Thinking about buying a condo in SC (Charleston, Mount Pleasant: short sale, foreclosure)

[scbeach]

We are considering purchasing a condo in the Charleston area. Love to be near the beach but realize we can't afford it
What areas would you look at for affordable condos under 100K close to Charleston and beach area.

Mt. Pleasant, James Island, Johns Island? other?

Could we also rent the unit to others weekly? Simliar to Folly beach or Isle of Palms.
Also been reading about lawsuits with condos. Any to stay away from?

Thanks for all your input....

[beachme]

In Mount Pleasant, most condos have lawsuits. Ask your Realtor to research for you. Weekley rentals in Mount Pleasant aren't common AND make sure you check your HOA many have limits on how many rentals they allow in the community and sometimes you have to pay for permission to even rent them eve though you are the owner.

[joyeaux]

Condos that have been empty for a while (bought as rental investments & unrentable in the downturn) can be money pits. My sister is renting a condo in a 4 unit that is all owned by one investor. She was the only tenant for almost 3 months. All looked good going in & great location in Mt P. BUT, the rug was mildewed & came to smell after it started to warm up. The heating system still smells sour when on. The washer leaked which was a good thing because it forced the carpet & padding to have to be replaced. Nice hardwood was installled, thankfully.The freezer hardly freezes. The oven almost heats up. But it has nice countertops & renovated bathrooms. She's looking forward to the end of her 2 year lease. Oh yeah, the landlord was willing to give a break on a 2 year lease. Who knows how long it had been empty.

[OurGreatEscape]

scbeach~ It's going to be very hard to find something *under* 100k and near the beach. One-bedroom condos out on Seabrook Island are in the $150-200k. You may be able to find a foreclosure or short sale.

Short/long term rentals are ok on both Seabrook and Kiawah.

Regarding condos, be prepared to *pay* even if you find a unit in your price range. Association fees, taxes, and insurance are all going up. And, don't overlook maintenance costs. Beach property is in constant need of repair especially when you're not on the property 24/7. Your HVAC will fail when you least expect it; water will *intrude* into your home...All the price we pay for paradise:-)

[Southern Sunshine]

If it seems too good to be true, run, run, run. Buying a condo in Charleston is a nightmare. Association dues on top of insurance, taxes, maintenance plus your "low mortgage payment". The numbers don't add up. Most HOA's don't allow weekly rentals so that the full time residents don't have to contend with weekly vacationers. And some charge fees everytime you rent to a long term lessee. Most all are built poorly from the cheapos to the $500,000 plus. Almost all condos in the Charleston area are in some kind of construction lawsuit (not just limited to Mt. Pleasant) and those lawsuits are stale right now because of a ruling from the SC Supreme Court in January which says that insurance companies no longer have to pay for shoddy construction in some (most all) of these cases. That means "special assessments" on top of the monthly HOA's are inevitable for the owners. They are falling apart, wracked with water damage and mold issues, and the owners are stuck with a property they can't sell, can't rent, and are losing equity daily on the overall value...it's a nightmare. Don't buy a condo here. You can thank us later for the free advice.