$359,900 to $199,900… The case of Fantasy Vs. Reality:

By
Real Estate Broker/Owner with Buyers' Choice Realty

Carriage Lake in the Little River area of Myrtle Beach SC


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.

Carriage Lake in the Little River area of Myrtle Beach SC

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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359900 to 199900 the case of fantasy vs reality
carriage lake in the little river area of myrtle beach sc

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Mirela Monte
Buyers' Choice Realty - North Myrtle Beach, SC
Myrtle Beach Real Estate

I bet there are a lot of stories of both Sellers and Realtors stuck in Home Pricing La-La Land...  Sometimes they are one and the same... 

Do you have any stories to tell?

Dec 12, 2009 08:10 AM #1
Rainmaker
334,052
Ty Lacroix
Envelope Real Estate Brokerage Inc - London, ON

Mirela

Your post gave me a few ideas on using your outlinea s a great marketing tool! Thanks

Ty

Dec 13, 2009 01:40 AM #2
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Mirela Monte
Buyers' Choice Realty - North Myrtle Beach, SC
Myrtle Beach Real Estate

Ty:  You're welcome!  Thanks for letting me know! 

Have you seen the sister blog to this?

Dec 13, 2009 05:24 AM #3
Rainer
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Walter Abolsky
OCEANFRONT REALTY - Sunny Isles, FL
Sunny Isles Beach Real Estate

Very nice property. I am sure you will sell it fast.

Walter.

Apr 05, 2011 04:30 PM #4
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