Why are so many properties for sale o...
Bhowell55

Lincolnton, NC

#24 Apr 25, 2014
Hello, my wife and I are considering a purchase in Oak Island when I noticed this thread. Since the thread was started over a year ago I wondered if anyone might have any further insight into recent developments/improvements etc on the island. If so I would love to hear them. There are still substancial properties for sale and prices remain low. Particularly disconcerting to me is the tinkering with tax values on the properties. I undestand shifts due to economic climate, but 200-300k reductions indicate mismanagement. Has there been any stability gained at all throughout the last year? Thank you.
Matt Smith

Noblesville, IN

#25 May 4, 2014
New to the oak Island quest... however if you guys started sucking out the water from the money pool and whatever else is flooded with sea water. Wouldnt that create a whirlpool at the point of entry at sea? In theory it should be easy to find at low tide. Right?
Sarah Myers

Westminster, MD

#26 May 4, 2014
Matt Smith wrote:
New to the oak Island quest... however if you guys started sucking out the water from the money pool and whatever else is flooded with sea water. Wouldnt that create a whirlpool at the point of entry at sea? In theory it should be easy to find at low tide. Right?
Let's hope so. At high tide on East Beach, it sure ain't easy to find even a foot wide stand of beach to enjoy.
Jason

Iron Station, NC

#27 May 13, 2014
The place looked like a damn dump to me!
NC GATOR LOVER

Bethania, NC

#28 Jun 28, 2014
A very close friend of mine has a house on the ICW and pays $5000 per year for home owners insurance (that doesn't include flood coverage).
Tarheel Native

Wilmington, NC

#31 Jul 16, 2014
The Northerners who move here are generally pleased with things as they were able to sell their propterties up North for what we call an inflated price here and still have a jingle in their pockets after purchasing propterty on Oak Island. Welcome and prepare to welcome more of your Northern neighbors here soon.
Winston-Salem NC

Lexington, NC

#32 Jul 29, 2014
If you don't mind me asking, what flood zone are you in on the island? We are looking to buy a lot on the island and the lot we like is in an AE flood zone and the least expensive wind and hail insurance we can find is $2,900/year. That doesn't count the flood insurance of $500/year and the regular HO insurance of $450-basically adding $350 to my monthly mortgage payment IF it can even be escrowed. This really has me thinking about whether this is the place for me or not, especially with all this nonsense about the mayor.
Loggerhead wrote:
Good for you. Have any of these people who are complaining looked at the cost of land and houses, this close to the beach, in other areas? The initial cost is mind blowing and they too have water/sewer/taxes/insurance issues. The sewer improvement was a sustainable movement. Wells and septics are destroying our natural resources.
Regarding comments like "the lowest insurance is $3000...". I pay around $1900/year and I have absolutely everything you can get, including business liability as our home is a rental. We also pay about $1200/year on property tax. The highest water bill our house (3 bedrooms) has had this year was about $190 but we had 4-6 guests per week there washing boats, clothes, etc. Not at all what it would be living there. Current guests have been there for 2 months and haven't exceeded the minimum.
We plan to retire there and I really hope the island doesn't change much. It is quiet and safe and the beaches are beautiful.
John P

Raleigh, NC

#33 Aug 13, 2014
Heartbroken in OKI wrote:
Just wanted to say many, many thanks to all of you who have put out this honest assessment of what life has been like on Oak Island. We just moved here from Massachusetts about 6 months ago with a dream of buying on this island we fell in love with to retire and live a good life. As we started searching for homes to purchase we quickly realized it's much more expensive to live here than we anticipated. The taxes, the sewer, the water, and the insurance rates seemed to be increasing yearly and without warning and what we thought was going to be the best investment of our lives has quickly turned into us questioning if we we're crazy to buy on this island. Just yesterday we started looking at places like BSL - still very close to this beach we love so much but so much more affordable and seemingly much more stable. Thanks again to all of you for your insight.
Coming from Mass. and complaining about the taxes? Thanks for the laugh.
looking to buy

Charlotte, NC

#34 Aug 20, 2014
Guess its best to pay cash and take the chance!!!!
seaweed

Mooresville, NC

#35 Sep 3, 2014
OKI is a great place. The problem with OKI is the people who are running the place. They really have no clue as to what they are doing. They do not have the business sense to run the island. The island needs so much cleaning up. The ones who have vacation homes there cannot vote to change the situation. Only the permanent residents can change it. There are great people in OKI and smart ones. Vote these incompetent people out.
fed up with OI

Lexington, NC

#36 Sep 4, 2014
fsuinnc wrote:
My wife and I are just beginning to look for something oceanfront for our (future) retirement. We are looking at all the area beaches; Holden, Topsail, Emerald Isle and Oak Island, etc.
We haven't actually talked to a Realtor on Oak Island but we assumed the lower prices were because the lots were non-conforming or not re-buildable (or whatever the proper term is). We do not think we want a non-conforming lot.
From reading this it sounds like maybe many of the lots are conforming/re-buildable but prices are lower because taxes and fees have made the Oak island less desirable in the view of many people.
Can anyone help us with this?
Run as far away from OI as you can. The sewer fees that are being imposed are horrific and are scheduled to increase by 11% for possibly the next 15 years. I have owned property there for 30 years and should have sold it 10 years ago. We were informed by a councilman there that there was some mismanagement of the funds for sewer as it was being installed and also that the costs were grossly underestimated even to the point of investigations by the SBI and attorney general. Therefore they are making up their errors by taxing and placing outrageous fees on property owners. I pay more for sewer fees on a vacant lot at OI than I do at my home in another county and we use the sewer services every day. We paid $4200 many years ago. I would encourage anyone NOT to even pass through OI much less own property there. RUN AWAY. They are literally thieves.
twalker2996

Leland, NC

#37 Sep 11, 2014
retiredfireman wrote:
wind and hail insurance very expensive. around $2700.00 a year. the new yearly sewer fee for vacant property $576.00 plus oki tax, Brunswick tax, fire fee, hospital fee and $4200.00 fee for sewer assessment. just sold lot at half tax value because its not a good investment anymore. too expensive to keep. parcel has been in family since the 60's. another lot has been for sale over a year and listed well below tax value. Brunswick tax lowered values 40percent last evaluation, but tax did not lower-revenue neutral as they call it, another way to cheat taxpayers. this island has changed over the past decade, not good.
We bought a home here in April to be used as a second home. We ended up coming every weekend and not wanting to go back to raleigh. we have three young kids, sold our house in raleigh, and live here full time now. we love it. we too were afraid of so many houses for sale, cost of water, etc.

bottom line, there are good houses and not so good houses anywhere in the country. the good ones sell. the costs to live here are not bad. we have a family of five and spend 110 per month on water/sewer - less than what we paid in raleigh. it's an awesome place to live. just my less than two cents. good luck with whatever you do.
about had enough

Southport, NC

#38 Nov 3, 2014
fed up with OI wrote:
<quoted text>
Run as far away from OI as you can. The sewer fees that are being imposed are horrific and are scheduled to increase by 11% for possibly the next 15 years. I have owned property there for 30 years and should have sold it 10 years ago. We were informed by a councilman there that there was some mismanagement of the funds for sewer as it was being installed and also that the costs were grossly underestimated even to the point of investigations by the SBI and attorney general. Therefore they are making up their errors by taxing and placing outrageous fees on property owners. I pay more for sewer fees on a vacant lot at OI than I do at my home in another county and we use the sewer services every day. We paid $4200 many years ago. I would encourage anyone NOT to even pass through OI much less own property there. RUN AWAY. They are literally thieves.
Just got tax bills from Brunswick and OKI. On one vacant lot the combined tax with sewer fee is over $2k, and that lot has been on market for 3 years. Looking on brunsco gis the property that was annexed (3459.27 acres) with pine trees this parcel pays $45,800 Brunswick and $500 OKI fire fee on property valued over 10 million dollars. OKI tax is $28k with a balance of $10k. no mention of sewer accessments or sewer district yearly fees for property. Was every lot charged the $4200 sewer tap fee? Seems the landowners on OKI are paying the lions share of taxes for sewer, water and basic services. this property subdivided into lots would easily be valued $40-50 million, not the current tax evaluation of $10 million
Anonymous

Ewa Beach, HI

#39 Dec 5, 2014
I am looking for some information on Oak Island. I am looking at homes in the $175,000-225,000 price range. What is the average cost for (Ballpark figures are fine)
1. Water and Sewer per month?
2. Cost annually for wind and hail insurance?
3. Cost annually for flood insurance?
4. Home owners insurance?
5. Are there any other county taxes? If there is, what are those and annual cost?
6. This would be a home to retire to in 5-7 years. How is the market there for long term leases?
7. Property tax on a house valued at $175,000-225,000 price range?
If anyone is retired military your thoughts on Tricare and travel time to bases.
Thanks
Leslie Cross

Southport, NC

#40 Dec 17, 2014
I not only live on Oak Island , I am a Realtor here. My house is valued somewhere between $350-$400k. This same house anywhere else would cost at least $600k. I can be on the beach in about 5 min, I can always find a place to park for free I might add. I can always find a place for my beach chair. Even on Fourth of July weekend at high tide! The beaches I go to are beautiful, unspoiled beaches where families can swim, picnic, enjoy a cold beer, and bring their four- legged family members! Our water/sewer bill usually runs around $100/ mo. That includes trash pickup and we have curbside recycling ! We have insurance through a local agent and have the Beach Plan which has saved us thousands! When we clean up our yard we have curbside leaf and limb pick up. No charge. I love living in such a beautiful little corner of this world and feel blessed and privileged to do so. Come on down !! We'll leave the lighthouse on for you.
KeybytheSea

Charlotte, NC

#41 Dec 20, 2014
Tax Value has nothing to do with Market Value. If a person is using Tax Value as a gague for value they either have a bad Realtor or need a good one. The only measure of value of property is what someone will pay for it. That number is set in stone when the land or home are bought. As for assessments, the buyer always has the right to make the seller pay for it before closing by adding it as stipulation in the offer to purchase. Once paid, it's done. Yes there is a reinvestment fee charged by the town. Equivalent to five months of water bills to ensure the system is solvent for future and current homeowners. Taxes are not nearly as exhorbatent as some make them out to be. The rates are very reasonable compared to other coastal areas. The city doesn't damage the road any more than it is already when the install a tap. There was some poor planning involved but it was in response to resistance from the property owners back when it was installed. There are right of way easements down the back of every yard in OKI. The city and installer wanted to use those but were forced to come in the front of homes by the homeowners who didn't want their yards and fences damaged, or so I've been told. The other option was used. So many properties are for sale now because they were bought back when lots sold for $100,000. Now they go for around $35,000 on average and over the course of the past seven years, investors have realized the market is never going to be what it was, at least not in their lifetime and they are cashing out of a poor return on investment caused not by local market forces but a national market revaluation.
sans souci

Southport, NC

#42 Dec 20, 2014
Winston-Salem NC wrote:
If you don't mind me asking, what flood zone are you in on the island? We are looking to buy a lot on the island and the lot we like is in an AE flood zone and the least expensive wind and hail insurance we can find is $2,900/year. That doesn't count the flood insurance of $500/year and the regular HO insurance of $450-basically adding $350 to my monthly mortgage payment IF it can even be escrowed. This really has me thinking about whether this is the place for me or not, especially with all this nonsense about the mayor.
<quoted text>
don't know where loggerhead found his insurance. The cheapest I could find was $2700 and is increasing again next renewal. My house is on pilings no other insurance company will underwrite wind and hail, just NCJUA. with $2500 deductible per storm. Wind and hail rates have nothing to do with flood zones. Separate policy. Had home custom built in 2007 and premiums were under $1000. Paid mortgage in full last month, had enough of the mandatory requirement of this ripoff wind and hail insurance.
Fed up with OKI

Sherrills Ford, NC

#43 Jan 3, 2015
Leslie Cross wrote:
I not only live on Oak Island , I am a Realtor here. My house is valued somewhere between $350-$400k. This same house anywhere else would cost at least $600k. I can be on the beach in about 5 min, I can always find a place to park for free I might add. I can always find a place for my beach chair. Even on Fourth of July weekend at high tide! The beaches I go to are beautiful, unspoiled beaches where families can swim, picnic, enjoy a cold beer, and bring their four- legged family members! Our water/sewer bill usually runs around $100/ mo. That includes trash pickup and we have curbside recycling ! We have insurance through a local agent and have the Beach Plan which has saved us thousands! When we clean up our yard we have curbside leaf and limb pick up. No charge. I love living in such a beautiful little corner of this world and feel blessed and privileged to do so. Come on down !! We'll leave the lighthouse on for you.
The reason your water/sewer bill is so cheap is because all of the owners undeveloped property (who have no vote) are paying for it. Many of us were planning to build retirement homes there. But we've seen how your town managements answer to everything is "assess" and "tax". And what a better "group" of property owners to "assess" than the ones that can't vote them out! We'll keep selling property at a loss just to keep from losing more. With ever dropping prices, soon you'll have to raise your commission rates just to keep your life style... but raising rates ant taxes seems to be the answer to all problems in Oak Island.
Sudic

Eskasoni, Canada

#44 Jan 5, 2015
former resident wrote:
Yep, in 2005 my home was appraised at $575,000.00, in 2012 it dropped to $175,000.00. Taxes, insurance and never ending sewer assessments drove me away...I hated to leave my home of 20 years, but the math didn't add up! Heck I was paying for 4000 gallons sewer (mandatory) & the min 2000 gallons water and never used more than 1700 gallons! And every year the town came up with a "special assessment/tax" on my vacant lots, even those that did not have a sewer tap. Good luck OKI!


The only thing I can see about the difficulty about owning a house and all the taxes,
is someone has a diabolical plan to own the Bell Island.
Britt

United States

#46 Oct 20, 2015
Holysmokes wrote:
I'm from Charlotte originally and currently in the military in Virginia. I have some questions and wanted honest answers and not emotional rants because my son lives in Topsail and is interested in Oak Island.
Are so many properties for sale and people leaving due to increased taxes or expense costs to live on the Island such as sewer tap costs, water, local taxes, wind insurance, etc?
Is it a crime thing and I'm not talking about petty crime such as people renting houses in the summer time stealing bicycles, but stuff like gangs, latinos (undocumented illegals) coming there? etc.
What is the issue there?
I have owned two houses on OKI for the past 10 years. Currently today (10-20-15) there are 110 building permits issued as new construction is going on there. Some long time residents are irritated at the sewer rate but that comes with age and change. The crime rate is not bad as there are not and GANGs that I know of. Yes we have the occasional small thefts that you can read in the State Port Pilot weekly newspaper. The flood rates and wind and hail are no different that any of the other beaches north or south. It is what it is. FYI...if you go there you will see that there are no structures over 36 feet in height due to an ordinance that was passed and added on to a NC house bill that passed. What this means it that unless the NC law is changed there will be no high rises built there like in Myrtle Beach and Wrightsville Beach. The beach is populated by over 95% of single resident dwellings.

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