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I went to visit NB this weekend and I was suprised to find that the units are sold unfurnished. A typical 2 BR furniture package will cost 20-25K. They also have a one time insurance assessment ($2554 on a 2BR) and one time working capital contribution ($949 on a 2 BR).
I visited nb over the ld weekend and it was a ghost town. Maybe 12 - 15 folks at the pool, and a few of those were locals just taking a look at the place (no security?). Also, just a few cars at the plantation house. Its very nice, but desolate at this point.
I spend a wonderful weekend at North Beach. It was relatively quiet considering only about 44 units have closed out of over 300 total units. There is security and yes there were somewhere between a dozen and two dozen people at the pools, which was just fine if you don't like crowds. I'm sure by next spring once more units close the place will really start to come alive.
We are giving heavy consideration to buying a unit at NBT within the next month. Cash buyer, not someone who bought in early with a deposit. Now after reading many of the posts here, there may be some hesitancy to do so on our part. We fell in love with NBT immediately and feel it has the potential to be even better than Kingston.
I'm a newbie when it comes to real estate and am not aware of the potential risk as a buyer should completed sales fall drastically short. Can anyone explain the worst case scenario to me? What does this being a HUD project mean to me as a buyer? Will the current adjusted sales prices not be allowed to go any lower? Could HOA be affected by slow sales?
(I was thrilled to have come across this forum about NBT tonight but a bit concerned that the once brisk chatter here has slowed quite a bit.)
Please read post #218 on pg. 22 written by one of the developers. Notice that he posted using his real name and offers his direct phone number. He is a person of the utmost integrity and will give you honest answers. You may also consider calling Bellamy Law Firm to answer some of your questions. The developers spent months in negotiations with the lenders in order to provide the best scenario to allow the most closings. They did not have to lower the pricing for the original purchasers. They simply could have taken their deposits and re-sold the units after a default. The pricing was reduced for everyone resulting in huge losses for the developer. The quality of work and dedication to this project would have been amazing enough in a normal real estate climate, but to have worked so diligently through this past year's crisis is truly remarkable.
Have the restaurants opened at North Beach plantation? If not, when? They are supposed to be phenomenal. What will their pricing resemble? Country Club? Local restaurant? Who is going to operate them? Can they survive in this environment? They have to be better than at other developments or they will be a huge disappointment.
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