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Emelvee on the Topsail Island section of this forum writes:
"After seeing some very low prices in North Topsail Beach, we decided to visit the area. Of course, the reason for the low cost is the lack of usable beach (especially during high tide). But the properties are priced about what non-oceanfront condos are in many other areas. So I figure we'll have the ocean view without paying the typical premium - we just won't always be able to just walk out to the beach. We close on our condo in a couple of days. We hope to enjoy it for a while before mother nature takes the buildings out with a hurricane. And hopefully, the terminal groin plan will actually bring back some of the beach - we're just not counting on that. If it happens and is successful, that will be a bonus."
My question - Does this sound like a good strategy to other readers? My thought is to check hurricane experience and real estate losses for a given area, buy something a bit further back and/or higher up in that area, and sleep more soundly at night (especially if you are in the house or condo at the time of the weather event). I've lived in the Outer Banks w/i 500' feet of the water and most recently further back and higher up (3rd story condo with concrete weatherboard siding) near the NC/SC border, 2 miles away from the water. I sleep better and pay less for my beach house there (and don't have to rent it to pay the mortgage). Your thoughts?
Depends on the price. I'd risk something close, with an erosion problem if it was a great deal. And if I could afford to lose it without ruining me financially.
I would not do what Emelvee is doing. They are ready to close on the condo, but I hope they understand future cost increases in homeowners insurance. Our insurance has gone up 20% every year for the past three years.
I wouldn't do it. I think that end of North Topsail going to get wiped out sooner rather than later. I don't need the additional anxiety and I would be worried every time a storm kicked up. It's also fugly with all those sandbags around.
I think if you just have several hundred thousand to blow and you don't care if you lose it all then it's like buying a fabulous vacation or something. You do it and throw the money away and don't expect anything but to enjoy the experience. If you go in with that attitude I guess it could work for you, but if you expect to be able to use your condo for any length of time I'd look elsewhere.
I'm with hsw55, buy a couple rows back at Surf City or in Topsail Beach on the south end of Topsail Island or sound side. I would get no enjoyment out of seeing my condo sink into the waves.
I am of the general opinion that no one should build on the ocean unless you are willing write it off.
That's my philosophy. If nature takes back this property, so be it. Give me a check (from insurance) and I'll be ok with that. lol
Future increases in insurance costs were pretty much our only major concern. We decided to "go for it" and proceed with the purchase. It was difficult to pass up oceanfront property at $85 per sq ft. Clearly, most people have the same concerns that are addressed in this thread, hence the low cost to buy on the beach at North Topsail. I don't expect much (if any) price appreciation going forward. If the terminal groin is built as planned and works as hoped, that will be a bonus.
I wouldn't do it. I think that end of North Topsail going to get wiped out sooner rather than later. I don't need the additional anxiety and I would be worried every time a storm kicked up. It's also fugly with all those sandbags around.
I think if you just have several hundred thousand to blow and you don't care if you lose it all then it's like buying a fabulous vacation or something. You do it and throw the money away and don't expect anything but to enjoy the experience. If you go in with that attitude I guess it could work for you, but if you expect to be able to use your condo for any length of time I'd look elsewhere.
I'm with hsw55, buy a couple rows back at Surf City or in Topsail Beach on the south end of Topsail Island or sound side. I would get no enjoyment out of seeing my condo sink into the waves.
OP said on another thread that his budget is less than $100K.
Yeah, we're paying $71k for the condo, plus some to remodel.
I'd take the chance for that price.
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