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Welcome to the beautiful community of Bay Island. This unit located in the Heritage Building is directly on the water. The unit had minimal water intrusion during Hurricane Helene with no interior damage however the condo and all the first floor units are being remediated by the association to ensure all first floor units are fully renovated and free of storm damage. The cost of remediation is being covered by the HOA and a renovation finish package with details is available for review with COMPLETION SCHEDULED for September 2025. A weekly progress report of scheduled of repairs is being provided for clear communication. This first floor unit has an open floorplan with living, dining and kitchen. The bathroom has a walk-in shower with white subway tile. The bedroom has a walk-in closet and sliding door that opens to a screen enclosed covered porch overlooking the water! Flooring, kitchen finishes, appliances and bathroom finishes will be re-installed and covered by the community under their flood insurance coverage. Depending on timing, this may allow the buyer to choose their preferred options. This 24-hr guard gated waterfront community has an exceptional array of activities for the active resident including multiple pools & spas, tennis & pickleball courts, community room with activities such as yoga, entertainment and socials, shuffleboard courts, fitness center with sauna, waterfront tiki huts with grilling area and community marina for fishing or boating opportunities. The indoor amenities are in process of remediation and photos are pre storm for reference. Bay Island is a 55+ community. Ask for more details on this exceptional value condo.
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William Raveis Real Estate
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RVP, Mortgage Banker
William Raveis Mortgage, LLC
Phone: 917.838.7300
Melissa.Cohn@raveis.com
NMLS Mortgage Loan Originator ID 16953
5/6 (30 Yr) Adjustable Rate Conforming* |
30 Year Fixed-Rate Conforming |
15 Year Fixed-Rate Conforming |
|
---|---|---|---|
Loan Amount | $124,000 | $124,000 | $124,000 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 6.500% | 6.875% | 5.875% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 7.058% | 7.063% | 6.132% |
Monthly Tax Payment | $35 | $35 | $35 |
H/O Insurance Payment | $75 | $75 | $75 |
Initial Principal & Interest Pmt | $784 | $815 | $1,038 |
Total Monthly Payment | $894 | $925 | $1,148 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change. The Total Monthly Payment does not include the estimated HOA/Common Charge payment.