Market Report - Asheville and Black Mountain North Carolina

America’s ‘Rocky Mountains of the East’ put its best foot forward this month, attracting thousands of visitors during the North Carolina fall foliage season. Folks like us enjoyed the crisp mountain air, pumpkin patches, apple festivals, and breathtaking drives on the Blue Ridge Parkway in Asheville. The purpose of our visit was to check in on nine gated communities near Asheville NC. Our trip included touring homes showcased during the Asheville Parade of Homes. This is how we help buyers searching for Asheville real estate, by providing the latest in depth information and guidance.

If you’re comparing the best cities to live and gated communities, don’t be afraid to ask us for our opinion. Here’s what’s happening in the Asheville real estate market:

THE CLIFFS AT WALNUT COVE - ASHEVILLE:

It was a pleasure to see the dust settling down, now that new ownership has taken over The Cliffs Communities. There are three equity partners which comprise Silver Sun Partners LLC: The Carlile Group out of Texas, Arendale Holdings, a Jacksonville based real estate holdings company which invests in golf course developments and SunTx Urbana, a Dallas based real estate management and development company. Skeptics on the outside have questioned me wondering if all the players will get along. Bad news is a habit and I believe it's over here at The Cliffs. We see a long term trifecta win, for both the investors and the 8 Cliffs Communities.

The Cliffs at Walnut Cove is located in the heart of Asheville real estate and is just one of the 8 Cliffs golf course communities in the region. Buyer’s of golf course homes who want to play a variety of golf courses will find The Cliffs Communities an attractive option. The Cliffs at Walnut Cove is reporting 28 sales to date in 2012, 18 lots and 10 homes. There are currently 25 homes under construction. Sold single family home prices are averaging $959,050 while sold lots prices are averaging $327,153. Membership costs have been reduced to a $50K initiation fee and monthly dues are $865. Folks who are not big golfers can still enjoy all the amenities except golf, as social club members. A Cliffs social club membership has as a $20k initiation fee and club dues are only $155 a month. We visited three of The Cliffs golf courses during our trip and they all were in excellent condition. Nearby Cliffs communities are located on Lake Keowee and in the foothills of South Carolina.

THE RAMBLE AT BILTMORE FOREST - ASHEVILLE 

We were impressed to see over a dozen new homes in Asheville NC under construction just10 minutes from downtown. This Asheville neighborhood is approximately 40% built out with primary residences. Asheville homes here are a far cry from cookie cutter architecture. Tudor, French Country, Old English and Elegant Mountain architecture accent the white pine forest backdrop. It was a pleasure to see children safely playing in the streets at The Ramble in the old fashioned way I remember as a kid. The Living Wellness Center houses the community’s fitness center and outdoor swimming pool. Longmeadow Park is the community’s great lawn where concert series take place and families meet for a day in the park. Lots for sale begin the mid $100k’s and homes for sale start just under $1 million. According to the MLS, 15 lots have been sold to date averaging $241k in 2012. If The Ramble at Biltmore Forest interests you, ask us to introduce you to our trusted colleague who knows The Ramble in great depth.

SOUTHCLIFF - ASHEVILLE

Southcliff is one of the closest gated communities to downtown Asheville and is just 5 minutes from a Blue Ridge Parkway entrance. Southcliff was the primary sponsor of this year’s annual Asheville Parade of Homes showcasing their newest model home. The Alexandra is a 2,159 square foot home built by Living Stone Construction and won the Viewer’s Choice Award. Southcliff has 5 homes under construction and is reporting 5 more in architectural plan review. Approximately 70 homes have been built to date of the 300 planned. Southcliff is an Asheville debt free community. In addition to the curb appeal and beautiful mountain views, we find the high quality hiking trails and community parks excellent amenities at Southcliff. If you’re searching for an Asheville real estate close to downtown, ask us to send you the latest builder floor plans and home listings.

BILTMORE LAKE - ASHEVILLE 

Like a scene from a postcard, this beautiful Western North Carolina lake community is not far from downtown. The lake that is the centerpiece of this Asheville neighborhood is called Enka Lake. Approximately 600 Asheville NC homes have been to date at Biltmore Lake and Biltmore Farms is the primary home builder. Their new Cottage Collection of homes begin in the $300k’s. The community is tight knit neighborhood framed out by rolling hills, views of the lake and the mountains. Just beyond the community’s entrance are Asheville schools, tasty restaurants and the Biltmore Square Mall. Biltmore Lake is reporting more than 20 sales to date in 2012. Asheville NC homes sell quickly at Biltmore Lake. If you’d like us to add you up on our watch list, let us know exactly what you’re searching for. This is how we efficiently help people like you catch a deal.

ASHEVILLE 151 PRIVATE RESIDENCE CLUB:

We enjoyed touring Hotel Indigo, a chic retro hotel and home to Asheville’s contemporary Private Residence Club. It would be worthwhile for buyer’s of second homes to understand how fractional ownership works and that it can be a better choice in certain instances. Instances like for those who travel often and want maintenance free lock and leave living. Fractional ownership is about flexibility and leverage, especially if you’re trying to preserve your capital. For example, fractional homes allow you the opportunity to own part of $1 million dollar furnished home for a fraction of the price, let’s say $175k as in the case of Asheville 151. When you crunch the numbers, you’ll find the monthly membership costs are about the same as is the cost of owning a second home. Most fractional homes come with exchange privileges, often globally. If you travel to Asheville 4 - 5 times a year, owning a fractional at Asheville 151 can be a fun second home choice. Asheville 151 is within walking distance of the Grove Arcade, Asheville Civic Center and Pack Square. Let us know if you’d like an information package.

GRAND HIGHLANDS AT BEARWALLOW MOUNTAIN - GERTON

Off the beaten path, you can’t help but be impressed with the spectacular views at this gated North Carolina mountain community atop Bearwallow Mountain. The topography is rare, a mountain top knoll with gentle slops. To me, the 12,000 square foot Grand Highlands Clubhouse was constructed far ahead of its time with only 6 homes built to date. The clubhouse is no doubt a spectacular setting for wedding celebrations. By our guess-estimation, about 175 homes are planned. The majority of the roads are paved and utilities were are in place. Getting there was an adventure using guidance from our GPS. After exiting Gerton Highway, the paved road quickly disappeared turning into a one lane gravel road. After traveling about 2 miles, the dirt road merges back onto the paving. The community’s gated entrance is about a half a mile further. We were later informed, we can enter the community from fully paved roads from the Sweet Creek Road side.

Rumor has it Grand Highlands was in default. We could not confirm this however we did confirm that this year, a private group of investors from Texas purchased Grand Highlands forming Bearwallow Mountain Land LLC. This mountain community is debt free community. Grand Highlands is 10 miles west of Lake Lure and Chimney Rock State Park. Downtown Asheville is 20 miles in the opposite direction. Buyer’s who desire privacy might want to see Grand Highlands.

THE SETTINGS OF BLACK MOUNTAIN

I’m unhappy to report not much has changed at The Settings of Black Mountain. After visiting this gated North Carolina mountain community a year ago, I wrote a story cautioning buyers: The Settings of Black Mountain - Bankrupt Developer Leaves a Mess Behind. Issues that concerned me were the deteriorated roads and what seemed to be a lifeless community. Our trip this year was on a beautiful Saturday morning yet I saw no one, not even Cujoe. A couple holes in the roads had been patched but the majority of the roads were in the same poor condition as last year. I left The Settings of Black Mountain disappointed, hoping I would have been able to report a turn around story. I invite the community to share good news with us all as it develops.

VILLAGE OF CHESHIRE - BLACK MOUNTAIN 

Perhaps the most adorable mountain community in Black Mountain, this neighborhood folds around its own retail shopping center. Across the street, is the state of the art Cheshire Fitness and Racquet Club. On the drawing board is the Cheshire Resort, Bed & Breakfast and Conference Center. The Village of Cheshire is quickly accessible from Interstate 40. Buyer’s who are concerned about steep winding mountain roads will find this Western North Carolina mountain community a possible solution. The Village of Cheshire makes it easy for you to experience the lifestyle by staying as a guest in one of their Cheshire Tree Houses or cabins. This would give you a chance to learn more about small footprint NC Healthy Built Homes. Asheville homes sell quickly at the Village of Cheshire. Ask us to introduce to our trusted colleague who lives in the community.

CRESTON - BLACK MOUNTAIN

We wrote about Creston for the first time in 2009. We were very impressed with the views this Black Mountain community offers, especially when the trees shed their leaves for the winter. Creston is doing well, despite its short gravel entrance off NC Highway 9 which can turn some buyers off, a road which Creston doesn't control. Creston currently has 5 homes under construction and 6 more in plan review. Creston reports 7 developer lots have been sold to date in 2012. Approximately 30 homes in total have been built to date. The control of the POA has been turned over to the property owners. POA turnover’s come with good and bad consequences. For example, at the commencement of a new community, its normal to see colorful annuals or seasonal flowers provided by the real estate developer, signage bragging about what makes a community the best and may even a balloon or two at the community’s entrance. At the end of project, when a real estate developer wants to done with the project and the leave the expenditures up to the POA, cosmetics tend to disappear because the POA is not in the ‘sales’ state of mind. We call this real estate developer fatigue.

We believe Creston may have fallen victim to an overly frugal POA who controls the financial decisions now. Compared to our prior visits, the gated entrance and roundabouts were somewhat neglected. We questioned Creston about their future plans to resurface the roads which need a facelift. The Creston representative was unaware of any plans or if capital reserves have been allocated for. When a POA lets things deteriorate too far, the repair expense can substantially increase resulting in large unexpected special assessments. Creston is a debt free gated community in Black Mountain with fantastic hiking trails and waterfalls.

There are over 200 master planned communities in Western North Carolina to compare. Let us make things easy for you with your search for Asheville real estate. Send us your wish list (home / lot size, price, amenities desired) and we will promptly reply with a list of communities which match your desires. Some communities will host you as our guest through their Discovery Packages, but you are not limited to gated communities. We will gladly connect you with Asheville real estate brokers we know and trust.