HELP! Where to move?...Marvin Creek, Providence Downs, Hollister, etc? (Charlotte: for sale, foreclosures)
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We are relocating to Charlotte this summer with four kids (ages 8,6,4 & 2). GREAT schools with a family freindly community are our priorities. We are working with a realtor in the Marvin, Matthews, Waxhax, etc. and we are favoring Marvin Creek, Providence Downs and Hollister. I was curious what you think of these (and other) subdivisions as they relate to our priorities? And why is there such a huge For Sale inventory and Foreclosures in Providence Downs? Some of the prices for previously priced $1M homes are now in the $500K to $600k range. Great for us as buyers, but makes us speculate as to what's going on there.
And why is there such a huge For Sale inventory and Foreclosures in Providence Downs? Some of the prices for previously priced $1M homes are now in the $500K to $600k range. Great for us as buyers, but makes us speculate as to what's going on there.
PD and any development in the burbs of Charlotte is going through the same thing. Overdevelopment several years ago has led to an oversupply of homes. Also, many people have I/O or ARM mortgages and either have been laid off or just can't make the monthly payments because they've increased so dramatically...
All this has led to many short sales, foreclosures, and homes just sitting and sitting for a very long time.
From the wife,
All great communities.
First, Hollister builder is Shea Homes-great community. It may take some time to get built out. I have noticed there are now some homes under construction. IMO it is still in it's early phase and will take a few years till completion. So if you plan to stay long-term; good investment but if you plan on moving you may not be able to compete w/ the builders prices. Also Hollister is now zoned for the new middle and high school Cuthberston which will be completed this summer and doors open in Aug. It will be state of the art school and from what I have heard the administration is awesome.
Marvin Creek- another nice community by Toll Brothers. They are more built out than Hollister. So as for resale if you have to move any time soon it may be easier. They attend Marvin MS and HS. Another great school w/ state of the art facility.
Providence Downs- alot of custom homes. Beautiful community. I think the problem w/ Providence Downs w/ so many foreclosures and resales is that builders built the homes before they had any potential buyers. From what I have seen most of the foreclosures have never been lived in. So my guess is that it is the contractor/builder foreclosing on the home or even an investor who thought they'd be able to make a quick profit.. Some of the foreclosed homes were lived in and some previous home owners have stripped the homes of cabinet knobs, high end dish washers etc...Providence Downs also attends Marvin.
You can't go wrong w/ either school system. It will come down to doing your homework and to which community you prefer. Good Luck.
I live in Prov Downs which is a great subdivision & from how I see it there are 2 explanations. One is that when most of the houses were built when the market was on the rise & the prices were already inflated. The other is that I've been told by my closing attorney that there was a bit of mortgage fraud going on by investors trying to flip to sellers, especially by one investor in particular. I bought my house as a pre-foreclosure & the reason why it was in that state was b/c an investor bought it as a flip. The kitchen is a builder grade quality & he thought he could make it gourmet, along with some other things in the house & then make a huge profit. Well turned out he got involved with mtge fraud, unbeknownst to him, & part of that included an appraiser who way overvalued the house. So he couldn't even sell it for even close to what he paid even if he had made it all fancy inside. Anyway, we love the community & there area few block parties & clubs like bookclub & bunco & other things throughout the year. Terri Lombardo is the agent who seems to have an "in" with the pre-foreclosures. Just google her. She was the selling agent & we loved her. For the same money or close, we didn't like Hollister's location or the power lines. Compared to Marvin Creek, PD is just a more expensive neighborhood & if you can get in on the ground floor I imagine it would be a better investment.
I would check out Lake Forest Preserve as well. LFP is the best selling development in Union County currently. Orleans Homes is the builder. Send me a PM if you want more details. We purchased there in late '07 and are very happy. We considered Hollister and several other nearby neighborhoods but LFP stood out for several reasons.
Looks like a similar subdivision to the ones we've discussed. Thanks
We thought about Wedding Chase but didn't like having Providence Rd to deal with. Great community though and we have several friends who live there that love it.
I personally prefer the Marvin Ridge schools (personal opinion) so I would go with Providence Downs or Marvin Creek as opposed to Hollister. It seems odd to me that Hollister is right across the street from Weddington but will be attending the new school. I'm sure there is a reason that I am unaware of and I'm sure someone will set me straight.
Both Marvin Creek and Prov. Downs are great communities with great amenities. Prov. Down homes are (or at least used to be when I was looking) more expensive per square foot because the homes are custom built. Marvin Creek is a considerable smaller community than Prov. Downs. I don't think you could go wrong buying in either of these places.
Last edited by ncpeace; 01-29-2009 at 04:35 PM..
Reason: spelling
I also live in Providence Downs and it is a fabulous neighborhood. We chose Providence Downs because it doesn't have the cookie cutter feel of some of the other neighborhoods in the area. However, you cannot go wrong with anything that you choose in the area it is great!
We are looking at some of the builders inventory in Hollister. I see some good and some bad about it. Can anyone share any other info? Do you know of anyone that lives in Hollister that is willing to talk with me.
Hollister is full of empty lots (and empty streets) that will not be built on for some time depending on the economy. I don't think the final paving has been done on many, if not all, of the streets. I haven't been there in awhile, but you could tell by the raised manhole covers. I would think it's a gamble to purchase there. They have a club house, pool, common areas and tennis facility that are barely used. The up keep must be tremendous and I'm sure it will eventually be the burden of the few homes that have been built there. It would scare me to move into that neighborhood at this time. I would look for a more fully developed neighborhood for more security and bang for your investment.
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OK, what about Weddington Chase?
buying a home in Hollister
