Marsh Grove, Oak Island, NC? (for sale, apartment, foreclosure)

[kateyk12]

A few years ago, I remember a realtor telling me about how quickly the Marsh Grove Condos were selling at $450,000 each. I thought that was an incredibly high price, but the prices of everything were way up there then.

I am talking about the condos that they had started to build at the foot of the Oak Island bridge. A few of the buildings are complete, but the others are just steel frames.

My question is, now that no one owns the project anymore, what happens to those who own the condos there? I mean, it's like living in an apartment where no one owns the building. What do they do if something happens to the elevator and it needs repaired? Or the driveway or something?

I noticed these condos are now listed for sale between $145 and $170. I feel for those folks.

[NCGT]

The HOA is still functioning but I feel little sympathy for the people that bought in that complex. $450,000 for a condo that wasn't ocean front (even back in 2005/2006) was a joke. Who knows what will happen with the partially constructed buildings but whatever does happen will probably be years down the road. The unfinished structures have been exposed to the elements (including salt air) so that is a nightmare for any potential developer to deal with. Meanwhile, those eye soars continue to wear on the property values of the existing units. It's not a good situation but that's what happens when some slick marketing company convinces people to pay absurdly high prices.

[seashellbelle]

Originally Posted by kateyk12

A few years ago, I remember a realtor telling me about how quickly the Marsh Grove Condos were selling at $450,000 each. I thought that was an incredibly high price, but the prices of everything were way up there then.

I am talking about the condos that they had started to build at the foot of the Oak Island bridge. A few of the buildings are complete, but the others are just steel frames.

My question is, now that no one owns the project anymore, what happens to those who own the condos there? I mean, it's like living in an apartment where no one owns the building. What do they do if something happens to the elevator and it needs repaired? Or the driveway or something?

I noticed these condos are now listed for sale between $145 and $170. I feel for those folks.

Actually if you research the State Port Pilot's archives regarding The Preserve the article will give you much information as to who the current owners are.
The majority of original owners have sold, or are in foreclosure. Prices are extremely low, however, I don't think there are enough reserves in the HOA to qualify for a mortgage, so one would have to purchase with cash.
The ones that are completed, are extremely well built, and gorgeous inside, some with incredible views of the ICW.
As to the buildings not completed, I have not heard any infomation on the future plans.
For those with vision, and cash, they would make a very good investment for the future.

[kateyk12]

thanks for answering. I sure wish I had an extra million or so laying around. I would love to finish that place off. It really is an excellent location.