Greetings from Myrtle Beach!

 

This is the first newsletter of this type I've sent to owners at the Caribbean Resort.  It contains a great deal of information about the current and past real estate market for the Caribbean as well as the Myrtle Beach market in general.  For those who might be interested in taking advantage of the attractive prices and historically low interest rates, there is also info on numerous current purchasing opportunities.  I hope you find this interesting and useful.   

 

Incidentally, as an owner in the Caribbean Resort you may have already received this same market update.  Please see explanation in my closing remarks of this newsletter.   

Sales activity over the last couple of months has been brisk, especially for the 1BR condos (see reports below).  There were 2 closed sales (both "normal" aka not distressed) and 3 new contracts since the beginning of August.  Most recently contracted sales have been closing in the $108,000 to $113,000 range with a few short sales testing the waters in the $90's.  At least one short sale was lost when the lender countered at $110,000 but it immediately re-sold at this higher price.   

Sales activity for the larger condos (2,3 and 4BR) was not as active, probably because the prices for current listings are not as aggressive as they have been over most of the last year or so. Two short sales closed that were contracted early in the year and there have been no new contracts since August 1st. 

The number of available listings in the Caribbean remains low, a good sign for the future.  The relative lack of competition also makes this a good time to list if you are willing to meet the market on price. 

Please contact me if I can be of service in any way.

If you're in town for the upcoming homeowner's meeting, Friday, October 7, and would like to get together, please let me know.  Also, if you enjoy this newsletter, please pass my info along to others.  Thank you.

Caribbean I & II Active/Pending
Caribbean I & II Closed Sales (8/1/11-9/29/11)
Link to Sales Histories

Below are links to several detailed reports on the current state of our local real estate market complete with statistics for just about anything imaginable.  Please keep in mind that these statistics cover a broad range of properties and that particular areas or developments may behave quite differently.

You can draw your own conclusions but two trends seemed to emerge when I looked at these.

For one thing, the free-fall drop in prices has stopped as the pace of price changes has slowed down.  Prices will probably stay relatively flat for a while, however, due to the continuing stream of distressed sales.

The other noteworthy trend is that available inventory is shrinking as the pace of new listings slows, leading to improved absorption rates.  This is a promising sign but the numbers are still nowhere close to where we would like them to be.

Myrtle Beach Market Update
Grand Strand Market Report
South Carolina Monthly Indicators
Housing Overview

Breakers Resort

The following properties were recently purchased by various banks at our most recent foreclosure auction and I can arrange for you to be notified the moment any one or more of these properties are listed in MLS.  Since bank-owned listings typically sell very quickly....Read full story 

Prince Resort

Over 50 condos in 3 different oceanfront developments - Prince Resort Phase II, Coral Beach and Sea Mist - are scheduled to be sold at an auction in Myrtle Beach October 8th.

Caribbean

The following current listings are exceptionally well-priced and represent great values.  This is a live link to listings and will change according to changes in the MLS (Pending, Sold, etc.) Link to Listings

Margate Tower

I can arrange for you to acquire the property of your choice (see list) at the upcoming foreclosure auction.  My contact can purchase a property of your choosing at the auction within pre-determined parameters, allowing you to buy a "foreclosure" property before it is ever listed in MLS to avoid.....Read full story