Sales activity has been strong with 6 closed sales since the beginning of August (See reports below for August and September).  Five sales were developer owned condos, and unit 1609 was a short sale.  Two were contracted since the beginning of August and the rest prior to that.

The pace of new contracts has been even more impressive.  Per MLS, there have been 8 new contracts (all developer owned condos) and there are actually another 8 contracts in play at the moment (also developer owned) which have not been entered in MLS yet.

Of the 20 new contracts written since the beginning of August, 9 were for 1BR condos, 9 were for 2BR condos, and 2 were for 3BR condos.  All of the developer owned 2BR condos in the building are now either closed or under contract.

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 two weeks - 3 in Sandy Beach Resort.  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 week, 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.

Sandy Beach Active/Pending
Sandy Beach 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 

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