Condo Search (Charleston, North: for sale, oceanfront, apartment)

[scbeach]

We are considering purchasing a condo for personal use and rental.
Prices seem to be extremely affordable. We have surfed the internet and spent a quick weekend checking the area out.

We have decided we would like:
1 bedroom oceanfront, updated full kitchen (granite,stainless steel etc)

Prefer to be north of all the hussle of Myrtle beach

We looked at The Horizon at 77th and liked the location but the unit was too small for our needs. This area of MB is perfect but would consider NMB or even as North as Cherry Grove.

Would like to find something $70k-$90K ( forclosures, short sales etc)

Any suggestions on resorts that fits ours needs?

I realize HOA fees vary depending on amenities.....
Thanks for your suggestions

[canudigit]

We have been searching for a condo in MB for personal use and to use as a rental as well, and in that same general vicinity. If you can find one that is oceanfront, spacious, and has an updated kitchen, even at foreclosure or short sale prices, for under $100,000 you had better snap it up today, because it will be a rarity for sure. The closest we found to what you're looking for was the Caravelle resort, where they have some listings in that price range that are oceanfront and have somewhat updated kitchens, but they are tiny and have no laundry facilities in the unit. The Caravelle also gets mixed reviews here and elsewhere, and seems to have some maintenance issues.

Forest Dunes is very nice and has some condos in that price range, but they need updated and are oceanview, not oceanfront, and on the first floor.

We stayed at Island Vista last year and loved it! It is in that section of MB, has new everything, including granite, stainless, etc. and is a totally wonderful place to stay. However, their least expensive one bedroom oceanfront will set you back around $245,000.

We finally settled on Marina Inn at Grande Dunes. It isn't oceanfront, but it is rated the #1 hotel in MB on Tripadvisor and is a beautiful property. It is on the ICW and offers marina views and has a shuttle that transports guests to its own section of the beach which has amenities like restrooms, beach chairs and umbrellas, and a lifeguard. Ownership there also includes membership in their private oceanfront club. We have an offer in on a short sale there and are anxiously awaiting an answer from the bank. However, the least expensive unit for sale now that is not under contract is $169,900. We just happened to get really lucky to find a short sale there for a lot less than that, since $169,900 is too rich for our blood, but I don't think anything there would go for under roughly $120,000-$130,000.

Good luck!

[scbeach]

We typically stay at Island Vista!!! Great resort and the rooms are perfect. But pricey for ownership.

I am aware of Marina Inn Grand Dunes and wish you luck with your bid.
I believe they have one short sale for around $129K which is a great price for a 2bdr.
My wife wants to be oceanfront.....

How much are the HOA at Grand Dunes?

[canudigit]

They are around $1,100/month, which we think is pretty high. We realize that we won't be making money on the monthly rental, even without a mortgage (we are doing a 1031 lifetime exchange on an apartment building that we own and will be putting the equity from that building into the condo), and that some months we will even owe a balance, but our realtor was honest and up front with us and told us that that is the way it is when you own a rental in MB, and other condo owners that I have talked to have said the same thing. It's not just the HOA fee but also the 45% that the rental company takes when the property is rented, and that is standard practice there. We are doing this mainly for the appreciation that should occur once the economy and housing market recover in the future. It's a gamble, but with property values still dropping where we live, why not take a chance, right?

I wanted to be oceanfront too, but when my husband made a trip to look at several units (I had to work and couldn't go), he was blown away by Grande Dunes' quality as compared to other places that we could afford. I am not really optimistic about our offer getting accepted, since it is below $150,000 and units in Grande Dunes don't normally go that low (this particular unit last sold in 2007 for $454,000!), but we'll see. Our realtor told us that even with the unit listed at $129,900, we should expect the bank to come back with a counter offer closer to $140,000 or $150,000, and if that happens, we will look elsewhere, because we don't want to have to borrow money to own a property there, it's just not that important to us. In the meantime, we have the unit under contract, which is good, but if we don't get it, then there are other fish in the sea. MB is great, but no place is perfect, so maybe we'll look somewhere down around Charleston instead if we don't get the unit in GD, although I believe that prices are even higher down there.

BTW, is Horizon at 77th oceanfront? I was thinking that it is on 77th Ave. and you can see the ocean from the units but that you have to walk down the street a little ways to get to the beach.

[scbeach]

You are corrrect... Horizon is just a few steps from the ocean but the views from the unit you could see the ocean...

The Hoa fees were not too bad only $395...

Did you look at Seaside Inn? Looks nice but i thought the HOA fees were around $615 for a 1 bedroom?

please keep me posted on your search...
When will you hear back form the bank?

[canudigit]

I'm not sure when we will hear back from the bank, according to our realtor it could be weeks, since short sales often take quite a while, or it could be days.

Like I said, if we don't get it, no big deal, we'll go elsewhere. I personally really like Forest Dunes, even though most of the units need updated from their 1980s blue and mauve decor. It's still a well run, well kept property on the ocean, and at the prices they are being offered at, it's still worth putting money into a new kitchen, baths, carpet, etc.

I haven't heard of Seaside Inn, I'll check it out.

Good luck to you, and I really hope you find something that fits your wish list. It's a great time to buy in MB, that's for sure!