Charleston Co Auditor site and questions (Welcome, North: sales, real estate, house)

[Maryjane55us]

Has anyone ever cruised this site? Charleston County PRC System

Give it an address and it will show you all the property sold on one street. Double click the number and voila.. all the sale dates and prices exchanged are there. Public Records. Some of the owner and price changes are unbelieveable.

For instance, I looked up a lot I was interested in on Old Tavern Ct in Mt Pleasant that is currently listed for $250,000. And here's the history I found:

- - BECKHAM ROBERT - W507-590 09/01/2004 08/03/2004 $81,600

- - DOMICO JEFF A - BECKHAM ROBERT - L518-891 12/08/2004 11/22/2004 $145,000

- - M POWER INVESTMNETS LLC - M518-069 12/08/2004 11/22/2004 $36

So Beckham bought it in Aug 2004 for $81,600. Sold it in partnership three months later for $145,000.

And then, on the same date, this M Power Investment co purchased it for $36?? And now he is has it listed for $250,000????


There's something mighty fishy here.. Can anyone explain this to me?

[OleTomCat]

Welcome to the world of high finance and property trading....

[Maryjane55us]

Here's yet another odd example of strange sales listed under the Charleston County registrar. I'm surprised no one finds this public information fascinating/shocking.. Look at the sales info on this prime property on Ocean Blvd:

Charleston County PRC System

Somebody buys this for 2 million and then turns around and sells it for a half million a year later?? What the heck is going on here?? Why aren't any of us *regular* people allowed in this game? Is it just all in who you know?? (or sleep with?)

Whatever the connection is I'd like to know. (who knows, I might want to sell my body.. J/K)

[USCJoe]

You really need to look past this abbreviated bit of information regarding the sale for $2,000,000 and the subsequent sale for $560,000. The original sale for $2,000,000 was for a 1.1 acre of land with a home built in 1945 on it. The sale price was for the land value only and the lot was to be divided up into 6 separate lots. I suspect the $560,000 purchase price was for one lot or a 1/6 interest in the property. A home was subsequently built on the property or a part of it in 2005 and in fact is currently on the market for $1,699,000.

[Maryjane55us]

Even if you consider all the wheeling and dealing..

[Maryjane55us]

Sounds like an easy way to make money without working like the majority of us have to do.

Even supposing the actual house construction cost another half million (which I seriously doubt), a half million in profits sounds extremely exorbitant.

joe: I suspect the $560,000 purchase price was for one lot or a 1/6 interest in the property. A home was subsequently built on the property or a part of it in 2005 and in fact is currently on the market for $1,699,000.

I suspect, eventually, some other Northerner with profits to burn from their (Boston, Long Island, NYC, whatever) real estate sale will buy it. It appears Carpetbagging is still going on in the South.

[moneill]

I think it is like any other business ventures...some people are lucky, some people are smart and few people make gobs of money.

[Maryjane55us]

These huge differences in prices that don't make sense to me. Talk about greed.. I understand trying to make a profit, but this is so exorbitant and unreal. 100% return?

These are the very group of people whom I truly hope get *burned* and burned bad in the slow-down in the housing crisis. I hope they are leveraged to the hilt and lose it all. (Along with a lot of the Wall Street people)

There are so many people out there struggling to survive day to day every day living from paycheck to paycheck and here are these grossly over-greedy people trying to make a half million off a half million investment, doubling their money.

I hope they lose it all. <end of rant>

[fqtravlr]

I suppose you never watched "Flip This House"?
Inspired thousands to go out and buy property for no money down and put a few thousand into fixing it up. Well okay, so that show isn't the only reason... but you get the drift I'm sure. Everybody wants a seat when it's a good ride.

I have a 401k that invests in the stock market. I hoped to double my money before I retired. Even sooner if possible. What's the difference in investing in real estate and a 401k? Both were a safe, sure bet for years. Everybody always said, they don't make land anymore and you can never lose money on real estate. Times change. I certainly hope the "burning" will come to an end soon. Every aspect of the economy affects the other, and we need stability in the economy now if we hope to see new jobs and businesses in this Country.

[moneill]

Those huge increases don't tell the whole story. You don't know if it was a lot they bought and then built on it for example.

Those weird little purchases pop up frequently (you know odd amounts like 26 or 15 dollarss)...I think there must be some kind of legal thing they do.