Croatan Surf Club heading for foreclo...
obx fan

Longmeadow, MA

#44 Sep 4, 2010
We gave vacationed in KDH, Nags head area since 1975, and have stayed at Croatan Surf Club twice. It was a wonderful place to stay. It was immaculate, outfitted to make a vacation as easy as possible, and honestly, heavenly. Village Realty was awesome to work through...they are responsive, friendly and well-run. I don't understand all the negative CSC press here..we've been stuck in "great rentals" that are full of roaches or vomiting drunks in the past..and these were billed as great vacation retreats. This place is nothing like that. If you haven't tried it, maybe you should keep your negative reviews to yourself.
Yuck

Spring Hope, NC

#45 Sep 4, 2010
Thank you for coming here and spending money, now shut up.

Since: Apr 09

Kitty Hawk, NC

#46 Sep 4, 2010
Real classy response Yuck.
Yuck

Spring Hope, NC

#47 Sep 4, 2010
Sorry. I am a bit of a troll sometimes. I admit it. Now you shut up!=)

Is that your Glasair @ MQI?
tourongohome

Kill Devil Hills, NC

#49 Sep 6, 2010
isn't this the same place that the town deemed not to be in a flood zone? Oceanfront property not in a flood zone? Owners don't carry flood insurance? What does that say about the powers that be here on the Outer Banks?
Joe

Franklin, VA

#50 Sep 7, 2010
If the natural elevation of the property is at or above the base flood elevation,insurance is not required.That's the National Flood Insurance (federal) requirements.The town or Dare County has nothing to do with it.
KDH girl

Manteo, NC

#51 Sep 7, 2010
Joe wrote:
If the natural elevation of the property is at or above the base flood elevation,insurance is not required.That's the National Flood Insurance (federal) requirements.The town or Dare County has nothing to do with it.
Dare Cty tax data base shows the CSC parcel as VE (EL 11), yet the adjoining parcels are VE 12 and 14. There is this thing called a LOMA = Letter of Map Amendment. It's not cheap to get one but it's the first step in how to get the flood designation changed on a piece of property. Usually prepared by an engineer or surveyor.
Southern S Local

Windsor, NC

#52 Sep 7, 2010
The developer spent a lot of money and time to get the property ruled high enough to not require flood insurance. It was more of a sales incentive in that it cuts the condo fee expenses that are pretty high and will be going higher as the place needs more and more repairs since it is so close to the ocean. The ocean hates metal and it will cause problems in the upcoming few years.
OBX fan

AOL

#53 Sep 7, 2010
What happened at the May 26th foreclosure hearing for the Croatan Surf Club? Is it closed now or still operating. Any details would be greatly appreciated.
Thanks.
KDH local

Lillington, NC

#54 Sep 8, 2010
Croatan Surf Club is still operating - I stopped by there just the other day. There is a lawsuit between the developer and the bank. No foreclosure has occurred.
Joe is wrong

Snow Hill, NC

#55 Sep 8, 2010
because ALL oceanfront is either VE or VO and in those zones the elevation makes no difference--your lender will require you to carry flood coverage no matter how high.

Oh, EXCEPT for palm-greasers like the developers of Croatan Surf Club.
tourongohome

Kill Devil Hills, NC

#56 Sep 9, 2010
Joe is wrong is RIGHT - this is an example of corruption and palmgreasing at its finest!!!
October 4 PI Motion

King Of Prussia, PA

#57 Oct 5, 2010
Denied
Ricky

Hickory, NC

#58 Dec 30, 2010
According to today's Coastland Times,it's scheduled to hit the courthouse steps on Jan 11.
Southern S Local

Windsor, NC

#59 Dec 30, 2010
Not many will be able to buy it for what the bank has into it so I guess it will be bank owned for some time since the units can't be sold since banks are not lending on condos.
OBX Luva

Kill Devil Hills, NC

#60 Dec 30, 2010
@Southern S Local - If that's the case then why has First Flight Retreat sold about half of their units?
Yuck

Spring Hope, NC

#61 Dec 30, 2010
Banks are still lending on condos. They aren't lending on condotels.
sick to my yuckmac

Manteo, NC

#62 Dec 30, 2010
Have you really looked at financing a second/vacation home lately for real? Condos are the hardest to finance. Remember, the condo fees are necessary for upkeep and it needs to be spread around to many owners for the cost to be effective for the few owners that have bought. And acceptable to the lenders! Yuck, you really post as a NON resident without a real bit of local knowledge and reality. Are you in Virginia Beach? You really don't have a clue you know? How is that wet suit doing in the closet?
Ricky

Hampstead, NC

#63 Dec 31, 2010
My guess is the bank will offer "special financing" to buyers once they take it back.
Yuck

Spring Hope, NC

#64 Dec 31, 2010
sick to my yuckmac wrote:
Have you really looked at financing a second/vacation home lately for real? Condos are the hardest to finance. Remember, the condo fees are necessary for upkeep and it needs to be spread around to many owners for the cost to be effective for the few owners that have bought. And acceptable to the lenders! Yuck, you really post as a NON resident without a real bit of local knowledge and reality. Are you in Virginia Beach? You really don't have a clue you know? How is that wet suit doing in the closet?
Yes, I actually have looked at financing for a second/vacation condo lately. I have a vacation condo in another area that I just refinanced. I got a 15 year loan at somewhere around 6%.

As for me sounding like a non-resident, I really don't know where you came up with that assumption but I work in the financial field so I happen to know that banks are lending on most condos. There are going to be some condominium complexes that are ineligible for financing due to external issues, such as excessive bank owned properties or a pending lawsuit. Maybe your credit sucks and the bank just thinks you are a high risk. I don't personally know of any subprime condo loans, sorry. Maybe you should have gone to work to pay your bills instead of surfing every day.

If my wetsuit in the closet bothers you, come out of the closet so you won't have to be standing next to it.

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