Localism: Myrtle Beach, SC

Oceanfront 2BR Condos Sold in Myrtle Beach - Third Quarter 2008

Sat, 11 Oct 2008 10:42:55 -0500

Oceanfront 2BR Condos Sold in Myrtle Beach - Third Quarter 2008

CONDO/TOWNHOUSE Summary Statistics
	High	Low	Average	Median
LP:	$699,000	$119,900	$325,238	$299,900
SP:	$607,500	$107,500	$299,082	$263,000

Bldg Name	ADDRESS	Total SQFT	DOM	List Price	$/Total SQFT	Sold Price	$/Total SQFT
The Palace	1605 S Ocean Blvd.	900	188	$119,900	$133.22	$107,500	$119.44
MB Resort I	136A MB Resort I	996	100	$159,900	$160.54	$149,500	$150.10
Renaissance Tower	5905 S Kings Highway	969	152	$179,000	$184.73	$175,000	$180.60
Myrtle Beach Resort	5905 Hwy 17 South	955	168	$188,000	$196.86	$175,000	$183.25
APATB VI	9620 SHORE DR	950	200	$199,900	$210.42	$179,000	$188.42
Sands Ocean Club	9550 Shore Drive	951	109	$248,900	$261.72	$210,000	$220.82
APATB IV	9670 Shore Drive	895	287	$239,900	$268.04	$220,000	$245.81
SANDS BEACH II	9400 SHORE DR	900	139	$222,500	$247.22	$222,500	$247.22
A PLACE AT THE BEACH IV	9660 SHORE DRIVE	900	182	$239,900	$266.56	$225,000	$250.00
APATB III II	9530 Shore Drive Unit 3F	912	157	$239,000	$262.06	$230,000	$252.19
Regency Towers	2511 S Ocean Blvd	1350	44	$299,900	$222.15	$255,000	$188.89
Paradise Resort	2201 S Ocean Boulevard	1100	138	$269,900	$245.36	$263,000	$239.09
Grand Atlantic	2007 S Ocean Blvd	1001	371	$317,000	$316.68	$270,000	$269.73
Tower North	A-7 Tower North	1113	529	$300,000	$269.54	$280,000	$251.57
Arcadian II	10100 Beach Club Drive	1100	142	$359,995	$327.27	$339,000	$308.18
Compass Cove	2311 S Ocean Blvd	1074	439	$379,000	$352.89	$360,000	$335.20
Maisons Sur Mer	902 Maisons Sur Mer	1651	277	$445,000	$269.53	$382,000	$231.37
Brighton	1905 Brighton	1479	125	$449,000	$303.58	$385,000	$260.31
Island Vista	6000 N Ocean Blvd	1000	80	$429,900	$429.90	$405,000	$405.00
Tower North	F-15 Tower North	1100	406	$475,000	$431.82	$425,000	$386.36
MAISONS SUR MER	9650 SHORE DRIVE	1900	34	$450,000	$236.84	$444,000	$233.68
Caribbean OF Condominium Tower	3000 N Ocean Blvd	1085	315	$569,900	$525.25	$569,900	$525.25
Margate	406 Margate	2129	350	$699,000	$328.32	$607,500	$285.35
	Total Listings		Avg	Avg	Avg	Avg	Avg
	23		214	$325,238	$280	$299,082	$259

Myrtle Beach Real Estate by Mirela Monte www.MyrtleBeachGuru.info

How Well Do You Know Your Market?

Sat, 11 Oct 2008 00:49:37 -0500

•1. How many active listings are there in your MLS system right now?

•2. How many of these are short sales or REO's?

•3. How many properties are auctioned off at your county level as foreclosures every month? What percentage of total transactions does this figure represent?

•4. What are the absorption rates for homes, condos and land in your market?

•5. Are the prices of inventory selling reflecting 2004, 2003, or 2002 pricing levels?

•6. What is happening to the Rental market in your area?

•7. How familiar are you with the quarterly figures for your market? Can you recite the last three quarters' figures for each of the product category you service?

•8. What is the best selling product in your market? What is the worst performer?

•9. What is the cheapest home sold last month? What is the most expensive home sold? How about condos and land transactions? How about the previous two months?

•10. How does the third quarter of 2008 compare with the third quarter of 2007? How does it compare with the previous two quarters?

If you know the answers to all these questions, congratulations! You are one knowledgeable agent! If you don't, then use this questionnaire to guide you in finding the answers! Not only will you garner a better understanding of your market, but that knowledge will serve you well with both your Sellers and your Buyers. Your offers will be better equipped to succeed and your listings will actually sell. You will be more productive overall as a result of this exercise.

Each of the above questions could become one or more blogs. If you post these on Localism for the areas they pertain to, you will garner clients who will seek you out as the expert that you have become. That is the strongest advertising you could possibly have.

Feel free to propose new questions I have not yet posed!

Myrtle Beach Real Estate by Mirela Monte Proud Optimist!

This is Real Estate 2008 Baby! Appraisers use Active Listings AND Foreclosures to Establish Value...

Fri, 10 Oct 2008 19:09:17 -0500

One of my agents asked me to help her establish value for a condo her Buyers were going to make an offer on. In going over the comps with her, she stated:

"Yes, but that was a foreclosure."

"So?" I asked.

"We usually can't use foreclosures to establish value", she replied.

"When 25% of your comps ARE Foreclosures, do you mean to tell me that you are going to ignore them when ascertaining value?"

"When you put it like that, I guess not!" she quickly answered.

Indeed, when we had a foreclosure sprinkled here and there, there was no need to consider it when ascertaining value. This year, with such high foreclosure rates, all of that has changed: Appraisers are no longer ignoring foreclosures when doing their appraisals. The high foreclosure rates have certainly driven the prices down and they've forced appraisers to modify the way they do business.

Not only are appraisers including foreclosures in the evaluation of the properties, they are also including available listings when analyzing value. So if you have 6 sold comparables at $200K and 3 comparable properties currently listed at $ 150K, guess what? Your active comparables will pull down the value. ...And you thought the word "comparables" referred only to sold properties..

In a tenuous market such as ours, simply analyzing sold comparables is no longer sufficient. Foreclosures AND the listings currently available for sale are now included in establishing value. This is Real Estate 2008 Baby! Get with it!

Myrtle Beach Real Estate by Mirela Monte Join The Optimist Group!

AR JOKESTER: Stock Market Terminology - The Accurate Version!

Fri, 10 Oct 2008 14:31:28 -0500

CEO -Chief Embezzlement Officer.

CFO- Corporate Fraud Officer.

BULL MARKET - A random market movement causing an investor to mistake himself for a financial genius.

BEAR MARKET - A 6 to 18 month period when the kids get no allowance, the wife gets no jewelry, and the husband gets no sex.

VALUE INVESTING - The art of buying low and selling lower.

P/E RATIO - The percentage of investors wetting their pants as the market keeps crashing.

BROKER - What my broker has made me.

STANDARD & POOR - Your life in a nutshell.

STOCK ANALYST - Idiot who just downgraded your stock.

STOCK SPLIT - When your ex-wife and her lawyer split your assets equally between themselves.

FINANCIAL PLANNER - A guy whose phone has been disconnected.

MARKET CORRECTION - The day after you buy stocks.

CASH FLOW- The movement your money makes as it disappears down the toilet.

YAHOO - What you yell after selling it to some poor sucker for $240 per share.

WINDOWS - What you jump out of when you're the sucker who bought Yahoo @ $240 per share.

INSTITUTIONAL INVESTOR - Past year investor who's now locked up in a nuthouse.

PROFIT - An archaic word no longer in use.

Myrtle Beach Real Estate by Mirela Monte Join The Optimist Group!

List your Home on MLS for $399! Boy, that will go far in selling your home!

Fri, 10 Oct 2008 11:38:02 -0500

The other day,as I was leaving my blog class I pulled up to a traffic light and was enjoying the beautiful scenery of Myrtle Beach. I then looked over to the left saw a sign that said "List on MLS $399." It made me start thinking about the effectiveness of this type of advertising. When I mean effectiveness, I am not referring to the sign itself and attracting sellers, but instead to the effectiveness of listing your home for sale using this type of method.

With high inventory of homes currently available for sale across the nation, someone who is selling their home needs more than just their home placed in a local MLS. They need a REALTOR® who will market their property effectively. One of the main places a home being sold needs to be marketed to is on the internet. Some of the recent statistics I have heard state that more than 80% of buyers search online before even making contact with an agent to purchase real estate.

Also, many listing agents have a group of buyers both past & present that they are going to contact to tell about your property. Agents also place their listings in local newspapers, different magazines, and just about everywhere else you can imagine.

Remember, as your REALTOR® if I do not sell your home, I don't get paid! So, I am going to do everything in my ability to sell your home. Unlike the company that charges you $399 to list on the MLS up front, you do not owe me a penny till your home closes. Even if I have your home listed for sale for several months and it does not sell, if the listing expires you do not have to pay me anything.

Here is just one of the many ways I market my Myrtle Beach Real Estate Listings:

Internet exposure. Every one of my listings is placed on over 30 different websites to give your listing as much exposure possible. This list includes sites such as REALTOR.com, ColdwellBanker.com, Trulia.com, and on my personal Myrtle Beach Real Estate Blog, Myrtlebeachhomesblog.com.

So, you be the judge as to the effectiveness of the $399 list on MLS idea in comparison to having a REALTOR® assist you in selling your home.

Myrtle Beach Real Estate by Jeremy Blanton