Quail Marsh is a well maintained condo project located in the heart of Myrtle Beach, right across the street from Broadway at the Beach. All the buildings are Quads (4 units), with two floors, so each building contains a total of 8 units, and each unit is a corner unit. All the units are 2BR/2BA.
The buildings are simple and all brick, with plenty of parking and swimming pools. Most of the units are investor owned and rented to tenants. The HOA fees (Homeowners dues) cover the building insurance, water, trash, sewer, basic cable, pool, landscape service and general maintenance. In a place such as Myrtle Beach, where it is not uncommon to encounter HOA fees of $500+ for one bedroom condos, the low HOA fees at Quail Marsh seem almost too good to be true.
With 20% down, these units cash flow nicely and make a superb investment. Most investors think there is a catch when I give them the numbers; they just seem too good to be true. You can buy a unit for as little as $42,000 and rent it for $675-$725. Not too shabby!
Here are all the sales transacted at Quail Marsh for the past six months:
CONDO/TOWNHOUSE Summary Statistics
High
Low
Average
Median
LP:
$58,000
$47,900
$53,175
$53,400
SP:
$52,000
$42,000
$46,250
$45,500
Quail Marsh Condos Sold in the Past 6 months:
Bldg Name
ADDRESS
BR
EstSqFtUR
Total SQFT
DOM
List Price:
$/Total SQFT
Sold Price:
$/Total SQFT
Quail Marsh
2005 Greens Blvd E-208
2
10 801-850
850
91
$47,900
$56.35
$42,000
$49.41
Quail Marsh
2005 Greens Blvd.
2
10 801-850
850
147
$49,900
$58.71
$42,500
$50.00
2005 Greens Boulevard, Unit D-108
2
10 801-850
850
544
$56,900
$66.94
$48,500
$57.06
2005 Greens Boulevard, Unit C-303
2
10 801-850
825
90
$58,000
$70.30
$52,000
$63.03
Total Listings
Avg
Avg
Avg
Avg
Avg
4
218
$53,175
$63
$46,250
$54
As you can see, we've had four transactions at Quail Marsh within the past 6 months, with the highest sales price at $52,000 and the lowest at $42,000.
Hi There! I just love your write-up on Quail Marsh. I have just purchased a unit there, and I am looking forward to decorating and sprucing it up a bit. I found some great contractors who are glad to have the opportunity to help me make some simple upgrades.
I plan on using it as my second home with friends or family enjoying an occasional visit.
Thanks for a complimentary overview of the development. LJ
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These are bite size investments perfect for the beginner.