Village of Blue Mountain condo investment

[snowbird]

We have been trying to get a handle on what if any summer rental income a 2bd 2bath sleeps 6 condo unit at the Village of Blue Mountain might generate before we buy. I have check VRBO and internet and have not found any. Anyone have any input. Thanks 6

 

[gmarc]

pernally i'd not buy in there and pay up for an area closer to beach.

i had a friend who owned in there and he told me the complex was in disarray.. the reason i don't think it rents its way to far to the beach. i bet many of the condos are a good 12 min walk to beach

 

[snowbird]

Thanks for input, Ray

 

[buelleo]

Villages

We just bought a house in there in August 2011. So far the bookings have been pretty good through this coming Summer. While it is true the subdivision is a bit rough, there have been a lot of recent developments that looks like everything is turning around quickly. Most of the foreclosures/short sellers are gone, they are building new houses already, they are going after all the deliquent HOA dues and the old (bad) developer is out. I think VRBO is a decent comparable base for rentals.

Let me know if you want to know anything about my experiences since I just bought....

 

[gmarc]

just curious are you telling people how far the condo is from the sand

does blue mountain have a private access to the beach or do they use the one near the retreat were i know is very small area and the retreat messes with people? i know from the middle condos to the sand is at least a 12 min wal. sorry i jsut don't know many people who want to walk that far 1 or 2 times a day. if i were you i'd pay up 50-75k and get something with a 3-5 min walk.

 

[buelleo]

The one at 83/30 is the best beach access.....

Im not sure you can find property 3 minutes off beach for under $200k...can you? SO someone is willing to walk 5 minutes, but the additional 7 minutes is just too much?

In any case - you can sweaten the rental with a couple of bikes or a golf cart for a couple grand.

 

[gmarc]

lol the diff is huge

people hardly want to walk 5 mins much less 12. 12 mins in 100 degree weather is big time. before i bought a few yrs i'll be honest i wouldn't come to the beach unless it was beach front.this seems to be your first yr renting. i can promise you if you don't tell renters its a 10-15 min walk to the beach they wll put negative comments on your vrbo site.even at 5 mins i've lost many rentals. just some advise. i coould have bought a 2 bedroom cono in there for 75k last yr. and yes there are many condos for 200k 3-5 mins to beach. one is on the corner near ypu called redfish village. about 5 min walk and many went for 150-180k

 

[Bobby J]

people hardly want to walk 5 mins much less 12. 12 mins in 100 degree weather is big time. before i bought a few yrs i'll be honest i wouldn't come to the beach unless it was beach front.this seems to be your first yr renting. i can promise you if you don't tell renters its a 10-15 min walk to the beach they wll put negative comments on your vrbo site.even at 5 mins i've lost many rentals. just some advise. i coould have bought a 2 bedroom cono in there for 75k last yr. and yes there are many condos for 200k 3-5 mins to beach. one is on the corner near ypu called redfish village. about 5 min walk and many went for 150-180k

Just did a search of $200,000 and below in area 17 with 2 plus bedrooms. Times be a changing Ray. 3 in the Village a 3 in Topsail. I actually lived in the Village for a short period and it really grew on me. I love the elevations and believe it could be the deal right now. I heard the association just took over the pool area so now maybe they will paint all those murals that are now dated and clean the place up.

 

[gmarc]

bobby yes prices are rising very fast .

i know several in redfish village went for 150 -180k last year. also last year several in sanctuary at redfish went for 250k i believe, but as you know the many of the good deals are now gone. inventory has collapsed.my friends a realtor and gives me all the sales figs weekly. some incredible facts he quoted. 41 homes went under contract the other week and in 2012 40 something homes of $1 million are more have sold or they're under contract. from what i can tell inventorys down 75% from the highs. means cheap homes coming to and end plus people flipping again. i've seen people trying to make 50-100% on lots. if i had the money i'd buy 30 lots of 50k or under and hold for 10 years. 2-4 fold gains out there

 

[LJ123]

There are free standing cottages at the Bungalows in Seagrove 2 blks behind Tom Thumb for sale under 200k. 2 bedrooms and 2 and a half bathrooms. Bedrooms upstaisr each with it's own bathroom and front porch. Community has one large, beautiful pool, hot tub, rest rooms at the pool.Also a smaller pool. Beach access at 30A. Nicely landscaped. If you work at renting it with VRBO, you will keep it rented all summer and some weeks or week-ends in fall and spring and snowbirds in winter. I have family members who each bought a REO bungalow last year and love it. They are building up rentals with VRBO and already have repeat vacationers booked from last summer. My company did some painting and a few odd jobs for each but the homes were in excellent condition. They had originally sold for around 400k back when they were built in 2006.

For more info about the Bungalows please contat me at my e-mail address: ffimg@hotmail.com