IS BUYING A CONDO IN MYRTLE BEACH IMPOSSIBLE NOW?
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- Опубліковано 4 лип 2024
- Owning a condo in Myrtle Beach is about to get hit by the perfect financial storm. Insurance is rising like crazy, assessments are coming out regularly, and add in the addition of inflation and you have a recipe for disaster in owning a condo here.
Many moving to Myrtle Beach want the condo lifestyle, but will they really be able to afford it in the near future? In today's video we discuss some changes coming to owning a condo in Myrtle Beach in the VERY near future.
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Jeremy Blanton, REALTOR® | Myrtle Beach, SC
RE/MAX Southern Shores
Main Number: 843-222-9402
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Yup. Our SC condo insurance alone on the master Flood/HO policy went from 3600/yr to 4800 in one year 22 to 23. That doesn’t include our own personal policy which is another 2200 itself so when a renter is looking at rent and saying it’s crazy, yes, it is, and that’s a major part why. That’s one time assessment in addition to the $470/mo HOA assessment. And our board is fiscally responsible. 😮
We had another instance in the resort our property is located at which was deemed structurally unsound. Each owner was assessed about 330k for that work. Need to research very carefully before you take the beach condo plunge.
WOW! That's definitely a lot!
Each owner? What was done that needed that much work?
So we sold our place in Bermuda run and our place at lake Wynonah in PA. No more HOA fees. Bought a lot on a pond("heart lake") in ocean drive and built our dream home. No more noisy neighbors, especially the drunken summer renters. Harley bike week much quieter now. Love MB even more now!
Great video! Thank you for sharing.
It will be a buyers market soon. Ive been playing this game for three decades.
don't know - the carolinas are a top destination for out of staters, so the market trend should continue for years
Rebar and concrete buried in the sand he’s just gonna age out with no repair possibilities
HOA laws do not side on the owner. If you get an HOA board who doesn't respond to owners (not provide monthly financals, allow to attend board meetings, allow some owner to skip paying dues) - you have to get a lawyer and sue.
An honest inspection of the building / exterior siding / pools and ammenties is not done until it breaks or SHUTDOWN by the health dept (SCDHEC). then the board rushes to slap a cheap fix just to say it fixed.
My old building had a steam sauna w a drainage problem.. fixed it a week before the feb 2024 election.. a week after elections the steam sauna was broken again.
The hoa fees are crazy on the water.
What sbout the "garden home" type single story type condos? Seems structural issues would be similar to single family homes.
So a lot of these type of properties function as a condo as well where you own wall to wall, but not the dirt. In a lot of these instances, HOA includes insurance which means those fees are increasing right now as well!
@jeremyblanton homeowners should budget for insurance, care, and maintenance increases yearly, whether in an HOA or or not. Over the last 20 years the only constant has been out base mtg payment. If you are in a 1 flood zone vs. A 7 flood zone would you expect a smaller insurance increase or are the insurance companies spreading the risk across all customers?
It seems like they are spreading it out among everyone! @@kathyrosen2593
CONDO: OVERPRICED Apartments at the mercy of electrical, plumbing, gas, rude loud neighbors..you can have it. I'll be in the woods, wood stove, away from chaotic mob mass of people.
We can find those too here for the right price!
Do condo buyers realise how annoying their neighbours can be ?? A lovely view dosent give you peace of mind…
If you look at the flat and think you’ve got a ready made social life,that will be a mistake..they might all be lovely though.
That’s another potential issue.
@@timothybilsky3023 give me a lawn to mow…..any day of the week..
Exactly!
Ocean Creek is still affordable. But small square footage!
That is definitely sometimes a con when living in a condo complex!
NO music please.