New Bern NC News | North Carolina Coastal Communities

Published on February 8, 2012

NORTHERN REGION:

Property Owners Rally Together to Take Over Community Amenities - Albemarle Plantation

On January 12, 2012, property owners attended at Town Hall Meeting to discuss taking over this Inner Banks marina community amenities. This time more prepared than their first attempt at taking the club over, property owners discussed bringing the club’s budget back to a break even status, protection of accumulated reserves, control of the APPOA (Ablemarle Plantation Property Owners Association) and an interim lease agreement of the amenities to the APPOA beginning February 1, 2012 until the take over transaction is completed. The meeting was a result of the real estate developer Albemarle Plantation Holdings Inc (APH) informing the APPOA they are no longer willing to fund the club’s financial shortfall and marketing expenses at previous levels. Property owner’s are now forced to make a choice: keep the club amenities open by taking control or close operations waiting for a new investor?

Presented to the APPOA as ‘There Is No Alternative’ acronym named TINA, without community amenities open, property values would likely fall and so would buyer’s interest in Albermarle Plantation. If all goes as planned, July 2013 is the slated turnover date for a purchase price of $1,700,000. Pending approval, this could result in a special assessment to property owners of $2,100. Non-property owners who are golf and social club members could be assessed between $3,400 and $5,250 which seems high to me if they want to retain these members. Amenities include the golf course, club house, pool, tennis and marina. With the APPOA in control, club initiation fees may be drastically reduced, the budget funded in different ways. This is good for buyers as they prefer not to come out of pocket with tens of thousands of dollars of initiation fees to become a member. The Albemarle Plantation Property Owners website provides excellent communication to property owners about TINA’s progress. We look forward to a great ending, seeing Albemarle Plantation added to list of member owned and debt free communities.

MIDDLE REGION - NEW BERN

Carolina Colours is Digging Up More Dirt

American Homesmith LLC broke ground on 3 new homes in the Bayberry neighborhood of Carolina Colours, an affordable New Bern golf community in New Bern NC. All three homes (the Edgewater-A, the Constitution-A and the MacLeod) have spacious floor plans and are priced under $250,000. With completion expected by early May, these homes will be ready for occupancy in early summer. Take a look at these floor plans on the American Homesmith’s website. American Homesmith builds about 150 homes a year throughout eastern North Carolina, and backs all their homes with an insured long term warranty. Carolina Colours is only 12 minutes from the Cherry Point military base, and an equal distance drive to historic downtown New Bern, voted America’s Best Small Town. Let us know if you would like more information about Carolina Colours or a builders packet for American Homesmith.

River Dunes Property Owners - When Can We See Each Other Again?

Each November, River Dunes hosts a Fall Homecoming Weekend in addition to their event filled calendar. The homecoming weekend includes cocktail parties, house warming parties, trout fishing competitions, kayaking expeditions and an epic oyster roast. This year resident’s said “we want more, more, more.” And River Dunes said “your wish is our command”. Okay, we added that part but this is in River Dunes style, to cater to property owners and have a lot of fun doing it. A new annual Spring Fling will take place at this Inner Banks marina community in the what local's refer to as the sailing capital of North America, where sailboats outnumber the residents. We were thrilled to hear about two 2,000 square foot bungalows that came onto the market for $399k and lots priced under $100k. If you are looking for a protected harbor with a marina in Oriental North Carolina, you must take a look at River Dunes. Ask about being our guest in one of their Grace Harbor waterfront cottages.

SOUTHERN REGION - WILMINGTON

Brunswick Forest and St James Plantation Both Report 160 Sales in 2011

For Brunswick Forest, this is a 10% increase over 2010. With over $200 million in community amenities and infrastructure, property owners don’t have to wait and see what lifestyle activities will be built at Brunswick Forest. They can enjoy the amenities today. We wrote a story on November 2, 2011 explaining why we see Brunswick Forest Perhaps the Best Walking Community. Let us know if you would like to receive the latest floor plans and home pricing for Brunswick Forest.

St. James Plantation continues to build new amenities celebrating in 2011 the opening of the LEED-certified Reserve Clubhouse and kid-friendly SeaSide Club. This North Carolina coastal community has over $100 million in completed lifestyle amenities. To make the home building process easier, St. James Plantation introduced the Builders Guild, a 5-point review process to help in choosing the best builder. With a beautiful beach club on Oak Island, the St. James Plantation lifestyle includes golf, saltwater boating and beach activities. St. James Plantation offers an excellent Discovery Package. Be sure to ask us for more information.

Both Brunswick Forest and St. James Plantation were 2012 Bliss Award winners included in our list of best master planned communities.

Compass Pointe Breaks Ground on Another New Amenity

Looking at the architectural rendering, I smell pineapples, see colorful orchids and hear Hawaiian music while relaxing in the breezy Grand Lanai overlooking their resort-style swimming pool. The 10,000 square foot Grand Lanai is scheduled to open in the summer of 2012. A gigantic outdoor living room, it will become the social hub of the community. During the cooler months, friendly gatherings around a warm fireplace and football fans cheering on their favorite teams watching the big screen TV’s will be the winter fun at the Grand Lanai. Compass Pointe is a tropical resort-style master planned community about 15 minutes south of downtown Wilmington NC. In 2013, they plan to open the golf course. The real estate developer of Compass Pointe has an excellent track record of building quality master planned communities with affordable homes around $200k. Ask us for more information about Compass Pointe.

The Giving Hearts of Landfall in Wilmington

Bicycling distance to Wrightsville Beach, Landfall is one of my favorite golf communities in downtown Wilmington. I’m impressed with their giving hearts and financial contribution to the local community. The Landfall Foundation has contributed over $2 million since 1996. For the year 2011, the organization wrote 59 checks totaling $232,561 helping non-profits and providing scholarships in Wilmington NC. A common thread I hear from buyer’s blessed by success is their desire to give back during their retirement years. Finding communities with a track record of doing so also gives you an idea of the closeness and caring people behind the community’s privacy gates. Landfall is affordable and is in a great location. Ask me for more information about Landfall Country Club.

Is Bank of America bullying Mark Saunders and The Coastal Companies?

SeaScape at Holden Beach
Seawatch at Sunset Harbor
Rivers Edge Golf Club and Plantation

Once negative news hits the streets, the uphill battle towards being perceived as man of honor becomes extremely difficult. We have seen well known real estate developers crumble at the hands of the banks because of the lack of financing in the credit markets such as Mercer Reynolds of Reynolds Communities and Jim Anthony of The Cliffs Communities. Yet our federal government bailed out the banks during their despair. It makes no sense that provisions didn't trickle down to real estate developers to help the real estate market. In a story written by Wayne Faulkner 2/2/2012 at the StarNewsOnline, it states Bank of America requested the Brunswick County Courts appoint a Receiver to preserve and protect SeaScape at Holden Beach, Seawatch at Sunset Harbor and Rivers Edge Golf Club and Plantation because Mark Saunders and The Coastal Companies has defaulted on $68 million dollars in bank loans. We wonder if this default is because of the bank not renewing the note, as was the case of Mercer Reynolds and Jim Anthony?

In the same story the revenue collector for Brunswick County claimed over $3 million in property taxes remain unpaid. The Coastal Communities has disputed these taxes with Brunswick County. While Bank of America and Mark Saunders duke it out in court, three North Carolina coastal communities have clouds of concern over their heads, communities where you may find great buying opportunities. Ask us for more information.

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