Myrtle Beach Area Foreclosure Deal of the Week

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Real Estate Agent with Buyers' Choice Realty

Myrtle Beach Area Foreclosure Deal of the Week

by Thomas Cunningham

Today's Myrtle Beach Foreclosure Deal of the Day goes to a wonderful 2Br/2Ba Oceanview Condo located in the Windy Hill Section of North Myrtle Beach, SCAn Aerial Map View showing where
Aerial Map view of where

This Condo Complex is called A Place at the Beach II. The Building is Direct Oceanfront which provides such an Ease of Access to and from the Beach. Not having to cross the busy main drag "Ocean Blvd." makes for  a Big Plus when deciding which Myrtle Beach Condo you choose throughout the Grand Strand.
Beautiful Beach Views

This 2Br/2Ba Oceanview Condo is Currently Listed for $88,800!  That's an Amazing price considering the Building sits directly on the Sand.  It was Originally Listed for $199,900 back in June of 2008 as a Potential Short Sale and has changed Listing Agents  3 Times . It's no longer a Short Sale and has become a Foreclosure Listing, plus now that it has fallen into the Highly experienced and capable hands of a wonderful local CCAR Agent,  I'm sure it will Sale in no time Flat.. Especially since the Price has Dropped a Whopping 55%

A Place at the Beach II, Front View, Windy Hill, North Myrtle Beach SC

















Current Market Statistics  as of 1-17-2010

    There are currently only two Active Listings, including this Foreclosure Listing with no Pending sales at all.The other active Listing was fresh on the Market 1/14/2010 and is an identical 2Br/2Ba Condo Priced at $119,900

    The Sold comparables for the past 90 days show no activity at this Complex. Looking back further,120 days, I found only One SOLD Comp which was a similar unit: 2Br/2Ba Oceanfront that Sold for CASH at $116,500

    Looking at these Statistics, it's plan to see that this Myrtle Beach Area Foreclosure Listings is a Great Bargin! It's current listing price is 23% below the most recent SOLD Comparable.  If you're thinking of this Condo as a potential Investment, Average Gross Rental Income for these units is about $10,232 per Year over the past 3 yrs. Thier HOA fees run a tad high at $480 per Mo. but DO include Building Insurance along with Water/Sewer.

    Consider that this Myrtle Beach Area Foreclosure Listing has been on the Market since August 2009 and has been reduced 3 times since. It's been at it's Current price since November 2009 and hasn't dropped a dime so far. The Bank has got to be getting antsy and following thier previous pattern, should be up for another drop in price. Maybe all thier waiting for, is for YOU to make an offer.

Posted by

Thomas Cunningham

Thomas Cunningham

Cell: 843-814-1078

Fax: 866-256-4074

Email: homesbythomas@gmail.com

Website: Buyers' Choice Realty

                                        

 
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Rainer
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Jason Ellis
Coastal REO Solutions - Myrtle Beach Short Sales & REO's - Myrtle Beach, SC

Good looking listing --- I am sure it will sell quickly at that price --- Best of luck!!

 

JE

Jan 17, 2010 02:00 PM #1
Rainmaker
24,194
Thomas Cunningham
Buyers' Choice Realty - North Myrtle Beach, SC
Coastal Carolina Real Estate Connection

Thanks Jason, I couldn't believe it either when I came across Last week. Thanks for the comment!

Jan 17, 2010 02:03 PM #2
Rainmaker
808,819
Anthony Stokes-Pereira
Better Homes and Gardens Rand Realty - Nanuet, NY
Realtor

Hi Thomas;

Congratulations on a very nice listing, good luck for a quick sale. Happy new year!!!

Jan 17, 2010 02:06 PM #3
Rainmaker
24,194
Thomas Cunningham
Buyers' Choice Realty - North Myrtle Beach, SC
Coastal Carolina Real Estate Connection

Anthony, Thank you for your comment. Ultimately though, it's not my Listing. After an exciting Office meeting a few weeks ago, we decided to post a Blog identifying, in our individual opinions, what we thought was amazing deal. So, Voila, here is mine for last weeks Deal. I'm glad you approve!!

Jan 17, 2010 02:19 PM #4
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Rainmaker
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Thomas Cunningham

Coastal Carolina Real Estate Connection
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