Any thoughts on whether buying in the Wild Dune Resorts, on the Isle of Palm is a good idea. Something I had not encountered before was "regime fee" (maybe a SC thing). But in addition to the HOA, there is a regime fee, which on the Isle of Palm is really high (about $1500/month). This regime fee is dependent on the unit and building you buy as it varies across the entire property. So the qs. are:
1. How is the STR market here? Is it summer months or year long?
2. Do these regime fees go up yearly and is there any estimate on what what %age it goes up?
3. Any gotchas or things to watch out for when buying here?
Any thoughts on whether buying in the Wild Dune Resorts, on the Isle of Palm is a good idea. Something I had not encountered before was "regime fee" (maybe a SC thing). But in addition to the HOA, there is a regime fee, which on the Isle of Palm is really high (about $1500/month). This regime fee is dependent on the unit and building you buy as it varies across the entire property. So the qs. are:
1. How is the STR market here? Is it summer months or year long?
2. Do these regime fees go up yearly and is there any estimate on what what %age it goes up?
3. Any gotchas or things to watch out for when buying here?
Thanks!
We've stayed at STRs in the Isle of Palms, loved the location and amenities and management was responsive when an issue needed to be addressed. I do know that it was a higher weekly rate than we paid at other STRs in other parts of the country but just attribute it to martket demand.
I looked into buying into a unit briefly, but it's so highly regulated (which can be a good thing, just not my style) that we opted for elsewhere. Might be a good move if you are happy with the overall.