Market Conditions in 29566>Question Details

David,  in 91324

condo prices in the area are still falling. What would be the bottom price for a 700 sq ft condo?

Asked by David, 91324 Mon Sep 3, 2007

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6
That is to general to answer correctly. In Little River, as everywhere else, the rule of thumb is: 'LOCATION, LOCATION, LOCATION".
The cheapest unit sold in Little River this fourth quarter of 2007 went for $ 60,000. It was a 750 sq. ft. 1BR/1BA condo at Bay Tree Golf. The most expensive condo sold in Little River in the 4-th quarter of 2007 went for $ 340,000, and it was a 1,825 sq.ft. 3BR/2BA at Whispering Woods. One of my agents just sold a very similar unit as the $ 340K to one of our Buyer cliets for under $ 200,000. It just goes to show that the right agent can make all the difference... Call me if you need more info. Mirela - 843-251-2378
1 vote Thank Flag Link Sat Dec 29, 2007
I live in Little River Inn Resort in Little River, and I do not see that condo prices are still falling here or anywhere in the Myrtle Beach area. Especially since summer has begun,. prices are climbing slowly. Most of the really really low priced foreclosures are gone, and once the ones that are still here are gone, things will get more close to normal.

Also, condos in Little River are mostly primary residence homes or secondary vacation homes. You aren't going to get vacation rental prices in Little River.

To answer your question, and I think Little River Inn is one of the lowest priced complexes WITH THE BEST HOA in town, our lowest right now for a one bedroom is about $50,000. That would be AS-IS, not in perfect shape and probably unfurnished. The average for a really nice one bedroom here would be about $70K. We have a few that the owners are asking close to $100K and aren't desparate enough to come down because the units are in great condition with many upgrades. Remember the old adage, you get what you pay for. If you buy the bottom line lowest priced condo you can find, it's likely to be a piece of crap, to put it bluntly.

Now, I do happen to know there are some oceanfront efficiency units in Sea Mist Resort in South Myrtle right now that are CHEAPER than ours! Their HOA fees will be somewhat higher, but they will have a true rental income, and if you're looking to invest only, then that is what I would recommend. Little River is a great place to live, and I love my condo. But it's not an investment property...unless you are looking to buy cheap and hold on to it for 5-10 years...paying the expenses as you go. You can rent the 1 bedrooms here for about $700 a month and there's a good yearly rental market. But that won't pay the expenses if you have a mortgage.

AND, if you want a decent condo that you will be happy with, I do not recommend that you buy anywhere other than here, The Gardens at Cypress Bay, Cypress Bay itself. They are more expensive than ours, somewhat nicer, but about 2 miles further from the beach. The places that are cheaper than Little River Inn, and I won't mention any names, have problems with flooding, bad HOA's, high assessments, and high crime. I did a lot of investigation before I moved here, including getting opinions from the NMB police department. They were very accurate in their warnings. ~ PS, I have no reason to fib about any of this...it does not benefit me.
0 votes Thank Flag Link Wed Jul 7, 2010
The answer is simple to state but hard to find. The bottom price is whatever the seller is willing to give up in order to get out of what they are in. Since Katrina, HOA dues have been increasing, which is killing cashflow. As an investor myself in Litlle River, condos are falling in price because owners just want out. Let's do not even talk about the numerous assessments that are being performed as well. Do your homework. A good price may have HOA leans and assessments attached to it and most owners cashed out in '03-'05, who bought at well below market prices. Most everyone else is upside down or retired. Check out the foreclosure market, since the banks are willing to take a lose instead of the homeowner.
0 votes Thank Flag Link Fri Jun 20, 2008
" What would be the bottom price for a 700 sq ft condo?"
Location is everything David
To answer your question, and not being a smart @ss. The bottom price is what someone is wiling to pay.

Love the lounge act photo.
0 votes Thank Flag Link Tue Sep 4, 2007
Mr.P, Other/Just Looking in Arizona
MVP'08
" What would be the bottom price for a 700 sq ft condo?"
Location is everything David
To answer your question, the bottom price is what someone is wiling to pay.
0 votes Thank Flag Link Tue Sep 4, 2007
Mr.P, Other/Just Looking in Arizona
MVP'08
David, what town is the condo in question in? I'm a realtor in the Charleston Tri County area and can help you if it's somewhere here. Lisa Thompson, Realty Executives, Summerville, SC 843/270-2221
0 votes Thank Flag Link Tue Sep 4, 2007
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