Status of North Beach Plantation? (Myrtle Beach: for sale, apartments, construction loan)

[WEOH]

We have purchased a three bedroom unit in the Indigo Building. We immediately remodeled our unit with upgrades and additons, and have just completed the renovations. We have our furniture in place except for the two leather couches that should arrive within the next two weeks. If there are North Beach owners who are considering upgrade I would love to pass on the phone numbers of the craftsmen (and craftswomen) who helped us complete our condo. Mostly we utilized Dargon Construction subs, but our painters did a great job.

As far as the North Beach complex, we simply love it here. We have another condo up on Crescent Beach, but this is so much better. We were originally worried about the closings (if they would close?) but now are confident that everything will come together by next year.

If anyone has concerns that I can answer, I will respond to any posts.

WEOH

[NCSailing]

We just visited Myrtle last week from Raleigh and were floored by this project. We have sent a deposit in for a 4-BR in the Indigo Tower that became available when someone could not close. Have not signed the contract.

Many folks in this posting thread are upset with NBT.

If you have closed recently, please let us know your thoughts. In particular, how do you see this property from a rental income perspective? We are tad concerned that it has out-priced the market.

Also, we are looking for decorator and painter recommendations.

Thanks!

[mayhurst]

This project is absolutely beautiful; however, I am still wondering why the people involved from Winchester and Scalise (owners and employees) who signed contracts to purchase specific units have not closed on their units. I was told during construction when I looked into this project that several people in those companies had contracted to purchase. Their delay is the main thing causing me to hesitate on this project. I am assuming that they either cannot afford to close or got special pricing and do not want their sales recorded because it will pull down the appraisals. Otherwise, I would think that they would have been among the first to close.

[gerstj7]

Originally Posted by NCSailing

We just visited Myrtle last week from Raleigh and were floored by this project. We have sent a deposit in for a 4-BR in the Indigo Tower that became available when someone could not close. Have not signed the contract.

Many folks in this posting thread are upset with NBT.

If you have closed recently, please let us know your thoughts. In particular, how do you see this property from a rental income perspective? We are tad concerned that it has out-priced the market.

Also, we are looking for decorator and painter recommendations.

Thanks!

If you have bought the unit for your personal enjoyment and use, it sounds like it is wonderful. However, rental income along the grand strand is down significantly. Even complexes with strong and established marketing programs have seen a reduction of around 20%. NBT is a high end project which may attract a different segment of the market than even most other major MB name resorts, but it does not have an established rental program, nor are all of the resort type amenities ready to open. I would not expect to cover more than a fraction of your costs with rental income, in my personal opinion.

[NCSailing]

Thanks for the information. We spoke with Bob Edelman and encourage anyone with questions to do so as well. We are moving forward with a 4BR in the Indigo Tower. We will either be broke or ridiculously happy. Seriously, anyone who visits this property knows that there is nothing else out there like it on the east coast. Instead of reading this post again and again, I encourage you to take a tour of the fitness center, the spa, the pools and a unit.

Yes, it is expensive.

Yes, the economy is still fragile. But...

In the words of Tom Cruise, sometimes, you have to say....

BA

[WEOH]

Congratulations NCSailing!! Welcome to a group of happy condo owners. Who knows what the future will bring, but we feel this product is solid and can only appreciate in value.

Sometimes your got to say, *****!!

[mayhurst]

Why is Bank of America being recorded in so many of the recorded deeds? Also, why isn't some dollar figure given in these? Are these somehow purchases by employees and they don't want the sales amount recorded because it's significantly lower than for the general public? Maybe employees are getting the loans through Winchester (who is getting them through Bank of America)? Just thought this might be the case since there don't appear to be any closings under the names of Winchester and Scalise employees and owners. Just speculating on this, but it seems so odd to have so many with Bank of America listed.

[EF1432]

When you look at the recorded deeds, look under document type. The new closings are recorded as deeds, while the Bank of America recordings are partial release documents, which amends the amount of the original loan to the developer. Notice that the condo units associated with the Bank of America recordings are those of previously closed units. These are not new units being closed; it is the settlement between the bank and the developer for each unit's closing.

[jjwut]

It is a beaultiful place, no one disputes that, but doesn't anyone understand the chain of events that will set off shortly because of the fact they have closed 77 units out of 340 something?

[OTIS1946]

Could you explain the chain of events that will set off. So we will understand.