About Little River's Carriage Lakes

Carriage Lake Subdivision in Little River SC - 2009 Market Report:

Carriage Lake is a fine subdivision of lovely homes built under the rigorous care of D.R. Horton. I inspected some of these homes while they were being built and I was impressed with the quality of construction. I had two builders with me at the time and they both raved about the many positive things they observed.

The neighborhood is located less than five minutes to the Beach, in Little River, SC, where the property taxes are even lower, yet all the wonderful perks of North Myrtle Beach are within easy reach: the wonderful Aquatic Fitness Center, several shopping centers, Parks, entertainment and the Beach are all less than five minutes away.

The neighborhood is build around a lovely Lake and it is very well maintained. Wide streets, underground utilities, verdant surroundings and a lovely Amenities Center with a large in-ground pool and cabana give this subdivision charm and desirability.

At the height of the market, these homes were selling in the early $300’s, with $340,000 being the highest price ever sold there. The latest sale occurred in October of this year for only $161,000, the lowest price ever transacted at Carriage Lake. The next lowest prices occurred in 2004 and they were all pre-construction.

There are currently 13 homes available for sale at Carriage Lake, priced between $169,500 and $359,900. Three of them are under contract. Of these three pending transactions, two of them are short sales.

Carriage Lake Homes Sold in 2009:

RESIDENTIAL Summary Statistics
	High	Low	Average	Median
List Price:	$259,900	$179,000	$214,675	$209,900
Sold Price:	$210,000	$161,000	$192,725	$199,950

Carriage Lake Homes Sold in 2009:

Price	EstSqFtUR	BR	ADDRESS	Cont Date	Total SQFT	DOM	List Price	Sold Price	$/Total SQFT
$161,000	11 1901-2000	3	229 Carriage Lake Dr	8/30/2009	2000	52	$179,000	$161,000	$80.50
$210,000	14 2201-2300	3	301 Carriage Lake Dr	4/8/2009	2300	142	$219,900	$210,000	$91.30
$199,900	20 2801-2900	4	233 CARRIAGE LAKE DRIVE	2/21/2009	2900	125	$199,900	$199,900	$68.93
$200,000	19 2701-2800	4	225 Carriage Lake Drive	1/1/2009	2400	242	$259,900	$200,000	$83.33
			Total Listings			Avg	Avg	Avg	Avg
			4			140	$214,675	$192,725	$81

Carriage Lake Homes Available for Sale:

RESIDENTIAL Summary Statistics
	High	Low	Average	Median
List Price:	$359,900	$169,500	$234,215	$224,900

Price	EstSqFtUR	BR	ADDRESS	Status	LP
$169,500	19 2701-2800	4	109 Carriage Lake Drive	PEND. CONTINGENT CONTRACT	$169,500
$179,000	14 2201-2300	4	325 Carriage Lake Dr	PEND. CONTINGENT CONTRACT	$179,000
$198,900	15 2301-2400	3	141 Carriage Lake Drive	ACTIVE	$198,900
$210,000	13 2101-2200	3	177 Carriage Lake Dr.	ACTIVE	$210,000
$215,900	14 2201-2300	4	133 Carriage Lake Drive	ACTIVE	$215,900
$220,000	17 2501-2600	3	105 CARRIAGE LAKE DRIVE	ACTIVE	$220,000
$224,900	12 2001-2100	3	205 Carriage Lake Dr	ACTIVE	$224,900
$226,900	14 2201-2300	4	261 CARRIAGE LAKE DR	ACTIVE	$226,900
$230,000	14 2201-2300	3	217 Carriage Lake Drive	ACTIVE	$230,000
$244,000	20 2801-2900	4	233 Carriage Lake Dr.	PEND. CNTGT. ON FINANCING	$244,000
$255,900	20 2801-2900	3	169 CARRIAGE LAKE DRIVE	ACTIVE	$255,900
$309,900	27 3501-3600	4	293 Carriage Lake Drive	ACTIVE	$309,900
$359,900	20 2801-2900	3	422 Carriage Lake	ACTIVE	$359,900
			Total Listings		Avg
			13		$234,215

Mirela Monte, Your Myrtle Beach Real Estate Connection

I think someone should tell the Sellers:

IT’S NOT 2005 ANYMORE. THIS IS 2009 AND HOME PRICES HAVE PLUMMETED. YOUR HOME IS NOW ONLY WORTH ABOUT HALF OF ITS OLD VALUE!!!

Case in point: Carriage Lake, a fine subdivision of upscale homes built under the rigorous care of D.R. Horton. I inspected some of these homes while they were being built and I was impressed with the quality of construction. I had two builders with me at the time and they both raved about the many positive things they observed.

The neighborhood is located less than five minutes to the Beach, in Little River, SC, where the property taxes are even lower, yet all the wonderful perks of North Myrtle Beach are within easy reach: the wonderful Aquatic Fitness, several shopping centers, Parks, entertainment and the Beach are all less than five minutes away.

The neighborhood is build around a lovely Lake and it is very well maintained. Wide streets, underground utilities, verdant surroundings and a lovely Amenities Center with a large in-ground pool and cabana give this subdivision charm and desirability. At the height of the market, these homes were selling in the early $300’s, with $340,000 being the highest price ever sold there. The latest sale occurred in October of this year for only $161,000, the lowest price ever transacted at Carriage Lake. The next lowest prices occurred in 2004 and they were all pre-construction.

Since the neighborhood is pretty homogenous (the homes are all very similar in quality and age), it doesn’t take a neurosurgeon to figure out exactly what these homes should be priced at in order to sell, by simply looking at the latest comps, yet most of these listings are all overpriced, some severely so. Take for example the 2,900 sq.ft. home listed for sale at $359,900. Another similar home of the exact size and age sold this year for $199,900. Will someone inform the owner of the 44% price discrepancy? Wait a minute! What are my eyes seeing? The listing agent IS the owner!?!?!!!

Carriage Lake Homes Sold in 2009:

RESIDENTIAL Summary Statistics
	High	Low	Average	Median
List Price:	$259,900	$179,000	$214,675	$209,900
Sold Price:	$210,000	$161,000	$192,725	$199,950

RESIDENTIAL - Sold

Price	EstSqFtUR	BR	ADDRESS	Cont Date	Total SQFT	DOM	List Price	Sold Price	$/Total SQFT
$161,000	11 1901-2000	3	229 Carriage Lake Dr	8/30/2009	2000	52	$179,000	$161,000	$80.50
$210,000	14 2201-2300	3	301 Carriage Lake Dr	4/8/2009	2300	142	$219,900	$210,000	$91.30
$199,900	20 2801-2900	4	233 CARRIAGE LAKE DRIVE	2/21/2009	2900	125	$199,900	$199,900	$68.93
$200,000	19 2701-2800	4	225 Carriage Lake Drive	1/1/2009	2400	242	$259,900	$200,000	$83.33
			Total Listings			Avg	Avg	Avg	Avg
			4			140	$214,675	$192,725	$81

Carriage Lake Homes Available for Sale:

RESIDENTIAL Summary Statistics
	High	Low	Average	Median
List Price:	$359,900	$169,500	$234,215	$224,900

Price	EstSqFtUR	BR	ADDRESS	Status	LP
$169,500	19 2701-2800	4	109 Carriage Lake Drive	PEND. CONTINGENT CONTRACT	$169,500
$179,000	14 2201-2300	4	325 Carriage Lake Dr	PEND. CONTINGENT CONTRACT	$179,000
$198,900	15 2301-2400	3	141 Carriage Lake Drive	ACTIVE	$198,900
$210,000	13 2101-2200	3	177 Carriage Lake Dr.	ACTIVE	$210,000
$215,900	14 2201-2300	4	133 Carriage Lake Drive	ACTIVE	$215,900
$220,000	17 2501-2600	3	105 CARRIAGE LAKE DRIVE	ACTIVE	$220,000
$224,900	12 2001-2100	3	205 Carriage Lake Dr	ACTIVE	$224,900
$226,900	14 2201-2300	4	261 CARRIAGE LAKE DR	ACTIVE	$226,900
$230,000	14 2201-2300	3	217 Carriage Lake Drive	ACTIVE	$230,000
$244,000	20 2801-2900	4	233 Carriage Lake Dr.	PEND. CNTGT. ON FINANCING	$244,000
$255,900	20 2801-2900	3	169 CARRIAGE LAKE DRIVE	ACTIVE	$255,900
$309,900	27 3501-3600	4	293 Carriage Lake Drive	ACTIVE	$309,900
$359,900	20 2801-2900	3	422 Carriage Lake	ACTIVE	$359,900
			Total Listings		Avg
			13		$234,215

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