Home Buying in Belmont>Question Details

Kelli Voelsi…, Home Buyer in Raleigh, NC

Looking for feedback on the viabilty of the Eagle Park neighborhood in Belmont, NC???

Asked by Kelli Voelsing, Raleigh, NC Sun Mar 22, 2009

We liked the custom homes and the "idea" of Eagle Park, but are not completely comfortable with the financial viabilty of the project. Is it going to finish? Is it going to sit the way it is now?

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I recently purchased a home in this neighborhood at the end of last year, so I answer this with the caveat that I am a stakeholder in the completion of this development. To date, I have been impressed with the commitment the developers have shown to a development that was well-conceived, however with unfortunate timing. I grew up in Belmont, so I am very familiar with the area. When we decided to move back to the Charlotte area, it was a no-brainer for me; Belmont has a small-town charm, a relatively-well-educated population, and value for price is much higher than the almost all other Charlotte suburbs. The neighborhood has seen some pick-up in interest as two local doctors have recently closed and moved in near my family. There are three different builders with single-family homes available; Eagle Park Homes (a joint venture by several local custom builders), Saussy Burbank (and related JCB Urban), and David Weekley Homes. In my opinion, the remaining inventory of Eagle Park Homes represent the greatest value. At the time, they are also the highest-priced, but you get what you pay for. The original asking prices for these homes were much higher than the local market would support, and then came the recession... Now, the homes are an attractive value, and it appears those waiting to buy are waiting for the developers to reduce prices or make additional concessions. I don't think this will happen as most of these were built when materials were more expensive, and it would appear they are currently at their cost. I suppose it is possible that they may ultimately be willing to take a loss if the economy doesn't improve in the next 6-9 months, but if doctors can be labeled "smart money," they're buying now. Good luck to you in your search.
0 votes Thank Flag Link Wed Apr 22, 2009
Graham Development is a strong developer who has built high-end communities in Charleston, Atlanta and throughout the Southeast. The builders in Eagle Park - Saussy Burbank, JCB Urban, David Weekley, and the custom builders are some of the best in the business and build some very high quality homes.

This seems to be a well conceived well executed traditional neighborhood development that got caught in the downturn in the national economy. Some of the Stowe family is involved in development of Eagle Park; with Graham, it seems unlikely that this development will ultimately fail, or that if it did fail, that another developer would not eventually pick it up and complete it. As close as it is to downtown, the City will be encouraging its continuation.

Belmont is a very desirable small town community with an intact and vibrant downtown, areas along Lake Wylie and The Stowe Botanical Gardens. A second crossing of Lake Wylie and access to the airport is in the planning stages and will substantially shorten commute times from Charlotte to Belmont - especially the southern portions.

The new construction has slowed due to the slowdown in sales of existing inventory that was built on spec. There has been a downward pressure on prices for the sale of these homes. 11 homes have sold here since 1/1/08 from the low 200's to the upper 300's. An average of one a month is not bad. There are 2 homes under contract and 8 currently listed for sale. Once inventory has been sold out and the builders start new construction, the prices will not remain this low.
0 votes Thank Flag Link Wed Apr 1, 2009
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