richard my email address is.....grose614@gmail.com

talk to you soon

Sun Jul 6 2008, 06:02

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

Fri Jul 4 2008, 09:05

hi greg. what is your email address?

Fri Jul 4 2008, 08:07

richard, i am a seller in distress. i own 3 properties down in myrtle beach and north myrtle. if youre truly interested in an investment property...contact me and we'll talk. i know the marlet down there and have been looking to unload the best unit i have bc im carrying too many mortgages. the building was just completed in dec 2007 and i am truly dumping the unit. its a top floor second row ocean 3br 3b at tilghman beach. if youre looking for a quick unbeatable deal let stalk. im looking to just recoup the mrotgage on it and get out. places are listed in the building for $380k and up. my unit is in a better location in the building and a better unit. i am way, way below this price. im not a broker, just a new yorker who got in over his head during the boom. feel free to call me or email 646-221-8765...greg

Thu Jul 3 2008, 08:27

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

Wed May 21 2008, 10:11

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

Sat May 17 2008, 10:03