I think someone should tell the Sellers:
IT’S NOT 2005 ANYMORE. THIS IS 2009 AND HOME PRICES HAVE PLUMMETED. YOUR HOME IS NOW ONLY WORTH ABOUT HALF OF ITS OLD VALUE!!!
Case in point: Carriage Lake, a fine subdivision of upscale homes built under the rigorous care of D.R. Horton. I inspected some of these homes while they were being built and I was impressed with the quality of construction. I had two builders with me at the time and they both raved about the many positive things they observed.
The neighborhood is located less than five minutes to the Beach, in Little River, SC, where the property taxes are even lower, yet all the wonderful perks of North Myrtle Beach are within easy reach: the wonderful Aquatic Fitness, several shopping centers, Parks, entertainment and the Beach are all less than five minutes away.
The neighborhood is build around a lovely Lake and it is very well maintained. Wide streets, underground utilities, verdant surroundings and a lovely Amenities Center with a large in-ground pool and cabana give this subdivision charm and desirability. At the height of the market, these homes were selling in the early $300’s, with $340,000 being the highest price ever sold there. The latest sale occurred in October of this year for only $161,000, the lowest price ever transacted at Carriage Lake. The next lowest prices occurred in 2004 and they were all pre-construction.
Since the neighborhood is pretty homogenous (the homes are all very similar in quality and age), it doesn’t take a neurosurgeon to figure out exactly what these homes should be priced at in order to sell, by simply looking at the latest comps, yet most of these listings are all overpriced, some severely so. Take for example the 2,900 sq.ft. home listed for sale at $359,900. Another similar home of the exact size and age sold this year for $199,900. Will someone inform the owner of the 44% price discrepancy? Wait a minute! What are my eyes seeing? The listing agent IS the owner!?!?!!!
Carriage Lake Homes Sold in 2009:
|
RESIDENTIAL Summary Statistics |
||||
|
|
High |
Low |
Average |
Median |
|
List Price: |
$259,900 |
$179,000 |
$214,675 |
$209,900 |
|
Sold Price: |
$210,000 |
$161,000 |
$192,725 |
$199,950 |
|
RESIDENTIAL - Sold |
|
Price |
EstSqFtUR |
BR |
ADDRESS |
Cont Date |
Total SQFT |
DOM |
List Price |
Sold Price
|
$/Total SQFT |
|
$161,000 |
11 1901-2000 |
3 |
229 Carriage Lake Dr |
8/30/2009 |
2000 |
52 |
$179,000 |
$161,000 |
$80.50 |
|
$210,000 |
14 2201-2300 |
3 |
301 Carriage Lake Dr |
4/8/2009 |
2300 |
142 |
$219,900 |
$210,000 |
$91.30 |
|
$199,900 |
20 2801-2900 |
4 |
233 CARRIAGE LAKE DRIVE |
2/21/2009 |
2900 |
125 |
$199,900 |
$199,900 |
$68.93 |
|
$200,000 |
19 2701-2800 |
4 |
225 Carriage Lake Drive |
1/1/2009 |
2400 |
242 |
$259,900 |
$200,000 |
$83.33 |
|
|
|
|
Total Listings |
|
|
Avg |
Avg |
Avg |
Avg |
|
|
|
|
4 |
|
|
140 |
$214,675 |
$192,725 |
$81 |
Carriage Lake Homes Available for Sale:
|
RESIDENTIAL Summary Statistics |
||||
|
|
High |
Low |
Average |
Median |
|
List Price: |
$359,900 |
$169,500 |
$234,215 |
$224,900 |
|
|
|
Price |
EstSqFtUR |
BR |
ADDRESS |
Status |
LP |
|
$169,500 |
19 2701-2800 |
4 |
109 Carriage Lake Drive |
PEND. CONTINGENT CONTRACT |
$169,500 |
|
$179,000 |
14 2201-2300 |
4 |
325 Carriage Lake Dr |
PEND. CONTINGENT CONTRACT |
$179,000 |
|
$198,900 |
15 2301-2400 |
3 |
141 Carriage Lake Drive |
ACTIVE |
$198,900 |
|
$210,000 |
13 2101-2200 |
3 |
177 Carriage Lake Dr. |
ACTIVE |
$210,000 |
|
$215,900 |
14 2201-2300 |
4 |
133 Carriage Lake Drive |
ACTIVE |
$215,900 |
|
$220,000 |
17 2501-2600 |
3 |
105 CARRIAGE LAKE DRIVE |
ACTIVE |
$220,000 |
|
$224,900 |
12 2001-2100 |
3 |
205 Carriage Lake Dr |
ACTIVE |
$224,900 |
|
$226,900 |
14 2201-2300 |
4 |
261 CARRIAGE LAKE DR |
ACTIVE |
$226,900 |
|
$230,000 |
14 2201-2300 |
3 |
217 Carriage Lake Drive |
ACTIVE |
$230,000 |
|
$244,000 |
20 2801-2900 |
4 |
233 Carriage Lake Dr. |
PEND. CNTGT. ON FINANCING |
$244,000 |
|
$255,900 |
20 2801-2900 |
3 |
169 CARRIAGE LAKE DRIVE |
ACTIVE |
$255,900 |
|
$309,900 |
27 3501-3600 |
4 |
293 Carriage Lake Drive |
ACTIVE |
$309,900 |
|
$359,900 |
20 2801-2900 |
3 |
422 Carriage Lake |
ACTIVE |
$359,900 |
|
|
|
|
Total Listings |
|
Avg |
|
|
|
|
13 |
|
$234,215 |
Mirela Monte, Your Myrtle Beach Real Estate Connection Join The Optimist Group!
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