Information on Waterway Cove - Ocean Isle Beach (St. James, Brunswick: for sale, real estate market)
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Does anyone know the current status of Waterway Cove in Ocean Isle Beach?We attended a Live South show and we liked their concept in that they didn't have a Club with multiple golf courses and huge membership fees. I'm not sure how far along they are in their development but they are building a small Clubhouse/Pool which is scheduled for completion in a couple of months.
Any thoughts/opinions would be appreciated.
I work in this area and normally I try not to comment on a subdivision where I may potentially have to provide an appraisal. However I see some major red flags with this subdivision. First of all, Brunswick County is littered with high end subdivisions that are in deep financial trouble. Many have incomplete infrastructure and no amenities. I do not know the financials on Waterway Cove but I wouldn't go anywhere near a subdivision in Brunswick County until 100% of the infrastructure and amenities were complete. Second, I couldn't find any listings or sales in the Brunswick County MLS which tells me the developer may be trying to keep all transactions "in house" and that can potentially be big time bad news. Third, I did a search of the register of deeds to see if any properties had transferred. I found a few lots that "sold" for 100k between Waterboro and Waterway Cove LLC. When it walks, talks and smells like a lot flip it usually is.
With all of the other options available in Brunswick County I wouldn't even consider this place. My best advice is to hire a buyer's agent from one of the local real estate companies.
Actually, infrastructure is complete at Waterway Cove. Recently, there was an article about the developers behind the community.
The article states "they are putting their money where their mouths are. Before they released Waterway Cove for sale to the general public, Clark and Dail infused the development with a tremendous capital outlay in order to complete the infrastructure, roads, numerous homes, parks, bridges, and are nearing completion on the large amenity center clubhouse and pool which will be home to a fitness center, library, meeting room and pool house slated to open May 1, 2011."
This most certainly is 'not a lot flip' as "Carolina Appraiser" eluded to. While Brunswick County has had developers selling a 'vision' and ONLY a vision, Waterway Cove is the real deal. I have been there and would encourage anyone interested in coastal NC to put it on their list of 'must see' communities.
Actually, infrastructure is complete at Waterway Cove. Recently, there was an article about the developers behind the community.
The article states "they are putting their money where their mouths are. Before they released Waterway Cove for sale to the general public, Clark and Dail infused the development with a tremendous capital outlay in order to complete the infrastructure, roads, numerous homes, parks, bridges, and are nearing completion on the large amenity center clubhouse and pool which will be home to a fitness center, library, meeting room and pool house slated to open May 1, 2011."
This most certainly is 'not a lot flip' as "Carolina Appraiser" eluded to. While Brunswick County has had developers selling a 'vision' and ONLY a vision, Waterway Cove is the real deal. I have been there and would encourage anyone interested in coastal NC to put it on their list of 'must see' communities.
The register of deeds doesn't lie. Would you like for me to post up a PDF of the deeds showing the vacant lots that "transferred" among the two developement companies for $100,000 each? There are several.
Nothing in my post was inaccurate. Waterway Cove may turn out to be a fine subdivision when complete but I see multiple factors that say stay away as I pointed out in my previous post. Suspicious lot sales, no activity in the local MLS and incomplete infrastructure show potential for trouble. That's just my opinion but it's based on facts.
I did a little more searching and found out that the land that Waterway Cove sits on was purchased in 2007 at the peak of the real estate market for $9.5 million. Assuming a total of about 225 lots the developers have almost $43K invested in each lot as raw land. Add infrastructure and amenity construction, permitting, property taxes, marketing, and debt maintenance and that number probably jumps to $70K before any profit margin is added in. Not good numbers for a real estate market that is saturated with supply with very little demand.
There are no financial issues in Brunswick Plantation that I'm aware of and no "red flags". Generally speaking all of the subdivisions in Brunswick County that were in existance prior to the real estate boom of '05-'06 are stable. Ocean Ridge and St. James have had some minor foreclosure issues in the newer phases but remain stable overall. I can name a dozen Brunswick County subdivisions that where developed during or after '05 that are in various stages of financial distress which is why I'm not optimistic about Waterway Cove.
Waterway Cove has new owner and the place is rocking.... come check it out.. new homes being built and some great neighborhood and close to everything! Great Club house and Pool....take a tour..... open most days.
Waterway Cove has new owner and the place is rocking.... come check it out.. new homes being built and some great neighborhood and close to everything! Great Club house and Pool....take a tour..... open most days.
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Waterway Cove
