Two Island Marina
ISLE OF PALMS, SC 29451
ISLE OF PALMS, SC 29451
All framing floats, deck boards, rub rails, hardware, plumbing, electrical and power/water pedestals, have been replaced. Temporary power is active providing 20A service to all slips and permanent power (50A service to larger slips) will be installed this Fall. 20A Service should be ample power for typical, day-to-day use of any slips.
Two Island Marina is a Horizontal Property Regime (HPR) comprised of twenty-four (24) individual boat slips and shared ownership of common elements such as the boardwalks, ramp, pilings, gate, mailboxes, etc. Similar to a condominium, it will be governed by a Master Deed with detailed descriptions of the common elements, voting rights, organization structure, and the rules of use, i.e. Covenants and restrictions. Some examples of covenants you will find in the Master Deed include:
- No commercial activity
- No live-aboard vessels
-No jet skis or personal watercraft
- No vehicles may be parked in The Boathouse parking lot after 5pm
Slip owners will have non-exclusive rights to park vehicles in the Boathouse parking area while using the marina from sunrise until 5 pm daily. Parking is available on a “first-come, first-served” basis during these hours. After 5 pm the parking lot is reserved for patrons and staff of The Boathouse Restaurant. Public parking is also available in the lot across Palm Blvd.
Both OCRM and the Army Corps of Engineers (ACOE) authorized the developer 211 Marina, LLC to dredge the marina basin behind the Boathouse Restaurant and the Carroll Office building. The dredge operations were completed in April of 2023 and a post-dredge Hydrographic Survey is available for review. We encourage anyone with interest to schedule a tour of the docks at low tide to measure the water depth yourself.
We are working with a property management agent experienced in marina regimes to establish an annual budget that will cover taxes, insurance, maintenance, management, utilities, reserves, etc. Utilities and property taxes on common areas are nominal and will be shared as a common expense. The dock structure has been completely rebuilt so maintenance should be minimal for the foreseeable future. Insurance will be the biggest line item because we are seeking a policy that provides coverage for Named Storms in addition to general liability.
In an effort to preserve safe travel in & out of the marina, some slips can accommodate drive-on docks while others cannot. At this time, all slips eligible for a "Drive-On / Float" are reserved. Installation of all drive-on docks, including any Developer-provided slips, is subject to Master Deed conditions and permitting from governing agencies.
Yes - thirty days. The Purchase and Sale Agreement will provide you with an Inspection Period lasting for 30 days for you to identify and notify the Seller of any deficiencies. You will also have 10 days from the completion of the dredging and dock repairs to inspect prior to closing. Please coordinate physical inspections of the property with Broker Matt DeAntonio (Carroll Realty, Inc.).
Available slips can be reserved by ratifying a Purchase and Sale Agreement for the individual slip with the Developer and depositing Five Thousand Dollars ($5,000.00) earnest money in the form of a check made out to Smith Cox & Associates, LLP, 160 E. Bay Street, Suite 201, Charleston, SC 29401, as Escrow Agent. You may also send funds electronically via Wire Transfer (wire instructions available upon request). Earnest Money must be received within 48 hours of signing the contract in order to secure your slip reservation.
Closing on slip purchases will occur within the latter of a)14 business days from recording of the Master Deed, or b) 30 days from ratification of the Purchase and Sale Agreement.
Yes. Buyer’s Brokers with a valid SC Agency Buyer Agency Agreement will be paid a commission of 3% of the sale price at closing.
Yes. South Carolina is an attorney state meaning that you will need an attorney for closing. You are free to choose any real estate attorney you like. Attorney Jamison Cox at Smith, Cox & Associates LLP has been handling the title work for the acquisition of the marina as well as the regime documents, purchase agreements, and deed preparation. His office can also assist you with the closing, which may be most efficient.
Cash is recommended and preferred. Conventional mortgage financing is not likely available. Possible financing solutions could include an equity line from another property or in-house/portfolio relationship loans from your local bank or credit union.