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$7423 Mason Inlet Special Assessment & Shell Island Resort Condos

Shell Island Resort Condos and the Mason Inlet Special Assessment

shell island resort mason inlet assessment 2

 

 

 

 

 

 

 

 

 

Quick History on the Mason Inlet Rescue

http://www.starnewsonline.com/article/20120313/ARTICLES/120319907

“In 2002 the inlet, located between Figure Eight Island and Wrightsville Beach, was relocated about 3,000 feet to the north to rescue Shell Island Resort and other properties in the path of the waterway’s decade-long southward march.

The move came after years of debate, with officials fearing the sight of buildings crashing into the surf could devastate the region’s tourism economy and send beach property values tumbling.”

Shell Island Resort Condo owners & the Special Assessment

So the special assessment is to maintain the Mason Inlet, and it is a confirmed assessment as of 2013, is  $7423 and is good through 2017.  The owners can split it into 5 payments at 7% interest rates or they can just pay up front. It confirmed assessment so really the current owners are responsible for all of it. Now how that does or does not play out in a contract negotiation to purchase a condo for sale…well you have to take that “confirmed assessment” and its responsibilities with a grain of salt because it’s going to be worked out with whoever wants to buy the property. Some listings have already up front agreed that the Seller will pay their confirmed assessment. Over a thousand property owners along the inlet in Wrightsville Beach pay into this and it happened going back 10 years when the inlet was getting too close to some of the residential property and this was to preserve the residential residences and their long term viability. It will be renewed again no doubt in 2018 with with New Hanover County.  Rates are based on the value of the property and how close it is to the water.

Photos of Shell Island Resort Rescue

Look at the photo of the Resort now as opposed to 10 years ago.  HUGE difference.  (technical problem so more photos soon or go to the Starnewsonline link above for the gallery. It’s dramatic footage.

 

All photos found at gallery at our local http://www.starnewsonline.com/

sand dumped on shell island

 

 

 

shell island resort before mason inlet rescue project

 

 

 

 

 

 

 

 

mason inlet 10 years ago wrightsville beach

 

 

 

 

 

 

mason inlet emergency shell island resort

 

 

 

 

 

 

 

 

 

Price Range: $297,000 to $325,000 Price Average: $305,225
Size Range: 540 to 590 Sq. Ft. Size Average: 564 Sq. Ft.
Gallery List Map
1 4 of 4
Under Contract
Contingency
$ 325,000
2700 N Lumina Avenue #905
Wrightsville Beach, NC 28480
Shell Island Resort
Bed / 1/1 Bath
586 Sq. Ft.
Property Type: Condo
MLS® #: 100024429
Under Contract
Contingency
$ 325,000
2700 N Lumina Avenue #905 | Wrightsville Beach, NC 28480
Shell Island Resort
MLS® #
Property Type
Beds
Baths
Square Ft
100024429
Condo
1/1
586 s.f.
Beautiful Condo on Wrightsville Beach with great ocean views! Owners have taken great care and have recently updated the kitchen and bath cabinetry, new tile floors in the LR, bath & hall, new carpet in bedroom, custom made draperies, new bedroom lamps, new exterior front windows and sliding glass doors, brand new sleeper sofa & granite counter tops in bath and kitchen. Come visit this one soon!
Under Contract
Contingency
$ 299,900
2700 N Lumina Avenue #915
Wrightsville Beach, NC 28480
Shell Island Resort
Bed / 1/1 Bath
540 Sq. Ft.
Property Type: Condo
MLS® #: 100011285
Under Contract
Contingency
$ 299,900
2700 N Lumina Avenue #915 | Wrightsville Beach, NC 28480
Shell Island Resort
MLS® #
Property Type
Beds
Baths
Square Ft
100011285
Condo
1/1
540 s.f.
Top floor, 1-bedroom/1.5 bath, oceanfront balcony condo at the best spot on Wrightsville Beach! Shell Island resort offers extensive amenities such as indoor & outdoor pools, hot tub, oceanfront restaurant & bar (year-round), elevator, covered parking, etc. Reasonable monthly HOA fee covers all utilities including electric, cable/internet, master flood insurance & more! A hassle-free on-site rental management program is available to you. Gross 2015 rental total was over $39,000 and unit comes fully furnished. Tripadvisor hotel guest review from 2015: "AWESOME pretty much says it all! From our initial impression upon seeing the facility, to the warm greeting and conversation as we signed in, to the breathtaking awe the three of us experienced when we walked in into an immaculate Room 915.
Under Contract
Contingency
$ 299,000
2700 N Lumina Avenue #702
Wrightsville Beach, NC 28480
Shell Island Resort
Bed / 1/1 Bath
540 Sq. Ft.
Property Type: Condo
MLS® #: 100022825
Under Contract
Contingency
$ 299,000
2700 N Lumina Avenue #702 | Wrightsville Beach, NC 28480
Shell Island Resort
MLS® #
Property Type
Beds
Baths
Square Ft
100022825
Condo
1/1
540 s.f.
Excellent direct oceanfront views from this premium 7th floor location. Professional on site property management at Wrightsville Beach's premier destination resort. Restaurant, poolside bar, cabana services and indoor pool, are just a few of the amenities at this well run resort that bring the vacationers back year after year. Fantastic investment opportunity to own an upper floor unit at one of North Carolina's best known condo-tels.
Under Contract
Contingency
$ 297,000
2700 N Lumina Avenue #913
Wrightsville Beach, NC 28480
Shell Island Resort
Bed / 1/1 Bath
590 Sq. Ft.
Property Type: Condo
MLS® #: 100022633
Under Contract
Contingency
$ 297,000
2700 N Lumina Avenue #913 | Wrightsville Beach, NC 28480
Shell Island Resort
MLS® #
Property Type
Beds
Baths
Square Ft
100022633
Condo
1/1
590 s.f.
Best Buy @ Shell Island! Don't miss this opportunity. Oceanfront @ Wrightsville Beach! If you have been waiting for a nice 9th floor unit, this is it. Updated, 1 bedroom, 1.5 bath on the Shell Island rental program. This unit grossed over $37K in rental income for 2015. Gross rental for 2016 is $38,979(see attached income sheet). This unit has gorgeous ocean views out the front & also has sound views out the back. Sold completely furnished. Buy now & collect thousands in remaining rent for the year. Hurry, this one is priced right & will not last. Rental Income for 2015 & YTD income for 2016 is attached to the listing.
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