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Old 08-09-2008, 01:51 PM
 
Location: Mt. Pleasant, SC
2,525 posts, read 7,191,503 times
Reputation: 529

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Quote:
Originally Posted by moneill View Post
Well I'd be interested to hear the response when you offer 50% of asking....you gonna ask for closing costs with that as well.
I've done it. The response generally isn't pretty, but every seller's different.
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Old 08-10-2008, 03:04 PM
 
Location: Lowcountry
764 posts, read 1,439,796 times
Reputation: 416
Quote:
Originally Posted by moneill View Post
Well I'd be interested to hear the response when you offer 50% of asking....you gonna ask for closing costs with that as well.
Granted, it will be ugly and they may not like the message but they shouldn't 'shoot' the messenger. The worse they can say is no and eventually I'll find a realistic seller who isn't emotionally attached to the property.

I don't think this is going to be as difficult as I initially thought. The market in Charleston is only going to get worse and we aren't even close to the bottom yet.
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Old 08-10-2008, 06:46 PM
 
Location: Charleston, SC
159 posts, read 277,548 times
Reputation: 69
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Quote:
Originally Posted by Flat2MT View Post
And I thought that an offer of 35% below their asking price was pushing the 'reasonalble-but-not-insulting' envelope! As I chew on and digest more about TheCMR's previous post, maybe I need to further reduce my potential market price downside risk and start with offers around 50% of list.

Now as I develop my criteria, I plan to stay away from those who bought at the height.....2005-2006. I don't need to add salt to their festering wounds. My primary focus would be on homes newly built in 07/08 sitting empty and burning up constructionn loans. I think I would have a better chance of having a 50% offer accepted on a new home. Or am I missing something?

My secondary focus would be late homes built / last sold in the mid to late 1990s all the way up to 2003. Lots of potential paper profit in this group but my big concern is these homeownersw didn't take out a lot of the appreciation via home equity loans to fund other ventures.

Is my strategy flawed?

Does anyone have any success stories where they were successful in doing something like this in the Mt Pleasant area?
Flat2MT,
I am not saying to just start placing all offers 50% below list because you will definitely **** off realtors and sellers. This is a flawed strategy. You have to be able to determine how overpriced the area is based on supply and demand and then make a realistic offer. This will be difficult to do if you do not understand market segementation and valuation.

Good luck!
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Old 08-10-2008, 07:14 PM
 
Location: Charleston, SC
397 posts, read 950,511 times
Reputation: 65
thus, the job of your Realtor to provide you with adequate information to make an informed decision.
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Old 08-16-2008, 07:15 PM
 
10 posts, read 27,486 times
Reputation: 14
My wife and I have narrowed it down to Brickyard Plantation (the last subsection - Circlepoint), Daniel Island and Hamlin.

1. There seemed to be some confusion on grade and middle school placement for Brickyard and Hamlin. Can anyone tell me where these kids are placed and their thoughts on those schools? How do they compare to the grade/middle school on Daniel Island.

2. We can get a much nicer house in Hamlin and Brickyard than Daniel Island. How is the neighborhood? We drove around a few times but did not see many people walking in the streets. Do you really know your neighbors?

3. Everyone loves Daniel Island. Is there a catch (besides the price)?

4. Any other pros/cons? We are torn between Daniel Island and Hamlin. We prefer the Hamlin home but prefer Daniel Island's neighborhood.

5. How is the resale market in these three subdivisions?

THanks.
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Old 08-19-2008, 11:55 AM
 
20 posts, read 67,575 times
Reputation: 14
All of these are great neighborhoods. One thing that we learned since we moved here from DC is that you must check out the street that you are looking at inside each neighborhood. Our neighborhood, Rivertowne Country Club, is great but is made more for retires than families. Our street has no children on it only empty nest houses and the activities at the clubhouse are more for retires (activities at 11:00 in morning or 4:30 in afternoon) and not for stay at home moms or working people, unless you are off early. I think that Rivertowne on the Wando is much better.
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Old 08-19-2008, 12:43 PM
 
Location: Charleston, SC
397 posts, read 950,511 times
Reputation: 65
I think Rivertowne on the Wando is fantastic, one of my favorite pockets - the dock and sunsets are great, the homes are beautiful, the pool is active...the home start at around $400k or so
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Old 04-07-2009, 11:22 AM
 
5 posts, read 10,570 times
Reputation: 11
my wife and i are relocating to charleston national.we are looking at a home but i am ge
ting mixed reviews on taxes if we are not a permanent residence.i am getting the impression
that our taxes may be three or four times that of a residence.we are planning on moving in about two years.can anyone clearify this.thanks
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Old 04-07-2009, 02:20 PM
 
92 posts, read 149,159 times
Reputation: 42
Anyone who buys a home in MP right now (particularly in the $400k and above price range) is out of their friggin' minds. Everyone should listen to CMR and engage his services before you purchase. This market has nowhere to go but DOWN and it will be a significant and painful decline well into 2010 and perhaps longer. If you look at the inventory in the $400k plus range in MP it is something like 7 years worth. And it's growing, because they are building more houses in places like Carolina Park. It's going to get ugly folks. REALLY ugly.

Do yourself a favor and RENT. You will thank me later.

fk
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Old 04-07-2009, 03:36 PM
 
92 posts, read 236,254 times
Reputation: 28
Quote:
Originally Posted by bruno35 View Post
my wife and i are relocating to charleston national.we are looking at a home but i am ge
ting mixed reviews on taxes if we are not a permanent residence.i am getting the impression
that our taxes may be three or four times that of a residence.we are planning on moving in about two years.can anyone clearify this.thanks
i can only confirm this anecdotally. we have looked at homes on short sale. because they were not primary residencies, the property tax was 3-4x normal. for a 400k home, that may be 8-9k/year (normally, it should be 2-3k). i guess this is partly why these homes are on short sale now.

but, it is best to ask someone in the know.
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