SF: 526 Carolina Woods Drive: 08/21/2012

Single Family … Tax ID # 190-44-01-044
 
$149,900 … 14% ($24,900) Below Recent Sales (Avg)
 
526 Carolina Woods Drive, Carolina Woods S/D
Myrtle Beach, SC 29588
 
4 BRs, 3 Baths, 2350 GLA (Htd. SqFt) Built 2010

15 Min. to beach. 20 Min. to airport.

 

Carolina Woods S/D appeals mainly to primary home owners. Located on the south end of the Grand Strand, west of Bypass Highway 17, most homes were built between 2010 and 2012, have about 1100 to 1600 SqFt with an average price range from $127,000 to $180,000. S/D contains approx. 150 building lots.
 
The subject house, with 2,350 SqFt, is overbuilt for the neighborhood, and the surplus square footage contributes little, if any, value. The market would likely only pay for 1900 SqFt. Based upon the sales shown below, the lowest price per SqFt is $92. The subject is listed at $64 per SqFt. Assuming the subject market will support a price of $92 per SqFt on 1900 GLA, the subject’s sale price should be $174,800. In speaking with the listing agent, she said there’s nothing wrong with this house. It’s simply overbuilt for the neighborhood. At $64 a SqFt, this appears to be a great buying opportunity, especially for someone who wants to rent the house to tenants.
 
Currently in MLS, next to the subject, the lowest priced listing in Carolina Woods is a 3-BR, 2-bath, 1250 SqFt home listed at $137,000, $109 per SqFt (MLS # 1210189).
 
The photo shown above is representative of homes in the neighborhood. Actual subject photos are shown below.
 
526 Carolina Woods Drive, Carolina Woods S/D, 4 BR, 3 Bath , 2350 GLA, Built 2010, listed at $149,900 / $64 per SqFT
Compared to Recent Sales:

Carolina Woods Sales BRs/ Baths / SqFt Price per SqFt Sales Price Closing Date Data Source MLS #
404 Carolina Woods Dr.
3/2 1,450 $103 $150,000 07/20/2012 1109128
492 Carolina Woods Dr. 3/2 1,850 $92 $170,400 02/03/2012 1120217
500 Carolina Woods Dr. 4/2 1,550 $104 $160,900 12/09/2011 1117440
514 Carolina Woods Dr. 4/3 1,450 $123 $179,300 09/15/2011 1115135

 

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

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Photos (Click image to enlarge):
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Bank Owned

MLS #1211007

Listing Office: Century 21 The Harrelson Group
Listing Agent: Laura Garlitz