Myrtle Beach Oceanfront: Red Hot Again!

For the past...  too many months to count, I've been reporting monthly oceanfront sales of under 1.5%.    All of a sudden, halfway through April, we are seeing an amazing surge of activity, a HUGE increase in sales.  The jump is phenomenal:  from under 1.5% to almost 12%!!!  (in new "pending sales").  2008 Oceanfront activity just got RED HOT again!

In the past two weeks, all my agents, including myself, along with many other top producers in the area, have done nothing but write new deals.  One per day, for me, thank you very much, for the entire last week (and I worked 7 days straight)!  Unbelievable!  What happened?  Did somebody turn on the Myrtle Beach Real Estate Buyer pipeline? 

Before all you Sellers get too excited, cool your jets!  Fantasy pricing is out the window.  Sales are occurring, yes, but at extraordinary discounts.   Here is a prime example:  the lowest price sold in March on Oceanfront was $ 60,000 - yes, only $ 60,000!!! - for an oceanfront 1BR/1BA, fully furnished condo at Bluewater Resort.  This condo was originally priced at $ 113,999, a discount of over 47% !!!  Unbelievable, but true! 

Here is another example:  a 2BR/2BA Oceanfront, fully furnished unit at Baywatch, which in 2005 was selling for $ 540,000, just sold yesterday for under $ 260,000, more than 50% below yesterday's price...  Incredible, but true!  Here is the way it went down:  the unit was put on the market for $ 284,900, the lowest priced 2BR/2Ba unit at Baywatch.  Within two weeks, it was discounted to $ 257,600 and it received multiple bids within hours of the price decrease, selling for a yet to be disclosed price (we'll find out at closing).

Last Monday I was at the monthly foreclosure sale for Horry County.  The Master in Equity, presiding over the affair, proclaimed that to be the largest foreclosure sale in Horry County history for the past 30 years.  These foreclosures are reverting back to the banks and getting sold for pennies on the dollar.  Incredible but true.  They are deluging our market, pushing some motivated sellers to take any low offer.  It is not unusual for sellers to bring $ 30,000 - $ 50,000 to closing.

If you have entertained thoughts of owning an oceanfront condo in Myrtle Beach, now is the time to go on a shopping spree! 

(Written the week of April 19-th, 2008; too busy to post...)

Myrtle Beach Oceanfront by Mirela Monte

http://www.myrtlebeachhomes.us/