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The one thing I noticed on the site was an section mentioning liquidation pricing on the lots. While this might look like a good deal, this whole area right now is very shaky in the construction field. A number of builders are going out of business.
Not knowing how far along this development is, I would be wary of buying into an area that is relatively new and undeveloped. So, my suggestion is to really investigate. Are you local? If not, maybe a local realtor could help... not one associated with the development!
I live about 4 miles from Handsmill ... actually live off of Hands Mill Rd (Hwy 274) but don't much about the development. If you have school children, Clover School district is good. Grocery stores and some shopping is nearby in Lake Wylie or one can venture into Gastonia or Charlotte. The area is convenient to Charlotte Douglas airport.
Handsmill Development was a tad late for the housing boom ... when the bottom fell out of the economy and housing boom went bust things slowed down and all the new developments in our area have suffered. It is a good location in our county, a safe area.
I would be somewhat leery if the development has community water, sewage and if they have to maintain their roads. You might get stuck with something you don't want.
I also live just a few miles from Handsmill and have driven through it - while it seems to be a well-planned community idea, it just hasn't gotten off the ground. And in this economy, who knows how long it will be before it takes off again and gets finished? I would also be cautious plunking down my money and being one of a few folks living in a waiting-to-be-finished development.
Lake Wylie has several other very nice developments that are finished or about finished that might be worth looking into. Good Luck to you..
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I would be somewhat leery if the development has community water, sewage and if they have to maintain their roads. You might get stuck with something you don't want.
^^^^ If you are in a gated community (I believe Handsmill is gated) the roads become private and are maintained by the developer/community association and not by the county. I live in a gated community and recently we were assessed $2800 per househld for road repair (there were not enough funds in the HOA budget). Ths assessment was spread over 1000 homes. If we had 500 homes in the community, the assessment would have been $5600.
In a community that has amenities (pool, clubhouse, etc) the initial costs of maintaining them is assumed by the developer paying the HOA share of the unsold lots. After a specified number of homesites are sold the HOA (dues, maintenance etc.) becomes the sole responsibilty of the homeowners. There is a major problem if a developer can no longer financially meet their obligations. The burden to support the ameninties etc. then falls on the existing homeowners. If the community did not reach its potential (and the developer has defaulted on their fiscal responsibilty) the burden on the existing homeowners can become a hardship.
^^^^ If you are in a gated community (I believe Handsmill is gated)
Handsmill is supposed to be gated, but the gates are still under construction. Don’t know when or if they will ever finish.
There are very few houses in Handsmill and most of those are vacant and up for sale. For the $800K+ price tag, you can find a better place to live in the same area.
There are also very large transmission lines that run through Handsmill which is typical of the area but are an eyesore.
^^^^ If you are in a gated community (I believe Handsmill is gated) the roads become private and are maintained by the developer/community association and not by the county. I live in a gated community and recently we were assessed $2800 per househld for road repair (there were not enough funds in the HOA budget). Ths assessment was spread over 1000 homes. If we had 500 homes in the community, the assessment would have been $5600.
In a community that has amenities (pool, clubhouse, etc) the initial costs of maintaining them is assumed by the developer paying the HOA share of the unsold lots. After a specified number of homesites are sold the HOA (dues, maintenance etc.) becomes the sole responsibilty of the homeowners. There is a major problem if a developer can no longer financially meet their obligations. The burden to support the ameninties etc. then falls on the existing homeowners. If the community did not reach its potential (and the developer has defaulted on their fiscal responsibilty) the burden on the existing homeowners can become a hardship.
Thanks for expanding on this issue. We will continue our due diligence to ensure the developer is on stable financial footing. As of now the infrastructure is fully funded. Most all of the waterfront lots in the first phase are sold and the clubhouse and pool are nearing completion. Since everything is new I would hope that it will be some time before any repair or maintenance is needed. We were told the first marina will be ready next spring. As for the power lines they only run across the community entrance as opposed to a number of other lake front communities we looked at where they ran right through the residential lots (i.e. Reflection Pointe).
Thanks again for your feedback.
Last edited by CAL Pilot; 10-12-2009 at 03:40 PM..
^^^^ If you are in a gated community (I believe Handsmill is gated) the roads become private and are maintained by the developer/community association and not by the county. I live in a gated community and recently we were assessed $2800 per househld for road repair (there were not enough funds in the HOA budget). Ths assessment was spread over 1000 homes. If we had 500 homes in the community, the assessment would have been $5600.
In a community that has amenities (pool, clubhouse, etc) the initial costs of maintaining them is assumed by the developer paying the HOA share of the unsold lots. After a specified number of homesites are sold the HOA (dues, maintenance etc.) becomes the sole responsibilty of the homeowners. There is a major problem if a developer can no longer financially meet their obligations. The burden to support the ameninties etc. then falls on the existing homeowners. If the community did not reach its potential (and the developer has defaulted on their fiscal responsibilty) the burden on the existing homeowners can become a hardship.
Thanks Belmarin .. you knew what I meant.
I recall before Tega Cay was incorporated and all the problems the homeowners had with sewage, bad roads and amenities.
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