House Flip or Flop – You be the Judge

118 South Main towards Downtown Clio

In 1884 Squire Legette built his Italianate Revival home and office on Main Street in Clio, South Carolina.  He served as Justice of the Peace in the early days of Clio history and  from the large bay window in his office on the main floor he could see downtown.  The home was built of old growth timbers had multiple fireplaces, pine floors and custom woodwork and moldings throughout the 2 story home.  By the time the property was offered at auction in 2002 it had only seen 3 owners and was weathered but sturdy with over 1100 square feet of porches and 2 baths added to the original structure.  We didn’t have plans to buy a house that day and it sure needed lots of work but that is when we became the proud owners of a piece of South Carolina history and so began our first house flip although we didn’t know it at the time.

Buying any home brings with it responsibilities but when you buy a historic property that needs renovations priorities become much different especially one that is part of a National Register Historic District. For months we studied the house and the things that needed to change and researched our options and learned we could take advantage of tax credits for rehabilitation through the SC Historic Preservation Office.  While we didn’t take that route it was eligible for tax credits offered in South Carolina as new electrical was top on the list after installing a new roof.

Countless hours were spent refinishing floors, reglazing depression glass windows and patching and painting horse hair plaster walls not to mention installing new kitchen & fixtures in the home.  After all we had a new roof and the exterior could wait and wait it did. With most of the major interior work completed we moved into the house and enjoyed many years living at 118 South Main in Clio continuing to love, enjoy and improve on our new home.

Bay Window in Squire Legette's Office

As life went on and our priorities changed to opening a real estate office in my hometown of Murrells Inlet we had to make the difficult decision of selling the property.  Not that we didn’t want to keep the home we had put so much time and attention into but after the first tenant moved out we knew it needed to find new owners who would love and care for it as much as we did.  We didn’t buy the home with the intent to flip it and many people don’t which is why some people invest so much in personal resources that likely won’t ever be returned when they sell.  Sometimes this is the hardest part of home ownership for home sellers to understand but as a seasoned real estate professional I can tell you it is a market reality.

Winning the bid at the auction that day in 2002 was the beginning of our ownership of a historic property and this week a new owner takes over the home we loved so much.  For us losing money on selling is not so difficult when you know you are doing so to protect a treasure and that allowing it to sit empty for much longer would cause more harm than good.  Just knowing that the new owners appreciate old homes and have their own plans to improve it somehow deminishes the financial blow of selling at a loss and that is why we priced it to sell in the first place.

The new owners might not appreciate all the blood, sweat and tears we put in at 118 South Main but just maybe they will enjoy and improve it as much as we did during our ownership as sometimes the rewards of owning a historic property or any property for that matter is not always measured in dollars and cents.

Copyright©2011 Sandra Bundy, Broker-in-Charge, B&P, Inc.  Serving the Pee Dee and Grand Strand of South Carolina.

Resources

South Carolina Historic Preservation Office

The Complete Guide to Renovating Older Homes: How to Make It Easy and Save Thousands

Myrtle Beach, SC is waiting for you!

No matter what you have in mind for your place at the beach we are here to help! Call Sandra Bundy @843-902-7615 for more information.

226 Tibton Drive, Myrtle Beach, South Carolina 29588

Close to everything in Myrtle Beach 226 Tibton Drive in Palmetto Glen subdivision might be a perfect fit for you.  This 2 story home has an open kitchen with stainless appliances and family room so the cook can won’t miss a thing when preparing meals.  The center island offers additional storage & the nearby pantry is sure to hold all your essentials and then some.

With 3 bedrooms and 2 full and 1 half baths and an upstairs office/or media room the home has over 2200 square feet of living space.  The fenced back yard is overlooking the lake and offers plenty of room for play, gardening or simply relaxing on the patio.

The low HOA fees include a community pool for your enjoyment without the cost and work to have one in the backyard.  Easy access to Coastal Grand Mall, Myrtle Beach Airport & Market Commons and only a few miles from Myrtle Beach State Park.

Call Sandra Bundy @ 843-902-7615 to make your appointment to view this home today!

An Inside Glance at Home Retention

Yesterday afternoon as I was approaching my latest home retention assignment I was hoping to find the homeowner so I could share important information about options available to help them avoid foreclosure.  As I turned onto the street I noticed a UHaul in the road and wondered if it was the house I was going to visit.  Mine was the house next door and I was glad to find the homeowner and I think the homeowner was glad to for me to find them too.

Thanksgiving was less than 12 hours away and the homeowner was getting ready to leave town to visit family with a load of worry about what might happen next. The fact that so many homeowners really don’t know that these days their lenders would rather find a solution to the current deficiences than foreclose amazes me. But I also understand when someone is dealing with difficult situations they sometimes don’t get the information they need.

Worn out from a year of medical issues the homeowners initial response was “I don’t want to loose me home”!  And I was not there to take it but to advise the homeowner that contacting the lender was the right action to take for now.  As the homeowner connected to the lender and explained the failed attempts to work out modifications we me I could only listen to the tale of mounds of paperwork lost or sent numerous times or the denial of any solutions offered on the part of the lender.

Yes I am very aware that many homeowners have been denied loan modifications but I also understand the rules are changing and new programs are available and the only way to find out what might be the best option for the homeowner is to open the lines of communication.  So thankful this time the homeowner wanted to hear the message I had when I knocked on the door and to know that perhaps this time both the homeowner and the lender were ready to work things out together.  Copyright©2011 Sandra Bundy, Broker-in-Charge, B&P, Inc.  Serving the Pee Dee and Grand Strand of South Carolina.

If you or someone you know is having difficulty making mortgage payments, contact Sandra Bundy for a confidential consultation. 

Additional resources

SC Mortgage Help – Funds for SC homeowners who have been laid off and direct loans to help avoid foreclosure.

 

 

 

 

 

Grand Strand Area Short Sales to Rise in 2012

Short Sale Listing in Myrtle Beach

According to the non-profit counseling agency CredAbility South Carolina ranks 9th in household distress with the overall distress at 63.9% for the third quarter of 2011.  Not surprising when the unemployment rate in SC for September at 11% ranking 5th highest in the US.  Homeowners that want to sell their home in this tough climate are more likely than not to owe more than their home is worth especially if they made their purchase during the housing boom in the Myrtle Beach area.  With no housing recovery in sight short sales along the Grand Strand are likely to rise next year.

In some of Myrtle Beaches newest neighborhoods sale prices declined 23% this past year and while real estate prices might appear to be holding steady for now any increase in foreclosures could have negative impacts on home values.   In May of this year the halt of foreclosures on owner occupied homes slowed down foreclosures but as work out options are exhausted foreclosures could increase.  Horry County already ranks among the highest in foreclosures in South Carolina.  A better option for Myrtle Beach area homeowners facing foreclosure is to consider a short sale.  Not only would a short sale help neighborhood home prices but it also allows homeowners to remain in control of the sale and move on.

Homeowners often overlook the option of short sales even if they have not experienced financial hardships however a short sale might be a good option especially where the owner needs to sale the property in a timely manner.   Increasing inventory and higher marketing time are evident in many neighborhoods and short sales could outpace foreclosures in the coming months which would certainly mean a winning outcome for area home prices in the Myrtle Beach area.  Copyright©2011 Sandra Bundy, Broker-in-Charge, B&P, Inc.  Serving the Pee Dee and Grand Strand of South Carolina.

If you would like a confidential consultation on a short sale of your home contact Sandra Bundy for more information.

Former Murrells Inlet Marina Site for Sale

Alex's Bait & Tackle Circa 1960

What once served as a hub for the Murrells Inlet fishing fleet back in the 60′s & 70′s is now put up for sale by its current owners.  The 1.02 acre parcel on the Murrells Inlet Marshwalk is surely to attract attention for its prime location on the waterfront and has great potential for enhancing the fishing village located just south of Myrtle Beach.  A site of this size and location is rare in the Murrells Inlet area but with the $2.2 million dollar price tag it could prove difficult for the average investor.

Fishermen & Spectators at Capt. Alex’s Marina circa 1967

The former marina site holds many precious memories for long time residents and fishermen far and wide and used to draw large crowds when the Capt. Alex Gulf Stream trips hit the dock as spectators watched the fish being unloaded every evening at 6:00 pm.  The site was also used to host an annual Labor Day event that featured an assortment of fish stews and chowders prepared by a variety of ‘home’ chefs served up for free to all the attendees.  In later years the spot was home to H&C Fisheries.

In 1967 the Capt. Alex was the newest and fastest modern head boat of its size on the East Coast topping out at 34 MPH making it possible to get fishermen out in the gulf stream in 2.5 hours from the dock in Murrells Inlet.  The loran coordinates of the former marina are still noted on loran maps marking this important site in the history of the east coast fishing industry.  Copyright©2011 Sandra Bundy, Broker-in-Charge,  B&P, Inc.  Serving the Pee Dee and Grand Strand of South Carolina.

For more information on purchasing Murrells Inlet real estate contact Sandra Bundy at 843-902-7615.

 

 

Growing Pains in Murrells Inlet

New Utility Poles in Murrells Inlet

Having been a creek rat at a very early age my love of Murrells Inlet runs deep and lately watching the huge power lines go up in the heart of the Inlet makes me realize all that comes with living in an area so rich in beauty and charm.  When I was growing up there weren’t that many people around and even with the growth I never would have imagined the towering polls that have intruded into our Murrells Inlet neighborhoods.

Don’t get me wrong, I’m not against having electricity nor am I against growth as with it comes many opportunities & conveniences we didn’t use to have in Murrells Inlet.  Being in real estate I have to say the new additions have certainly taken with them something special that used to exist in the small neighborhoods in the heart of Murrells Inlet.   Not to mention that the loss in real estate value both of neighboring Murrells Inlet property owners but also in the esthetic value that we will never have again.

Last week we lost a 200 year old live oak and this week we lost much more that maybe nobody may have noticed.  We can live without a tree but apparently we can’t live without electricity another part of the growing pains in Murrells Inlet.

SC Utility Receipt Circa 1937

Oysters ‘R’ in season in Murrells Inlet

As the chill hits the inlet waters and the fall comes into full swing the locals know it’s time for a Murrells Inlet oyster roast. Sure you can get them at many area resturants but the Murrells Inlet 2020 8th Annual Oyster Roast is one of my favorite events held in November of each year.

On Saturday November 19th from 11:30 AM to 3:30 PM hundreds of area residents and visitors will be down by the creek at the Crazy Sister Marina & Spuds Waterfront Restuarant to get their fill of Murrells Inlet oysters while supporting the efforts of MI2020. Tickets are can be purchased for $30 prior to 11/17/11 or on-site for $35 and other food items will also be avaiable for purchase on Saturday. Contact MI2020 @ 843-357-2007 for more information.

Hope to see you there!

Horry County Foreclosures Continue

Foreclosures in Myrtle Beach continue to rank higher than other areas in South Carolina as has been the case in other high growth markets across the US.

10 things you need to know about Murrells Inlet

Growing up in Murrells Inlet has provided me with a lifetime of insight into this wonderful place so many new families now call home and some recent events around the Inlet started me thinking that there were are least 10 things new arrivals would find of interest or should know about their new hometown.   While the list of 10 may grow into many more over time I hope you will find “Things you need to know about Murrells Inlet” useful as you begin your new chapter living in Murrells Inlet neighborhoods and enjoying all the natural beauty and amenities our area has to offer to both homeowners and visitors alike.

1.  Murrells Inlet is an unincorporated area in Georgetown County that runs from the Horry County line south to Huntington Beach State Park and stretches from the creek to the river but due to developers wanting to attach themselves to the popular fishing village the lines are blurred and now include areas from Burgess to Garden City.  The Inlet boundary for the purpose of this blog will remain as they were so you have an idea of the unique character of the area.  The Murrells Inlet natives love the creek and the trees especially the live oaks so please don’t take cutting them lightly and help us preserve the very reasons we all like to call it home.

2.  Murrells Inlet is one of the few creeks that have high salt consentrations and is home to some of the best oyster’s anywhere in the world.  Ok so I might be biased but with the Atlantic Ocean at our doorstep and tide changes every 6 hours our creek does have higher salinity than most inlets due to its size.  You might notice the Murrells Inlet Watershed sign along Highway 17 near Huntington Beach State Park where the inlet begins at the south and runs up to Garden City to the north.  Our creek is especially sensitive to runoff as pollutants can damage our Inlet so make sure to use safe practices when walking pets and don’t litter because it really does make us crabby.

3.  Once upon a time Murrells Inlet was all about fishing where pioneers in the industry ran head boats carrying passengers in sleek modern boats to the Gulf Stream.  Crowds would flock to Capt. Alex’s Marina in the afternoon when the boat docked at 6 PM to see the tremendous catch and were rarely dissapointed.  Back then there were few boat’s that ran such trips that served to attract both new and old to the sport of fishing in Murrells Inlet without having to own a boat or the equipment necessary to fish in the stream.  The Thunderbird, Sea Gypsy, Flying Fisher, Miss South Carolina, Capt Bill, Inlet Princess and New Inlet Princess were at one time part of the head boat fleet in Murrells Inlet and only a few remain today.  Regulation has made it more difficult for the commercial fishing industry along the east coast too and many of the fleets are gone but you can still get a glimpse of the fish hitting the dock in Murrells Inlet.

4.  Murrells Inlet aka ”The Seafood Capital of South Carolina” earned the title by having some of the best fresh seafood restaurants in SC.  Hundreds of thousands of visitors to Murrells Inlet have enjoyed our fresh local seafood over the years and have witnessed the evolution of the establishments that catered to them.  Many of the mainstays like Morse’s Oyster Roast, Oliver’s Lodge, Bay Harbor, Anchor Inn, Inlet View, Wayside & Sunnyside have been lost over the years and with the exception of Drunken Jacks, Dockside, Lee’s Inlet Kitchen & Nance’s been replaced by new restaurants serving up fresh seafood every day.  If you want a true glimpse into Old Murrells Inlet stopping by for dinner at Russell’s Seafood Grill will give you a good taste of what Murrells Inlet is famous for and some of the people that helped to make it that way.

5.  Murrells Inlet 2020 is responsible for creating the Murrells Inlet Marshwalk and many other worthy projects to help preserve, protect and promote infrastructure improvements in the Murrells Inlet area while enhancing environmental education.  The new ‘Jetty View’ project will add another destination for residents and visitors to access the Murrells Inlet waterfront.  This group puts on several fundraising events throughout the year in order to carry out their mission and you should make it your mission to support these efforts.

6.  The new Veteran’s Pier is the site of the former government pier and used to house crash boats before it was abandoned by the military and made a great fishing spot for many years before being destroyed by Hurricane Hugo.  This new pier was made possible by Murrells Inlet 2020 efforts and also is home to the “Captain’s Walk” that houses the names of many former Inlet boat captains.  The only thing missing is somebody selling fiddler crabs for bait so you’ll have to go to Perry’s or Capt. Dicks to get some other kind of bait.  You’ll notice many plaques along the pier and marshwalk and by getting one for your family you also help support MI2020 efforts.

7.  Spring Tide is a Day for the Inlet is held every year in April and this volunteer effort first began in 1990 after Hurricane Hugo left the creek littered with debris.  Area resident Chip Smith came up with the idea after observing the problem in addition to starting the Plus One Boating campaign to go beyond the one day event.  There is a chowder cook-off after the streets and creek are cleaned up and it is a great event to help you become involved by helping your new community.

8.  Murrells Inlet has Talent.  In addition to many musical groups that preform along the Grand Strand the Murrells Inlet Community Theatre puts on some really good shows!  The community center which once housed the Murrells Inlet Elemetary School and is home to the Murrells Inlet Magistrate also is the place to enjoy a good play that are held several times a year.  Talented local artists in every medium also call Murrells Inlet home.  You can check some of them out at The Ebb & Flow Gallery on Hwy 17 Bypass or look around our local shops and you are bound to see a few examples if you don’t miss the signs.

9.  Highway 17 Business in Murrells Inlet is offically named after famed mystery writer Mickey Spillane.  Now known as the Mickey Spillane Waterfront 17 Highway this new name doesn’t begin to describe what you will find once you drive in but you will likely not forget it once you arrive.  If you look to the left at the boat storage you might even spot Mickey’s boat ’817′ and while not much to look at it could raise the mackerel as I remember with trash cans full in a few hours.

10.  With her book “Heaven is A Beautiful Place” Genevieve ‘Sister’ Peterkin provided us with yet another glimpse of life in Murrells Inlet along with the struggles many face that weren’t lucky enough to have been here back in the day when things were much slower paced but just as complicated as things have become today.   Sister passed away in September of this year and with her passing Murrells Inlet lost a treasure but we are fortunate to have her writings and stories that will last forever and the memories of those that knew her.

So now you know 10 things you need to know about Murrells Inlet and as always let me know if you have any questions and we can add to the list.  Copyright©2011 Sandra Bundy, Broker-in-Charge, B&P, Inc.  Serving the Pee Dee and Grand Strand of South Carolina.