If you are scouting North Topsail Beach for an investment condo, you have likely realized there are two main heavyweights: The St. Regis Resort and Topsail Reef.

On a map, they are neighbors. On a spreadsheet, they are different planets.

For the uninitiated, the choice looks like "Luxury vs. Budget." But for the strategic investor in 2025, the decision actually comes down to your risk tolerance for federal flood maps and your patience for special tax districts.

Here is the insider reality of buying in North Topsail’s most iconic complexes.

The "Vibe" & Amenities: Resort vs. Retro

St. Regis: This is the "Grand Dame" of North Topsail. With its three distinctive towers, indoor/outdoor pools, fitness center, and on-site restaurant (Ocean’s Edge), it is a true resort. It commands premium weekly rental rates because it offers an all-in-one vacation experience that rivals anything in Myrtle Beach, but with better views.

Topsail Reef: The Reef is the scrappy, high-volume alternative. These are smaller, no-frills units (often without elevators in certain buildings) that appeal to the budget-conscious traveler. The amenities are basic—tennis courts and laundry facilities—but the entry price is often half that of St. Regis.

The "CBRA" Elephant in the Room

This is the single most critical detail that Zillow listings often bury.

Topsail Reef sits squarely in a CBRA (Coastal Barrier Resources Act) Zone.

The Reality: This means the federal government (FEMA) will not provide flood insurance here. You cannot get a standard NFIP policy. You must buy private market flood insurance, which can be significantly more expensive and volatile.

The "Bill" Gamble: For years, legislation (like the map amendment bills introduced in 2023 and 2025) has floated through Congress to "fix" the map and remove Topsail Reef from this zone. Do not buy based on a bill. Until it becomes law, you are buying a property that relies on private insurance and sandbags.

St. Regis has a more complex relationship with the flood map. While better positioned, insurance here is still a massive line item. The wind/hail deductibles on these towers are substantial, which leads us to...

The "Mud Tax" & HOA Math

North Topsail Beach fights a constant war against erosion, and the ammo is sand. To pay for it, the town utilizes Municipal Service Districts (locally nicknamed the "Mud Tax").

The Insider Rule: You aren't just paying county taxes; you are likely paying an additional assessment for beach nourishment.

HOA Sticker Shock: St. Regis HOAs are legendary for their cost—often exceeding $10,000–$15,000+ annually when you factor in assessments. However, this covers a massive amount of infrastructure (elevators, pools, chillers). Topsail Reef fees are lower, but remember: low fees in an oceanfront building can sometimes mean deferred maintenance. Always check the reserve study.

The Pet Policy (ROI Killer)

If you plan to rent to dog owners to boost your off-season occupancy, stop.

The Rule: Both complexes generally prohibit renters from having pets.

The Detail: Owners can usually have dogs (with registration), but your Airbnb guests cannot. This removes a huge slice of the rental market, so your numbers need to work based on human-only occupancy.

Your Next Step

Are you looking for the high-overhead, high-revenue potential of a St. Regis tower, or the cash-only, high-risk/high-reward play of a Topsail Reef unit?

Aspyre Realty Group excels at listening and communicating your risk tolerance into a property that fits your portfolio. We know which buildings have healthy reserves, which ones are banking on a Congress bill, and how to read the private flood quotes so you don't get burned. Let’s sit down and compare the net ROI.