Gorgeous Mountain Home Sites

The Property
Stretching across 1,520 acres of spectacular scenic wonder, this community offers a select number of home sites, each positioned to blend seamlessly into the landscape. Residents enjoy panoramic views, tranquil climate and abundant ridges and hills. With the convenience of being 39 miles from of Asheville, NC, a short drive on Interstate I-40, this community offers a wealth of cultural opportunities in addition to natural beauty.

Served by Greenville, Charlotte and Asheville airports, this development is within a 500 mile radius of Atlanta, Pittsburgh, Washington DC, Baltimore, Jacksonville and Charleston.

Designed to make a memorable first impression, gated entryways into the community are landscaped to reflect the natural beauty of the surroundings. Hiking trails wind their way by hidden waterfalls through the community, ending up at the master club house. A wilderness park, community gardens and more make this a great real estate investment in the mountains.

Situated at the foot of the Blue Ridge Mountains, the climate here is one of the most desirable year-round climates in the country. Mild winters and radiant summers cooled by the mountains, allow residents to enjoy the best of each season.

In addition, western North Carolina is a paradise for the outdoor enthusiast, with everything from hiking, to trout fishing to snow skiing right at your doorstep.

Proposed Amenities

• -Community Club House
• -Swimming Pool and Hot Tub facilities
• -Wilderness Park: 500+ acres of undisturbed nature
• -Hiking and Walking Trails: Numerous trails stretching over ridges and winding
• through the forest to majestic panoramas and hidden waterfalls
• -Community Garden Area: Plant your own fruits, vegetables, and herbs
• -Designated Picnic areas
• -Gated and landscaped entrances welcome residents to their home in the mountains

Nearby Attractions
Western North Carolina also boasts impressive natural attractions, such as Linville Gorge Wilderness Area (”The Grand Canyon of the East”), Grandfather Mountain and Chimney Rock Park. Just up the road, Lake James offers many recreational activities on its 6,500 acre lake and new 3,000-acre state park. Also close by is the Pisgah National Forest with more than 67,000 acres of plants, wildlife and waterfalls. Other landmarks include the historic Carson House, the Orchard at Altapass, Andrews Geyser, and the world-famous Biltmore Estate.

The Biltmore Estate - The World’s Largest Home

Asheville
Tour the art galleries of Asheville and sit down to a gourmet dinner afterwards at one of Asheville’s renowned bistros. Go antiquing in quaint town squares. Take in a performance by the Asheville Symphony Orchestra, attend a local arts festival or a partake in a major traveling exhibition. Shoot a round of golf or relax in the spa at the famed Grove Park Inn. And prepare to be astounded as you marvel at the treasures of the Biltmore Estate.

Asheville, NC recently topped a list of “Most Popular Places to Live in 2007” in a survey released by Relocate-America.com

Asheville was also named one of the “Top Ten Towns for a Second-Home Investment” by MSN Money and one of the “20 Best Places to Retire in the World” by Barron’s.

Downtown Asheville

The Developer
Since 1997, this national developer has developed over 20 communities throughout the Southeast. It is a privately held company with sales of over $175 million in 2005. Their focus is on preservation and leaving the “softest footprint possible” on the communities they develop. This community is the 5th community in the western part of North Carolina they have developed.

HGTV Dream Home
Because of their reputation and success developing communities in western North Carolina, The Home and Garden Television Channel (HGTV) chose them as the developer for their 10th annual HGTV Dream Home. HGTV looks at a number of factors when selecting a community for their Dream Home. Some of the main criteria are the stability, credibility, financial strength, track record and resources of the developer.

This is the only time HGTV has ever selected one single developer to host two Dream Homes, once in 2004 in Saint Mary, GA and second in 2006 in Lake Lure, NC.

This developer focuses on building communities in areas with strong second/vacation home markets. Their communities draw buyers from Florida, the Midwest and the Northeast. All communities are located near regional and/or international airports and within 2 hours of major metro areas.

This Investment Opportunity
This is your opportunity to come in on the ground floor of a premier, master planned, gated mountain community in Western North Carolina.

Comparable home sites in communities that have recently opened within a 5 mile radius start in the $250,000 price range and top out around the $800,000. This creates strong re-sale value for the community along with a driving force of how valuable property is within a short drive of the Asheville, NC area. Property values in the Asheville area have increased 45% in the last 4 years, as cited in the Asheville Citizens Times.

Below are some figures of comparable communities. Another earlier community which is around 2.5 years old provides an example of where pricing started at the entry level phase and where it is now, 2.5 years later. This other community is about 45 minutes from Asheville, NC. Both communities are considered premiere gated, mountain communities located in the Blue Ridge Mountains of western, NC.

Currently we are offering grand opening inventory starting around $95,000, averaging $136,748, and topping out in the $325,000 price range.

One specific point to consider is that we have some strong incentives which include 10% off of the purchase price, or the “Buy Down Incentive” where the developer pays roughly up to 18 months of mortgage payments.

Area Comps
At the beginning of development of the earlier community, home sites went for as little as $69,900. Today the least expensive home site in company inventory is $174,900.

The average price of home sites in Phase I was $154,226.

The average price of home sites in Phase II was $200,681. That is an increase from Phase I to Phase II of 30%.

The average price of home sites in Phase III so far is $294,462. That is an increase from phase two to phase three of 47%.

From Phase I to Phase III there has been an increase of 91%. All of these numbers are based off of closings.

Loan Programs Available
The terms for the loan programs are as follows:

1. 10% deposit or more dependent on credit score (700 and up)
2. 90% financing is available dependent on credit score (700 and up)
3. Buyer must be able to close in 30 days

The lender has an internal grading system for approving out lot loans. The pricing below can only be given if the client is approved by the system, no exceptions.

Investors with credit scores below 700 are usually approved but verification of
income for credit scores below 700 is required.

The lender also requires verification of down payment money along with 5 times 5% of the purchase price in liquid assets (for example: a $100,000 home site would require $25,000 in liquid assets to qualify for special pricing and LTV of 90%)

Summary of Requirements for Loan Programs
1) 700+ credit score (Equifax)
2) No income documentation required for Investors with a 700+ credit score
3) Debt/income must be 50% or lower
4) 90% LTV
5) Must have 5% x five liquid assets currently available (example: loan amount is 100k, 5% of 100=5, 5X 5= 25k liquid. Investor must have $25,000 liquid and be able to prove it with brokerage statement)

Loan Amounts over $100,000
3yr interest only 6.49% w/balloon
4yr interest only 6.59%
5yr interest only 6.74%

More Information
Linville Gorge
The Biltmore Estate
Lake James
Grandfather Mountain
Chimney Rock Park

Asheville, NC Building Site: