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Old 06-11-2007, 07:01 PM
 
47 posts, read 139,852 times
Reputation: 21

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Can anyone give me any info on The Isle of Palms. I was searching for houses and there seems to be a lot of very affordable homes there. Whats the catch it seems to good to be true .
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Old 06-11-2007, 07:37 PM
 
Location: Summerville
890 posts, read 4,321,414 times
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People wanting out because of Homeowners Insurance.
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Old 06-12-2007, 06:50 AM
 
21 posts, read 75,784 times
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Default Iop

Not sure what you mean by affordable, but the homes below 1m are usually tear-downs.
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Old 06-12-2007, 07:15 AM
 
47 posts, read 139,852 times
Reputation: 21
Quote:
Originally Posted by piper444 View Post
Not sure what you mean by affordable, but the homes below 1m are usually tear-downs.
I saw a Beautiful 4 bedroom house on one of the searches I did it was listed at 164,000 maybe it was a typo
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Old 06-12-2007, 07:24 AM
 
Location: Summerville
890 posts, read 4,321,414 times
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It is probably a timeshare.
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Old 06-12-2007, 08:49 AM
 
Location: Mount Pleasant South Carolina
1,125 posts, read 3,771,528 times
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Anything on the Isle of Palms in the $164,000 range is probably going to be for a 1/13th ownership, much like a time share. Property on the Isle of Palms is some of the highest in the area.
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Old 06-15-2007, 04:46 AM
 
Location: Mount Pleasant SC
86 posts, read 610,531 times
Reputation: 44
Also for you info..Govenor just signed a new Coastal Insurance bill. People are not moving out of here for Insurance issues. It is still very much a desirable area and a Destination City.

Anything under $800,000 is a timeshare, tear down or typo.
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Old 06-15-2007, 12:38 PM
 
8 posts, read 44,742 times
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Default Insurance Bill

Does anyone know what the new insurance bill will do to lower the cost of insurance in places like Mt. Pleasant? We looked at a houses there last December but could not afford the unbelievable homeowners policy quotes.

Hopefully, the bill will force premiums lower.
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Old 06-15-2007, 03:33 PM
 
Location: Summerville
890 posts, read 4,321,414 times
Reputation: 395
The bill will basically provide tax brakes to homeowners that make hurricane improvements to their homes and to the companies that provide coverage. It allows for tax-deductible savings accounts to be used towards deductible payments. It is for primary homes only, not vacation homes. The bill covers areas in Mount Pleasant east of highway 17, but according to the news article it is not "permanent". Which from what I understand means is if the larger wind pool undercuts the insurance market, it will allow for it to be rolled back. Which means that you will have to find coverage in that area through a private carrier again if that happens.

Charleston, SC Latest Business News: Insurance alternative expanded to East Cooper coastal properties (http://web.charleston.net/news/2007/may/24/insurance_alternative_expanded_east_cooper_coast/ - broken link)

Charleston, SC Latest State and Regional News: Senate acts on insurance (http://web.charleston.net/news/2007/jun/01/senate_acts_on_insurance/ - broken link)

Last edited by scjj; 06-15-2007 at 04:12 PM.. Reason: added
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