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Old 05-16-2009, 07:32 PM
 
21 posts, read 49,984 times
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We are wanting to rent a house in the I'on area. Any homeowner who would like to rent their home, please email me: ragibaut@gmail.com Thank you, Rachel

Also, after reading these threads, I am interested to know what other areas we should consider. My daughter will be attending Ashley Hall so we would like to stay around 15-25 minute travel time to school. Thank you!
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Old 05-18-2009, 06:33 AM
 
Location: Raleigh
72 posts, read 173,087 times
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Quote:
Originally Posted by FallingKnife View Post
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

After 60 days of house hunting for real, not speculating or forecasting, there is very little quality inventory at 350-400. Quality homes in that range seem to last about 20 days or so with multiple offers( I know I lost one like that), short sales and underwater sellers from 2005 unwilling to budge are skewing what is really available to people. Those homes will be in the same state even after a recovery, in my eyes this is about the bottom unless you are buying into 500+ ranges, some steep discounts there but it aint coming down into the 4's or 3's, and the 4's and 3's that you can actually buy are moving.
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Old 05-18-2009, 07:09 AM
 
Location: NY
8 posts, read 22,146 times
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Quote:
Originally Posted by Xdeth View Post
After 60 days of house hunting for real, not speculating or forecasting, there is very little quality inventory at 350-400. Quality homes in that range seem to last about 20 days or so with multiple offers( I know I lost one like that), short sales and underwater sellers from 2005 unwilling to budge are skewing what is really available to people. Those homes will be in the same state even after a recovery, in my eyes this is about the bottom unless you are buying into 500+ ranges, some steep discounts there but it aint coming down into the 4's or 3's, and the 4's and 3's that you can actually buy are moving.
I am looking for a second home in Charleston. My research shows a bunch of people without a clue. You have to remain patient. Real estate prices take a long time to fall. I have also noticed that realtors and sellers have NO CLUE how to reduce prices. I noticed the CofC Index has declined 10% since Feb. 09 I do not see listings being adjusted to reflect this decline.

Just wait until interest rates start to rise. Then what are these idiots going to do?

"GREED IS GOOD!!!!"
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Old 05-18-2009, 08:33 AM
 
Location: Raleigh
72 posts, read 173,087 times
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Quote:
Originally Posted by GordonGekko View Post
I am looking for a second home in Charleston. My research shows a bunch of people without a clue. You have to remain patient. Real estate prices take a long time to fall. I have also noticed that realtors and sellers have NO CLUE how to reduce prices. I noticed the CofC Index has declined 10% since Feb. 09 I do not see listings being adjusted to reflect this decline.

Just wait until interest rates start to rise. Then what are these idiots going to do?

"GREED IS GOOD!!!!"
I believe you are correct, if you can wait on a short sale then you can win fair value. Then the next buyers in the area look at the comps after a couple of these and wonder why the hell they are paying 60-100K over mkt value on the same street. But fact is, not many can wait this long or care to look for a short, that dawns on people about where I'm at in the search ~45 days and they just capitulate, as long as appraisal value will allow them too. Hell, one house I looked at was in the mid 5's and now down to low 4's, for anyone waiting to get into MT-P last few years that's too good a deal to pass up, it was sold quickly and IMHO, worth about 50K less then paid for given the comps and general quality of home. Not sure if it made appraisal, it would be close.

Yea, I'm buying anopther house out of state right now, this is turning into an extended vacation
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Old 05-18-2009, 11:47 AM
 
435 posts, read 733,227 times
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Based on old sell history I could find online. Even some homes in ION could be sold at 400k without being a short-sell (that's with a 6% commission). So I can see further decline in prices. I am single and I can rent for a year or two if I need to (although I will be hurting in tax write off part). I am looking mainly online right now because I won't be there till summer, and I am tracking some houses to see how fast they disappear (low price ION homes and nearby houses).
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Old 05-18-2009, 01:16 PM
 
3,393 posts, read 4,336,862 times
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Jimmy- I think the hidden truth of short sales is that they are not based on purchase price but on mortgage debt vs value. A lot of people bought in Ion during the bubble and others bought early and refi'd into oblivion like people elsewhere. I would imagine the ones who bought early and rationally there are still set beautifully since that neighbrhood shot up so much in value even in comparison to the area.

I konw of one house there that was built as a one bed room for some reason. Decent size but who the heck is going to spend half a mil on a one bdroom house. It is supposedly being listed because a business failed but who knows.
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Old 05-19-2009, 07:33 AM
 
23,080 posts, read 12,296,242 times
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I love the older subdivisions in Mount Pleasant -- the trees, etc. I love Shellpoint. It's overpriced but delightful. Small, well treed, full of families but not too big...no huge HOA fees. Ion is overpriced too -- but a BIG development with BIG HOA fees, no yards....and a nationally recognized 'name'. Wait a minute -- maybe only nationally recognized for those people who may read development and planning magazines -- I take it back <G>.
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Old 05-19-2009, 12:44 PM
 
435 posts, read 733,227 times
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Mrpeatie- I agree with you. The one house you have mentioned is not going to sell even at current price of 435,000 (if we are thinking about the same house). Especially, there is a house right across street currently at 500k (251/sqft) listed since 2007 but come down in price slowly; it will probably sell a year ago if it is listed at the current price initially. Seriously, if you are a realtor at least learn how to refresh MLS listing number, so people can't figure out exactly how long it has been on the market.
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Old 05-19-2009, 02:32 PM
 
23,080 posts, read 12,296,242 times
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Quote:
Originally Posted by JimmyCh View Post
Seriously, if you are a realtor at least learn how to refresh MLS listing number, so people can't figure out exactly how long it has been on the market.
What's happening these days is that us buyers are watching the market for six months to a year -- or maybe almost two years....so doesn't matter what 'tricks' are used.

Also -- if you haven't been watching the market you get a realtor with knowledge and they know which ones have been sitting -- even with all the tricks.

So don't play games -- keep it real and see what happens
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Old 03-14-2010, 01:52 PM
 
480 posts, read 677,250 times
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Quote:
Originally Posted by bharrod View Post
Hamlin Plantation seems a bit pricey to me. We are moving to Charleston in a few months from Suffolk, VA. We own our house here and it's worth about $350,000. But we only owe $100,000 so our payments are very low, under $1000 per month. I think my hubby makes around $80,000 take home per year, but I don't want a huge house payment, I would rather use that money to take my kids fun places all the time, instead of being trapped inside all day because we can't afford to go anywhere.
Anything nice, in that area, with good schools, that isn't too expensive. Not really sure that i would want to live in a townhouse either. Not very private.
Any info would be great. Hamlin looks nice, but just very pricey.
I really liked Hamlin, probably one of my favorite ones. Waverly and The Sound particularly
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