Status of North Beach Plantation? (foreclose, rental, credit card)

[PandaFan]

Thanks for the discussion everyone. I just saw the resort for the first time last month, and it looked great, and so was seriously thinking of signing up, but after reading some of these discussions, I'm having second thoughts. Is it going to become a huge mess because even with the price reductions people with contracts will default and it'll take a long time to sell all the units? Thanks for any info.

[parrothd]

my opinion is that it will take some time to sell all of the units. Consumers continue to hold onto the funds they managed to salvage when the economy soured. I definitely understand that. Frankly, the 10% deposit at least kept it's value, unlike the rest of my investments. I also think, NBT will end up being a good investment over the long haul. At least that is what I am counting on.

[Livefasst]

I recently toured the property and it is top of the line with what I think is the last best property located at NMB, at least as a condo development. If you can afford the luxury of this then I absolutely think it is a good value for your money. There are many good deals right now on oceanfront property, but NBT is upscale with a modern design that will take many years for someone to top it. Once they get it up and running, it will be the place to stay. Worse case scenario...another investment company will take it over and assume the fees..what did someone earlier say 2.4 mil HOA's???....this property won't set empty for long. Too much money invested and at the same time too much to be lost and too much to be made for someone. I loved it and am going to take advantage of the price for myself and my family to enjoy.

[mayhurst]

Originally Posted by NBT-home

gerstj7 ......

Per your earlier question, the prices have been adjusted several times. This is a summary of Original (O) versus Promotional (P) prices currently in place.

1 B/R (F) (O) $549,900 (P) $333,000 savings $216,900
2 B/R (E) (O) $789,900 (P) $472,000 savings $317,400
3 B/R (D) (O) $969,900 (P) $607,500 savings $362,400
4 B/R (B) (O) $1,360,900 (P) $758,700 savings $602,200
4 B/R (G) (O) $1,790,900 (P) $1,066,000 savings $724,900
5 B/R (A) (O) $2,090,900 (P) $1,255,500 savings $835,400
5 B/R (C) (O) $1,890,900 (P) $1,125,000 savings $765,900

They have also taken several of 1 B/R's (two floors) and converted with stairs to create 'townhomes' that have a special price.

According to horrycounty.gov five units closed and were recorded 7/24. Units 1212;1505;312;1901;805. Congradulations to them!!!! See you soon.

"horrycounty.gov" does not exist, which leads me to believe that you are an developer's insider posting on this website. The detailed info you posted cannot be obtained through the non-existent website you posted. Hmmmm...

[OTIS1946]

You can find the information about the units closed @ WWW.HORRYCOUNTY.ORG when you get the site go to deeds then for name type in "Winchester North Beach Towers LLC" then click the next box and choose dees 001. I checked and there have been 8 units closed.

I don't know where he got the pricing for all the units. I think the orginal prices he quoted are the last prices quoted after they had contracts on most of the units, not the first price offered.

[mblocal]

livefasst, please do some more research before you buy unless money is no object to you. your "worst case scenario" is not quite that. if that was the case, I actually might close on my unit.

[mayhurst]

Originally Posted by OTIS1946

You can find the information about the units closed @ WWW.HORRYCOUNTY.ORG when you get the site go to deeds then for name type in "Winchester North Beach Towers LLC" then click the next box and choose dees 001. I checked and there have been 8 units closed.

I don't know where he got the pricing for all the units. I think the orginal prices he quoted are the last prices quoted after they had contracts on most of the units, not the first price offered.

The pricing list looked like a marketing post for that exact reason (that the original contract prices, which are the most relevant to original purchasers, were not mentioned). By figuring the reductions based on current pricing, it makes it appear to be a greater percentage off. I followed the pricing of this project and the "current" prices he put in there were so inflated as the real estate market was collapsing. That might have been a strategy on Winchester's part to make pre-construction purchasers feel more secure, only it was a false sense of security. I am going to wait a while before deciding about this property.

[parrothd]

I am purchasing a 2 BR and the price reduction is 34.3 percent. That is from the original price of 719900. We keep hearing real estate values are down 35-40 percent so this reduction seems in the ballpark. As you can see, I am trying to look at this from the glass half-full viewpoint.

[EF1432]

I am purchasing a 2BR that I contracted at $749,900, so my reduction is 37%.

[insideinfomb]

Parrothd, yes it is in the ballpark. but where will the prices go when they only close 10% of the building. do you really think the big banks, who are not in the business of real estate, will keep the prices at the level they are now and ride this thing out? No chance.