Shell Island Resort

Shell Island Resort Condos and Rental Income

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Running the Numbers on Shell Island Resort Condos

Hey, good morning. This is Jay with Wilmington-real- estate.com. That’s
Wilmington-real- estate.com. I’m here at Shell Island Resort. I’ll just do a little 360-movement
to show it to you behind me. And I’m the top buyer agent at Shell Island Resort condos for sale,
and that’s because I have a lot of folks who get a good deal through me, so then they have their
friends who are visiting, fall in love with the place, and they call me and they want to buy one
too. So I figured I’d give you some basics on Shell Island Resort. In the past, I’ve given, like,
some market data and analysis of what the value is on different floors and why, et cetera, and
nuances, but I don’t think I’ve ever done a video just giving the basic investment side of it, what
to expect, what are the numbers, et cetera.
So real quick, Shell Island Resort is a condotel. Sort of like a hybrid of a condominium and a
regular condo. It’s owned entirely by investors. And there’s an onsite management company
and people call in and request reservation just like a hotel, okay? So it’s unlike a regular VRBO
condo, boutique condo on the beach where people make bookings with the property manager or
the owner itself, it’s sort of run like a hotel. Normally, they go for, for example, 280,000 and
they gross 38,000 and then there’s a high management fee. But many people have tried to do it
on their own and including realtors, and from what I understand, they’ve all gone back to the
onsite management company to make more money.
So it is what it is. That being said, so the gross – you end up netting like $22,000. You’ve
subtract from there the HOA fee of about 5,000. And, now, you’re down to 17,000. You
subtract 2,000 for real estate taxes, so now, you’re down to 15,000. And there’s an inlet
assessment, every five years there’s an inlet assessment for, like, $7,000. So you subtract
another 1,500 and, now, you’re down to essentially $13,000 in pure profit, okay? And that’s the
investment you get here to have oceanfront condo, which – it’s not luxury condo. I call it upper-
middle class condo, okay? And these properties used to sell, you know, for 350 and now you
can get them for 280. So there’s a lot of upside still left. They’ve gone up in price a lot for the
last three years, but there’s still a lot of upside left because we’ve had a horrible economy for,
you know, like 13 years. And we’re due for an economic boom, it’s going to happen again, the
question is, when is it going to happen? So when it does happen, these numbers are going way
back to where they used to be and it won’t take long at all. So, now, is the time to get one before
you get price out of the market. And if you put 30% down, they usually completely pay for
themselves. You need to set yourself up to have a mortgage of about a thousand dollars a month.

Shell Island Resort is a Wrightsville Beach Condo

Shell Island Resort

Shell Island Resort

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jayseville