Fairfield Harbour acquires 385 acres of prime real estate
On Friday, December 30, 2016, Fairfield Harbour Property Owners Association (FHPOA) purchased 385 acres, collectively known as the Amenities Property, for $2.75 Million from MidSouth Golf LLC. who owned this property since 2000. The acreage consists of Birdland Marina, Shoreline Marina, Harbour Pointe Golf Course, and open space once known as Shoreline Golf Course.
In June of 2016 after lengthy negotiations, a $2.75 million offer from MidSouth Golf to the FHPOA for the purchase of the property was presented. A community vote required to purchase the Amenities Property passed overwhelmingly on August 17th.
A loan for the purchase amount was a requirement but repayment could not legally come from FHPOA dues paid by its members according to the NC state courts. Community restrictions for repayment of a loan for real property had to come from non-dues income such as proceeds from the Harbour Pointe golf course managed by Billy Casper Golf, the marinas and other POA sources.
The option to borrow money from commercial banks was pursued immediately in order to meet the end-of-year expiration of the property purchase offer. At the same time the lending institutions were being pursued, two separate groups were formed within Fairfield Harbour as another means to raise capital. The first was Fairfield Harbour Partners, LP (FH Partners) which offered Association members an investment alternative similar to the terms being offered by a bank. The second group, “Sponsor an Acre”, accepted contributions (or gifts) from those who wanted to help save our property values by contributing toward the purchase. In a short period of time, both of these community groups had commitments that collectively exceeded the $2.75 million requirement.
In the middle of December, the FHPOA analyzed all loan options available and concluded that the terms of the FH Partners were more favorable. The ownership of the Amenities Property will give Fairfield Harbour the ability to improve the property value for the benefit of all Association members. This purchase is expected to have a positive impact on home and lot sales.
FHPOA’s next step is to determine the wants of the members in order to assess and evaluate suggestions for land use. Dozens of small “fire side chat” style meetings were held and residents brainstormed how to best develop the property. Community spaces are thought of differently than they were 10 or 20 years ago. Open space needs to be more functional and flexible to grow with the changing times.
Fairfield Harbour, a gated, coastal resort community located across the Neuse River and 10 miles from New Bern, NC is at the confluence of Upper Broad Creek, and Northwest Creek. The Inner Harbour offers numerous canals where waterfront homeowners keep boats at private docks in their backyard. Abundant lakes and creeks enhance the active lifestyle where boating, fishing, kayaking and golf abound. Home to over 1500 multi-generational families, Fairfield Harbour is a vibrant and thriving community offering extended amenities.