Six Fifty Six Coleman - MTP??? (Mount Pleasant, Ravenel: real estate, apartment, lease)

[tenflyer]

If anyone knows about this place, I'm curious what your thoughts are. In my opinion, the location is near perfect with a very short walk to Shem Creek and Old Village, easy to get downtown and not having to deal with 17 traffic, etc. There is almost no new construction in that area that is in the semi-affordable range. This place is the one exception. Old Village is incredible, but anything new is a fortune. This is literally right across Coleman from Old Village.

But here is what has my interest the most. The town homes originally sold in 2007 around $600K. There are a few now available around $300K - $350K. That kind of price for 2,500 square foot and a 2 car garage, new construction in this location is insane.

So now the downsides. The construction 'seems' great - the one building has 12" concrete walls for example. Having said that, I'm leery of anything built during the boom as construction standards slacked off to say the least, and in this case the developer put the brakes on everything after 3 buildings, so their accountability much less availability in the event of an issue is in doubt. The question is if the developer (or someone else) will ever build out more than the 3 existing buildings. If you buy now and nothing else gets built what happens to the land? That and the HOA must be in bad shape with so few tenants - so the fee can spike ridiculously I'd imagine.

This complex looked like the perfect idea,with a very urban look in a great spot, but it was just started right before the bust. The upside is tremendous given the location, I think. I'm trying to gauge the downside though, prudently.

???

[accufitgolf]

Originally Posted by tenflyer

If anyone knows about this place, I'm curious what your thoughts are. In my opinion, the location is near perfect with a very short walk to Shem Creek and Old Village, easy to get downtown and not having to deal with 17 traffic, etc. There is almost no new construction in that area that is in the semi-affordable range. This place is the one exception. Old Village is incredible, but anything new is a fortune. This is literally right across Coleman from Old Village.

But here is what has my interest the most. The town homes originally sold in 2007 around $600K. There are a few now available around $300K - $350K. That kind of price for 2,500 square foot and a 2 car garage, new construction in this location is insane.

So now the downsides. The construction 'seems' great - the one building has 12" concrete walls for example. Having said that, I'm leery of anything built during the boom as construction standards slacked off to say the least, and in this case the developer put the brakes on everything after 3 buildings, so their accountability much less availability in the event of an issue is in doubt. The question is if the developer (or someone else) will ever build out more than the 3 existing buildings. If you buy now and nothing else gets built what happens to the land? That and the HOA must be in bad shape with so few tenants - so the fee can spike ridiculously I'd imagine.

This complex looked like the perfect idea,with a very urban look in a great spot, but it was just started right before the bust. The upside is tremendous given the location, I think. I'm trying to gauge the downside though, prudently.

???

I am trying to place it?

Seems to me it is behind some upscale commercial shops on Coleman and while an interesting location, it is neither fish nor fowl meaning neither burbs nor downtown.

If looking to spend in the $300+K range for a town house, there might well be more desireable locations in Mount Pleasant (all be they further out) then directly off Coleman. Start your search with Park West and go from there.

[tenflyer]

Yes, it is behind shops - you'd never see it driving on Coleman if you didn't know where to look. I personally have no interest in anything further than 2 miles from the Ravenel bridge, and definitely do not want to be in the large subdivisions (though they are nice and perfect for a lot of people especially if they have kids).

Walking to the restaurants, and biking to the bridge or Sullivan's Island is the kind of think I'm looking for. If I could afford downtown and new construction - I'd be there or build something in Old Village no doubt.

Definitely looking to buy down too from the current SFH (smaller, with little or no maintenance) but yet still have more privacy than a traditional condo. Hence the town house angle...

[accufitgolf]

Originally Posted by tenflyer

Yes, it is behind shops - you'd never see it driving on Coleman if you didn't know where to look. I personally have no interest in anything further than 2 miles from the Ravenel bridge, and definitely do not want to be in the large subdivisions (though they are nice and perfect for a lot of people especially if they have kids).

Walking to the restaurants, and biking to the bridge or Sullivan's Island is the kind of think I'm looking for. If I could afford downtown and new construction - I'd be there or build something in Old Village no doubt.

Definitely looking to buy down too from the current SFH (smaller, with little or no maintenance) but yet still have more privacy than a traditional condo. Hence the town house angle...

I am sure we are talking about the same place. Would be an ideal spot for a walker/biker. Close to Sullivans, downtown, and many local eating/shopping places.

I think the builder got caught when the market turned down. If considering then be sure to ask/check about monthly regime/homeowners fees. Ask for a copy of the budget and covenants.

I think that market/location/prices will come back but not for a few years. I would say if you plan on being there less then two years, then consider renting or maybe a lease/purchase option.

[beachme]

The location is good. But 656 is basically in the middle of a parking lot. No amenities, but perfect for a professional or empty nester's. Coleman is a busy area so if you look at it check it our at different times of day.
Its still about 4 miles to Sullivans and about 3 to the base of Ravenal bridge.

[tenflyer]

That is one of our concerns - the lack of amenities. It does make the HOA fees somewhat reasonable given the wind/hail coverage they are paying for to cover the roof and walls. We currently have a pool and dock in our current neighborhood. We would miss the pool, but being that close to Sullivans might make up for that. Love the location though, and what MTP is planning to do on Coleman with their urban revitalization plan is a huge deal that doesn't get talked about like I feel it should. If that happens like it has in other cities it is going to make what is already a fairly high priced area much higher.

Coleman is busy but this is tucked away off it just enough, and the plan is to overhaul it to be much more pedestrian friendly. Bottom line is there isn't really any new construction less than 1/2 mile from Shem Creek and if the market rebounds the upside on these units could be significant, and pssibly unaffordable in 3-5 years. Maybe...

[jesposito]

make em an offer. I'm pretty sure the bank is involved in that deal now

[tenflyer]

The other issue going on in there I just learned this weekend is since they were technically classified as condo's, they do NOT have FHA certification yet (50% build-out complete, etc.) which most banks require to issue any condo loans now. Part of the new rules since 2008.

I had originally assumed these were classified as town houses. That's actually the reason these are priced where they are - most people unless they have cash can't write a contract.

The developer will now probably build out the rest of these units as townhouses if they can, to bypass that regulation. What that means for the 'condo's in the first 3 buildings is then another question in terms of resale.

Probably need to talk to a real estate attorney before any offer...

[accufitgolf]

Originally Posted by tenflyer

The other issue going on in there I just learned this weekend is since they were technically classified as condo's, they do NOT have FHA certification yet (50% build-out complete, etc.) which most banks require to issue any condo loans now. Part of the new rules since 2008.

I had originally assumed these were classified as town houses. That's actually the reason these are priced where they are - most people unless they have cash can't write a contract.

The developer will now probably build out the rest of these units as townhouses if they can, to bypass that regulation. What that means for the 'condo's in the first 3 buildings is then another question in terms of resale.

Probably need to talk to a real estate attorney before any offer...

Having lived in several condos/townhouses the real differences is townhouses "generally" mean one/two stories with no units above or below nor aside, in front nor behind you, whereas condos generally mean other units can be above, below, beside, front, back, aside, much like an "apartment" building.

The issue "they" might be "looking" at is "buildings". Meaning you can, but rarely have more then 2-6 townhouses in one building but you could have thousands of condos in one building.

Now the covenants can and will be an entirely different issue, no matter the construction form and the "government/lenders/etc. might well see things different then I do.

Yes, time to talk to a real estate attorney...there are millions of them...and most of them starving....like the builder is...so you can cut a good deal with both....LOL