Gail n Greg - Your Agents @ The Beach

CLOSED IN MILLER'S LANDING AT PAYNTER'S MILL

1205 Miller's Landing is the second Bonica Rose model (2nd floor 2 bedroom, small floorplan) to close this year.  The first was a Builder's model that sold for a net $151,720 with Builder incentives and 1205 sold for $155,000 after being on the market a cumulative 914 days.  Gail n Greg had the listing for about a year before it went under contract at the listing price of $360,000.  There are two more available for sale at $199,900 and $228,900.  That's four condos closed with four more under contract waiting to close.  Of the four waiting to close, 2 are "short sales" and 1 is a foreclosure.

SHORT SALE UNDER CONTRACT IN MILLER'S LANDING AT PAYNTER'S MILL

806 Miller's Landing is a Sawtooth Oak model unit (the last one available) and is a second floor two bedroom unit that was listed back in November of 2011 for $165,000 but had been reduced to $149,999 by the time of contract signing.  There are now five condos under contract waiting to close in Miller's Landing.  Two are "short sales" and one is a foreclosure.  Three have closed so far this year.

PRICE REDUCED IN MILLER'S LANDING AT PAYNTER'S MILL

806 Miller's Landing is a Sawtooth Oak model which is a 2nd floor two bedroom with the small floor plan.  It was listed as a short sale in November of 2011 at $165,000.  It has since been reduced now for the second time and is offered now at $149,999.  Don't know the condition of the home but that's a LOW price for this property.  I know of one like it that rents for $1,100 per month.

PRICE REDUCED IN MILLER'S LANDING AT PAYNTER'S MILL

Paynter's Mill pool opening at the end of this month.  Meanwhile, 1305 Miller's Landing has dropped the price on this Bonica Rose model (2nd floor 2 bedroom) from $235,000 down to $228,900 after only 103 days on the market.  There are two others like it for sale, one a short sale listed for $155K and the other is listed at $199,900.  The only Bonica Rose to sell so far this year was a Builder model that went for $151,720 after you factor in the Builder incentive.  There are three others under contract waiting to close.

MILLER'S LANDING AT PAYNTER'S MILL

A couple of things happening in Miller's Landing, first 605 (a Bonica Rose) came back on the market after a four month hiatus and reduced price in the process.  It has been on the market for 266 days prior to this listing.  Sellers are now asking $199,900 for this second floor 2 bedroom unit.  This and the Sawtooth model are the smallest of the ML floor plans.

At the same time, 1106 which is a Sawtooth Oak model is showing "Withdrawn" on the MLS today.  It is the foreclosed upon property that showed that it went Pending back in early March.  I'm not sure what this means but I'm going to continue to follow it as Pending.  It was listed for $159,900 when it supposedly went Pending.

UNDER CONTRACT IN MILLER'S LANDING AT PAYNTER'S MILL

Another Gail n Greg listing under contract in Paynter's Mill, this one a 2 bedroom condo in the (1205) Miller's Landing section of the community.  This Bonica Rose model (2nd floor) has been on the market for some time and finally went under contract at $160,000.  There are now three units under contract waiting to close and three already closed this year.  We're off to a good start to the year with the lowest inventory on condos in a long time.  Some folks have given up but there are four intrepid re-sellers still waiting their turn and the Builder still has four units left to sell.  Of the re-sales, there is one Bonica Rose, two Sawteeth and one Greenspire.  The Builder has two Crepes, a Willow Oak and a Greenspire.

PRICE REDUCED IN MILLER'S LANDING AT PAYNTER'S MILL

1104 Miller's Landing  has reduced price  again, this time to $224,000.  This is a Greenspire Linden model which is the largest 2 bedroom floorplan on the 2nd floor.  There is only one other of this model listed for sale and it is a Builder unit still unsold that is listed for $219,000 but the Builder is offering to pay 2 years of condo fees (worth $8,280) toward settlement.  There has not been a Greenspire sold in the last three years.

SHORT SALE PRICE REDUCTION IN MILLER'S LANDING IN PAYNTER'S MILL

This "under water" Seller has reduced price on this Sawtooth Oak model (2 bedroom 2nd floor unit) condo to $155,000, down from $165,000.  It has been listed for 148 days and is competing with 3 other identical floor plan units.  The other 3 are listed from $160,000 to $235,000.  The unit number is 806.

Q1 - 2012 ACTIVITY IN MILLER'S LANDING AT PAYNTER'S MILL

Payter's Mill has really come alive in 2012.  It's been a long wait and of course prices are painful for Sellers and great opportunities for Buyers.  Three condos have closed already this year, one a foreclosed upon re-sale and the other two were Builder models.  The Builder still has four to sell.  The Builder really put a hurting on prices when he came out at the end of the year with an incentive program to pay 2 years worth of condo fees along with a dramatically reduced price.  The condo fees were worth $8,280 which could be used to cover closing costs.  Two Nellie Stevens models sold (that's a 3 bedroom 2nd floor unti), the short sale went for $202,000 and the Builder model went for $220,720 when you factor in the incentive.  One Bonica Rose closed for $151,720, a Builder model 2 bedroom second floor unit.  Two Sawtooth Oak models remain under contract waiting to close.  This is the reverse floor plan of the Bonica Rose, also a 2 bedroom 2nd floor unit.  One was a foreclosure that was priced at $159,900 when it went under contract, the other was a re-sale that was listed for $169,900 at time of contract.  There are still 9 units listed as active, 2 Crepe Myrtles, 1 Willow Oak, 2 Greenspire Lindens, 2 Bonica Rose and 2 Sawtooth Oaks.  Prices range from $160,000 to a high of $249,000.

CONDO SALES HEATING UP IN MILLER'S LANDING AT PAYNTER'S MILL

1106 & 1606 Miller's Landing both went under contract yesterday.  These identical units (Sawtooth Oak) are the 2 bedroom 2nd floor properties with the smallest floor plan.  1106 was a foreclosed upon property that was listed at $159,900 at the time of contract signing.  1606 was a re-sale that had been on the market for 130 days and had just reduced to $169,900.  The Builder just sold one of these in early March for $151,720 so I would look for these to be somewhere in that ball park.  That gives us two under contract with three already closed this year.  That's more than closed all of last year and the same amount as closed in 2010.  There are still nine on the market.  I have one of these listed at $160,000 so I hope we're next.