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Glowing Hearth Estate
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"Vale of the Cross"
Nestled high in the Appalachian Mountains of North Carolina is a peaceful rural community that has stayed untouched over the years. When Levi Ives, the second Episcopal bishop of North Carolina, visited the area in the 1840s he looked into the valley from a hillside, noticed three streams forming the shape of a St. Andrew’s cross and deemed the location Valle Crucis, Latin for “Vale of the Cross.” Pronounced valley crew’sis, the bucolic area was first formally settled over 200 years ago and is a place that historians and visitors alike have called "uncommon."
The community has grown in recent years, as the valley’s scenic beauty and majestic quality continuously mesmerizes residents and draws visitors from throughout the world. Located in Watauga County, near Boone and only a few hours from the hustle and bustle of bigger cities, day and weekend getaways are possible, but most eventually return for a much longer stay.
Valle Crucis is North Carolina’s first rural historic district and the entire community is officially listed on the National Register of Historic Places. Nationally recognized historic buildings are abound in Valle Crucis, with many like The Baird House (1790), The Mast Farm Inn (1812), the Old Episcopal Mission (1842) and the Mast General Store (1883), restored to their initial splendor and still serving the area today.
The rustic countryside provides ample opportunities for recreational activities. Both residents and visitors alike can be found enjoying the amenities at the riverfront community park, with multiple children’s playgrounds, athletic fields, picnic areas, and a walking/running trail around its border. Other outdoor enthusiasts can be found hiking from the sacred ground of the old Episcopal Mission, now the Valle Crucis Conference Center, up trails to Crab Orchard Falls or along other seemingly limitless trails along the Blue Ridge Parkway. Riding horses through old farm fields in the valley and fishing for trout from the banks of the streams and Watauga River also provide an enjoyable glimpse at the days of old. Regardless of the choice of activity, unquestionably the best way to recap the day’s events is from a rocking chair placed outside in the crisp mountain air, with views of spectacular foliage and the quaint valley.
This lovely property was purchased in 1990 by the current owner.
The main estate home was built in 1994 and sits on approximately 1.5 acres
The cottages were built in 1996. Each cottage sits on ½ acre.
Cottages rent from $200 - $350 per night
GROSS REVENUE - $110,000 average per year
Note: This acreage covers several mountain ridges lending to additional development. The main estate home and cottages sit on just one ridge of the property. The other two ridges would allow beautiful and breathtaking development. ZONING allows property to be divided into ½ acre lots if desired.
APPROXIMATE VALUE:
Glowing Hearth Estate
The main home is comparable to homes in this area selling at
1.2 million to 2.0 million dollars.
Each of the five, 1400+ square foot cottages/homes is comparable to
homes in this area, with great views and upgraded interiors, selling from $300,000 to $350,000 dollars. Upgrades include tongue & groove vaulted 18 foot high exposed pine-beam ceilings, terra-cotta exican tile floors, stone fireplaces, jetted spa tubs, and expansive decks.
35 additional acres with roads, fencing, 3 fresh spring water wells,
trees and landscape, 40,000 gallon stocked pond, barn with 4 pastures,
streetlights, all underground electrical/phone/cable wiring, playground with 30 foot play-fort and climbing wall, and wooded forest with hiking trail.
This acreage has fantastic views and multiple areas for development. It is also easily accessible and near all conveniences.
This type of land, being very desirable in this area, is selling from $46,000 to $72,000 dollars per acre.
The 5 Cottage rental business grosses from $100,000 to $125,000 per year since opening 8 years ago.
The average yearly GROSS RENTAL INCOME is $110,000 per year.
Average Yearly Expenses PER Cottage:
Taxes $700
Insurance $1000
Phone $360
Maids $480
Repairs $100
Electric $1000
Cable $145
TOTAL: $3785
Monthly Operating Costs for Main Residence:
Electric $525
Phone $30
Homeowners
Insurance $280
Taxes $183
TOTAL: $918
APPROXIMATE VALUE of entire ESTATE, taking average comparable prices is:
Main Home $1,500,000.
5 Cottages $1,650,000.
35 Acres $1,645,000.
Business $1,100,000. over 10 year period
Total Value $5,895,000.
Current Asking Price
$4,500,000
Motivated Seller!
ADDITIONAL INFORMATION:
PERSONAL PROPERTY TO TRANSFER: All furnishings in the 5 cottages, a 425 John Deer lawn mower, a Ford Truck and all extra linens and towels.
EMPLOYEES: The only employees we hire are maids. We hire maids from the University. (note: The university is Appalachian State University in the city of Boone, NC, just about 10 minutes away.).
- Maids – We pay $25 per cottage. Maids come from the University, so there is an unlimited supply.
TRASH: There are no fees for trash pick-up. The County does not supply it. We take our trash to the dump. One may hire private trash companies, but have no idea of the charge.
POTENTIAL BUYERS WITH SMALL CHILDREN: Noted pre-school programs in the area through Appalachian State University
APPRAISAL: We have NO appraisal. There is nothing like this property in the area of which to compare, per a consulting appraiser.
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Janice Heavner •
Century 21 Thomas •
(843) 424-9631
625 Sea Mountain Highway • North Myrtle Beach,
SC 29582
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