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Can anyone tell us more about Lake Toxaway? Is it touristy or a year 'round community? The following ad was on Craig's List and I thought maybe the Parkies could couple with us to buy the two cabins - if the area and cabins are both agreeable...
2 NEW (FINISHED FALL 06) LOG CABINS IN HOLLY FORREST COMMUNITY-- EACH HOUSE 3/2 plus heated basement and plumbed bath (owner will pay to finish off each basement) so total is 4 bed/3 bath; approx 2225 sq ft and also about 850 sq ft covered decks overlooking large stream--each lot about 1 acre- fully furnished/stone fireplace/move-in condition!!! BANK appraised in summer 07 at $375,000 each-- owner will take $600,000 for both plus will help with closing costs!!!!! so a ton of equity already built up-- taxes and insurance very low-- taxes around $800 yr/insurance about the same-- retire to one house and lease out the other--super rental program- seller has a home in lake toxaway already and just wants to sell these nice log cabins!please call (deleted to avoid ad ban)
Can anyone tell us more about Lake Toxaway? Is it touristy or a year 'round community? The following ad was on Craig's List and I thought maybe the Parkies could couple with us to buy the two cabins - if the area and cabins are both agreeable...
2 NEW (FINISHED FALL 06) LOG CABINS IN HOLLY FORREST COMMUNITY-- EACH HOUSE 3/2 plus heated basement and plumbed bath (owner will pay to finish off each basement) so total is 4 bed/3 bath; approx 2225 sq ft and also about 850 sq ft covered decks overlooking large stream--each lot about 1 acre- fully furnished/stone fireplace/move-in condition!!! BANK appraised in summer 07 at $375,000 each-- owner will take $600,000 for both plus will help with closing costs!!!!! so a ton of equity already built up-- taxes and insurance very low-- taxes around $800 yr/insurance about the same-- retire to one house and lease out the other--super rental program- seller has a home in lake toxaway already and just wants to sell these nice log cabins!please call (deleted to avoid ad ban)
Typical realtor spin. Instant equity, yea right. The bank appraisal is suspect so don't put any faith with that unless that same bank is willing to loan you what they said the cabins are worth. Which I doubt they would be willing to do today. The builder is willing to pay closing costs, finish up the basement (no cost to buyer??), etc...hmmm, red flag warning.
So if the bank says they are 'worth' $750K, borrow $750K from that same bank, offer $500K for both of the cabins and put the difference of $250K in gold.
Check out the neighborhood and see all the other cabins for sale. I wouldn't doubt 'developers' are trying to dump entire developments before the banks foreclose on them. Not sure even a low ball offer is worth the risk.
Another one of those too good to believe deals....
I saw the same listing on CL in December so he's dropped the price another $58K.
Cabins were completed in 2006 at the height of market so I wonder why they didn't sell then. Poor quality? Poor location? Poor design? Combination? Maybe because they were overprice then? Like way overpriced? As in GREEDY GREEDY? Someone is getting desperate.
Offer to rent for $1000 and put an option to purchase both in one year for no more than what FLAT2MT recommends. If after one year the market continues its downward spiral, let the option to buy expire and renegotiate purchase price if you really like them. If (big IF) the market rebounds, exercise the option. You win both ways.
If you find something more to your liking during that year, even better. Just walk away.
Typical realtor spin. Instant equity, yea right. The bank appraisal is suspect so don't put any faith with that unless that same bank is willing to loan you what they said the cabins are worth. Which I doubt they would be willing to do today. The builder is willing to pay closing costs, finish up the basement (no cost to buyer??), etc...hmmm, red flag warning.
So if the bank says they are 'worth' $750K, borrow $750K from that same bank, offer $500K for both of the cabins and put the difference of $250K in gold.
Check out the neighborhood and see all the other cabins for sale. I wouldn't doubt 'developers' are trying to dump entire developments before the banks foreclose on them. Not sure even a low ball offer is worth the risk.
Another one of those too good to believe deals....
I did some more research... these have been on Craig's list for just a little while and the price has fallen from $658K (Dec 26) to $600K (yesterday). They seem motivated.
So I went to the Realtor's web site (Keller Williams) - the homes are not listed there.
There is no address listed for the homes except "Holly Forest Community." I looked up that community and found it is West of Lake Toxaway between Sapphire Lakes Country Club and Sapphire Mountain Golf Club. It is north of I64 and East of Cashiers. If I recall from my visit last August, this would put it in the rainy mountain area - right?
Homes that I found in that area sell for much more than these folks seem to be asking - in fact, the appraisal number looks about right from what I can gather from Google. Still - one NEVER buys sight unseen!
Gotta wonder why the Realtor is using Craig's list and not Keller Williams, for whom she works....?
I have never been to Lake Toxaway, but I have been on Highway 64 driving to a timeshare in Sapphire Valley. It is an absolutely beautiful area, but I would really check on this before buying. It may be isolated in Winter. Sapphire Valley is a ski and golf area.
OK, I replied to the ad and offered to trade my home straight up for the two cabins if all other factors are agreeable. I also asked for lots of clarification and asked why the homes are not MLS listed. We'll see if she bites...
OK, I replied to the ad and offered to trade my home straight up for the two cabins if all other factors are agreeable. I also asked for lots of clarification and asked why the homes are not MLS listed. We'll see if she bites...
Wow, what an interesting proposition!
Lake Toxaway and that whole Sapphire Valley area is very beautiful, just remember, it is a bit off the beaten path - something that appeals to me!
I have never been to Lake Toxaway, but I have been on Highway 64 driving to a timeshare in Sapphire Valley. It is an absolutely beautiful area, but I would really check on this before buying. It may be isolated in Winter. Sapphire Valley is a ski and golf area.
I've noticed the same so the area is not for everyone and you may not like what you see.
Those cabins have been sitting empty for a year. That tells a lot.
Listed on CL maybe because the Realtor is working a deal with the builder??
If you go thru KW when they list it then he'll have to pay a RE commission and I bet the price will be higher.
You seem to be stuck on the past i.e. what others previously got for their homes. They sold just as the bubble in WNC started to weaken and they should thank the almighty for their fortunate decision (actually timing).
Don't let what they got, and what the 'appraisals' say, what the realtor thinks (commission calling), etc justify or enforce your future decisions as it is flawed logic. Don't drink the Kool-Aid which all these hucksters are hawking.
That was then this is now. You must remember that what they got prior was way out of line with reality.
I found the location! Up the side of the mountain:
Google this address: 78 CEDAR ct sapphire NC
Oh, I am forewarned, folks. No foolishness from me. But this is kind of fun, too.
Were you able to find any pictures of this? I could only find the ad on Craigs List - would love to see pics.
Maybe there is a logical explanation for why they are still for sale after all this time? Maybe a divorce and court fight over them or something? Just wondering...
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That was then....
