Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
My wife and I are considering buying a house in Hasentree. We love the amenities, but are very concerned about the long-term viability of the neighborhood. I'd love to hear from any current or former residents on what they think of the neighborhood.
Also, I'm curious what is the worst case scenario for a neighborhood like that? There have been very few homes sold (in the main section) in the last several years. I doubt Toll Brothers will stick with it forever if it continues to not sell well. Could they dump it to another developer who then completely redesigns it (to include scrapping the golf course or reconfiguring lots) to be more friendly to lower priced homes?
To start, it's important to know that Toll Brothers bought all those remaining lots out of bankruptcy. The original concept - very high-end executive homes on a Tom Fazio golf course yet still IN Wake Co, failed.
I know a couple of people who live in hasentree, and they have been there since the beginning. The amenities are really quite great, and people are very active (with swim team, tennis team, etc). Now, the family center (pool/tennis) has been opened up to people outside of hasentree so the membership numbers have increased tremendously. They do have some kind of formula about the number of non hasentree residence that can purchase membership, so it may be closed off to non members.
Anyhow, about the houses, the people I know (in the million plus homes) there is a feeling of not ever making money on their homes. But, they all seem to have a good feeling about Toll brothers. The difficulty I have seen is that Toll is releasing new lots (they call it the executive collection) and have those home starting at 494k, but supposedly they do not have any for sale below 650k. But the lots, at least one section, are basically in an open field area on Keith road (the area was suppose to be for a dog park, but that all changed). The other lots are more desirable, past the family center (also on keith) but they are wooded at least.
They have had a good number of sales in the neighborhood, but the features in the Toll homes are just not up to what the previous homes looked like. The original homes were so custom, and so large, that you never really saw much duplication in the various homes (I toured a large number of them). With Toll, there are different upgrades the owners can make, and there are many different house plans but you could end up with duplicates.
If it were me, I would probably pick a great lot, and then look at the different homes available, but I would also tour some of the original construction home to see what was there and how those home look.
If things continue to not sell in Hasentree, could it eventually result in Tolls Brothers selling their stake and another developer completely re-shaping the neighborhood to include shutting down the golf course and building less expensive spec homes everywhere?
Anything is possible, but given that the streets and lots were laid out around the golf course and topography of the area, it would not be a cheap or simple thing to tear out the course and just put houses there. The only time you really hear of stuff like that is where courses were not really laid out like a modern golf course community and they are not having to work around it. I just don't see it being economically feasible and thats before taking into account land use restrictions that probably would not allow it anyway due to not allowing the density.
There is an old Golf Course in Wake Forest that was sold a few years ago. The residents fought the new buyers because they were going to demolish the golf course and build houses on the land. I don't remember all the details but I think the homeowners won because of the covenants? Maybe you can research it to determine IF a golf course can be demolished if homeowners bought "golf course lots" and then had the land changed?
I remember this because I had a client that was going to purchase a home in the n'hood and when we started doing our research, all this came to light. He decided to purchase elsewhere. I'm just not sure how or if this was resolved.
Anytime you are buying a new home in this area, you really have to determine how the n'hood is going to finish out.
There is an old Golf Course in Wake Forest that was sold a few years ago. The residents fought the new buyers because they were going to demolish the golf course and build houses on the land. I don't remember all the details but I think the homeowners won because of the covenants? Maybe you can research it to determine IF a golf course can be demolished if homeowners bought "golf course lots" and then had the land changed?
I remember this because I had a client that was going to purchase a home in the n'hood and when we started doing our research, all this came to light. He decided to purchase elsewhere. I'm just not sure how or if this was resolved.
Anytime you are buying a new home in this area, you really have to determine how the n'hood is going to finish out.
Vicki
This golf course is being reopened this year under new ownership, I think the club house is already opened
That is also a situation of a course that was not built to wind around streets and houses like Hasentree was. Most of that course was in one big chunk with houses only on the edges of most of hte holes.
I just don't see it being economically feasible and thats before taking into account land use restrictions that probably would not allow it anyway due to not allowing the density.
I think you're right about restrictions. They can only go so dense up there, right?
without researching it further than a quick peek at the map, development would be ruled by watershed restrictions.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
