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We are a Navy family and will be relocating to Camp Lejeune in June/July 2010. We have been doing a lot of Internet searching on neighborhoods and communities in the area. We currently like the Sneads Ferry area for the "small town" appeal and are really interested in the new Mimosa Bay development. We already have general information about the development project; however, we wanted to get additional information from those that do not have financial interests in the site.
Does anyone have additional information about the growth of the community, rough idea of families currently living there, foreclosures, and any other information.
Mimosa Bay came online during the "boom" and is basically deserted. There are approximately 250 vacant home sites, 6-8 existing homes and about half of those homes are occupied. The other half are builder spec homes that (in my opinion) are still over priced. Personally I would stay far far away from Mimosa Bay if you are planning to purchase or build. If you plan to rent then it might be a good option if you like a very quiet neighborhood. However, if you want an upper end home in a well populated neighborhood with water access in Sneads Ferry then I'd suggest Chadwich Shores. You can save yourself about $100,000 and actually have neighbors.
Been checking the website and it looks like they have finished a lot of the ammenities so we were wondering if it would be a good investment for later. Build now, rent out, and retire there later. The price quotes we were given were around the same price as homes in Chadwick Shores. However, we are also interested in that area to. Any reason why Mimosa Bay is not seeing any growth???
tks
Navgal
There are two homes listed for sale in Mimosa Bay. One spec home for $459,000 and a pre-owned home for $375k. Both are located in the interior area of Mimosa Bay with no water views. I counted 12 non-water view homes in Chadwick Shores ranging in price from 230k to 331k. That's why I stated that you could save 100k by living in Chadwick Shores. The reason there's been no growth in Mimosa Bay is because of the huge decrease in values there. People are upside down and can't get loans to build.
What are you exactly looking for? What are the necessary requirements and desires you want where you live...?
If you want a gated community, there are several out there...like Magens Bay in Cedar Point...if you want a water access community, there alot of them out there...
My husband and I are also interested in Mimosa bay and have been renting over in Topsail getting familiar with the area. Mimosa bay recently sold 15 plots to a builder who will be starting homes this month. They are large homes 2500-3500 sq. ft. and are selling for 259k-279k. This same builder has built around 10 homes in a sub division across the street from Mimosa bay and they are almost all sold. They are around 20k cheaper than Mimosa bay, as Mimosa has stricter builder codes.(no lap siding only cement board or shakes.) Mimosa Bay has the potential to be a really great community. Unlike many developments in the area that are failing, they have very few foreclosures( No houses a few lots).We have been looking for a cheap lot so we know. The club house is up as well as the tennis courts, basketball courts and day dock and boat launch are all in place as well as the fitness center.The pool has not been installed yet, but everything else is in place. Chadwick is real mixed. Some beautiful homes, some really rundown homes. They have none of the amenities of mimosa. We have been looking at resales but the nicest subdivisions have none or few in the under 300k range. I think a home in Mimosa will be a good investment.
good luck!!
Navgal,
I'm a real estate broker in the area and I'll give you my opinion and what I know about the neighborhood for what it's worth. As previously mentioned it was originally developed 4-5 years ago and over 100 lots were sold to individuals most of whom had no intentions of building in the short term or ever, a lot of the buyers were investors and that is why there are a lot of of homesites for sale on the market right now.
There are currently less than 10 completed homes in the neighborhood but as someone else mentioned, H&H, a big regional builder based out of Fayetteville has purchased 13 homesites and is currently beginning construction on a number of those homes. Size ranges from 2500-3500 sqft. and the pricing goes from $256k-$309k. H&H builds a solid house and they look good from the street, if you aren't looking for a top of the line house with all the bells and whistles these will mostly likely suit your needs, however if you're looking to customize the home slightly to fit your needs you won't have a lot of flexibility.
As for future value, it's a tough question that no one can truly answer, on the positive side there is new construction going in, the clubhouse and tennis courts are built and the homes being built are at a good price. However you will most likely have a lot of empty lots stay that way for a while, someone who paid $100k-200k for a lot 2-3 years ago is probably going to hesitate on building considering the price point homes that are currently being built.
Just my thoughts and you should be able to find more info on the specific homes H&H is building on their company website, they are from the "American Dream" series.
We are buying in Mimosa Bay-- one of the homes by H&H Homes. We are very pleased so far. H&H has built and sold many of the 13 homes JFGruner mentioned. In addition, Savvy homes of Raleigh is building a dozen or so and has sold several. 70 West Builders also has a few homes for sale. The development is close to 30 families. The developer has promised to start the pool construction when there are 30 families.
We are retirees, and were looking for a house with at least one bedroom on the ground floor, so the Presidential model suited us just fine. The house seems to be a great value in the low $300K. Other houses start in the $260K range. Many of the neighbors may be families, and some are Marine officers. I am hoping to find more retirees in the community, but some of the investors may decide to build as the baby boomers reach 65. BTW, there are many lots for sale in the development for $60-70K, with better lots close to $100K.
The boat launch is completed, the workout room in the clubhouse looks great, and there are tennis court and a basketball court, and a place to store boats. I will keep in touch if others have questions.
Relocating to Camp Lejeune Summer 2010, Mimosa Bay
We do not have experience dealing with custom builders and preferred not to take the time, so I don't have a problem with a "production builder" like H&H Homes. They don't have all the options we wanted, but they offered to upgrade to granite counter-tops in the kitchen, a larger stainless steel refrigerator, and a convection oven.
We expect to enjoy the house, and it seems like a great value, as we are coming from the Washington DC area.
Last edited by goldenage1; 03-30-2011 at 10:10 AM..
Reason: typo
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Update on Mimosa Bay - March 2011
