Richard J., Home Buyer in Long Island, New York

Im considering the purchase of a 3br/3ba condo unit in n.myrtle bch for investment goals. it seems that i can

Asked by Richard J., Long Island, New York Fri May 16, 2008

generate enough rental income to cover the mortgage payments monthly, but, what are the trends for the sale of condo units that are oceanfront in north myrtle? is appreciation of the property likely or not? if so, how long for, say, a 10% appreciation of the property?

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11
Condos are not the way to go for highest return. Single family home rents are at there highest point in 10 years and prices are still very reasonable at low interest rates, still in the low 4s. Contact me for a quick consultation for more specific details on the options available.
0 votes Thank Flag Link Mon Oct 28, 2013
You would not generally be abl to cover the mortgage payments,the taxes and the POA fees. That is an unrealistic expectation. If you invest 70% in the mortgage, you might be able to make enougt to cover the remaining cost. The prices are lower now than they were back in 2002,2003 , investment property has never been a better value. Investment property is just as it is named INVESTMENT PROPERTY , The time frame for the appreciation of valueis dependent upon many things including the condtion of the economy The prices will go up. I hope this clarifies your question. You can contact me at my email sue.west88@yahoo.com and I wll do some reseatch for you. 843-467-6281
0 votes Thank Flag Link Sun Jan 27, 2013
Hi Richard,

I have a 3BR/2BA Condo listed at the Crescent Key for $314,000 makes $30,000 a year. Seller is motivated.
Check this listing on my Website http://www.mbhomes4sale.com it would be Crescent Keys 1005.
Love to help you.

Andy
Web Reference: http://www.mbhomes4sale.com
0 votes Thank Flag Link Wed Feb 15, 2012
Hi Richard,

I have a 3BR/2BA Condo listed at the Crescent Key for $314,000 makes $30,000 a year. Seller is motivated.
Check this listing on my Website http://www.mbhomes4sale.com it would be Crescent Keys 1005.
Love to help you.

Andy
Web Reference: http://www.mbhomes4sale.com
0 votes Thank Flag Link Wed Feb 15, 2012
Yes. Now is the time for BUYERS. Lots of buyers are taking advantage of the current market situation. Some owners are having tosell their condos because of their financial situations. Let me know if I can assist you locating the property that suits your needs and desires. lynne.bryant@elliottcoastalliving.com
0 votes Thank Flag Link Wed Feb 15, 2012
i own 3bed 3bath penthouse unit in new tilghman beach and golf resort. looking to get rid of it and cut my losses.
-greg

grose614@gmail.com
0 votes Thank Flag Link Thu Nov 13, 2008
richard my email address is.....grose614@gmail.com

talk to you soon
0 votes Thank Flag Link Sun Jul 6, 2008
Hi Richard:
You may recall that I was the realtor who pointed out the Avista in N. Myrtle Beach, and I see that you are still trying to nail down when a 10% appreciation rate could be reached. My guess is about 3 years would do it, but this is a conservative stab in the dark given what's happened to real estate markets all over the country. Given this unexpected downturn, we can't predict based on past appreciation history - that would be really unethical of a realtor. I also provided the facts regarding cash flow. I've copied my answer below. If you give me your e-mail address, I can send you all the listings available there as some may now be better buys. Hope you will contact me directly.

I have picked a top notch rental project in North Myrtle Beach, the Avista, completed in 2005 to analyze for you. With this information, you will more specifically be able to assess the likelihood of appreciation. With our market reflecting general national conditions over the past two years, we are seeing backup in pricing we haven't seen in years. In 2004 and 2005, condos appreciated in double digits making it difficult for appraisers to substantiate the increases. We knew that a market adjustment was inevitable. Thus we are now at a place where it is the ideal time to buy because the market is on a gradual upswing and appreciation will return. Nevertheless, to maximize appreciation, astute financial minds always recommend you hold onto the investment property about 5 years, unless there is a drastic change as there was in 2004/5. A good realtor can keep you advised and updated after your purchase to alert you to opporunities.

For 3BD in Avisa - pre-construction pricing allowed the first closings to take place in 2005 at an average of $377,929. In 2006 average sold prices ranged from $299M to $769M for a corner unit. In 2007 the average sold price was $515,940. The average sale price this year is $477,225 - however they are selling much lower as well. There are currently 5 listed under $477M and I recently helped clients agree to a contract on an end unit for $430,000. So purchase is possible at around $430M.

If you were to purchas at $430M and put 20% down, figuring a 30 year loan at 6.5%, with rentals of $50,000 or more, and after expenses and rental management fees, I estimate it would cost you about $1300/month to own.

I am a Senior Sales Associate specializing in condo sales and analysis all over Horry and Georgetown county. As a matter of fact, I am known as the Condo Queen. I would be delighted to talk with you in person or to e-mail listings of rental projects with similar price declines and excellent rental income. If this is not what you are looking for, or you would prefer a different price range, just let me know.

I hope this is helpful and look forward to working with you.

Regards,
Dee Weiss, ABR, CRS, GRI, SRES
Senior Sales Associate - Coldwell BAnker Chicora
Toll Free: 877-347-1156 Cell: 843-222-2124
deeweiss@chicora.net

Wed May 21 2008, 10:11 - Delete this answer
Web Reference: http://www.coldwellbankerchicora.com/deeweiss

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Answered by
Dee Weiss
Real Estate Pro
in Myrtle Beach
0 votes Thank Flag Link Fri Jul 4, 2008
hi greg. what is your email address?
0 votes Thank Flag Link Fri Jul 4, 2008
Hi. I noticed that you've only had one response to your question and you didn't get any facts. I've done some research for you and have picked a top notch rental project in North Myrtle Beach, the Avista, completed in 2005 to analyze for you. With this information, you will more specifically be able to assess the likelihood of appreciation. With our market reflecting general national conditions over the past two years, we are seeing backup in pricing we haven't seen in years. In 2004 and 2005, condos appreciated in double digits making it difficult for appraisers to substantiate the increases. We knew that a market adjustment was inevitable. Thus we are now at a place where it is the ideal time to buy because the market is on a gradual upswing and appreciation will return. Nevertheless, to maximize appreciation, astute financial minds always recommend you hold onto the investment property about 5 years, unless there is a drastic change as there was in 2004/5. A good realtor can keep you advised and updated after your purchase to alert you to opporunities.

For 3BD in Avisa - pre-construction pricing allowed the first closings to take place in 2005 at an average of $377,929. In 2006 average sold prices ranged from $299M to $769M for a corner unit. In 2007 the average sold price was $515,940. The average sale price this year is $477,225 - however they are selling much lower as well. There are currently 5 listed under $477M and I recently helped clients agree to a contract on an end unit for $430,000. So purchase is possible at around $430M.

If you were to purchas at $430M and put 20% down, figuring a 30 year loan at 6.5%, with rentals of $50,000 or more, and after expenses and rental management fees, I estimate it would cost you about $1300/month to own.

I am a Senior Sales Associate specializing in condo sales and analysis all over Horry and Georgetown county. As a matter of fact, I am known as the Condo Queen. I would be delighted to talk with you in person or to e-mail listings of rental projects with similar price declines and excellent rental income. If this is not what you are looking for, or you would prefer a different price range, just let me know.

I hope this is helpful and look forward to working with you.

Regards,
Dee Weiss, ABR, CRS, GRI, SRES
Senior Sales Associate - Coldwell BAnker Chicora
Toll Free: 877-347-1156 Cell: 843-222-2124
deeweiss@chicora.net
0 votes Thank Flag Link Wed May 21, 2008
Richard this is a pretty hard question to answer. How much is your downpayment? No one really knows what the market is doing. The Real Eatate Gurus are saying if you buy in this market and you plan on keeping the property for 5,7 or 10 years you should be ok. But if you like to give me a call we can talk a little more. 843-446-0474 azink@remax.net
0 votes Thank Flag Link Sat May 17, 2008
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