By Deborah Huso
Too wary of a down market to buy that mountain home you’ve always dreamed of? Don’t be. Three couples defied the times and explain why now is the best time to buy.
More than a few mountain lovers have put their dreams of buying or building on hold the last two years, concerned about real estate values. But when it comes to investing and following your dreams at the same time, real estate remains the way to go. This trio of couples explains why and how they took the leap.
Tony and Cynthia Page, Rarity Bay, Tenn.
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Tony and Cynthia Page left California (where they're pictured above), to take advantage of lower construction costs and interest rates to build at Rarity Bay. |
Tony and Cynthia Page of Yorba Linda, Calif., first fell in love with the Southern mountains while living briefly in Atlanta in the late ‘90s. But Tony’s career with Isuzu Trucks, where he currently serves as executive director of service and parts, took the couple to southern California, where they have spent most of the last two decades.
“We enjoyed the South,” says Cynthia, a native of New York and currently a secretary at a Christian school, “and we’ve been looking for a slower pace.”
In late summer 2008, just as the real estate market was beginning its downturn, the Pages bought a home site at Rarity Bay near Vonore, Tenn., with the hope of building a second home and eventually retiring to the community on the shores of Lake Tellico. “We wanted to be close to the mountains,” explains Tony, “and in a tax-friendly state.” They found Tennessee’s low property taxes and lack of personal income tax to be major selling points.
Second Thoughts
Then the real estate market took a dive at the end of 2008 and home prices began to fall. The couple became concerned about their dream of building on their new home site overlooking the lake, mountains and the golf course’s Hole One. Still, they put their California home on the market in the spring of 2009, and hoped for the best. It took about three months to sell.
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The Pages' 3,500-square-foot home cost about $150 per square foot (versus about $200 during the boom). |
“We didn’t get a great price,” Tony admits, “but it was a reasonable price.” The sale allowed the Pages to start building in Tennessee last summer.
They couldn’t have picked a better time.
“The cost of building went down considerably in Rarity Bay last year,” says Tony, noting that at the height of the real estate boom, home construction prices in the community averaged about $200 per square foot. “We were able to build for $150 per square foot instead,” Tony adds. “With interest rates being low for construction and permanent financing, we felt like it was the right time.”
The couple’s 3,500-square-foot home, which is a mix of Craftsman and French Country in style, was completed in April.
“Our plans are to hold it as a second home for a couple of years,” Tony explains, “and then move out there permanently.”
In the meantime, the Pages intend to enjoy Rarity Bay on occasional vacations. With two grown children and retirement approaching, they’re excited about the prospect of having more free time and access to east Tennessee‘s four mild seasons.
“We like our view of the lake and the mountains,” says Cynthia of the couple’s new home, “and the water here is so clear.”
Keith and Dorothy Nance, Echota, N.C.
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Keith and Dorothy Nance purchased their townhome in Echota for about $30,000 less than the home's under-contract price two years earlier. |
For Keith Nance, North Carolina’s High Country is in his blood.
He spent the first 14 years of his life in the mountains around Boone and always enjoyed visiting on holidays from his job as a pathologist in Raleigh.
“We actually have a picture of Keith when he was a kid on Grandfather Mountain,” says his wife Dorothy, a pharmacist.
Long-time owners of a North Carolina beach house, the couple decided last year that it was high time they bought a vacation home in the mountains.
“We’d been looking for a mountain place for over a year,” Keith explains, “but when Dorothy was diagnosed with cancer of the tongue, it put a damper on things for awhile.”
At Search’s End
The couple had looked at properties in downtown Blowing Rock, one of their favorite places to shop and dine, but decided there would be too much yard maintenance and no access to amenities. Last summer, however, Echota broker Glenn Morris invited the couple to visit the High Country community for the weekend, and they quickly fell in love with the low maintenance lifestyle Echota offered.
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The Nance great room is emblematic of not only their condo's welcoming size, but also its value as an investment. |
The Nances, who both enjoy biking and have ridden the Blue Ridge Parkway as well as the country roads around Valle Crucis, decided to take advantage of the down market and last September, bought a four-bedroom townhouse.
Leery of the stock market, Keith says he was accumulating cash to invest and decided real estate was a safer option.
“Interest rates were low,” he says, “and we were able to buy the house at below market value.” The couple paid $479,000 for their home ,which two years earlier was under contract for $509,900.
“We like Echota because their dues are not outrageous,” Keith adds, “and we like having access to the health club and pools big enough to swim laps in.” Keith and Dorothy, who have two sons, ages 16 and 22, plan to spend most of their summer vacation time in coming years at Echota, enjoying club facilities as well as the outdoor recreation in the area.
“We like biking and hiking, and we’re close to the Grandfather Profile Trail,” says Dorothy, who is also hoping to find a place in the High Country for another of her passions – tennis. “The peace and quiet here is so enjoyable."
Tom and Lisa Apodaca, The Reserve at Lake Keowee, S.C.
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Tom and Lisa Apodaca's great purchase price for thier home at Lake Keowee gives them the expectation of appreciation as well as a perfect getaway today.. |
Tom and Lisa Apodaca had considered buying a second home in the South Carolina mountains for years before they finally purchased at The Reserve at Lake Keowee last August.
Tom, a North Carolina state senator for the 48th District and a native of Hendersonville, and Lisa, a former schoolteacher, wanted a place away from Tom’s political duties where they could relax without worrying about the concerns of the senator’s active constituents.
“We learned about the Reserve in 2001, and then I visited it in 2004,” Tom explains. “Ever since that first visit, I thought daily about having a place there.” The couple liked the community’s many amenities, including a 200-slip marina and boardwalk, 20,000-square-foot clubhouse, a village center with dining and market, and pools. The lake, with its 30 miles of shoreline on the Reserve, was a big attraction for the Apodacas, who hope to purchase a boat soon, and Tom is looking forward to playing the community’s Jack Nicklaus-designed golf course.
The Right Time
Last summer, after he sold his insurance business, Tom decided it was time to take the plunge and buy the second home he’d always wanted at Lake Keowee. The couple picked a 3,000-square-foot house with a 2,500-square-foot basement for $790,000. Located on the third hole of the golf course and offering stunning mountain views, it features natural cedar siding, and a high-pitched slate roof.
“With the sale of my business, the down market, and great home values,” Tom says, “it was a perfect time to make a move.” He expects the couple’s new home to appreciate in value in the coming years, making it a good investment as well as a getaway.
“We hope to spend about a third of our time at Lake Keowee,” he says. “The Reserve offers a great sanctuary for us, and it’s only 52 miles from our home in Hendersonville.”
The Apodacas expect their two grown sons, both recent college graduates, to join them frequently on the lake. But as for escaping the concerns of his Hendersonville-area constituents, Tom hasn’t been quite so lucky. With a laugh, he says he’s met two couples from his senatorial district with vacation homes at the Reserve.
But he adds with a warm smile, “We really love the people here and the sense of community.”
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