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Friday, April 16, 2010

Bank-owned bargains near Outer Banks

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        Vacationers, retirees and investors have had a choice of some extreme bargains in golf communities these last few years.  No reasonable offers have been refused, and a few that reasonable people might consider unreasonable were accepted.  But with signs that the leisure residential market might be on the mend, especially in the middle price range, bargain seekers may have to become a little lighter on their feet than in past years.  One place they might look is in a small golf community near North Carolina’s Outer Banks, where a local bank is unloading its inventory of properties and three homes at deep discounts to their original prices.

        I wrote about the Powell’s Point, NC, community known as Kilmarlic after a visit in February [click here to read].  I didn’t get to play the well-regarded Kilmarlic Golf Club course, one of the high-end daily fee layouts in the area, but I did see enough of it and the surrounding community to have a positive vibe about the place.  I was surprised to find that the most attractive section of the community, Kilmarlic Estates, was in receivership, taken back by lenders from the developer.  Now, the banks have put their holdings up for sale.

        The pricing is impressive.  Lots on the golf course that originally were offered at up to $153,000 now command a top listing price of just $109,000 (the banks are listening to lower offers).  Three new homes are also included in the sale at prices from $289,000 to $349,000, the latter featuring 3 BR, 2 ½ BA and 2,500+ square feet with views of golf course, lake and conservation preserve.

        My real estate agent contact handling the sale for the bank says she has received numerous offers for the properties.  She doesn’t know if the bank will accept them or not, but she does think a decision on some or all of the offers will come in the next week or so.  If you are interested, contact me and I will put you in touch.


Hole #4 at Kilmarlic.  Photo courtesy of Kilmarlic Golf Club.

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Larry Gavrich

This blog was conceived and is published by me, Larry Gavrich, a former corporate communications executive who founded HomeOnTheCourse, LLC, in 2005.  Our firm advises baby boomers and others seeking a lifestyle in which golf is a major component.  My wife Connie and I own a home in Connecticut (not on a golf course) and a condo at Pawleys Plantation in Pawleys Island, SC, on a Jack Nicklaus layout.  We began our search for our home on the course more than 15 years ago, and the challenges of the search inspired me to research golf communities and write objective reviews of them.


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