Market Report - Topsail Island, Bogue Sound and Chocowinity Bay
Topsail Island is an island of extreme differences. People are drawn to the island for sport fishing and its 26 miles of beautiful beaches. Surf City near the south island narrow swing bridge is incredibly run down. Traffic delays could easily steal beachgoers time during the summer season. The roads are worn, power poles leaning and homes weathered and outdated. Here's a couple coastal North Carolina communities in the area we visited:
We found a new 24 waterfront homes community surrounded by wetland preserves off the Intracoastal Waterway with private beach access called The Peninsula at Topsail. Each home site has dockable water frontage. Lots range from the $100k’s to the $300k’s. On the far southern end of the island is another new gated community called Queens Grant. 52 waterfront homes on Topsail Island are planned. Construction has begun on the waterfront townhomes. Amenities include a community clubhouse, swimming pool, 47 deepwater boat slips and a boat ramp. Queens Grant has deeded beach access. The new townhomes are priced in the mid $400k’s.
To us, North Topsail Island is much more beautiful, has less density and is accessible by a high rise bridge connecting to the mainland. Communities in nearby Sneads Ferry included Mimosa Bay and North Shore Country Club.
Located on the fringes of Camp Lejune Marines Corps Base, Mimosa Bay is a beautiful family oriented gated community near Topsail Beach with homes on Mills Creek. Originally planned for 200+ homes, we observed bull dozers clearing a large land tract on the east side of the community. Craftsman-style homes are set on estate size lots with long driveways in the first section of the neighborhood. Property owners have deepwater access from the community’s dock. Tall pine trees and manicured lawns add to the curb appeal at Mimosa Bay. In the newer section, we noticed zero lot line smaller homes changing the density of the neighborhood. Homes range from the high $200k’s to $400k. Amenities include a community clubhouse, swimming pool, tennis courts, boat ramp and storage. HOA fees are low at $750 a year. We observed two predominant home builders active in the community: H & H Homes and D R Horton Homes.
NORTH SHORE COUNTRY CLUB
Established in the late 1980’s, North Shore Country Club is the area’s only golf course community and is five minutes from North Topsail Beach. The golf community has a mix of older homes and new home construction. We found all types of architectural designs. Amenities include the golf course, clubhouse, community swimming pool and tennis courts. The amenities are average at best. The golf course looked good. Golf membership is optional. HOA fees are low at just under $400 a year. Homes can be found under $200k and up to $700k. Sales have been sluggish and flat according to the MLS.
CANNONSGATE AT BOGUE SOUND
The gated coastal North Carolina community of Cannonsgate is progressing along nicely. There were 7 homes under construction and approximately 30 homes built of the 525 planned. At the project’s completion, this will be a tight knit boating neighborhood located just west of the Emerald Isle barrier island. Close range views of the barrier island can be enjoyed throughout the neighborhood. The amenities are well maintained and include a 10,000 square foot elegant Plantation-style clubhouse, resort-style swimming pool, tennis courts, deepwater marina with 75 boat slips. Lot prices begin in the mid $100k's and Intracoastal Waterway lots range from $120k to $180k, a steal! Resale homes can be found in the mid $400k's.
What a pleasant surprise at Bogue Watch! Raleigh home builder Savvy Homes has invested big money into Bogue Watch building new model homes kick starting the community. Approximately 30 homes have been built to date. Last year, there were just a couple. In 2008, Ocean Development Group LLC, built the community clubhouse and swimming pool near the community’s entrance. In our opinion, the developer missed the boat by not placing this critical amenity on the Intracoastal Waterway. Remarkably, Savvy Homes is building four bedroom new homes priced in the $300k’s.
CYPRESS LANDING ON CHOCOWINITY BAY
Angelic-like melodies filled the clubhouse during our annual visit to Cypress Landing. The Women’s Club was busy practicing for their upcoming musical performance. The community is well maintained, especially the golf course. New brick pavers were being installed around the marina side swimming pool. Two new treadmills replaced the older ones at the fitness center along with the arrival of a new semi-recumbent elliptical machine. The community’s Landing 2014 Spring Newsletter is filled with social activities in the neighborhood.
We observed many 'home for sale' signs throughout the community, about the same amount as last year. We can’t help but wonder why. What we do know is that many of the property owners are happy living at Cypress Landings based on the 219 property owner reviews we've received. Property owners scored the community a 97 out of 100.
Cypress Landing on Chocowinity Bay won our 2014 Bliss Award™ for Best Community Spirit. Amenities include a championship golf course, small golf clubhouse, 9,000 square foot yacht clubhouse overlooking the marina, 240 boat slip marina, resort-style swimming pool, four lighted tennis courts and a fitness center. We found lots for sale under $100k and Cypress Landing homes for sale starting in the low $200k’s.
We spent some time in the nearest city to Cypress Landing. Washington is a waterfront city upstream from Cypress Landing. Established in 1776, the historic city continues to decline in curb appeal. Historic landmark buildings are attractive but vacant. The Bank Bistro and Bar is the only upscale restaurant we found on the water. Moss Landing is a new riverfront condominium development in downtown with townhomes priced in the high $300k’s. With dilapidating homes across the street, we couldn’t figure out who would buy here. In our opinion, Washington North Carolina is in desperate need of a Main Street revitalization plan. Greenville North Carolina is 20 miles from Cypress Landing and is the more logical place residents find modern conveniences.
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