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The Riggings Condominium for sale Kure Beach NC

Details on The Riggings Condo Kure Beach

2023 update -- owner told me that he grossed $42,000 in 2022.

Note as I sold one for $345,000 18 months ago and perhaps set a record as a listing agent. Recently there was a 335 sale.  I can elaborate on how high we can list or HOW LOW WE CAN OFFER on the buyer side.  Lots of moving parts at this Ocean front condo in Kure Beach building.

The riggings condominium in Kure Beach North Carolina is amazing. It is found at the end or south end of Kure Beach. Therefore when you reside there it says if you have the entire Beach to yourself into having your own Island Getaway. Reviews that the riggings condominium in Curie are amazing. The condo sits very close to the water which to some is a negative but too many others including renters it is a positive. That being said if your unit is in the second row it's it's about 60 ft back from the ocean so it's not a big deal. Some lenders will differentiate between the front row such as the end and pee buildings versus the second row with the H and I tiers.   I would feel comfortable owning on any of the tiers.  The condominium is also unique in that it owns 2 Acres of property across the street. So theoretically if a category 5 hurricane wiped out their buildings they could rebuild across the street just fine with their insurance money. I do not know of any other condominium in southeast North Carolina that has extra anchors to work with at their disposal. That's pretty classic. Now the bottom line on these as of 2022 is that they're worth about $310,000 for example. And what is remarkable or telling or a selling point is that they can gross $35,000 a year which makes the numbers exceptional in today's vacation rental Oceanfront Beach Market in North Carolina including Kure Beach. for some time now most of the homes for sale have only been offering a 6 or 7% of sales price rental income Revenue projection for results. But these are right at 10% and I love them even though they do have some erosion drama with them. You can find the rest of North Carolina Oceanfronts here.

History of The Riggings condo Kure Beach

When I first started paying attention to these ocean front condos  in 2012-2017 they were dirt cheap. There were unresolved erosion and sandbag issues with some legal issues with the town and the right of the condo to have the sandbags and for how long. Crazy stuff and nebulous and controversial.  There were selling around 160,000 then as buyers were afraid to touch them.  Nobody likes open ended legal matters....I found an owner directly and got an end unit front row under contract around 170,000 that was really worth around 200,000 but the Seller was not in the know, but my buyer had my represenation $$$.  After the Riggings was awarded some sort of permanent permission for maintaining the sandbags the values went up and caught up to the rest of the market in the following years.  

Listings July 24, 2024
9
Listed
90
Avg. DOM
$461.24
Avg. $ / Sq.Ft.
$335,000
Med. List Price
9 Properties
$380,000
Neighborhood: The Riggings Condominium
1
Beds
1
Baths
710
Sq.Ft.
1982
Year Built
84
Days on Site
100442139
MLS
$335,000
Neighborhood: The Riggings Condominium
1
Beds
1
Baths
756
Sq.Ft.
1982
Year Built
105
Days on Site
100437562
MLS
$355,000
Neighborhood: The Riggings Condominium
1
Beds
1
Baths
720
Sq.Ft.
1982
Year Built
129
Days on Site
100431336
MLS
Sold
1437 Fort Fisher Blvd S Kure Beach,  NC 28449
$358,000
Neighborhood: The Riggings Condominium
1
Beds
1
Baths
720
Sq.Ft.
1982
Year Built
2/20/24
Sold On
100414017
MLS
Sold
1437 Fort Fisher Blvd S Kure Beach,  NC 28449
$335,000
Neighborhood: The Riggings Condominium
1
Beds
1
Baths
713
Sq.Ft.
1982
Year Built
8/1/23
Sold On
100389356
MLS
Sold
1437 Fort Fisher Blvd S Kure Beach,  NC 28449
$345,000
Neighborhood: The Riggings Condominium
1
Beds
1
Baths
756
Sq.Ft.
1982
Year Built
5/20/22
Sold On
100312850
MLS
Sold
1437 Fort Fisher Blvd S Kure Beach,  NC 28449
$305,000
Neighborhood: The Riggings Condominium
1
Beds
1
Baths
710
Sq.Ft.
1982
Year Built
3/15/22
Sold On
100296361
MLS
Sold
1437 Fort Fisher Blvd S Kure Beach,  NC 28449
$262,000
Neighborhood: The Riggings Condominium
1
Beds
1
Baths
710
Sq.Ft.
1982
Year Built
11/5/21
Sold On
100294299
MLS
Sold
1437 Fort Fisher Blvd S Kure Beach,  NC 28449
$325,000
Neighborhood: The Riggings Condominium
1
Beds
1
Baths
710
Sq.Ft.
1984
Year Built
8/17/21
Sold On
100276080
MLS