About Watersedge
Watersedge Mobile Home Park is located at 3200 Emerald Drive on Bogue Sound with an entrance close to Milepost 15 on Highway 58, Emerald Isle, NC. It is within easy walking distance of the Atlantic Ocean (.2 mile from the public access ramp), .25 mile from the Eastern Regional Beach Access, and about three miles from a large public boat ramp. There are 117 mobile homes in the park, which consists of approximately 12 acres. The park has a picnic shelter, boat ramp for recreational watercraft and a pier for fishing, which are available for residents’ use only.
Some residents live in the park on a full-time basis and others use it intermittently year-round as their “place at the beach.” Residents are charged an annual lease amount for the right to use the lot on which their mobile home is located. Sub-leasing is not allowed. Much of the park maintenance is done on a volunteer basis by residents, who have a great deal of pride in the park.
Current or former residents hold a membership interest (percentage of ownership) in Watersedge Holdings, LLC, the limited liability company (LLC) that owns the park. Members of the LLC share in the park’s profit and losses and are personally responsible for any tax impact based on the LLC’s profits or losses.
The park is managed by a board of managers elected by the membership. The board of managers encourages those selling their mobile homes to sell some membership interest in the LLC to the new titleholder, encouraging a sense of pride of ownership. The percentage of ownership is not equal throughout the park, and some members no longer lease a lot in the park. The Watersedge board of directors does not set the price for a membership interest. Selling of Watersedge LLC membership interest occurs based on price negotiations among the park residents, and the sale must be recorded by the Board.
The park was previously owned by a building company, who rented space to mobile homeowners, and who decided to sell the property around Labor Day, 1994. By December 1994, residents formed Watersedge Corporation and purchased the park through stock sales and bank financing. On January 1, 2013, the corporation was converted to an LLC to make it more tax efficient.
Individuals interested in buying a mobile home at Watersedge can contact anyone who has a “for sale” sign posted on their home.
