because of very poor tenant selection by NOO's.

My co-worker lived in one near Six Forks that got so bad police were routinely in the place on calls.

You might be better off renting there if you really like the location. That way, if it went in the crapper, you could easily cut your losses by vacating when your lease expires.

[Dire Wolf]

Originally Posted by guimond777

I guess that right there is my main concern...the resale value. In 3 years...how high up will it appreciate? If I can get 10k extra out of the place...great. I'm just not sure what the average flux of resale is in that development. Anyone know?

There always exist the very real possibility that it loses value or that you just can't find a buyer when you go to sell. Lots of markets are seeing declines.

If you planned on holding the property and using as a rental, it might not be so bad. You have the built-in market of students in that area. AFAIK, Wolfline still picks up across the street at the K-Mart.