Surf Suites Condo Wrightsville Beach:  Before and After Hurricane Florence

Surf Suites Condo Wrightsville Beach: Before and After Hurricane Florence


hi i’m jay seville the owner of
wilmington-real-estate.com. I’m going to talk to you quickly about the surf
Suites condo in Wrightsville Beach some call it the surf Motel condo and that’s
because in the MLS that’s its official name but somewhere along the line it
became known as surf Suites in Wrightsville Beach at 711 South Lumina
this is a condo – what’s a condo tell condo tell is a condominium where all
the individual all the units are owned by different owners often in these
buildings one owner will own two or three or four units because they’re
successful financially with a good return on investment but it’s run like a
hotel so people call in to the front desk in reserved rooms that way and
probably 95% of the bookings or more come from direct phone calls to the
front desk and the management company on-site at surf sweets and other condo
tells what they do is try and disperse the rentals evenly among all the owners
and it’s sort of like a round-robin if people request a certain room or a
certain level then of course they are accommodation but as you can imagine
these are often full so if there is a first floor available people jump on
that and it stays full all summer you know and that’s why the system works
really well surf Suites condo was hit hard by
Hurricane Florence just like Shell Island Resort blockade runner etc it was
shut down it still shut down house of April 2019 they’re hoping to open in May
for rentals again essentially this is going to be a new construction
oceanfront condominium in Wrightsville Beach which we have not seen for a long
time other than a luxury duplex which I was under contract for by the way for
2.2 million but that’s irrelevant these units
are all homogeneous meaning the management company is in charge of the
design and they keep them all identical to each other whereas at Shell Island
Resort individual owners could do whatever they wanted on their interior
and there’s a report card system there of levels in each it’s a rental rate but
at Surf Suites they all are identical the building essentially has been gutted
so right after the hurricane emergency personnel was called in to minimize
damage but what they found is that a lot of water was not noticed originally was
going to recall require more extreme measures
so walls have been taken out ductwork has been replaced a lot of piping’s
replaced floors replaced kitchens are replaced new bathrooms it’s a sin it’s
completely a new construction condominium now and when you walk in
there you get the new home smell immediately like you would get by any
builder anywhere so with that in mind there going to be some new values for
these properties this condo has never gotten the respect it deserves because
it’s always been at least for many years since I mean they’re a better investment
property than Shell Island Resort but it didn’t get the respect it deserved and
most people are unfamiliar with the south end of the island which has some
serious advantages compared to the north end you’re you’re next to the oceanic
restaurant a walking distance away you’re also walking distance to downtown
Wrightsville Beach with all of its retail and shops and energy busyness
there’s some big advantages on the south side here’s what they used to like look
like I’ll show you before and afters let’s see so this is the the bathrooms
from before as well as the kitchens from before okay and I’ll show you another
one this was interior before and the bathroom before okay
so they all look identical this other one was cancelled as well same same
exact kitchen and same if I can find the bath bathroom so that’s the before and
after picture so now the new bathrooms will have this I believe it’s marble –
tiling inside of the bathrooms and they will have this new flooring called LVP
and it’s like a a driftwood a great driftwood color that also hides
scratches really well because it’s distressed these are also a lot of the
new floors that show island resort word this word this and it’s common now new
construction I’m in the the new kitchen I mean as you can see it’s good new
cabinets new flooring everything’s gonna be brand new so what should the new
value Speedwell that’s up in the air right now it serves Suites condo motel
in Wrightsville Beach and the market will decide as soon as we get to list
some homes and feel it out in Carolina Beach there was a fire and I believe it
was sands 4 or winds for I forget which burned down and they rebuilt it the next
year or a couple of years later and it was selling essentially 20% higher than
the same units just within a block or two of itself so it was selling for
example at 320 while the other homes the same size two buildings away were
selling for 285 so it’s up in the air what the new market values will be if I
get to list them probably I’ll go with the top floor 349 because they gross I
think 35 grand so that’s a 10% of list spice gross which is a reasonable frame
of reference to work with and then we’ll go we’ll go down from there so I would
love to show these to you at Shell Island Resort I’m at number one selling
agent there and have gotten a lot of good deals for people or helped people
buy units that were not for sale on the MLS
carved a building regularly and get access to unlisted homes I think I had
ten sales over the last three years and now at serve Suites motel sort of Suites
condo my plan also on being the top agent there and I think some of my folks
from Shell Island Resort will mark over here when they see how incredible the
new building is so let me know if you’re interested in selling their contact me
and we can have a conversation thanks so much

Antonio Breitenberg

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