Shell Island Resort condos bump up to $335,000
Hey everybody this is Jay of the Wilmington realestate.com team. That's Wilmington - real - estate dot com. I'm here at Shell Island Resort condos for sale
and I have not updated you on these for perhaps a year. This is a condotel at the end of the Wrightsville Beach island and maybe if I can flip the camera around while I'm on video….let me see...you know I don't think I can. So I'm not going to take the chance of ruining this video, but there's been some major developments here in terms of market value of the Shell Island Resort condos. And it started off earlier this year with most of the units on floors 3 through 9 we're worth about $300-310,000. However recently there has been a bump significantly and now almost all the units are selling for 335,000 dollars.
So I participated in the bump with multiple offer scenarios, etc. and there are still a number of buyers on the sideline that are hovering waiting for a new listing. When it does come a good chance it'll sell by day one.
And in case you're seeing this video and you're not already familiar with Shell Island Resort condos in Wrightsville Beach oceanfronts
so there's about a hundred and forty units are owned by individual owners the rent it out like a hotel with on-site manager. So the way the money works is they gross $45,000 in rent then there's a huge HOA fee year 36%, and I'm not going to talk about that right now. But I do have a lot to say up about it and there's also a $6,000 HOA fee. So when you take out all the money, all the fees, Etc. you end up keeping for example $14,000 of pure profit. So if you can put down enough of a deposit to have monthly payment like $1,000 a month then you then you have cash flow. And they probably used to sell for 400,000 so it's a stable, consistent, reliable investment property. The return-on-investment it low, but people buy these because they love it for personal use and they take advantage of it being an investment property as well because this beach, Wrightsville Beach, is the bomb. It's a very wide and deep, beautiful, the water is pretty clear. It's a real special place and at the end of the beach over there when the tide goes out it's like the Sahara Desert with white sand. Very cool stuff.
How the numbers work for Shell Island Resort condos
The property here has lots of a common area Renovations and updates because after Hurricane Florence there was major damage and they had to redo the restaurant and common areas so it looks fantastic inside. I call it upper-middle-class condominium or Resort and people love to hang out for a week. The other development here is that the first floor unit values those gross $25,000 a year so they gross much less. Before it was $22,000 but those have bumped up in gross rental income. They were selling for 220-240 and I think I think one now it's close to $270,000 which is amazing. For a long time the first floor did not gain value. It was just sitting there at 225, but now I think they're they're worth 260 + so that's a big development. And now they are not affordable for a lot of folks. I've had several people get priced out of the market. They had chances for the three years to buy and they kept sitting on the sidelines, and now they cannot buy so that's frustrating. So there you go, most units are at 335,000 now up from 310,000. There was a big bump over the course September, October and November.