515 Cedar Club Circle, Chapel Hill, NC Listed For Sale

By
Real Estate Agent with Meadowmont Realty of Chapel Hill, LLC

This property is located in the heart of Meadowmont, the Cedars of Chapel Hill is a state-of -the-art retirement community with elegant private residences.  This 1842 square foot, 2 bedroom, 2 bath villa features a large, yet comfortable living room and dining room, wide entry foyer, spacious owner's suite, 2nd bedroom with built-in bookcases/desks, and sunny eat-in kitchen.  A lovely patio off the kitchen overlooks the community's well maintained and lush grounds.

All Villa buildings are designed in brick Georgian architecture and surround the Great Lawn.  Each four-story building is served by elevators and has six to nine residences per floor with parking garages below.  For more information call Clarence Lupton at 919-524-8330 or visit website www.meadowmontchapelhill.com for more details and virtual floor plan tour.

Attractive financing has been arranged and $2,500 will be applied to closing cost.

The Members own the Cedars. The entire community, including the Health Center, is debt-free and operated on a not-for-profit basis.

Each Member of The Cedars purchases his or her own residence, securing the economic benefits of individual home ownership. Included in the gross purchase price is a 10 percent, non-refundable club and community membership fee. Therefore, 90 percent of the gross purchase price or future resale value is true equity ownership. It becomes an asset for the Member, which can be sold.

To be a Member of The Cedars, you must be 60 years of age or have a spouse at least 60, possess income and resources sufficient to meet financial requirements, and be capable of independent living. At the time you decide to purchase a home at The Cedars, we will have your physician complete a medical questionnaire qualifying your independent health status.

Once you are qualified for membership, you will not have to re-qualify even if there is a change in your health status between the time you have placed a deposit on your home and the final closing, you will continue to be eligible for Cedars membership.

The Cedars is for independent, active retirement. You should consider The Cedars before a health problem arises that might affect your ability to qualify for membership. The Cedars offers the opportunity for a high quality of life in a friendly, social environment that includes health care and financial security.

If you experience financial hardship while residing at The Cedars and are unable to meet your financial obligations, The Cedars Club will continue to pay your monthly service fee. The amount per month will be borrowed against the equity in your home. At the time you sell your home, the outstanding debt would be repaid to The Cedars.

The Cedars of Chapel Hill is an ownership model and you are required to pay taxes on your home. The Cedars of Chapel Hill is located within Durham County and the town of Chapel Hill.

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