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I was there for the first time last weekend. It's a pretty nice place over all. I was told that about 1/3 of the lots are small, for campers. Another 1/3 are a little bigger(about 1/4 acre) for trailers or for a cabin up to about 1,200 s.f.. The other 1/3 are big lots, with million dollar homes on them.
The facilities that I saw were nice. Clean bath houses, nice beach areas, and decent little food stands near the beaches.
The only downside is that I felt like there were too many lots for the size of the lake. I don't know how big the lake really is, it felt small though. Granted, it was memorial weekend and EVERYBODY was on the lake, it made me a little nervous pulling a skier.
I live in Lake Royale and love it. I can get to Raleigh in 25 minutes and to Wake Forest in 20 minutes.
This gated community is safe, quiet and wooded. The POA is located at the front of the community to obtain information (on weekends they're open only on Saty until 1PM). There's also a real estate agency at the front, too. They're open 7 days a week.
We're selling our house (we have to move for personal reasons) and also selling two lots we own, but would recommend Lake Royale to anyone looking for a year round escape from their daily grind at work in Raleigh. You can find many more residents who can attest to that. I know of at least one gentleman who commutes to RTP from here for work, no problem. There are many transplanted Northerners, Californians, and Mid-westerners here, as well as locals from Raleigh and nearby.
The new addition to the I540 opened up in January and I read in the News & Observer that it has cut commuting time in half (yes, by 50%) for those who commute to RTP and Durham from east of Raleigh.
Lake Royale provides two beaches and mini golf. Any landowner can access the lake for boating, jet-skiing, fishing. There is a pool and tennis court and playgrounds for kids. The clubhouse is where they have all the socials--steak nights, bingo, halloween parties for the kids (and grown ups!), New Year's parties, etc.
There's a deli-mart less than a mile from my house that is located within the community, as well as the grill located at the clubhouse.
New construction is moderate this year. Lots of empty spaces between homes (we have empty lots on either side of us with no plans for construction--we know the owner of one lot and the other lot may be unbuildable). The 'front' side of the lake, as they call it, has more residences than the 'back' side, but the back side has become more popular this year for those looking to build homes (that's what our realtor told us).
One poster said there are million-dollar homes on the waterfront. That's not the case. Although they would be millior-dollar homes from where I hail (Long Island, NY), here those homes list for around $300-500k. Our home would cost at least $400k on Long Island; it's listed for $174.5k here.
Oh, and they put out a monthly newspaper, the Royale Reporter that keeps owners up to date on what's happening in and around the Lake.
Lake Royale is a hidden gem, in my opinion. I'm glad we found it, and I'm sad we have to leave it...
Here is a link to Lake Royale's website: Lake Royale POA
Check it out!
One poster said there are million-dollar homes on the waterfront. That's not the case.
Sorry....I stand corrected. I was given that info. from our host who owns there. It was easy to believe because those big houses looked very nice from the water. With the prices that you are speaking of, those houses would be a prety good deal!!
Sorry....I stand corrected. I was given that info. from our host who owns there. It was easy to believe because those big houses looked very nice from the water. With the prices that you are speaking of, those houses would be a prety good deal!!
Your're so right. I've checked the listings regularly since I've moved here and I've never seen a waterfront property listed for more than $649,000k
Someday they'll all be million-dollar homes, but not just yet!
If you live in Raleigh or a while, you'll hear Lake Royale being referred to as the "Redneck Riveria"! I've been there a few times, visited friends who have the trailer lots. I've actually thought about buying a small house on the lake but in the few years that I've been watching, the appreciation is horrible and a ton of foreclosures in the neighborhood. I showed hubby a "fixer upper" home, not on the water for $68,000! He walked in and would go no further! Hey...what do you expect for $68,000! Ok, so the ceiling WAS falling in!
Lake Royale--please judge a community as it IS, not as it WAS
Please take note that I am not a builder, or a member of any board of the POA. I'm a resident only.
Every community experiences foreclosures. Watch the entire state of California for the next year, there will be many there, as I'm sure you are aware since you are a real estate agent. Appreciation rates artificially drop due to foreclosures.
The new POA president here at Lake Royale has taken a pro-active role in getting rid of nonpaying landowners (nonpaying of annual dues) through foreclosures. The foreclosures that occured here at the lake actually occured BEFORE the housing slowdown that we're all reading about happening across most of the nation. The new POA president cracked down on absent owners. It's all on record. There were a ton of foreclosures last year due to that, which artificially deflated the community's apprectiation rate.
Please come back and take a leisurely drive along Sagamore Drive, which goes around the lake, and see how beautiful the homes are, and well kept! It's a great place for everyone. There are true mini-mansions (5000+ sq. ft) here, along with regular 1500 sq ft homes.
I am a born and bread New Yorker. I relocated to AZ for real estate investment reasons, and now here to Lake Royale. I lived in North Raleigh for a while before moving to Lake Royale. I don't regret the move whatsoever. Many of the rsidents here are transplants from the Northeast, the West. Midwest, and Florida. There are most definitely people native from Raleigh, Bunn, etc. that live here, of course. It's quite diverse, although I'm sure it wasn't like this in the past, ergo the "redneck riviera" you referred to.
You should come back and take a look at the new beautiful stone homes both on the waterfront and on interior lots. I don't think I've seen one house here that is identical to another. I've seen those bruiser houses you mentioned everywhere I've been; the lake is no exception. But that house for $68k that you didn't purchase was purchased by someone who renovated it and flipped it for a pretty penny, for sure.
Do a MLS search on what's listed at the lake, there are great homes for sale here. And more importantly, there are NOT a lot of them. The demand here is starting to exceed the supply.
You are a professional; I'm sure you're aware that communities and neighborhoods can and do change, for better and for worse. I was lucky enough to buy into Lake Royale after it had changed for the better.
As far as appreciation goes, did you know that lots here that were purchased for $3k to $4k in 2004 were selling for $8k-$10k one year later? Builders have come in and constructed aesthically pleasing, well-sized homes on wooded lots, and the appreciation here has has kept in pace with Raleigh. My home is valued at about $30k more than it was when I purchased it in 2005. Statistics can give you numbers; a visit can give you the reality of a situation. I have invested in real estate for many years and have no regrets about my purchases of a house and lots here at the lake.
From the research I have performed, Lake Royale had a pretty bad reputation up until about three years ago, which is when the new POA president came in. In my opinion Lake Royale will really boom within the next 2-3 years (due to the I540 addition nearby), and anyone owning property here will benefit.
Please don't judge a place by "what has been." Accept that everything changes, and in this case, it changed for the better! Lucky me!
I work in Raleigh and the drive is great---no traffic problems for me to get to NCSU at all.
My wife and I will buy there soon. It feels good there. One focus was proximity to RDU ... an easy drive. Also easy acess to Rocky Mount to the east. We were concerned about how crowded/noisy the water would be on a summer weekend, but when we visited yesterday (June 16) it wasn't bad at all.
What else can I tell you?
Thinking about buying a lot or two for the future,
anyone should note that the HOA dues are *very* expensive. For a community that has that many lots, I was shocked. $430/year is on the high end of HOA's - granted it includes alot of activities and parties - still, it's expensive. I'm still doing more research on it..... I have to drive around and see what the atmosphere is....
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Lake Royale info
Lake Royale--please judge a community as it IS, not as it WAS
thoughts on Lake Royale
