Condo: Mariners Cove #208: 08/02/2012

 

Condo … Tax ID # 166-06-30-023
 
$89,900 … 10% ($10,000) Below Market (Avg.)
 
9501 Shore Dr., Mariners Cove #208
Myrtle Beach, SC 29572
 
2 BRs, 1.5 Baths, 850 GLA (Htd. SqFt) Built 1984

Ocean across street. Good marsh view. 20 minutes to airport.

Mariners Cove, with 132 units, was built around 1984. It’s located in the Shore Drive/Lake Arrowhead Road area of unincorporated Myrtle Beach (between Myrtle Beach and North Myrtle Beach). The project is located across the street from the ocean, and many of the units, including this one, are directly on a saltwater tidal marsh across from Dunes Club golf course. The subject also has an oceanview in the distance.
 
By and large, these are modest units. They’re all 2-BR, 850 SqFt units. Some with 1.5 baths. Some with 2 full baths. These units were originally built with sheet paneling on interior walls and wall units for heating and cooling. Some of these units have been fixed up and are darling inside, and it’s amazing how much more the market will pay for these condos when they’re updated. For instance, among the two recent sales listed below, the one at $122,000 had been updated with attractive interior paint colors on walls, some tile upgrades and nice (but modest) furnishings, and it sold for 32% more than the lower priced unit which appeared in original condition. That doesn’t account for the entire price difference, but certainly some of it.
 
If you’re a person who enjoys renovating and decorating, this condo might be a great opportunity for you.
 
The condos at Mariners Cove are modular units. Some people frown on that concept, but in reality, they typically hold up well in high winds. They were built to withstand high winds when they traveled from the factory to the building site, and more or less they held up well after Hurricane Hugo.
 
We found only two recent sales in the subject project. After the subject, the next two lowest priced units are both priced at $99,900, and they both have views inferior to the subject (MLS # 1201849 and # 1103485).
 
Mariners Cove #208, 2 BR, 1.5 Bath , 825 GLA, listed at $94,900
Compared to Recent Sales:

Condos in Mariners Cove BRs/ Baths GLA (SqFt) Sales Price Closing Date Data Source MLS #
Unit # 341
2/2 850 $92,500 05/29/2012 1114527
Unit # 219 2/2 850 $122,000 06/10/2011 1019197

 

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Bank Owned
Listing Office: Ocean Breeze Properties
MLS #1207302

Listing Agent: Maureen Hart, REALTOR