Amazing, isn't it??? This is an ocean front studio type, probably about 325
heated feet for $30,000.
It is a foreclosure but it is marked on "Hold" right now because of what is
going on at this resort. I did call the listing agent a couple of weeks ago
and she tells me that she does have an accepted offer on it.
It is on hold because the guy who owned a majority of the condos at the M
Grande (where this is located) and operated the on sight rental desk
defaulted on his loan and got way behind in his monthly homeowner payments.
I understand that he has now left the country and there may be no remedy but
to foreclosure on his huge block of condos. I think there are over 250 in
this building.
What is bad for the owners right now is that the front desk is closed and
the city of Myrtle Beach has shut it down because there is no water or
electricity to the building. So, the owners there now are kind of screwed
out of any immediate rental income until this whole mess is taken care of.
And that could take a long time. The homeowners are petitioning the courts
to allow them to take control of the homeowners association and get the
front desk open again but who knows what the judge will rule.
So, yes the price is crazy low but there could be a lot of headaches
associated with it.
BUT, if you are looking at our MLS you probably see that prices are
dropping. I see some prices dropping to 1999 price levels which means that
some of the better properties will now come close to cash flowing with 25%
down. Happy days are here again. These things never did cash flow great
and with the inflated prices we reached in 2005 (due to ANYBODY being able
to get a loan) they didn't cash flow at all.
heated feet for $30,000.
It is a foreclosure but it is marked on "Hold" right now because of what is
going on at this resort. I did call the listing agent a couple of weeks ago
and she tells me that she does have an accepted offer on it.
It is on hold because the guy who owned a majority of the condos at the M
Grande (where this is located) and operated the on sight rental desk
defaulted on his loan and got way behind in his monthly homeowner payments.
I understand that he has now left the country and there may be no remedy but
to foreclosure on his huge block of condos. I think there are over 250 in
this building.
What is bad for the owners right now is that the front desk is closed and
the city of Myrtle Beach has shut it down because there is no water or
electricity to the building. So, the owners there now are kind of screwed
out of any immediate rental income until this whole mess is taken care of.
And that could take a long time. The homeowners are petitioning the courts
to allow them to take control of the homeowners association and get the
front desk open again but who knows what the judge will rule.
So, yes the price is crazy low but there could be a lot of headaches
associated with it.
BUT, if you are looking at our MLS you probably see that prices are
dropping. I see some prices dropping to 1999 price levels which means that
some of the better properties will now come close to cash flowing with 25%
down. Happy days are here again. These things never did cash flow great
and with the inflated prices we reached in 2005 (due to ANYBODY being able
to get a loan) they didn't cash flow at all.
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