Shell Island Resort Condos and the Mason Inlet Special Assessment
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/
[DispletListing listings=”yes” subdivision=”shell island resort” property_type=”Condo”]
