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
What a dramatic drop in price per square foot! My heart goes out to all those who who have been caught in the economic crunch. Harmony Township looks like a lovely place to live.
Beautiful new homes at great prices for sale
Harmony Township in Georgetown, SC: Going from $200 per square foot to $53 per square foot; a whopping 73.5% drop!!!
It's time to buy your next home.
Please call for more real estate information for the Myrtle Beach - Georgetwon, SC area!
Myrtle Beach Real Estate by Mirela Monte
Myrtle Beach, SC
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Mirela Monte, Your Myrtle Beach Real Estate Connection
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Mirela, that is a shame, those are great looking homes! We haven't experienced anything quite that dramatic, we have seen some of the high end homes loose 50 -60% drops, not quite to the level that is being experienced in that area.
Thank you Paul! I didn't even mention that it even has deep water access and a lovely Marina. Although you have to drive through a dirt road to get to the Marina (they ran out of money), the beauty of this neighborhood is undeniable and the prices are truly incredible! Here is a 4BR/2.5BA, 2,600 sq.ft. brand new home, a foreclosure priced at only $174,900:
Sharon & Tony: I know! It' so sad! I have so many stories to tell from this area.
Mirela -
I think its the same all over: highly speculative states, regions, cities, neighborhoods....that's where values have been hardest hit....and distressed properties the most prevalent.
Excellent post! Great property at great price! That's very sad but true!
Thanks for sharing,
Adam
They look like beautiful homes too. But a potential bargin for some one looking for a nice spot to raise their family
Mirela,
What a disappointment for so many people who had high hopes for the development. When I think of the developer, sales people, skilled craftsmen, etc that would have benefitted from this, it really saddens me to see it described as you did.
Maybe it will be revived in the near future...
Mirela - This is heartbreaking! Hopefully more people start seeing the value of these great homes in this beautiful neighborhood and start snapping them up. Those prices are incredible.
Hi Mirela,
I own a parcel in West Stuart and it's heartbreaking what happend to the dream.
The scenery is truely remarkable, and the safe harbor of the marina so close by was perfect. I currently live in Connecticut, and am still hopeful that someone will pick up the pieces and continue the vision of this development.