One of the most beautiful resorts on the Grand Strand is the Barefoot Resort Yacht Club. Just a notch or two below the famous Grande Dunes Marina Inn, I've watched these units sell for more than a year now. They are priced higher than most all of the oceanfront condos in Myrtle Beach, which seems to follow the pattern of the waterway condos in Miami - down there, oceanfront condos are a dime a dozen, and those on the Intracoastal Waterway are in the millions.
And now it seems that the on-site rental management company Barefoot chose to represent itself has absconded with the rental money and disappeared. Premier Resorts out of Utah closed down last week and even left the owners with no keys to get into their own units!
Carolina First Bank filed foreclosure proceedings in September, along with a lawsuit against the company for defaulting on two loans totalling $6.75 million dollars. The company also owns the wonderful marina in front of the resort, the restaurant Docksiders, and 70 acres of land in the Barefoot Resort community. They even owe owners of the boat slips for rental monies due them.
About 35 of the owners met to discuss the situation and try to decide on the next course of action. The court has appointed our local Noble Company as receiver of the property, changing locks and going through financial records. A representative of Noble states they are NOT going to take over the rental management of the units, however.
Myrtle Beach has several longtime rental management companies such as CondoLux and Condo-World, and they have a stellar record, as well as having been in the business for 20 plus years. Either of these companies is a good choice for these beleaguered owners. There are also many small North Myrtle Beach real estate agencies that handle rentals. Hopefully these owners will find the best company for their needs and eventually recover their lost rental money. It just goes to show that on-site rental management is not the best or easiest course of action.
Maintaining a profitable rental property, whether it's a Myrtle Beach waterway condo or on the ocean, requires a good rental management situation, maintaining good SC Condo insurance coverage, and a pro-active and diligent HOA to monitor it all. It's a shame that these owners have to go through this, though. Barefoot Resort is one of the finest properties on the Grand Strand.