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Coming from New Jersey I just feel that is a very high price for Southport, since all major shopping and medical are not at your finger tips. Although we do love SJP for all the amenities and peaceful atmosphere and hope to retire there in a few years I always look to get the best for our money and save the most whenever we can Thank you all for your response!
Your focusing on the Southport factor (over say Leland), but the price is reflective of your proximity to the beach and water, which has always ruled the land market value in Coastal NC.
Maybe tides are turning/will turn as people get more picky, but I highly doubt it in that folks are usually willing to drive some distance for amenities if they can live closer to the water.
Many real estate web sites have an option for bank-owned properties. I will PM you with one, since we are not supposed to endorse specific Realtors.
Otherwise, if you are looking for a lot in St James, look in the range of $49000 to 79000 on Realtor or Zillow. If you look at their price history, they may have originally been $100,000 more.
We purchased a lot in Founders. It originally sold about 10 years ago for over 160k. The owners needed cash for some reason and we we picked it up for 32k. It's about 1/3 acre on a corner. It is in the 100 year flood zone.
Some thoughts on the flood zone. As always, use common sense. The lot above is about a 5 minute walk from the ICW and about 1.25 miles from the ocean as the crow flies. The 100 year flood level is listed at 11 feet. The lot is at 11 feet. Potentially, every 100 years I may get my feet slightly wet. The house is built on a raised slab. That is the house is about 3 feet above the 100 year flood level. The raised slab means there is pretty much nothing for the water to damage should it reach the foundation. Flood insurance is based on the first floor level of the house in relation to the 100 year flood level. If the first floor is below sea level, well, you got problems and high insurance if you can get it. Having the first floor just a couple of feet above the 100 year flood plain means a dramatic decrease in the price of flood insurance. Probably in the range of $600 a year which I don't think is terribly bad.
So, anyway, if you shop around you can find reasonably priced lots in SJP and some bargains. There was one house on a golf course, bank owned, that needed some repairs including a heating/air system. Yes, it was going to take 10-20k to fix it up but the price was under 300k for close to a 3k square feet home.
So, shop around, keep a lookout. There are some bargains to be had.
..... So, anyway, if you shop around you can find reasonably priced lots in SJP and some bargains.
There was a recent thread which the moderator deleted for a TOS violation. However, it brought up the question of some nuisances outside the boarders of St James. Lot shoppers need to be aware of them.
1. There is either a cement plan or a recycling plant beyond the golf course just south of Regency Crossing. Does it give off smell or dust?
2. There is apparently a shooting gallery set up somewhere near there. I'm not sure if it is legal, or if it is just local trespassers doing target shooting on an undeveloped tract.
3. The Cape Fear Regional Jetport is about 4000 yards east of Regency Crossing. I'm not sure how much noise you can hear from the jets within St James.
Besides the flood zone issue, a lot-shopper might be cautious about odd-shaped lots. For example, the wedge-shaped lots at the end of a cul-de-sac will have a very small road frontage and may limit the footprint of a house.
Well, the old saying is, if its too good to be true, it probably isn't. That is why I often comment about "using common sense." I have also stated that realtor's are obligated to full disclosure about a real property. They are not obligated to tell you anything they know or don't know about what's going or may go on next door or across the street. If you fail to see the high tension lines, the cement factory, or the drag strip across the street or next door, its your problem.
None of this negates that there are still bargains and some people are fine with power lines and drag strips.
Many real estate web sites have an option for bank-owned properties. I will PM you with one, since we are not supposed to endorse specific Realtors.
Otherwise, if you are looking for a lot in St James, look in the range of $49000 to 79000 on Realtor or Zillow. If you look at their price history, they may have originally been $100,000 more.
there are still some insanely expensive lots - $170,000 - $275,000 in St. James believe me. Just get on realtor.com. I see some $40,000 but they are "Boat Slips" at the marina."
I see at least one 1/3 acre lot on Zillow for about 44k and its been there over 150 days. You never know, you might get it for 30 something. You can build a nice 2000 sq/ft home for about 300k. Another 60k and you got a boat slip and club membership. Kick back, enjoy the good life
It all boils down to Location. If you want to have a golf or pond view, that will cost more. If you will live in the flood zone, that will cost less. Foreclosures can be a good route but you have to be patient. Also, you have to allow more time as the banks move slow when evaluating bids on properties.
guyfromoutwest - Where is that Reserve lot located?
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Thank you all for your response!
$176K list - sold for $79K
