Thoughts on buying a second home in Myrthle Beach? (Myrtle Beach: short sales, foreclosures)

[emelvee]

We live in Winston-Salem, NC. We have a second home in a rural area northeast of Raleigh, NC. I am considering selling that home and purchasing a home in the Myrtle Beach area; that home would also be a second home.

While I envision it as a weekend getaway type of place, I want it to be nice enough to serve as a possible full-time residence. In a worst-case scenario (such as losing my job), we would likely sell our primary home and live in the second home for lower overhead - this happened a few years back (moved to our second home for about two years, waiting for a new job). I do accounting for a living, so it's not all that likely for this scenario to come up again (previous employer went bankrupt), but I like to have options just in case.

I just started working with a buyer's agent, but appreciate any additional input from people here. How is the housing market in this area? We're looking at condos or townhouses, probably 2 bedrooms/2 full baths. We'd prefer to be able to walk to the beach - less than one mile, preferably within several blocks. My goal is to stay under $60k; I realize that limits our choices considerably. I'm open to foreclosures and short sales, or fixer-uppers; we're not in a rush to buy.

We've only been to the area a few times but have enjoyed our time there. We're considering this area because it's fairly practical for a weekend getaway (less than 4 hours from home). Our current place outside of Raleigh doesn't feel as much like a getaway. Plus, it's a single family home with a yard, so it requires more upkeep than would a condo or townhouse. I'm also considering the Wilmington, NC area, but I haven't found as much in our price range there.

Any suggestions and comments are welcome.


eta: great...I hate typos. lol. Unless there's a new place called "Myrthle" Beach. This is going to buy me way more than it should.

[goldenage1]

Originally Posted by emelvee

Any suggestions and comments are welcome.

Are you aware that the local property taxes are higher if you are a second home, compared to a primary home? You have to pay the mill rate on the "assessment ratio" of 6% of the assessed value, compared to 4% of the assessed value on a primary home. The details are here: http://www.lex-co.sc.gov/departments...pertyTaxes.pdf

Addition: I spotted a new listing on 1206 Tiffany Lane, MB which suits your requirements, and the unit and grounds are attractive. Do you have any limits on what you pay in condo fees? Any limits on climbing stairs?

[emelvee]

I didn't know about the higher taxes for a second home...thanks for that bit of info.

I've been looking at Tiffany Lane (Sterling Village) - it looks promising. I like the loft setup for our use. Though I thought I saw that pets may not be allowed? We usually travel with our 2 small dogs. Don't know if that's HOA restriction; hopefully that was for a rental and was a landlord restriction.

I'm hoping for HOA dues of $300/month or less.


eta: looks like no pets per HOA rules.