Ocracoke Foundation Offering Condos For Sale
The Ocracoke Foundation [OFI] is selling three condominium units
~ Boyette Units B and D [620 Irvin Garrish Hwy.]
~ Spencer’s Market Studio B [above the Bead Shop]
Boyette Units B and D are 1080 sq/ft [+/-] with kitchen, dining, LR area, covered deck down stairs and 2 bedrooms, 2 bathrooms and covered deck up. Unit B is furnished and Unit D has appliances, but no furniture. Both have use of the swimming pool. Boyette House Condominium Homeowners Association fees for 2012 are $393/month [insurance, exterior maintenance, trash, pool, etc.] and property tax $114/month [2011].
Studio B is 856 sq/ft [+/-] 2nd floor open studio-style living space with 1 bathroom, spa bath, open deck, and is furnished. Spencer’s Market Condominium Owners’ Association fees for 2012 are $324/month [no pool] and property tax $75/month [2011].
These units are being offered to public sector workers [see Note below], first-time home owners, for employee housing or to meet other island residents’ housing needs. At this time, offers from investors or buyers to use as rental properties are not being considered.
NOTE: When OFI purchased these units at auction in October 2009, it was anticipated having grants and favorable loans in place by 2012 to be able to offer “affordable housing” to teachers, EMT’s, sheriff deputies, NCCAT, child care and health center employees, and other public sector workers. It is now apparent that OFI will not be able to meet this goal for several more years. Given the tight economic times, government cutbacks in support of such projects, mortgage expenses [higher than owner occupied rate], plus the increasing costs of property taxes and condo fees, OFI is unable to continue to maintain these properties over the next few years while affordable housing alternatives are explored and developed on Ocracoke. Funds from the sale will be used to cover losses, repay loans used to purchase the units, with any remainder used for other Foundation projects in the community.
For further information, including pricing, please contact:
housing @ ocracokefoundation.org
