Wendy Hodges

"The recession and market collapse may actually work in you favor: Not only is it easier to save, but you'll also be buying into the market at a relative low point... When you look at the plunges we've seen in past recessions, we're at the level where production at some point is going to have to ramp back up."(Fortune June 22, 2009)

Use Real Estate to Retire Rich

1. Baby boomers have money & are retiring to warm areas.

2. Prices are at those of 2005... great time for buyers (not good for sellers.)

3. Move ups from renter-income investor to personal- use investor.

4. Single Family Home Inventory is being absorbed.

5. Oceanfront prices are down to 2002; great time to buy for turn around in the future (REAL ESTATE IS A CYCLE)

6. Half-backs coming to Myrtle Beach from Florida.

7. The media focus on national... not Myrtle Beach... we are a resort area and doing Great compared with the nation.

8. Interest rates are GREAT - as soon as the banks start lending... and if you qualify.

Sales are on the rise and prices are incredible here in Myrtle Beach, SC. If you are looking for a way to increase your personal wealth and NOW many are taking money out of the stock market to put into real estate. It is the time to buy... You will miss the market before you know it. By the time the national media recognizes this, the buyer's market will be gone in Myrtle Beach and we'll be in a Sellers market.

Hope you had a safe & fun-filled Memorial Day! These links are the most recent updates on foreclosures -although they are selling quickly!

Recent research that I was doing proves why- not only is SC a top destination for retirees and baby boomers AND according to Builder magazine Myrtle Beach is one of the most stable markets (top 15 in the country), but SC is one of the top most lucrative places to retire in the country according to Kiplinger's report.

*Based on $60,000 annual income w/ $21,000 from private pension, $10,000 IRA, $5000 taxable interest & dividends. Hypothetical couple also owns homes outright, so mortgage interest isn't paid or deducted.

The tax burden of SC is only 10.7% which is the lowest compared with 11% in NC and the highest being Vermont with 14.1% (CNNMoney.com)

Aside from the great climate, golf course, and the 60 miles of beaches along Myrtle Beach, SC, taxes and cost of living make this an even more attractive destination for relocating or purchasing a seconds or even third home!

Yesterday I had the pleasure of meeting after over a month of daily conversatons a buyer of a foreclosure. Looking for an invesment property, this buyer is certainly getting the last of the great deals. He's getting an oceanfront 2 bedroom newer unit that grosses nearly $35,000 a year and comes close to cash flowing for pennies on the dollar- just a little over $200,000. The next unit in the building is priced $80,000 higher with a couple of short sales (when, if, how,???? - if you know short sales, you know these are long shots)!

Presently, there are only 7 Active 2 bedroom oceanfront buildings with foreclosure units on the market... none of which touch the cash flow on this unit. The deals are selling and once they are gone, prices are up, up, and the wise buyers end up with instant equity. This "wise" buyer decided to offer $5000 above asking price as this is minor when viewing the big picture of real estate. Out of 7 offers, he won! Now as I search for great deals, it is much more challenging. In January , there were numerous deals, but with summer approaching, the rentals will be higher. Sellers are holding out and foreclosures are being snatched up. When your realtor tells you to bring forward your best offer, make it good or get out of the ballgame. The rookies won't make it to first base in this competition.

Finding a great deal in Myrtle Beach, SC -whether it be a home or condo- is as simple as being persistent; working with an agent who knows the market, and can help with negotiating the details.

According to Michelle Carolla WBTW Reporter/Anchor, there are signs it's getting better along the Grand Strand. A big reason is buyers are jumping on great deals.
The good news is the deals we hear about really do exist. If you're in the position to buy, now's the time to cash-in on some amazing prices. You can also look at it in the respect the market is settling back into realistic prices, not the overinflated prices that helped create the housing bust.
One new Grand Strand resident, Jack Mooningham reached his now or never point and decided to pack-up and retire to Myrtle Beach. He never expected to buy a luxury condo on the waterway, but the new real estate market opened the door to his dream home....and he's definitely not in Kansas anymore. "That was our object. To get a great deal in the best place we could at the best price," said Mooningham. "I was lucky and able to sell my house in Overland Park, Kansas without ever listing it. So, that made it much easier."
Mooningham walked away from the closing table Thursday with 175-000 dollars in equity. The condos in the Grande Dunes, where he bought, peaked at a million dollars. Last year they were at half a million, but Mooningham jumped into his waterfront-view property for 279,000 dollars. Mooningham hopes the market allows him to double his investment in the next 5 years.
Wendy Hodges is a top-selling agent in Myrtle Beach. She and her partner Danny Baxley closed 8 sales in April. Their office, Century 21 Boling closed 40 sales in April.
They said Myrtle Beach is the 15th most stable area in the country for purchasing and buyers are jumping on the deals. "There is a lot of inventory, but daily there are foreclosures coming on the market and shot sales," said Hodges. "The key is to follow-up and stick with that and follow through with the process so you can get exactly what you're looking for."
Financing can get tricky if your credit isn't excellent and you don't have 20% as a down payment. You'll need to work to find financing, but it is possible.
In April, 233 single family homes and 170 condos sold on the Grand Strand. Nationally, the median home price for existing homes dropped 14.9 percent from last year. Existing home sales dropped 7.2 from last year.
As of Friday, 6300 single family homes are on the market along the Grand Strand and more than 7000 condos are listed. It will take work, but persistence is paying off for a ton of buyers.

Myrtle Beach, SC is not only getting North Beach Plantation which is very much a replica of the Atlantis in the Bahamas and certain to be an icon for Myrtle Beach- but it is also getting the first swim-up bar. The attraction of the swim-up bar is enjoying the sun, drinks, and water - without ever getting out of the water. This has new owner at North Beach Plantation along with visitors excited- this is the one feature that makes many resorts in the world famous.

If staying dry is more of your idea of fun, the new Cinzia Spa at North Beach Plantation is sure to be a destination you can't miss. This white glove spa which is going to delightfully shock the East coast will feature services offered in the Arizona Biltmore Resort and Spa and Caesars Palace in Las Vegas. Services from around the world -skincare and wellness- along with fitness classes will be unlike any other experience in Myrtle Beach or the east coast.