Isle of Palms Office

1400 Palm Boulevard Ste. M
Isle of Palms, SC 29451
843.886.5600

Real Estate Inquiries:
realestate@dunesproperties.com
Vacation Rental Inquiries:
vacations@dunesproperties.com


Folly Beach Office

31 Center Street
Folly Beach, SC 29439
843.588.3800

Real Estate Inquiries:
realestate@dunesproperties.com
Vacation Rental Inquiries:
vacations@dunesproperties.com


Dunes Downtown

11 Fulton Street
Charleston, SC 29401
843.722.5618

Real Estate Inquiries:
realestate@dunesproperties.com
Vacation Rental Inquiries:
vacations@dunesproperties.com


Kiawah Seabrook Office

1887 Andell Bluff Boulevard
Johns Island, SC 29455
843.768.9800

Real Estate Inquiries:
realestate@dunesproperties.com
Vacation Rental Inquiries:
vacations@dunesproperties.com


Mount Pleasant Office

835 Coleman Blvd Ste. 200
Mount Pleasant, SC 29464
843.881.5600

Real Estate Inquiries:
realestate@dunesproperties.com
Vacation Rental Inquiries:
vacations@dunesproperties.com


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Shipwatch Villa – Wild Dunes

Shipwatch Villa – Wild Dunes

Shipwatch has the finest pools in Wild Dunes

A somewhat recent large assessment, coupled with pending litigation has caused a depressed market in the Shipwatch Villa community of Wild Dunes. Condo sells since the assessment was announced are proof as the difference in list price to sell price is astounding. Going back to July 1st, 2012, statistics show owners getting only 76.54% of what they were asking (does not include price reductions). This is significantly lower than when you combine all condo sells in Wild Dunes since that time (87.82%).

Below I have listed the last five to sell with the asking price and sell price:

122-D Shipwatch     $525,000 > $440,000

420-C Shipwatch     $725,000 > $475,000

318-C Shipwatch     $699,000 > $525,000

413-B Shipwatch     $740,000 > $535,000

405-A Shipwatch     $675,000 > $600,000

These numbers show that buyers are taking advantage of the opportunity presented and doing well with it. The owners knowing of the assessment just want out and are ready to negotiate big time because of it (if they can).  Now, there is a catch. In most cases, the buyers are agreeing to take on the current assessment, therefore taking on an additional $40K +/- to what they are getting the property for. On top of that, usually, with condo litigation, lenders are wary and will not loan. Therefore, more times than not, 100% cash becomes necessary to purchase.  Still, the deals are there and for the savy investor, with interest in Shipwatch or owning a condo in Wild Dunes, it could be time to make the jump.  Additionally, with the assessment comes repairs, and with repairs comes improvement only helping property values.

dunes properties agent Donnie Whitaker updates his blog every month with a list of everything that is currently for sale in Shipwatch Villas.  Check out the full Shipwatch Post for more information.

Donnie Whitaker, dwhitaker@dunesproperties.com | (843) 607-0954

 

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