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.
Ever since the beginning of the Crash in 2008, the number one question out of everybody's mouth was and is: "Have we reached the bottom yet?" My favorite response was " There is no Crystal Ball. I'm watching the market now and can tell what the current & past situations are, but not the future."
Recently, the South Carolina Association of Realtors released some Historical data that goes back over the past Five years and shows some very interesting details I would like to share with you all. Looking at the Graph below, you will see the timeline of closed transaction for both houses & condos over these past Five Years.
It's easy to see just how "Out of Hand" things got with condo sales at the Height of the summer season in 2005 with closed sales topping out at about 1,150 transactions, WOW!!
As the years roll by, Month after Month, closed transactions begin to decrease with the sharpest drop happening the same year as the highest peak, 2005! One pattern you may notice is that closed transactions consistently peak during the Summer Seasons, then they slide down as we roll into the Winter Seasons. Not uncommon considering our area is such a high traffic Beach Vacation Destination with 60 miles of unobstructed beachfront.
The next pattern I would like to point out & should be of special interest to both buyers & investors: Looking at the above graph at the all thegreen arrows, you will notice that every year, soon after the Month of January, closed transactions increase constantly! If the pattern holds true and continues this year in 2011 as it has the past Five Years, we should see an increase in properties selling. Taking in consideration that over the recent past 3yrs, Sales have plateaued, hovering between 200 & 450 Transactions per Month, NOW would be a good time to Buy properties in Myrtle Beach!
Now looking at the graph above, you will see what average sales prices tracked over the past Five Years. The same pattern follows Avg. Sales Pricesas with the Number of Closed Transactions, there are spikes during the Summer Seasons. But one main difference between the two graphs: The number of closed sales started to diminish in the middle of 2006 yet the avg. sold prices continued to rise even higher, reaching their apex around mid 2007 for condos where single family homes peaked several times during 06, 07 and well into 2008.
Myrtle Beach Area Condo Prices have trolled along just above $150,000 during all of 2010, never peaking anywhere near the 200K mark. Our area's average sales price for condos stayed flat through 2010 and continues that way into the 1st part of 2011.Comparing both graphs above, you can see that condo prices are staying Low. Opportunity is HIGH to garner that vacation condo, investment property or retire at the beach like you have been planning year after year. Starting after this January, sales activity will increase but condo prices will remain low.
So, my question is still the same: No Really, Is NOW the Time to Buy Real Estate in Myrtle Beach??
It was Friday night, December 3rd 2010 in North Myrtle Beach. I had just finished dinner with my Girlfriend and was pondering what to do next with the rest of my evening seeing as she wanted to go scour through T.J.Maxx for any new articles she can't live without! I remembered, earlier that night I had read a Post on Facebook from ListenUp Myrtle Beach talking about a Local Area Music School that was having a concert at the House of Blues Myrtle Beach where they would showcase the combined talents of young students and the Bands they had formed. Here's the Article I had remembered: "Latest group of Dino's students set to show off"
The name of the School is called Dino's School of Rock located in the Forestbrook Section of Myrtle Beach just off of Hwy 501.
To quote Dino Capone himself via his website: "It's a place where music students & aspiring music students of all ages can receive one-on-one private Rock 'n' Roll lessons from the instruments of their choice" "It’s a place where music students of all ages gain confidence, accomplish goals, and learn skills that last a lifetime and most of all, Dino Capone’s School of Rock is the place where fun & learning go hand in hand, where students are treated like family. "
When I read the Article by ListenUP Myrtle Beach, the first thing that popped in my head was how I remembered the movie "School of Rock" starring Jack Black
which had came out back in 2003 and I absolutely Love It!! So, I don't know if you were as much of a fan of it as I was, but I was extremely curious to see what this local concert was all about. So, with my decision made on what & where,I was off to the House of Blues in Barefoot Landing to see just what these Kids were made of.
The concert started at 8:30PM and as I was arriving, the 1st Band of the evening was just starting their set:
"The School of Super Cool" consist of six band members > Drums- Nicky Corrente- 9yrs old, Bass Guitar- Josh Jordan-14yrs old, Guitar- Matt Maixner-11yrs old, also on Guitar- Hunter Barfield-9yrs old, Vocals- Mikayla Kramer-8yrs old and also on Vocals- Carli Weintraub-12yrs old.
Their Song Set for the evening was:
These Guys & Gals hit the stage and hit it hard, giving the crowd a good heavy dose of what certainly was more to come. As I found my way through the crowd (an estimated 400+ people had showed up) I picked a pretty good spot to the left of center stage. It didn't take long of listening to the first few song sets of this first band: "The School of Super Cool" before I quickly realized just how talented these kids were and knew it was only going to get better. 'Like a bat out of Hell' I reached for my iPhone 4 and immediately started to shoot video because I knew this had to be captured for all eyes to see!
NOTE: Please make sure you scroll down to the bottom of this Blog so you can see ALL the concert footage I shot that night!!
Next on the Stage was the band called "Shattered" where (Evan Parrotta) the lead Vocal had kind of a "John Belushi / Blues Brother" thing going on and made it work. Rather fitting don't you think since their Venue that evening was the "House of Blues"?
"Shattered" consist of Four band members: >Evan Parrotta - Vocals (14yrs old) >Andrew Wert - Drums (12yrs old) >Tommy Meritt - Guitar (16yrs old) >Dennis Fox - Bass (14yrs old)
Their Song Set for the evening was:
The next band up was "Scorched" and even though Taylor O'Hara took a little time to get warmed up, once she started singing "I'm Down" by The Beatles there is no denying the raw Talent she and the other band members were bringing to the stage that night!
"Scorched" consist of Six band members: >Taylor O'Hara - Vocals (16yrs old) >Tommy Meritt - Bass (16yrs old) >Adrian Edelen - Drums (17yrs old) >John Stewart - Keyboard (16yrs old) >Garett Randall - Guitar (12yrs old) >Josh Jordan - Guitar (14yrs old)
Their Song Set for the evening was:
The Fourth and final Band to hit the stage that night was "Broken Strings" and man, what a perfect & powerful closer for this night of ROCK!
"Broken Strings" consist of Five band members: >Shelley Sasser - Vocals (12yrs) >Adrian Edelen - Bass (17yrs old) >Heber Fragoso - Drums (10yrs old) >Dennis Fox - Guitar (14yrs old) >Grayson Clark - Guitar (13yrs old)
Their Song Set for that evening was:
If you enjoyed these kids Rocking it out half as much as I did, please take the time and go see Dino Capone's School of Rock Concert Sunday night, December 19th, 2010 at the Hard Rock Cafe in Myrtle Beach where they will be doing a follow-up to the highly successful Concert at the House of Blues.
Since the majority of Buyers & Investor of Real Estate along the Beaches of The Grand Strand are from out of State, I consistently get asked about how Taxes will apply to the Potential Property consumers are considering to Buy. The information below is from Horry County's Website and you can find the exact information for the Assessor's webpage . I thought I would write a simple Blog Post and get this information out there for more eyes to see and to also have a reference point on my Website for people to read/view at thier lesuire.
This example includes a commercial property located in the unincorporated area of Horry County.
$125,000 Fair Market Value of home
x 4% Assessment Ratio (4% if qualified legal resident)
5,000 Assessed Value
x .2093 Countywide Millage Rate (County millage - 47.3, School-139.3, Fire-16.3, Waste Mgmt-6.4)
$1046.50 TAXES
-596.50 Tax credit - (5,000 @ .1193) School operations
$450.00 TAXES DUE
$125,000 Fair Market Value of home
x 6% Assessment Ratio
7,500 Assessed Value
x .2093 Countywide Millage Rate (County millage - 47.3, School-139.3, Fire-16.3, Waste Mgmt-6.4)
$1,569.75 TAXES DUE
| 2009 Horry County Tax Levies | |
| Debt Service: | 5.3 |
| General Fund: | 36.7 |
| HGT: | 1.9 |
| Higher Education Commission | 0.7 |
| SR Citizen Fund: | 0.4 |
| County Recreation | 2.3 |
| Total levy for county purposes: | 47.3 |
| Board of Education Debt Services Fund | 20.0 |
| School Operation Fund | 119.3 |
| Total levy for school purposes: | 139.3 |
| Total county and school purposes: | 186.6 |
| Municipalities Tax Levies | |
| Atlantic Beach | 94.5 |
| Aynor | 72.2 |
| Briarcliffe | 55.6 |
| Conway | 86.6 |
| Loris | 105.0 |
| Myrtle Beach Tax Credit |
64.4 -1.50 |
| North Myrtle Beach | 32.2 |
| Surfside | 44.0 |
| Special Levies/Watersheds/Fire Districts/Waste Management | |
| Arcadian Shores | 35.0 |
| Mt. Gilead | 7.4 |
| Socastee Community Recreation | 2.0 |
| Buck Creek | 3.8 |
| Cartwheel | 3.9 |
| Crab Tree | 3.6 |
| Gapway Swamp | 3.8 |
| Simpson Creek | 3.4 |
| Todd Swamp | 3.5 |
| County Fire Districts | 16.3 |
| Murrells Inlet - Garden City Fire Districts | 10.0 |
| Waste Management | 6.4 |
Ok,
So late last week, I got a Newsletter via my Association informing me that they had just gotten in the New Adapter for the iPhone where you could now use our iPhones to open/access our areas Lockboxes when out showing Houses.
Listen, I have been waiting for this for quite a while and I was extremely excited to dump my archaic ActiveKey and make a huge step into the 21st Century..!!
So, I hurried down to the Main Association Office and met with Heather Tenney, our Membership Director, to grab my Adapter. Luckily for me, there were still a few available. She wasn't sure what the response would be to this new piece of Technology, so she only ordered 10 of them. I acquire Lucky number 7..!!!
Now, it does require you to Download the App from the Apple App Store ( it's free, Schweet..!! ) and then you get the Adapter from your Local Association. The Adapter is quite small. Big enough to fit on a Keychain, which it's already set-up for!
You then pull off the end piece ( it just snaps out. It's shown separated further down in this blog in a Picture below ) and attach it in the input/female end of your iPhone. You know, where you Charge & sync you iPhone at!!
Then you just access the App, the main screen pops up with several buttons to choose from. Tap the button that says "Obtain Key", another screen pops up asking you for your PIN Code. Key in the code, a few short Beeps and WhamO..!! Push the bottom of your Keybox and out pops the Key.
The reason for the Adapter at this time is because a large Majority of the Supra Lockbox that are out there have Infrared sensors built into them. Soon, very soon, Supra will be producing Lockboxes with Bluetooth instead of Infrared and you can then, ditch the Adapter altogether....!! I know, Too Cool Huh??
Below are a few Pictures I took with the Adapter attached to my iPhone to show you how is looks hooked up and the App running. Below is a copy of the Webpage, giving you details, Links and instructions on how you can both download the App and basic features of the App itself. I hope many more of my Fellow iPhone Lovers / Realtors out there will be using this soon. Feel free to share you experiences so far if you have already been using it
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stings using your phone
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Coastal Carolina Real Estate: Oceanfront or Oceanside Communities: Condos or Residential Homes: Short Sales or Foreclosures
How does a culinary degree from Johnson & Wales University and fifteen years in the Restaurant business working with such top notch establishments in the Charleston area such as "The Kiawah Island Club" on Kiawah Island, "Blossoms Cafe" and "Oak Steakhouse" prepare a person for the Real Estate Business?
"Both are service industries and the income derived is directly proportional to your ability to deliver personal Results", muses Thomas with his usual, warm smile. Having invested in Real Estate at a young age, Thomas knows first hand the value of our business.
With an easy disposition, and a keen ability to "uncover" good investment vehicles, Thomas has proven to be a "natural" as a Real Estate Counselor. Never mind that his own parents own a long string of McDonald's Restaurants in Mississippi and are quite adept at "turning real estate" as part of "just good business practice"...
As your Agent, I will gladly help you attain your financial goals by doing what myself and my family have done for years: invest in real estate. I'm not here to "Sell" you on anything. I consider myself a Consultant! Think of it this way: See me as an Adviser. You are the "King or Queen" of your properties and my role is to Advise you on the best way to acquire more or liberate existing My combined experience in two industries that are solely "Serviced Oriented" gives me a clear advantage over other Realtors.
Whether your Real Estate needs are in the Charleston SC area or throughout the Myrtle Beach SC area, contact me and let's discuss my proven methods to find you the best value on a property or utilize our extensive marketing strategies that can get your property Sold!
“I have worked with Thomas with a number of clients and he is very professional in how he deals with customers and his business partners, as well as very knowledgeable in his industry. He is always a pleasure to work with.” June 21, 2009
Top qualities: Great Results, Personable, Good Value
“Thomas is great real estate agent who will take the time to learn what type investment you are looking for and then is persistent enough to find it. Thomas is very personable and makes himself available to address all of your questions and concerns.” June 22, 2009
“Thomas is the man! He will make sure you get the best possible deal. He always looks out for his clients. He makes sure that the clients get the best of what he has to offer. I have done many termite inspections for Thomas at Buyers Choice.” June 23, 2009
Top qualities: Great Results, Personable, High Integrity
“Thomas is a person that when he says somthing he dose it, He is great and fun to work with, he is very turthful and I can belive in him.” June 24, 2009
Top qualities: Great Results, Expert, High Integrity
“I very highly recommend Thomas Cunningham as a real estate agent. I have used Thomas and his agency to both sell a property for me and to assist me in buying a property. Thomas goes above and beyond what is normally expected of an agent. Every silly little thing I had a question about was handled by Thomas in a very professional manner. He was there from the beginning to the end and even after that. I would not hesitate to use him again. He really goes the extra mile!” June 24, 2009
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