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Best Place to own a condo in NMB

Poughkeepsie, NY
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Best Place to own a condo in NMB

Have been vacationing in the Windy Hill section for years and thinking about buying a condo. What are the pros and cons of other areas like Cherry Grove, Ocean Drive, Crescent Beach?

Any Beach
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for Myrtle Beach, North Myrtle Beach, West Virginia
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1. Re: Best Place to own a condo in NMB

One place to look at....Ocean Keyes. Ocean Drive area. About one block from the ocean. Very convenient to stores, resturants. Think about how far or close you want to be to the ocean. Ocean-front would be most expensive of course. Walkable is best. Many condo in the areas you are looking at. Good luck.

(Oh....your post might be deleted. Not really a "travel" question.)

San Diego...
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2. Re: Best Place to own a condo in NMB

Ocean drive is very busy..Cherry Grove is cheaper...Crescent beach is higher end and very nice. Try blue water keyes.

Myrtle Beach, South...
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3. Re: Best Place to own a condo in NMB

Buy because you love it AND CAN AFFORD IT, and have a sizeable downpayment or pay cash. Do not let an agent tell you "oh you can rent it and pay your mortgage" won't happen. Rental rates have dropped considerably, HOA's fees haven't, Electric has gone up and too many properties chasing too few vacationers. BUT if you are determined to buy, look for short sale/foreclosure, then be patient. No one area in NMB rents any better or any worse. Each section has its pros/cons. If your requirement is NMB, then check out all the areas, look for newer building. Older buildings will be in need of repairs, meaning monthly assessments can go up or you can be assessed a one time hefty fee to pay for repairs, such as foundation issues, repairing balconies, etc.

Bethpage NY
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for Myrtle Beach
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4. Re: Best Place to own a condo in NMB

I think Hart is mostly right,however, my rental income was in fact higher in 2011 then what was reported in 2010. I bought in 2011 and this is a great time to buy but Hart is correct if you are carrying a large portion of the purchase price in a mortgage the rent will not cover everything,however, if you pay all or mostly cash, the rent can more then cover all expenses. Good luck

North Carolina
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5. Re: Best Place to own a condo in NMB

Not all older buildings are in need of repairs. Depends on the owners and if the building has a strong home owners association. In general, the larger, newer buildings have more bells and whistles and the upkeep is costly as well. This is passed on to the owners with high HOA fees. Newer resort type owners can expect to pay $600-$700 per month in HOA fees.

It is still a buyer's market and don't expect that to change any time soon, so take your time. Personlly, I prefer the Cherry Grove section. It has a nice mix of beach homes, channel homes, small and mid size condo buildings, with a resort or two mixed in. Cherry Grove also offers a boat ramp, inlet, salt marsh and a fishing pier.

Poughkeepsie, NY
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6. Re: Best Place to own a condo in NMB

We are going to stay in Cherry Grove on our next vacation to get a better feel for the area. Thanks for the input. We did get to look while we were vacationing in Nov. We are concerned with the unknown expenses with owning. We were not even able to get a good idea of what the electric would run if we had the place on a rental program. So we are going to take our time and continue to rent for vacation.

7. Re: Best Place to own a condo in NMB

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Removed on: 7:04 am, January 30, 2012
Everywhere
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8. Re: Best Place to own a condo in NMB

You might wangt to try Homepath by FannieMae. It has their foreclosures listed and the offer special financing to get rid of their listings.

For example, you can get a condo for 10 percent down (for use as asecond home) or 3 percent down (for owner occupants.) There is no appraisal fee and no mortgage insurance even with the low down payment. Properties also have to pass FannieMae's guidelines for building quality before they will list it (doessn't mean the place won't need work but it won't crumble to the ground when you buy it.)

Right now they have 16 active properties listed as active in the 29582 zipcode.

The website is homepath.com.

It wouldn't hurt to look.

BTW, I don't work for FannieMae but I like low down payments without PMI and sometimes if you time it right you can get a GREAT deal.

Good Luck.

Edited: 7:52 pm, January 15, 2012
Myrtle Beach, South...
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9. Re: Best Place to own a condo in NMB

2011 was pretty dismal but I have to say that 2012 rentals seem to be up quite a bit. People are booking earlier than they have in the past and not asking for huge discounts. This is an encouraging sign for sure. When searching for a good rental location to rent or own I strongly suggest you do your homework, check reviews, BBB, more then 1 family friends suggestion. TA is certainly a good source to turn to. No matter how bad a company is and I think there are a few on the beach who just don't give a dang about the homeowners or the guests-ONLY about making a $-you will still always find 1 person who will say they had a good experience with them. As they say "even a blind squirrel will find a nut every now and then" and a poor rental company will sometimes do something right for the guest or homeowner.

Edited: 8:54 pm, January 26, 2012
jtbldb
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10. Re: Best Place to own a condo in NMB

Thanks for the input.. Do you know why Atlantic Breezes have so many foreclosures? Do you know of a better property to look for a foreclosure in that area? Thanks

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