Home for Sale at 180 Irvin Garrish Highway unit: 404, Ocracoke, NC 27960

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180 Irvin Garrish Highway Unit: 404
Ocracoke, NC 27960

Bill Rich with The Rich Company of Ocracoke, original listing -

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Property Details

List Price:	$339,000
Beds:	1
Baths:	Full: 1
Status:	Pending
SqFt:	275 Square Feet
Agency:	The Rich Company of Ocracoke
Agency Phone:	(252) 333-2596

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Description/Comments

Lot Size:	0 sqft
Property Type:	Residential-Condominium
Year Built:	1982
Notes:	The Anchorage is an iconic harbor-front inn in the heart of the village on Ocracoke Island! Guests & families have enjoyed staying at The Anchorage for decades, eating at SmacNally's, using the Marina, & renting golf carts from our on-site cart rental business (all a short walk away), relaxing in the swimming pool & on the tanning deck, using the deep-water docks w/ large boat slips in the Silver Lake Harbor, & much more! Under new ownership, The Anchorage has been renovated & condominiumized, giving you the opportunity to own an income-producing inn room with a deep-water boat slip, all at a price consistent with that of a small slice of raw land here on the Island! Unit 404 is on the 4th level, offering stellar views of Silver Lake Harbor & the Sound beyond! The Anchorage units come freshly-painted & newly-outfitted with new furniture, new beds, new appliances & new decor - all paid-for by the Developer! Crown Management is the new on-site property manager; they handle all marketing, reservations, guest services, & accounting for the vacation rentals. They also market & manage reservations for the boat slips - along with the Marina. Crown also manages the Anchorage POA. Each unit is expected to net between $22k - $25k after deducting the POA dues - which covers building maintenance (interior & exterior), landscaping, ALL utilities (power, water, cable, internet), & the insurance for each property owner, master insurance policy for the OA & common areas, AND the flood insurance policies for the property & each unit! (before Crown Management's STR fees). The Anchorage sits on one of the higher properties on Ocracoke Island. Until Hurricane Dorian, the property had never flooded & hasn't since. Minimal water came in during Dorian (less than 1''), and was in & out in minutes. You can use or rent the deep-water boat slip - a short walk away. Many 2025 Spring, Summer & Fall dates are fully-booked! Buy now & inherit these lucrative reservations!
MlsNumber:	--
ListingId:	100493608

Listing Provided By:	The Rich Company of Ocracoke, original listing
Phone:	(252) 333-2596
Agent Name:	Bill Rich
Disclaimer:	Copyright © 2025 Hive MLS / Topsail Island Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

HUD Foreclosures

HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest.

The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered.

VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

Free Foreclosure Listings

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Foreclosure Listings Increasing

As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale.

This is just one of the problems when there are too many foreclosure listings in any area. Another issue is the television set that sits in everyone’s living room harping about the price of homes based on the number of foreclosures and this constant barrage of negative information makes most people sit on the sidelines waiting for the market to either implode completely or to correct itself. Meanwhile while they wait, others are buying foreclosure listings and making great investments.

Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.

Property Details

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Description/Comments

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HUD Foreclosures

Free Foreclosure Listings

Foreclosure Listings Increasing