Current Oceanfront Home Sales throughout Myrtle Beach

Not too far back, I wrote a Blog Post asking, that with current market conditions continuing to decline, CAN OCEANFRONT & SECOND ROW  PROPERTIES REALLY HOLD THEIR VALUE??? . It was a little over a year ago when I wrote that post and posed that question. Here we are today, April 20th 2011. The Summer season is creeping up fast and soon many people will be thinking about properties that are for sale up & down the entire Grand Strand. I started wondering again, pondering the idea about Oceanfront Properties throughout the Myrtle Beach areas and asking myself "I wonder how they are holding up this year?" 1130 Parker Dr, Pawleys Island, so far, is the highest priced oceanfront home Sold throughout the Grand Strand year to date 2011. Boasting 6 bedroom and 6 full baths, 3000 Heated Square Feet of living space in a Raised Beach Home design, this wonderful beach home is certainly a catch. But you have to wonder, within a depressed market that we still have, was it really worth $2,300,000 ? 923 South Oceans Blvd. in North Myrtle Beach was a Foreclosure that Sold this year for $525,000.  This much older, oceanfront beach home has 4 bedrooms, 2 full baths and 1 half bath. It's interior space is about 1400 Square Feet heated and definitely has much smaller rooms throughout the whole house. It's dated and would need a little TLC to bring her back around. But take into count, even though it's a Foreclosure, this older home hold a certain Beach Cottage charm about it that is becoming increasingly harder to find along the Grand Strand.

Looking at the Statistics above, Eleven oceanfront homes have sold year to date 2011. Out of those eleven, 6  (more than half) of them were Short Sale Listings. Two of them were foreclosures and only three were normal listings. As an average, most of the homes stayed on the market (Listed for Sale) for 11 Months before they were sold. It took close to a year for most of these homes to finally get sold.

Another interesting bit of information for these same statistics, was the Average difference between the Original Listing Price and the Actual Sold Price was almost 30% less! Speaking from the averages, all of theses oceanfront properties listed above were statistically listed 30% above they're given market  values and this was after they sold. Considering they sat for sale for close to a year and they showed and average loss of 30% in price, it might be safe to say that oceanfront properties are not even safe from the Down Market were all still stuck in.