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Old 10-13-2008, 01:00 PM
 
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My dream has been to own a condo on the beach. We live in Raleigh, and our budget tops at 200K. I have looked at Topsail Island which has some condos within our price range, but I wanted to see if you all can give me some recommendations. We have 2 small boys, and we love the beach, so I see us going very frequently. Also, would like to rent it out as vacation rental when we are not using it.

Any ideas would be much appreciated,

Thanks,

D.
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Old 10-14-2008, 07:14 AM
 
Location: Suburban Buffalo, NY
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I'd look for one that has more then one road that goes into and out of it.

Emerald Isle and Atlantic Beach would be deal breakers for me.
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Old 10-14-2008, 07:24 AM
 
Location: Morehead City, NC
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I'd look for one that has more then one road that goes into and out of it.
You may want to double check a NC coastal map. One road in and sometimes one boat in-Is the only way to our ocean beaches. Hatteras, Ocracoke, Bogue Banks (Emerald Isle, Atlantic Beach), Wrigytsville Beach, Topsail Beach, Kure Beach and the list goes on.

Each beach has it's own attributes-All are gorgeous. If you take business/investment out of the picture-It all boils down to preference and affordability.
Bill
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Old 10-14-2008, 11:23 AM
 
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Thanks for the responses.

Bill, as a real estate agent, as far as prices go, which beaches are relatively less expensive as far as prices go?

D
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Old 10-14-2008, 12:07 PM
 
Location: Morehead City, NC
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des1rees,
I belong to the Crystal Coast and the Neuse River Board of Realtors and can only give you info within these two systems. The YTD average sold price for a Crystal Coast condo is $306K-Which is an 18% drop compared to last year.
These are ytd average sold prices for condos-Not homes.

Beachfront town condo YTD prices
Atlantic Beach: $319K which is 5% more than last year.
Emerald Isle: $285K which is 12% less than last year
Pine Knoll Shores/Indian beach: $515K which is 13% more than last year.

Non-Beachfront towns YTD average prices
Beaufort: $184K which is -59% less than last year
Swansboro: $163K which is 22% less than last year
Cedar Point: $183K which is 11% less than last year.
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Old 10-14-2008, 03:03 PM
 
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Thank you for taking the time to reply,

D.
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Old 10-14-2008, 07:11 PM
 
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The most important thing in our current Buyers Market is to obtain a Pre-qualifying letter from a lender, the second most important thing to do is to enlist the aid of a Buyers Agent who you feel comfortable with and who will devote their time and expertise to finding you a home and negotiating the price for you, the third and possibly the most challenging is deciding on the location of where you want to live. I belong to the Wilmington Board of Realtors and service only Buyers for New Hanover and Brunswick Counties. We have actually seen an increase in sales in Brunswick County over last year, and were one of the few areas in the state to see an increase.
Wow, in this market? Yes, real estate is all locally based, and one's perception should not be clouded by all the negative news.
Our Coastal NC area has so many options to chose from, and so many communities, it really is up to you to decide where you want to be.
I quite honestly would never advise anyone to purchase based on rental income, however, the smartest thing to do, would be to buy something close to a golf course that would attract up scale renters. Whether you would be able to find something in the $200,000. range is debatable, hence the pre-qualification.
Hope this helps, keep us posted, and good luck. Many of us relocated here because we had the same dream of living close to the ocean and living the good life, and my belief is, if you really want it to happen, you will make it happen.
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Old 10-15-2008, 08:30 AM
 
475 posts, read 1,428,012 times
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Quote:
Originally Posted by seashellbelle View Post
The most important thing in our current Buyers Market is to obtain a Pre-qualifying letter from a lender, the second most important thing to do is to enlist the aid of a Buyers Agent who you feel comfortable with and who will devote their time and expertise to finding you a home and negotiating the price for you, the third and possibly the most challenging is deciding on the location of where you want to live. I belong to the Wilmington Board of Realtors and service only Buyers for New Hanover and Brunswick Counties. We have actually seen an increase in sales in Brunswick County over last year, and were one of the few areas in the state to see an increase.
Wow, in this market? Yes, real estate is all locally based, and one's perception should not be clouded by all the negative news.
Our Coastal NC area has so many options to chose from, and so many communities, it really is up to you to decide where you want to be.
I quite honestly would never advise anyone to purchase based on rental income, however, the smartest thing to do, would be to buy something close to a golf course that would attract up scale renters. Whether you would be able to find something in the $200,000. range is debatable, hence the pre-qualification.
Hope this helps, keep us posted, and good luck. Many of us relocated here because we had the same dream of living close to the ocean and living the good life, and my belief is, if you really want it to happen, you will make it happen.
Thank you for your post. Yes, the main thing is that we would like a second home near the beach. If we rent it out, that would be nice - but not a determining factor...

I appreciate the answer. I did see a condo at Topsail Reef for 158K but that is a no frills place, and also did not see any good reviews on the place so continuing to look. Will definitely keep you posted,

D
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Old 10-15-2008, 09:20 AM
 
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There are some really good deals in Carolina Beach. Last week I saw a 2nd row 1BR fully furnished for 179k. Tax value on the unit was 220k. I think it's still on realtor.com if you are interested.
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Old 10-15-2008, 11:36 AM
 
Location: Morehead City, NC
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Trust me-Deals are to be had!! There is currently a 5 year supply of condos along the CRystal Coast. Sub-$200K condos abound.
Bill
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