CAN OCEANFRONT & SECOND ROW PROPERTIES REALLY HOLD THEIR VALUE???

Today I was thinking to myself; with whole financial debacale still in full swing, fresh Foreclosures still coming into the market and Short Sales creeping higher and higher into the Market Share for all Active Listings, does Oceanfront or Second Row Properties still have what it takes to hold their escalated Values??




I pulled statistics for just the North Myrtle Beach area and found that currently, there are 23 different listings for sale that are both Oceanfront & Second Row to the Beach. The Lowest Priced House is amazingly $360,000 and Second Row. ( 207 N 55th Ave. ) The Highest priced House is "not surprising" $ 1,995,000 and of course sitting Direct Oceanfront!( 804 N Ocean Blvd. )




Next, I pulled what has SOLD since the First of the 2009. Sadly but not shocking, only 6 Homes have Sold. The Lowest Price Home that has sold is Second Row at ( 3801 N Ocean Blvd. ) and went for $ 449,000 . The Highest Priced Home that sold was Direct Oceanfront at ( 1500 N Ocean Blvd. ) and it went for $ 1,000,000 even!!



The Average Sold price out of the Six is only $ 679,666 at this point and the Median price point runs about $ 720,000. The most recent SOLD property was at 1918 N Ocean Blvd. It is a 5 Br / 3Ba, about 1800 SqFt Oceanfront Foreclosure home that Sold for $ 835,000.

Looking at just the Oceanfront Homes that have Sold since January, the Average Sold price should be about $ 828,333. It's amazing to me that you could acquire and Oceanfront Beach home for well under a Million dollars now and there are no signs that we have reached bottom pricing for the Myrtle Beach SC/ North Myrtle Beach SC Market.
Considering how the Market has shifted so far, this Fall season could be the absolute BEST time to garner yourself that amazing Oceanfront or maybe a Second Row Beach Home overlooking the Atlantic Ocean.