http://lakehouse.com/page-240484.html The sale is this Saturday,the lots are located along Lake Rhodiss near Valdese and Hickory.15% deposit required.They are being sold below the appraised value,supposedly Bank forced pricing is in effect. Is this legit? Thanks!
i don't know if the "bank forced prices" are legit or a sales tactic, but it looks like you could actually buy land. although, 35k for 3 acres on a lake in the middle of BFE sounds about right, whereas 180k doesn't....
On the other hand $33,937 for 8.6 acres sounds pretty good with the original appraised value of $173,600,which would have been around $20,000 per acre. Btw-it's in NC not in Egypt
yes it actually does, provided you have right of way access and not just the deeded landing area to gain access to the property.
We went to one of these sales last year. On the surface its a great deal. However, and there is always a however, its not so great in reality. Yes there will be the property as advertised. But only 1 of them and it will be sold by the time you get there. There will be other lots for sale also. Just about all of them are what i call "dog lots". Meaning sure, you can build on them but its going to cost you a fortune because of the slope and layout of the lot. Then there are some real decent lots but no where near the lake, creek, pond, mountain view etc... thats anywhere near desirable. For example. We saw a nice lot (on the map that is) and went to go look at it. Great lake view from way up. Great mountain views all around. However, the lot dropped off, from the road, nearly straight down several hundred feet. Was it a buildable lot? Sure! With numerous pylons, concrete barriers and not to mention the fact that in all reality, your house will be sitting on 4-8 pylons, several hundred feet in the air and no dirt underneath it. There wasnt even enough room to pull your car off the road to park. Great views though. In the world of land development, we have a saying. If there is a property for sale, there is a reason for it. If it costs $150,000 2 years ago and now its going for $35,000, then there is a reason for it. Reason is, no one wants it. Its unsellable to everyone but suckers. I actually reported the company we met with to the BBB. We went round and round for a few months over it. Was neat.
Thanks for all the great info! All in all it's probably another one of those "to good to be true" deals.I looked up the name of this particular Company at BBB but didn't find anything,was the name of the company that you reported Cold Creek Development?
We called them goat trails when I was in real estate in TN. If it sounds too good to be true............it is.
No but that doesnt mean its not the same people. I could own several LLC's, each with different names but it's still me. Course, im not saying it is the same people.
Aside from the obviously undevelopable lots, watch out for developers promising amenities out the wazoo. The developer could go out and leave you with no roads, infrastructure, clubhouse ETC. If anything is fishy look for bond money on the table.
