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Old 01-04-2011, 05:00 PM
 
85 posts, read 420,304 times
Reputation: 62

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I searched the threads but didn't find any recent post about this so I will put it out to the forum.

My husband and I have vacation for years at "The Ocean Club" at Indian Beach, NC ( my brother has an oceanside condo) and have always considered buying a condo there some day. We have watched the prices steadily fall from the mid $400's to now a low of $214,000.

We also recently spent some time at Oak Island and really liked it there but are less familiar with the area. If you knew both areas how would they compare against each other?

As we consider buying, what should we keep in mind about both areas? Any "you must thin of this" type issues anyone can share?

Thanks!
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Old 01-04-2011, 06:44 PM
 
Location: Swansboro, NC
107 posts, read 215,125 times
Reputation: 92
Are you paying cash or getting a loan? If a loan and FHA, FHA has CHANGED lending requirements on condos. If 400k, you can buy a waterfront home for that price in Carteret or Onslow County. There are so many options...
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Old 01-04-2011, 07:42 PM
 
Location: Swansboro, NC
107 posts, read 215,125 times
Reputation: 92
I feel area comes dowm to factors such as nearest medical facilities, taxes, etc....Carteret County is governed well and has a very low tax rate...Would love to call you neighbor..
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Old 01-04-2011, 10:03 PM
 
Location: Raleigh, NC
10,401 posts, read 19,422,969 times
Reputation: 11278
Quote:
Any "you must thin of this" type issues anyone can share?
Looks like you made a typo that I can't interpret?

You haven't mentioned whether this will be a primary or secondaray residence, and if the latter, whether you will rent?

My dad and his wife own a condo at The Ocean Club, and they would sell in a heartbeat if they could get their money out of it. Rentals have plummeted and the rental agency nickels and dimes them to death, yet the place is continually damaged by renters who break and steal things. Part and parcel of renting, yes, but the rental agency is a big PITA to them, I know that much. I also have another friend with a unit there who is irritated with them frequently.

I wouldn't want to live there full-time; I'd choose a house. Even for a vacation home, I cannot recommend The Ocean Club.
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Old 01-06-2011, 09:03 AM
 
Location: NC
128 posts, read 432,604 times
Reputation: 104
Water front properties are taking a beating simply because they are a luxury, not a necessity and as a result there is very little demand for them which is crushing property values. Personally, I wouldn't touch a beach property right now because it is almost certain that you will lose money in the short term. However if you do decide to purchase now the best investment is a single family home. A condo is the worst, especially water front because the upkeep costs are astronomical and as a result the monthly COA dues will be several hundred dollars a month.

My best advice is wait a year at least and see what happens with the economy. Until prices level out or start to increase you'll be much better off renting rather than buying. That $215k condo may be $175k in the spring of 2012.
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Old 01-08-2011, 10:39 AM
 
85 posts, read 420,304 times
Reputation: 62
Thanks for the responses...
Francois, I appreciate your personal input. My brother and his wife do not rent theirs and have not experienced the same situations. They have commented on the changes around the Ocean Club. They are original owners and they let us use the condo 5/6 times a year (usually only in the off season b/c they go all summer). I myself have seen the decline in the amenities (towel, umbrella service being discontinued) but otherwise our times their have always been fun, etc.
We would probably not rent either and would not be living there full time. I guess we were considering a condo over a house because of the additional upkeep/expenses of a house. I like that that there is an on sight maintenance staff. I know that monthly dues /insurance have gone up recently....
Any other insight would be great. Thanks
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Old 01-08-2011, 02:43 PM
 
Location: Wakefield
53 posts, read 112,757 times
Reputation: 31
We just bought on Oak Island and we certainly expect that there will be some short term fluctuation of value but since I am not selling it in the short term it doesn't matter. I felt comfortable with the price that I paid and the interest rate that I got. I think that is all that should matter when you are purchasing. I love Oak Island because it has a much larger "foot print" than any of the other coastal islands. It doesn't feel like a sandbar with a road down the middle. Because it is a south facing island it is less exposed to the currents responsible for beach erosion. The new second bridge on to the island has opened up the island and should only increase property values as access has been significantly improved. It certinly doesn'thave the name recognition of Emerald Island (or the premium pricing) and if that is important to you then you should look elsewhere.
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