Raja,  in Richmond, VA

We are considering to buy a condo at Myrtle beach as an investment.

Asked by Raja, Richmond, VA Tue Feb 26, 2013

Would a 3bedroom or an efficency condo which one would be good investment in the long run say 5 years?

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Hi Samantha, I have a one bedroom ocean front condo listed for sale. It sleeps 8 and is in the beautiful Compass Cove resort in Myrtle Beach. The condo has 2 queen size beds, a fully stocked kitchen, bathroom, the livingroom has a murphy bed (pulls down from wall)and sleeper sofa. Both the livingroom and bedrooms have flatscreen tvs. It will be a good investment/vacation getaway property. I have researched its revenue.You can go to http://www.realtor.com to see the condo. Enter the MLS number 1303453. I have stayed in this resort myself. The Jacuzzis are wonderful, the hot breakfast bar in the on-site restaurant is a treat. There is also an on-site restaurant/lounge, 23 water amenities including water slides numerous Jacuzzis, lazy river and tiki bar. The resort is just a few blocks down from an amusement park. It's in the hub of M.B. If I can answer any of your questions regarding the condo or any general questions regarding Myrtle Beach please let me know. It's generally forecasted that the real estate market will pickup by 50% this year from 2012. Of course, this isn't carved in stone. Century 21 has an excellent mortgage company that I can refer you too as well with several flexible plans. Have a great spring and summer! Wanda cell, 843-655-6453,office 843-448-7169.email, wanda@century21broadhurst.com
0 votes Thank Flag Link Fri Mar 1, 2013
Location is always critical. Also, what type of condo is important such as long term rental versus beach rental. I manage over 50 properties and three bedroom condos are more rentable as long term rentals than efficiencies. Remember HOA fees are higher on condos than houses generally-usually cover water/sewer, cable, pest control, exterior insurance, maintenance of grounds, pools, roofs, common areas, etc. None of us are able to predict market value or performance over the next five years. Your question is complex-for example, a 3rd floor unit without elevator may not rent as well or appreciate as much as one in a building with elevator. If you want to call me or email me, I will be glad to share my insight as a Realtor/property manager. Liz Smeltz, Realtor, Real Living at the Beach llsmeltz@msn.com or 843-504-6888.
0 votes Thank Flag Link Tue Feb 26, 2013
We are looking to buy in multi story condo,with HOA and all amenities included with ocean front or ocean view. What do you suggest? Efficiency or 1 br or 3 br?
Flag Tue Feb 26, 2013
The major answer to all real estate values also applies to your question... location, location , location. If you can find a good deal in the right location go for it. As for the size of the unit: it will depend on how you will use it. Give me a call or send me an email and we can discuss all the issues and other questions you may have.
0 votes Thank Flag Link Tue Feb 26, 2013
The answer could be both. Are we talking about weekly, monthly or yearly rentals? Oceanfront or Not? Are you going to manage it or are you going to use a management company - they can charge up to 60%. How much of return are you looking for? All of these questions come into play. I would love the opportunity to help you, call me and I can help you into the right direction.
0 votes Thank Flag Link Tue Feb 26, 2013
Samantha,

Feel free to contact me by phone or email at your earliest convenience to discuss your property search for an investment condo in the Myrtle Beach area. Also, sign up on my new site at http://www.yourmyrtlebeachproperties.com to have access to search for local investment condominiums in the area. You can also receive listings alerts for new properties that fit your criteria. Below is all of my contact information. Thanks !

--
Kent Covington
Weichert Realtors Palmetto Coast
SC/NC BROKER
kcpalmettocoast@gmail.com
843-455-1700
http://www.yourmyrtlebeachproperties.com
http://www.zillow.com/profile/kent.covington
http://www.trulia.com/profile/kentcovington
http://www.kentcovingtonproperties.com
0 votes Thank Flag Link Tue Feb 26, 2013
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