Condo: Springs Towers # 1001: 06/13/2012

Condo … Tax ID # 145-05-51-075
 

$269,900 … 36% ($94,000) Under Market

Sold $291,500 (Bidding War)
2200 N. Ocean Blvd., Springs Towers # 1001
N. Myrtle Beach, SC 29582
 
4 Bedrooms, 3 Bathrooms, 2600 GLA (Htd. SqFt)
Penthouse corner unit. Oceanfront. Built 1985

This property was hand-picked for The Certifax Report. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

 
Springs Towers, oceanfront, built 1985 with 56 units, is located in the Cherry Grove Section of North Myrtle Beach. The project has an outdoor pool, indoor and outdoor hot tubs, a weight room and sauna.
 
Three years ago, the HOA spent $3.5 million and made numerous renovations to the building including, reportedly, all new exterior windows and doors, new roof, and new EFIS exterior. For any buyer of this unit, that’s great, because all (or almost all) special assessments for these renovations have already been paid by existing homeowners.
 
Last year the HOA spent $107,000 renovating the parking garage, all paid from reserves.
 
The HOA is managed by Gold Crown Management (843-445-6007) and per Bill, the property manager, the HOA is stable with few (if any) delinquencies.
 
The subject unit is a bank-owned top-floor, north corner unit with an exceptionally long balcony.
 
If you’re interested in this unit, let us know. We have measured and have on file the floor plan for unit #1006 in Springs Towers which is likely a mirror image of #1001. We can email you the floor plan if you want.
 
There are few sales of large, 4-BR units in mid-1980s condo projects in North Myrtle Beach. We found only two recent sales (listed below). They sold at $147 per SqFt and $181 per SqFt, or an average of $164 per SqFt. The subject property is listed at $269,900, or $105 per SqFt, 36% under the average price per SqFt of the competing property sales.
 
In addition to the sales of 4-BR units listed below, the most recent sales we could find in the subject project all closed in 2011. They were 3-BR, 2-bath, interior units with 1,204 GLA (heated SqFt), selling for $210K, $220K, and $225K, or an average of $218,000 (average of $181 per SqFt).
 
Springs Towers #1001, 4 BRs/3 Baths, 2600 GLA, listed at $269,900 ($105 per SqFt)
Compared to Recent Sales:

Property Address BRs/Baths GLA-Year Built Price per SqFt Price Closing Date Data Source MLS #
The Summit #5-A, 4701 S. Ocean Blvd., N. Myrtle Beach 4/3-1650-1985 147 $242,000 05/11/2012 1112756
Atlantic Dunes #204, 929 S. Ocean Blvd., N. Myrtle Beach 4/3.5-1550-1988 181 $280,000 12/16/2011 1108919

Map (To see more, put mouse over map, click and drag):

View Larger Map
 
Photos (Click image to enlarge): %%wppa%% %%album=22%%
 
Bank Owned
MLS #1202122
Listing Agent: Ronnie Eaves
Century 21 All Stars