U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > South Carolina > Myrtle Beach - Conway area
 [Register]
Myrtle Beach - Conway area Horry County
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 07-15-2009, 07:45 PM
 
5 posts, read 22,654 times
Reputation: 11

Advertisements

Hi, we were down last July and we were looking for a vacation condo. If we purchase one we are not looking to rent it.We would use it for ourselves and family. We would visit from the Northeast at least 3-4 times a year . Retirement is at least 15 years away.

We thought we found one in a community last summer called Jasmine Lake(Woodmoor Circle)in Garden City but couldn't get together on the price with the seller.

That particular one sat on the market another 9-10 months after we put in an offer . Now it has been taken off the market completely.

Anyhow, we are still looking in the Garden City/ Murrells Inlet area.

In this market looking to spend no more than 115K tops.

I was wondering if anyone had any opinions on condos in the GC/MI area in the price range we are in. Also, if anybody could comment on the HOA(associations) if any are in trouble or hurting.

I also read a report yesterday that speculated the Myrtle Beach area is still expected to decline 10%-15% within the next year.

We are in no rush to purchase. I'm trying to let the market come to me. If I get what i think is a great deal I will buy it.

We have also considered the Vero Beach/Stuart area of Florida's Treasure Coast.

Any comments would be appreciated.

Last edited by 21wins; 07-15-2009 at 08:01 PM..
Reply With Quote Quick reply to this message

 
Old 07-16-2009, 05:11 AM
 
75 posts, read 195,584 times
Reputation: 32
I am in a similar situation. We have friends who own a 2nd home condo in MB (Carolina Forest area) so we get the chance to visit often - from PA. For what we've seen and experienced in/about MB we love the place and have found everybody very nice - exactly as we treat them. I'll say now that we are not pushy Yankees who come down and expect to be treated like royalty.

We've been thinking about purchasing our own place as a 2nd home (eventually moving down when we retire) but the more I read about MB on boards such as this, the more I hesitate. While we've never experienced it in person, some people who bill themselves as locals sure don't write highly of their home nor do they seem to like visitors very much. I'm sorry that the economy is a wreck, and that your local economy is tourist-driven but it is what it is, at least it's something.

I also worry about the recovery of an area where property values seem to have dropped much further than other resort areas, plus, as you mention, values will probably drop further yet.

What I wrote may make some people angry so go ahead, flame me if you must. Where I reside now is no Shangri-La either and if someone asked about it, I wouldn't have much good to say either.
Reply With Quote Quick reply to this message
 
Old 07-16-2009, 07:44 AM
 
Location: On a Farm & by the sea
1,091 posts, read 2,500,876 times
Reputation: 942
Hi. My husband is from Texas and I'm a SC native. We live in upstate SC and bought a condo in Garden City last year. We only allow family and close friends to use it and do not rent it out either. The hope was that we could get in toward the bottom of the market and then in 5 years or so, when prices go back up, sell it and upgrade to a beach house for our retirement (we are late 30s).

HOAs - our HOA fee is $275/month which seems kind of steep I guess but it covers our hurricane insurance (primary structure), pool, and all maintenance. I would suggest visiting the property you are interested in and seeing if the grounds crew is on-site daily and keeping the pool crystal clean. For me, that is a MAJOR concern and indicator of how the rest of the grounds are being maintained.

I like the Garden City area because it reminds me very much of what the old 60's beach villages seemed like. We have a little village area with ice cream shops, a pier, rides for the kids, etc... I have never been a fan of the Myrtle Beach strip. I think it has become very seedy over the years. But I do believe that the overall area has taken a turn for the better. I think the next 5-10 years will see better development, hopefully like the Market Commons complex. Baby Boomers are still going to be retiring to coastal areas and bringing their wealth and experiences with them. I think the "transplants", folks moving in from other areas, have been wonderful for our area. Sure, the traffic has gotten worse and prices have been driven up the last 15 years since we were "discovered". But, the diversity has bene good. I think culturally we have all just experienced some growing pains in getting used to other folks lifestyles and expectations. I think that happens in other areas, too.

additionally, I would suggest finding yourself a good realtor to do the legwork for you. I loved our realtor, whom I found on-line: Paul Lawlor. Just look on-line for references and call and interview the realtors that were recommended.

We offered $30,000 less than the unit was listed for. So go above your target price and press your agent to make aggressive offers for you. With condos, the closer to the water you are, the less space you have and the higher the price. Keep that in mind. And Finally, since having our place for this last year and 4 months, my husband and I have decided that we would really like to find a beach cottage, all one level preferably, that shares a SMALL community pool. We have seen several small little enclaves of beach cottages - 4 or 6 units - with a pool and nice grounds in the center. We love that idea and plan to explore that option so that we can plan to make a shift in our 40s, God willing.

Good economy or not, time marches on. It was always my dream to have a cottage by the sea. If this condo (right across the street from the beach with a partial ocean view!) is the best that we ever do, I've been mighty blessed to have this opportunity. Folks spend a lot of money on lots of different things but my feeling is that you just have to prioritize what is really going to give you the most joy in life and do that thing. For me, I drive a nice but 9-year-old car so that we could make this dream come true. It's been worth it for us. I hope all of your family's dreams come true.
Reply With Quote Quick reply to this message
 
Old 07-16-2009, 10:25 AM
 
75 posts, read 195,584 times
Reputation: 32
I was just looking at properties in Jazmine Lakes and they are identical to the condos where our friends own - Windsor Green. Must be same builder/developer. They are great units, very large, and the development is immaculate.
Reply With Quote Quick reply to this message
 
Old 07-16-2009, 02:13 PM
 
5 posts, read 22,654 times
Reputation: 11
Yes, Jasmine Lakes is real nice. However, The sellers in our case were holding close to their asking price. Now the unit didn't sell and is off the market.

The original selling price I'm sure was inflated and shouldn't have a bearing on the selling price now. Different times. As an example say the owner paid 180k and now are selling for 140k-it's not my fault that they paid 180k. The unit was bought when prices were higher. It is not the potential buyers fault. But don't throw it on the market and refuse to seriously negotiate down from 140K-that is a waste of time for all concerned. Or put FIRM in your ad/literature so prospective buyers won't waste their time.

My feeling is if you are going to sell now, you should expect a lower offer no matter what your starting price is.

Please keep your comments coming it is appreciated.
Reply With Quote Quick reply to this message
 
Old 07-16-2009, 06:08 PM
 
75 posts, read 195,584 times
Reputation: 32
Quote:
Originally Posted by 21wins View Post
Yes, Jasmine Lakes is real nice. However, The sellers in our case were holding close to their asking price. Now the unit didn't sell and is off the market.

The original selling price I'm sure was inflated and shouldn't have a bearing on the selling price now. Different times. As an example say the owner paid 180k and now are selling for 140k-it's not my fault that they paid 180k. The unit was bought when prices were higher. It is not the potential buyers fault. But don't throw it on the market and refuse to seriously negotiate down from 140K-that is a waste of time for all concerned. Or put FIRM in your ad/literature so prospective buyers won't waste their time.

My feeling is if you are going to sell now, you should expect a lower offer no matter what your starting price is.

Please keep your comments coming it is appreciated.
I don't see it that way. As a seller they were free to ask/accept whatever they wish and just as they "threw" their property on the market for $whatever, you "threw" an offer for $whatever at them. They simply were in a financial position where they could exercise their right to decline your offer.
Reply With Quote Quick reply to this message
 
Old 07-16-2009, 07:39 PM
 
5 posts, read 22,654 times
Reputation: 11
Quote:
Originally Posted by kone View Post
I don't see it that way. As a seller they were free to ask/accept whatever they wish and just as they "threw" their property on the market for $whatever, you "threw" an offer for $whatever at them. They simply were in a financial position where they could exercise their right to decline your offer.
Anr they have every right to.

My point is that you have to expect to negotiate and not put a price on something and not expect some give and take.

Afterall ,it is real estate. Would you buy a car and pay sticker(MSRP)-I think not. Nor should you do that with real estate. Especially in a market at the time that was heading down.

The reason their property didn't sell(not just to us) is that they were only expecting to go down about 5K-I think because that is what their realtor had told them.
Just as an aside that same realtor told us last summer that the property this summer of 2009 would sell for AT LEAST 175K-they couldn't get 120K in the Summer of 2008 but by some magic it was going to jump 60K+ in 1 year AHH RIGHT!!!

I just think that their realtor did a bad job advising them and the sellers listened to him and were stubborn.

Maybe it wiill payoff for them in the future.

Last edited by 21wins; 07-16-2009 at 07:52 PM..
Reply With Quote Quick reply to this message
 
Old 07-16-2009, 08:14 PM
 
212 posts, read 567,919 times
Reputation: 124
I wouldn't rush to buy ANY condo in MB right now. Foreclosures are still flooding the market and prices are still going down. Many will probably disagree but I think that it's a waste of time dealing with private sellers in a condo market like the one that currently exists in MB. The foreclosures are priced to move and if they don't then the price gets reduced pretty quickly until they do. The banks want to move them and being soul-less corporations they have no feelings to hurt with a lowball offer. They also don't cling to the hope that these properties will return to the prices that their dummy borrowers paid for them in 2006, or that the market will return to that level if they can only wait a year or two, etc. etc. There are 6,741 MB condos on the MLS there right now, take your pick.
Reply With Quote Quick reply to this message
 
Old 07-17-2009, 05:49 AM
 
75 posts, read 195,584 times
Reputation: 32
I will be shopping hard probably in the fall and I will offer what I feel the market value is at the time based on the data I can gather. I will not be "low-balling" however, it's not me.
Reply With Quote Quick reply to this message
 
Old 07-17-2009, 06:57 AM
 
5 posts, read 22,654 times
Reputation: 11
In my case I offered what I thought was a fair price considering the economic climate and that the property was already on the market for 6 plus months at the time(I offered 20K off the asking price).
I took into consideration another at least 10% downturn in the market(this was last summer). I think I was right on.

I'm glad I waited because the market condiitions have discounted the properties for me this time around.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > South Carolina > Myrtle Beach - Conway area
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top