Myrtle Beach, SC

Myrtle Beach Real Estate Market: October 2007 vs. October 2009

Single Family Homes

2007 2009

Available for sale: 6,360 6,227

Sold during October: 287 312

2007: 4.51% of the home inventory was sold during October. At this rate, we'll need over 22 months to sell out of our current inventory of listings.

2009: 5.01% of the home inventory was sold during October. At this rate, we’ll need almost 20 months to sell out of current inventory.

Conclusion: A home now sells two months faster than it did in 2007. The time it stays on the market is over a year and a half. We have a similar home inventory as we did in 2007 (available homes for sale).

Condos

Available for sale: 8,840 6,182

Sold during October: 362 288

2007: 4.10% of the condos were sold during October. At this rate, we'll need over 2 years to exhaust our condo inventory.

2009: 4.66% of the condos were sold during October. At this rate, we’ll need about 21.5 months to exhaust our condo inventory.

Conclusion: We now have over 30% less condo inventory available for sale than we did in 2007. Condos now sell about 3 months faster than they did in 2007.

Land

Available for sale: 5,670 5,216

Sold during October: 72 53

2007: 1.27% of our land inventory was sold during the month of October. At this rate, we'll need over 6.5 years to exhaust the existing inventory.

2009: 1.02% of our land inventory was sold during October. At this rate, we’ll need over 8 years to exhaust the exiting inventory.

Conclusion: Although we have 8% less inventory, it now takes 1.5 years longer to sell out of the land inventory than it did in 2007.

Multi-Family

Available for sale: 147 162

Sold during October: 4 2

2007: 2.72% of our multi family inventory was sold during October. At this rate, we'll need over 3 years to sell out of the existing inventory.

2009: 1.23% of the inventory has been sold in October. At this rate, we’ll need 6 years and 9 months to exhaust the current inventory.

Conclusion: Although we now have over 10% more inventory than we did in 2007, sales have been halved. It now takes 3 years and 9 months longer to sell out of the inventory than it did in 2007.

Grand Conclusion: Land is the most depressed Real Estate product in the Myrtle Beach Market, with a supply of over 8 years. Multi family is the next most depressed product with an almost 7 year supply (6yrs. 9mos). The condo market has 30% less inventory than it did two years ago and it’s selling 3 months sooner. The single home inventory remains virtually unchanged, yet selling 2 months earlier.

Mirela Monte, Your Myrtle Beach Real Estate Connection Proud Optimist!

Myrtle Beach is known to many as a beach vacation paradise, which is very true, but it's also just as known for its championship golf. It's known as the Golf Capital of the World due to its 100 plus courses in the area, many of which were designed by professional golfers. If you want to play some of the best golf in the world, come to South Carolina and play some Myrtle Beach Golf.

Myrtle Beach golf offers so many courses, its easy for any golfer of any skill level to find the course perfect for them. One thing you will notice when you play golf here is how the courses utilize the areas natural beauty. Some of the most scenic courses are Dunes Club, Tidewater, Rivers Edge, Marsh Harbor and Oyster bay. You can't beat the golf experience here in Myrtle Beach.

If you plan on playing golf towards the end of the year we got good news for you. When the temperature and humidity cool off the golf package discounts heat up. Take advantage of these great prices while they last!

 

Princess Juliana International Airport in St. Martin is the lowest landing airport in the World.  If you want to witness flight drama, just visit Maho Beach, which is located directly in the plane's path…  My daughter and I did just that.  Was it scary?  It was intimidating, to say the least...  Check it out for yourself!  It’s a show like no other!

Mirela Monte, Your Myrtle Beach Connection                      Join The Optimist Group!

 

Myrtle Beach is a fantastic location to invest in. Right now it is a great time for buying Myrtle Beach foreclosures . You can rent out your investment to tourists or visitors and profit. Tourists that are looking for a great place to relax and many times vacationers find themselves coming to Myrtle Beach. The reason they come back year after year is because of because of all the fun things to do.

The City of Myrtle Beach is the heart of the Grand Strand, a 60-mile crescent of beach on South Carolina's northern coast. Our tourists come to play golf on one of over 100 championship golf courses. They come for shopping in the multiple boutiques and outlets, dining in five star restaurants and live theaters and shows. With over 14 million people visiting the Myrtle Beach area each year the popularity of this area continues to grow. Myrtle Beach is the premier resort destination on the East Coast, hosting visitors from all around the country and the world.

The investor of today wants to make sure they are buying the right property. It is important that you look at Myrtle Beach condo foreclosures along with the cash flow of any property you may purchase. You will want to know exactly what you can do to affect the cash flow and how will all that will benefit you. That is why you want to work with an expert in the area. Foreclosures in Myrtle Beach aren't coming to market as fast as some other areas, but the demand is strong. There is a great resale market for foreclosure homes, condos, and properties in Myrtle Beach, SC. Some of the oceanfront condos that are in foreclosure are at half the price they were when they were sold several years ago. Smart investors are making the decision to buy these low price foreclosure properties and holding on to them until prices rice again. These Property Investors are making extra cash by renting them out with Myrtle Beach condo rentals

The pricing in Myrtle Beach is starting to make a lot of sense. Why not find your investment property right now, at a great price, and with potential future appreciation. Don't wait ‘til it's too late!

You want to take part of this great opportunity? Make sure you have a Realtor that is highly recommended and up to date with all the foreclosure properties around. Make sure you have a Realtor that is willing to go to work and find a great deal that will benefit you.

Looking for Myrtle Beach Foreclosures? Why settle for average when you can have The Best of the Best Team on your side? Make us your first and only choice, The Jerry Pinkas Real Estate Selling Team in Myrtle Beach. Call us today (843) 222-1926

I had an epiphany tonight.

Being an ardent Hillary Clinton fan, I had occasion with this past election to become more interested in politics than I ever have been. I have spent more time arguing with hard-core Republicans and conservatives than I like to think about. Arguing politics is probably one of the biggest wastes of time that exists. I don't think anyone will ever convert a person from one way of thinking to the other by discussing it.

And yet we argue. I have tended to look at things through "party" eyes, and tonight I was given a glimpse into just how deeply ingrained particular attitudes really are. The country is not really divided by the political parties as much as by basic beliefs - and it extends to all manner of things outside of running the government.

A couple of years ago, our condo complex had an HOA board turnover. It was a bitter feud between 25-30 of the most active owners. (Out of 212 - many of whom couldn't care less...just like non-voters!)

Our old board had its faults. The bookkeeping was less than it could have been, and funds were assessed for some things and used for others instead. I don't think there was any wrong-doing there...it's like when you are saving for a new sofa and your car breaks down. And it wasn't documented as well as it might have been.

Anyway, our fees had gone way up. Insurance rates had doubled and were part of our HOA fees. We had to redo a jacuzzi and some tennis courts. They were assessing us large amounts of money and it angered everyone. They had fired the property manager and went a year or so without one. Our landscaping was being done by several in-house employees that had little or no supervision, and very little training. The complex looked terrible and morale was very low amongst the home owners.

Several owners banded together, swooped in and got rid of the old board, and took over. They hired a management company, fired the employees, found better insurance, worked harder to get lower bids and manage costs. Our fees went down by a large margin. They've done a great job and our complex has never looked better. So what am I going to talk about finally?

Our old board was comprised of older people, mostly from up north, and here's the surprise - THEY WERE LIKE DEMOCRATS! If a pipe burst in the walls, and someone's unit was damaged, the HOA took money from the funds and usually paid for the damages to that unit. Many people did not have H06 insurance. If someone broke your window and you couldn't catch them, the HOA would probably fix it for you. They clothed the poor and fed the hungry!

The new board is mostly comprised of Southerners in their early to mid 40's. I'm almost 100% sure that they are all Republicans. We've had our political arguments for a year or so...they are all my friends. I've enjoyed some rolicking debates with almost all of them.

Issue at hand: Our complex condo insurance has a $5000 per claim deductible. If we have a fire, and the building burns down, the complex insurance will put the "structure" back. They will not replace cabinets, windows, countertops, etc. The individual unit owner will have to do this - either out of pocket or with their own HO6 insurance. And with 8 units per building, the $5000 deductible would be split 8 ways. Less if only part of a building was damaged. Also, HO6 insurance will not pay for something that is part of the structure...like those windows that we are responsible for.

If we have a storm and a tree falls on a building, crushes 2 condos - those two owners will have to come up with $2500 from somewhere to repair their units.

My SC homeowners insurance agent tells me that most good HOA boards have a special "kitty fund" to cover the deductible and help the owners. I suggested that to one of the new board members, and you'd think I had ignited the frustration of every Republican in town! Did I DARE to suggest we have an assessment to pay for something that would help those who couldn't afford to pay the deductible? If we had a claim on 10 units per year, that would be $50,000 the board would have to pay! (I don't think we've had 10 claims in the last 10 years) And here is an actual quote from the email I received from a board member about it...

"If my unit is one of the units that gets damaged I would love for someone else to pay for it. Isn't that the American way these days?? But if my unit gets damaged I will have to pay my deductible just like anyone else would."

And me? Well, I'm all for paying a small assessment that covers it for everybody. A liberal alone with a conservative HOA government. I have to admit it is funny right now. I just hope if we have a fire in the complex, it happens in the buildings that are happy to pay the deductibles...:-)

What do y'all think?