TH-Style Condo: 500 Eagle Way #14-C: 08/29/2012

TH-Style Condo… Tax ID # 130-03-02-014
 
$51,400 … 27% ($18,600) Below Recent Sales (Avg.)
 
500 Eagle Way, Baytree #14-C
Little River, SC 29566
 
4 BRs, 3 Baths, 1726 GLA (Htd. SqFt) Built 1974
10 Min. to Beach. 30 Min. to Airport

This is a townhouse-style condo. No one is above or below you, but you do not own the land; you own the space between the walls. This project, started around 1974, has 76 units (2-, 3-, and 4-bedroom units) and an outdoor pool. Originally built adjacent to a golf course, during the building boom, the course was sold with plans to develop residential housing. With the market’s collapse, those plans have been abandoned. The subject backs up to an overgrown field that was formerly golf course.

 

This is a lender-approved short sale. The lender has approved the list price. The current owner is approximately $8,600 behind in HOA dues. Any buyer may need a substantial outlay for HOA dues. On the other hand, the listing agent indicated the HOA has a agreed to a payoff on the delinquent HOA dues if they can get an offer soon, and the listing agent further stated a buyer would NOT have to pay delinquent dues as the seller has secured funds to do so.

 

The most recent 3- and 4-BR sales at BayTree I are shown below. Currently in MLS, after the subject, the next lowest priced 4-BR is listed at $89,900 (MLS # 909245). The average sale price is $81,000. Figuring the subject is about $11,000 inferior to these sales ($8,600 in HOA possible dues plus needed paint and carpeting), the disparity between the subject and these four sales is estimated at $18,600 or 27% under market.
 
If you’re interested in this unit, we have the floor plan and can email it to you.
 
500 Eagle Way #14-C, Baytree, 4 BR, 3 Bath , 1,726 GLA, Built 1974, listed at $58,000

Compared to Recent Sales:

Sales at Bay Tree I BRs/ Baths GLA (SqFt) Sales Price Closing Date Data Source MLS #
Unit # 8 3/3 1,505 $79,000 07/10/2012 1206570
Unit # 22 3/3 1,505 $80,000 06/07/2012 1202305
Unit # 28 3/3 1,505 $80,000 03/15/2012 1108942
Unit # 2 4/3 1,726 $85,000 03/03/2011 1015456

 

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

View Larger Map
 
Photos (Click image to enlarge):
%%wppa%%
%%album=89%%
 
Lender Approved Short Sale

MLS #1211752

Listing Office: RE/MAX Southern Shores NMB

Listing Agent: Eileen Henriksen, REALTOR