Myrtle Beach Real Estate by Mirela

Harmony Township in Georgetown, SC: Going from $200 per square foot to $53 per square foot; a whopping 73.5% drop!!!

 

Harmony Township in Georgetown, SC: a 73.5% loss of value!

 

Highly speculative neighborhoods caught in the beginning stages of development when 2007 rolled around, have been hit hard in the Myrtle Beach area.   Here is but one example of such a neighborhood – Harmony Township, in Georgetown, SC, a quaint, coastal town just South of Myrtle Beach.  Originally zoned for 1,700 lots, it now has about 30-50 Homes built over a fairly vast area.  You can see by the fancy signage and light posts that great intentions were in store for this subdivision. 

 

Now, many of these gorgeous homes are vacant with “For Sale” signs out front.  Some of the homes are 70-80% complete and just rotting away from the elements.   Currently, the MLS displays eight listings - three of them appear to be normal listings; the rest are all distressed properties: two are short sales and three are Bank Owned. 

 

Reflecting on the sales activity within Harmony Township illustrates the situation better than anything else.  Between 2008 and 2010, the sales price per square foot went from $200 to $53, a whopping 73.5% drop!   If that’s not a Reality Check, I don’t know what is! 

 

The best way to read this in order to fully understand the scenario here, is to scroll all the way to the bottom of the page and start glancing at the figures there.  By the time you make it to the top, you will fully understand the dire situation here:

 

2nd Quarter 2010:  Zero Sales

1st Quarter 2010:

 

 Price

 EstSqFtUR

 BR

 ADDRESS

 Total SQFT

 DOM

 LP

 $/Total SQFT

 SP

 $/Total SQFT

 $166,366

 23 3101-3200

 3

 187 Warham Dr.

 3101

 117

 $166,366

 $53.65

 $166,366

 $53.65

 

 

 

  Total Listings

 

  Avg 

  Avg 

  Avg 

  Avg 

  Avg 

 

 

 

 1

 

 117 

 $166,366 

 $53 

 $166,366 

 $53 

                   

 

4th Quarter 2009: Zero Sales

3rd Quarter 2009:

 Price

 EstSqFtUR

 BR

 ADDRESS

 Total SQFT

 DOM

 LP

 $/Total SQFT

 SP

 $/Total SQFT

 $172,500

 21 2901-3000

 3

 1628 Old Town Avenue

 2901

 202

 $209,900

 $72.35

 $172,500

 $59.46

 

 

 

  Total Listings

 

  Avg 

  Avg 

  Avg 

  Avg 

  Avg 

 

2nd Quarter 2009:  Zero Sales

1st Quarter 2009:  Zero Sales

4th Quarter 2008:

 Price

 EstSqFtUR

 BR

 ADDRESS

 Total SQFT

 DOM

 LP

 $/Total SQFT

 SP

 $/Total SQFT

 $490,000

 51 5901-6000

 4

 70 Crescent Drive

 5900

 206

 $650,000

 $110.17

 $490,000

 $83.05

 

 

 

  Total Listings

 

  Avg 

  Avg 

  Avg 

  Avg 

  Avg 

 

 

 

 1

 

 206 

 $650,000 

 $110 

 $490,000 

 $83 

 

3rd Quarter 2008:

 Price

 EstSqFtUR

 BR

 ADDRESS

 Total SQFT

 DOM

 LP

 $/Total SQFT

 SP

 $/Total SQFT

 $397,900

 33 4101-4200

 3

 1539 Old Town Avenue

 4101

 391

 $397,900

 $97.03

 $397,900

 $97.03

 

 

 

  Total Listings

 

  Avg 

  Avg 

  Avg 

  Avg 

  Avg 

 

 

 

 1

 

 391 

 $397,900 

 $97 

 $397,900 

 $97 

 

2nd Quarter 2008:

 Price

 EstSqFtUR

 BR

 ADDRESS

 Total SQFT

 DOM

 LP

 $/Total SQFT

 SP

 $/Total SQFT

 $660,000

 25 3301-3400

 4

 55 Pinebury Drive

 3300

 495

 $725,000

 $219.70

 $660,000

 $200.00

 

 

 

  Total Listings

 

  Avg 

  Avg 

  Avg 

  Avg 

  Avg 

 

 

 

 1

 

 495 

 $725,000 

 $219 

 $660,000 

 $200 

 

1st Quarter 2008:  Zero Sales

*Note: DOM = Days on the Market

LP = List Price

SP= Sales Price

$/Total SQFT listed right after the LP (List Price) = Listing Price per square foot

$/Total SQFT listed right after the SP (Sales Price) = Actual cost per square foot based on the Sales Price (this is the Reality Price)

 

Mirela Monte, Your Myrtle Beach Real Estate Connection

 

Harmony Township in Georgetown, SC: a 73.5% loss of value!

 

 

 

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Comment balloon 13 commentsMirela Monte • July 23 2010 12:09AM
Harmony Township in Georgetown, SC: Going from $200 per square foot…
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