Greetings from Myrtle Beach!

 

This is the first newsletter of this type I've sent to owners at the Dunes Village Resort.  It contains a great deal of information about the current and past real estate market for the Dunes Village 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.   

 

There  were quite a few closed sales over the past few months (see reports below for August and September) - 6 in Phase I (Pan American) and 4 in Phase II (Dunes Village).  Most of the closed sales in Phase I were distress situations - one foreclosure (bank-owned) and 3 short sales.  The short sales all went under contract in the spring and the two normal sales during the summer.  All of the Phase II closings were for developer-owned condos.

As for new sales activity, there were 3 new contracts in Phase II - unit 645, unit 1257 and unit 838 (all developer-owned).  There was only one new contract in Phase I - unit 607, a bank-owned listing.

There are 21 active unsold MLS listings in Phase I and 30 active unsold MLS listings in Phase II.  The majority of the Phase II listings are developer-owned.  One observation of interest is that, of all these active listings, there are only 2 short sale listings and no bank-owned listings-quite a contrast with many other area developments and even with Dunes Village in the not too distant past.

Please note that several recent purchases were financed, including unit 1406, which was one of my listings.  For info on lending sources, please contact me.

Overall, sales activity for oceanfront condos remains high.  Some reports I've seen indicate that condo transactions are down but my personal experience in recent weeks has been that there are lots of eager buyers on the hunt.  I've personally sold 4 oceanfront condos in the last several days.  If you want to sell, it's 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 this 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.

Dunes Village I & II Active/Pending
Dunes Village I & II Closed Sales (8/1/11-9/30/11)
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  upcoming monthly Horry County foreclosure auctions.  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