Why not try an online auction?

I believe it may be two to three years before you'll see you property recover to the original purchase price. If you can dispose of the property now, that would be my recommendation. You wanted opinions and that's mine. Keep in mind that I'm someone who sees the glass half empty and not half full. Good luck!

Greg,

My opinion for your situation would be to DUMP the two Grand Tour villas quikly and Hold the Tilghman for now. Rent the Tilghman short term and use it. Use VRBO.com or the onsite rental company and turn that one into a vacation rental and take as much tax advantage as possible. You may need to hold in an LLC or some other form, so discuss with your accountant.

When you sell the 2 Grand Villas, turn around and purchase an OCEANFRONT condo. I know what you are thinking, but right now you can get one on the cheap and when the turn comes, you will have the greatest opportunity to recoup. You will need to rent the oceanfront one also and keep both rented as much as possible. Keep up with losses and make sure you take full advantage of the tax situations. Be sure and consult your accountant to make sure you put them and yourself in a position to capture those losses and the best tax advantages.

One other option if you are planning on moving here anytime soon. Buy a single family home (only if you are going to live in or call your primary residence. You can pick up a great value in a home and the upside for this will be good too. Great tax savings here in SC for your primary residence real estate and possibly for your income. Again, only accountant can determine your specific results.

Either way, this will take some time. I think about 3-5 years. As for Grand Tour, could take much longer. Too many great deals along the ocean and ocean close which will recover before properties further away.

Hope this helps. Let me know direct if you have further questions.

Many Thanks, Jim Adams getjim@aol.com or direct 843-340-2866

Dear Greg,

I too am with the #1 Coldwell Banker in the State of South Carolina, Coldwell Banker Chicora, and The World Tour units you have are located in the area where I do most of my business , Carolina Forest. The first question I would ask, is this a 1031 situation, where you are going to turn these units in a like kind exchange? If so, your "loss" could possibly be a net neutral since the market would not support a net gain right now. Upon executing a 1031 exchange for another "investment-as you termed it" property, you might be able to purchase at a reduced rate. If you found some sort of income producing property, it might make for a more comfortable "wait" until the market gets to a level where you WANT to sell. I have had some clients look at this option to soften the blow when holding (and selling) in a decidedly buyers market. The future is of course, known only to the future. I anticipate that sales will continue to trend upward, but of course, those sales will be at current market price regardless of sellers loss or gain. Right now we are seeing sellers with flat or negative return on many two to three year old purchases, not including hold costs. When these are factored in, the result is decidedly negative. I anticipate that this will continue for some time. Of course this is my personal opinion. I would advise you to speak with your accountant to see about the feasability of any 1031 exchange and obtain professional counsel on what are considered qualified like kind properties, as it applies to your specific personal financial situation. That being said, I am always available for any advice and insight into the current state of the local Real Estate Market.

Jason Mahood

Dear Greg:
As an experienced realtor here in the Myrtle Beach area, and one who is known as the CondoQueen (due to specialty in condo listing and sales) I really feel your pain.

Here are some facts. For World Tour, nothing has sold for at least a year. Two bedrooms have a better chance than 3 bedroom because lower priced properties are sloooooowly starting to see some activity. However condo prices dropped 20% from July 2007 to July 2008. If you have rentals in that complex, I would try to hang onto the units with long term rental until next Spring. Real Estate analysts seem to feel we won't see a real upswing until next summer. The lowest price in Grand Villas for a 3 BD at the moment is $269,900 furnished. That doesn't give you much leaway. In any case, nothing there is selling, no matter how low the pricing goes -- even the two bedrooms are "sitting".

As for Tilghman Beach Resort, M-7 sold in February for $450,000 which is good news from an appraisal standpoint. The average listing price is $494,225 - but that's because there are some priced in the $500M range. Lowest priced for sale is $339,000 and $389,000 furnished. I don't know what your list price is because I don't know your last name or unit number. Are you Surf Club or Ocean View - top floor or lower floor? You have some play here in pricing to dump this which would make sense because my feeling is they'll be depreciating more in the next year and then you'll continue to lose some of your ability to lower the price for competitiveness. I can find out for you what their rental experience is and then you can make an educated financial decision on whether to tough out the market. The "second row" (across Ocean Boulevard from the ocean) never appreciates as quickly as ocean front - no matter the view.

I have listings in World Tour and my office is in NOrth Myrtle Beach very nearby Tilghman. I'd be happy to discuss out outstanding marketing programs, some of which are exclusive to our company which is the number one Coldwell Banker in the state of SC.

I lived in NY for quite some time growing up - Westchester County during HS and college and upstate later for about 2 years. Where are you?

Sorry for your bad luck with the market downturn. We were helping so many people in the early 2000's make great buys and resell with very large profits. Like the rest of the country, those days are gone. They will return, but I'm thinking later rather than sooner (2-3 years for full recuperation).

I invite you to give me a call to discuss this more interactively.
Regards,



Dee Weiss, ABR, CRS, GRI, SRES
Senior Sales Associate
Licensed in SC & NC
Coldwell Banker Chicora
N. Myrtle Beach, SC
Toll Free: 877-347-1156
Cell: 843-222-2124
I love referrals!

Greg,

From what I have seen and heard, our market has decreased greatly. Also, while there have been brief glimpses of hope in the market over the past year, it has as a whole been rather slow. What a lot of my investors have done is sell their properties and use that money for other types of things. I wish I could tell you when it will turn around. All I can do is quote the present & past. Both of which have not shown a quick rebound in the market. That is not saying that things couldn't turn around tomorrow, but from what I have seen it could be a rather long time till things get better. If you need help selling these properties, contact me and I can share how my team can assist you in selling these properties. We are with the #1 real estate company on The Grand Strand & the #1 Coldwell Banker in the State of South Carolina.