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It looks like they started building these condos in 2007 or 2008 but not many have sold. Does anyone know why? Are they worth looking at for a vacation condo?
It looks like they started building these condos in 2007 or 2008 but not many have sold. Does anyone know why? Are they worth looking at for a vacation condo?
You might do some market research on the rental prospects for a 3 bedroom condo. I suspect many people wanting that large a place would prefer a house. Also check whether Holden Beach is popular, versus other beaches.
I'd also check whether all the proposed amenities have been built, eg, the pier, pool, clubhouse, and fitness center.
The pre-construction price was $399,000 in 2007, and they are now listed at $149,000. So, if you want one strictly for you own use, they sound like a good buy.
Gloldenage1,thank you! We're looking for a vacation home only-- no interest in the headaches of renting. The large difference in current price vs pre-construction price and the lack of sales over the past 5-6 years is making me nervous. I'm afraid that if it looks good to be true, it probably is. I guess we'll take a drive one day this week to check out what's going on there in person.
Thanks again for your feedback!
The large difference in current price vs pre-construction price and the lack of sales over the past 5-6 years is making me nervous.
The drop in price and lack of sales has happened all up and down the coast. The boom went bust. You might search this board for comments on a recent auction at Emerald Isle. There were no bidders on high-rise condos.
I have two concerns about the Holden Beach place. 1. The developer is close to bankruptcy, and the remaining units will be auctioned off. 2. The place is so poorly constructed, you can hear every noise through the walls and floors.
However, I hope they are a good deal, and buying makes sense for you.
I've done research and found that the development changed hands but can't find much more. I emailed 5 or 6 realtors last week asking some of the same stuff you pointed out, and also how many of the original planned units are built, does the developer plan to build all that were originally planned, etc. None of the realtors has gotten back to me, which makes me think they don't know or don't want to answer my questions
I've seen this property too. A Wilmington attorney is the original developer. Looks like it sold in 7/2011 for 5.2 million. I can not find out who bought it.
Martha Lee Realty was the original director of sales and marketing in 2007 and currently has 3 of the listings. Try contacting her office in Holden Beach. She should know the history.
It does not appear to have been foreclosed on.
to: goldenage1 How do you know the construction is poorly built and that you can hear through the walls?
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