Princeton Place Subdivision, Little River, SC
Home Sales for 2007
Princeton Place, a cute, little subdivision of about 100 homes, located on the North end area of the Grand Strand, has always been a favorite of mine because of it's proximity to the beach (only a 3-4 minute drive) and it's unique flavor. With rolling hills and curving streets, plenty of trees and colorful patio homes, Princeton Place is a perfect enclave for the second home buyer, the retired couple, or the one parent family. The homes are 16-20 years old, "patio style" (stick built on monolithic slab), mostly two bedroom, two baths, with small yards. Some of the lots back up to the Preserve, some adjoin the lovely lake adorned with a fountain, and some back up to the little creek, which is navigable and spills into the Waterway. It is a charming neighborhood, bubbling with kids and activity (two of the three schools are within walking distance, and all three are only a 2-5 minute drive).
In February 2004, I broke the $ 100,000 barrier for Princeton Place, by representing the seller in the transaction of a 3BR/2BA home, for, at the time "unheard of" price of $ 102,000. Since then, prices and sales activity have varied greatly, mirroring the ebbs and flows of the Myrtle Beach market. Studying the prices and activity of Princeton Place is a good vignette of the single family home market here at the beach.
2004 Sales Activity at Princeton Place:
Total Sales: 12
Lowest Price: $ 84,000 2BR/1BA Home
Highest Price: $ 114,400 3BR/2BA Home
2005 Sales Activity at Princeton Place:
Total Sales: 7
Lowest Price : $ 94,500 3BR/2BA Home
Highest Price: $ 129,000 2BR/1BA Home
2006 Sales Activity at Princeton Place:
Total Sales: 11
Lowest Price: $ 125,000 2BR/2BA Home
Highest Price: $ 177,500 3BR/2BA Home
2007 Sales Activity at Princeton Place:
As of December 28, 2007, when this report was compiled, here is the activity of Princeton Place for the entire year of 2007:
We currently have two active listings, one priced at $ 149,000, for a 2BR/2BA home, which has been on the market since the beginning of July, when it was listed for $ 900 more. Since then it has had two price reductions: one for $ 400 and another price reduction of $ 500. The other home for sale is a 3BR/2BA home priced at 164,900, initially offered at the end of August for $ 174,900, now reduced by $ 10,000 and still on the market.
In 2007, the listing prices at Princeton Place have ranged between $ 148,000 to $ 179,900. Four listings were withdrawn, and five listings expired.
In 2007, only one home was sold at Princeton Place. It was a top of the line, completely updated home, beautifully decorated, 2BR/2BA home, complete with a sunroom, large back deck and fenced in yard. It was offered at the lowest price of $ 148,000 and had a contract pending on it in less than a month, closing within less than two months for $ 143,000.
Anyone interested in "speculating" in the Myrtle Beach area, should seriously consider Princeton Place as a good choice for investment property. With it's proximity to the Beach and all the schools, a good demographic mix of inhabitants, Princeton Place should do well long term, and you could probably solidify a good buy. Follow this subdivision, as the homes become available for sale and make an offer.
With low HOA dues (only $ 23 per month), a community pool and cabana, located only yards away from the city of North Myrtle Beach, but without the extra taxes of North Myrtle Beach, Princeton Place is perfect for the "cost conscious" consumer. Some of the homes rent for $ 795 - $ 1,200 per month.
For more on my theory of "Paralysis in Real Estate, the Calm Before the Price Plummet", please read my blog at: http://activerain.com/blogsview/223105/Listing-Agents-in-La