INC

The Forest Creek Scholarship

Buying a home in the town where you child attends college can be a great investment, if the right set of circumstances exists.  They do exist right now in Elon, NC. Buying the house in Forest Creek, described below,  can provide the cash to cover a lot of your child's tuition expense - its like having a scholarship with a nice house as a bonus!

If you know the facts, you will recognize that an opportunity exists right now to help offset a big part of your child's college expenses.

1. THERE IS NO NATIONAL REAL ESTATE MARKET

Real Estate conditions are NOT the same everywhere. Conditions that are bad in Venice Florida because prices rose 200% in three years, don’t mean they are bad here, where prices have advanced normally. Don’t be fooled by misleading “news” about national sales trends. The media always makes things seem worse than they are.

2. NORTH CAROLINA VALUES ARE STABLE

Right now, because of inventory levels, builders have their prices at rock bottom levels. Its like buying during a dip in the stock market - the best possible time to buy stock. Yet most people freeze when the opportunity is best, and wait until the market is near the top to buy! That's  why there are real estate bubbles in some areas! Don’t make that mistake in the housing market. In 2007, the average sales price in North Carolina rose by 4%. Since 2000 the average price has risen by 25%, an easily sustainable rate. NC just announced they have a $140,000,000 budget SURPLUS right now - due to higher than expected revenues, and overestimating costs!  Does that sound like a recession?

3. NORTH CAROLINA HOUSING DEMAND IS ON THE RISE

Last year there were 125,000 existing home sales in North Carolina, and that was called a “bad” year! The truth is, that’s the third highest year EVER! It is exceeded only by 2005 and 2006. Estimates are that North Carolina will grow by more than 400,000 people by 2010. And the Elon area is booming. A huge new mall, new companies moving into the area, new campus buildings, great new shopping areas everywhere. . . . .

4. OWNING A HOME BUILDS WEALTH AUTOMATICALLY

Right now is the best possible time to start building equity in a home instead of paying rent. Owning a home continues to be the best investment most people ever make.

5. THERE ARE HUNDREDS OF MORTGAGE COMPANIES READY TO LEND

If you have good credit and are realistic about what you can afford, getting mortgage approval is still a simple process. There are State and Federal Agencies that can help in many situations.

6. IT'S A PRIME TIME FOR SECOND HOMES

Smart investors and prospective retirees understand how important real estate still is to their portfolios. If one home can provide such a boost to net worth, imagine what owning two homes can do! And in a college town, buying a house for your child, and then selling after three or four years can actually offset a big part of college expenses. Buy a home and rent bedrooms out to other students, and your cash flow is minimal. (Three unrelated people in one house in Elon)

7. OWNING A HOME HAS ALMOST NEVER BEEN CHEAPER THAN RIGHT NOW!

Mortgage rates are near all-time lows, again. The interest rates have dropped sharply to stimulate the economy. North Carolina’s economy hasn’t suffered as much as other states, and we can benefit even more from lower rates. Add in the fact that many builders are ready to sell with almost no profit to reduce inventory, and . . .This is probably the best buyers market ever, right here, right now!

THOSE ARE THE REASONS BUYING A HOME FOR YOUR CHILD WHILE AT COLLEGE MAKES SENSE

HERE IS THE REST OF THE OPPORTUNITY:

1.    About a mile north of the Elon campus is a new beautiful, wooded  neighborhood with homes built by respected custom home builders from the Triangle area.

2.    Havencroft Inc. A consistent winner of industry recognition and awards since 1999, has a high quality four bedroom, three bath home, perfect for renting to students, available in this neighborhood.

3.    We have drastically lowered the price right now, due to the slow market that exists here as a result of media coverage of bad markets in other areas caused by excess speculation.

4.    Our house at 111 Arch Way Court is now for sale at $269,000 - a price that is $21,000 BELOW the appraisal given in 2007.  Prices can't go much lower, because builders will be making ZERO, and there would be no reason to ever build any more houses.  You know that's not going to happen!  TOO LATE! House has been rented for 1 year.  SORRY.   SEE OTHER HOMES AVAILABLE IN FOREST CREEK

5.     With 10% down, the payments at 6% on a $242,000 loan would be $1,451/month. By renting out two extra bedrooms at a reasonable $400/month, the net is $645/month.  Interest and taxes are deductible on a second home.  Additional expenses could be deducted on a rental home.  This makes the ongoing cost of ownership less than living in the dorm!

6.    By buying in a slow market and selling during the inevitable recovery, you will make above average gains in equity. 15% appreciation between now and the summer of 2012 is easily possible. For this house, that is $40,000 in capital gains.

7.    Its truly a win-win proposition.  Your child gets a beautiful, save place to live, near campus, for less than the cost of a dorm room, and you get a big chunk of their college expenses back after graduation! 

 
111 Archway Court  
2150 sf four bedroom three bath

Double Tray ceiling Master Bedroom!                              Vaulted Master Bath with Jacuzzi!    

                 

Already rented until July 2009 - Sorry

But I still have two other houses ready for purchase.

Take O’Kelly across 100. Follow Powerline Rd to left on Walker. Neighborhood is at end on right. Then take the first right to the end of the cul-de-sac.

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