I received an email out today regarding a very large price reduction on a condo in Port Royal, about 5 minutes from downtown Beaufort.
This 2 bedroom, 2 bathroom condo, originally, priced at $139,000, was reduced yesterday to $70,000. This condo home has almost 1200 square feet of living space. This condo has been smartly updated, including new flooring and new stainless steel appliances.
It's the sign of the times for condos. A few years ago, this kind of property would have sold in the $140,000 range.
Beaufort has never experienced the kind of condo mania which went a long way towards killing the Florida real estate market. There, buyers were trying to simultaneously buy and sell a condo, and make $100,000 or so in the process.
The Port Royal condo is located in the Riverclub complex, which overlooks the Intracoastal Waterway. The complex formerly served as apartments before being converted to condominiums a few years ago. The Riverclub has a terrific boat dock, which is available for use by community residents and their guests.
The location is terrific. As mentioned, downtown Beaufort is minutes away, and downtown Port Royal is just a mile or so up the road.
If you are looking for a low-maintenance condo, maybe for a weekend retreat, there are numerous opportunities out there. Right now, there are 38 condos listed via the Beaufort Multiple Listing Service at $70,000 or less.
As with any condo, do the math before proceeding. The annual association dues for the condo is just under $3000, part of which pays for building insurance and maintenance.