Wife wants to buy beach condo (1 Viewer)

[eoMMan]

So wife wants to buy a beach condo (instead of redoing our primary house). Although we live in DC, we are looking at Carolina Beach area of North Carolina. We love Wilmington, NC and the beach at Carolina Beach is nice. Did the drive this weekend...about 6 hours... Any real estate guys know much about the prices, appreciation, market there? Any things I need to think of (erosion, real estate crash, etc) I'm seeing 2 bedroom beachfront condos for about $180,000......HOA of about $330/month

Update? Did you take the plunge? If so, hows it going?The wife and I are considering getting a condo in Rehobeth Beach. The plan would be to find a unit that has a great property management company that would handle the rentals (for a big fee, of course) and we would maybe use it a few times a year when its not rented out for either us or family/friends.

I could see it being a sweet deal (have somewhere nice to vacation, maybe get lucky and the rentals covers ¼ to ½ of the total out of pocket PITI mortgage payments) or a complete disaster (repair issues, place gets damaged and/or wiped out by a storm, rental headaches).

That would be fabulous!

 

[(HULK)]

Just an FYI for those who drive from DC to the Outer Banks. There is a bridge project slated for 2017 which will span from a bit higher up in NC to Corolla. I heard that it is stalled though. That said, if you buy in Corolla now, the value of the place should shoot up if the bridge does happen. It would cut a bit over an hour off of the trip there.

 

[Long Ball Larry]

Just an FYI for those who drive from DC to the Outer Banks. There is a bridge project slated for 2017 which will span from a bit higher up in NC to Corolla. I heard that it is stalled though. That said, if you buy in Corolla now, the value of the place should shoot up if the bridge does happen. It would cut a bit over an hour off of the trip there.

like up by Currituck?

 

[Banger]

Just an FYI for those who drive from DC to the Outer Banks. There is a bridge project slated for 2017 which will span from a bit higher up in NC to Corolla. I heard that it is stalled though. That said, if you buy in Corolla now, the value of the place should shoot up if the bridge does happen. It would cut a bit over an hour off of the trip there.

They've been talking about that for 20 years. It'll never happen.

 

[(HULK)]

Its supposed to connect to Whalehead beach.

I disagree, it will eventually happen.