Myrtle Beach Real Estate Report

Gene Carter and The Beach Pro Team


[email protected] 

October 20, 2011
Volume 2011   Issue 10
In This Issue
September Reports
Upcoming Listings
Best Buys
Foreclosure Auction
MB 2nd Place Winner
Oct 8 Auction Results
Sandy Beach Sales

Gene Carter CDPE

Professional, Courteous Service / 25 Years Experience / Oceanfront, Waterway & Golf Real Estate Specialist in Myrtle Beach, North Myrtle Beach, Little River, Surfside, Garden City, Murrells Inlet, Litchfield, Pawleys Island, Carolina Forest
Hoffman Logo


2200 Premier Resorts Blvd

North Myrtle Beach
South Carolina  29582

News Flashes




The fall is one of the best times of the year to visit the Grand Strand:  great weather, not too crowded, activities galore and dozens of festivals.  Click on the "Calendar of Events" below to learn about upcoming area happenings.




The fixed rate 30 year interest as of Tuesday, October 19, was 4.125% for our oceanfront developer owned condos in Sandy Beach II and Holiday Sands.  Over 40 buyers have taken advantage of the 60% price discounts and super-low interest rates in 2011.  Contact me for details.




The Hoffman Group, as of October 19th, had over $74M   

in closed condominium sales so far in 2011, 78% more than our next closest competitor (around  $41M in closed condominium sales).

Quick Links...



Greetings from Myrtle Beach!


This is my second newsletter in this new format.  Apparently, the new service I'm using to send these is having more success in delivering these than my previous service.  It was gratifying to hear from quite a few clients who said this was the first newsletter they had ever received (even though I've been sending them for years).


This month I've added a set of real estate market reports -- generated by several different research groups and all focusing on our local area.  This will be a standard feature each month.


I plan to continue featuring great buying opportunities each month, upcoming foreclosure auction entries, soon-to-be listed bank-owned listings, my own "best buy" picks from current MLS listings as well as non-MLS deals such as discounted developer-owned properties (see the Sandy Beach section in this newsletter).


Of course I'll also include interesting press releases, info on local happenings and my comments on our local real estate market. 

September Reports
OceanBelow 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.  Year-to-year, for condos in particular, prices are still going down according to the reports but I think this is probably due to the high volume of sales in some low-priced developments.  Values are actually rising (slightly) in a few high-demand resorts.   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
Upcoming Bank-Owned Listings
Breakers Resort
Breakers Resort
The following properties (see list) 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...... Read full story 
Best Buys (My Picks)
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


Monthly Foreclosure Auction (Nov. 7th) 
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 the inevitable bidding war if it is priced well.  Please contact me for details.

The following are my picks (see list) for best buys at the upcoming November 7th auction.....Read full story
Congratulations Myrtle Beach
Beach Umbrella & chairsMyrtle Beach is apparently a sought-after destination.

According to results compiled by Google from June to August, Myrtle Beach ranked No. 2 in Google searches for vacation spots our of all searches in the United States.

Myrtle Beach topped Las Vegas, New York and Chicago this summer......Read full story
October 8th Developer Auction Results
Prince ResortIn last month's newsletter I reported that there was an auction featuring developer-owned condos scheduled for October 8th.  I cautioned that although the announced "opening bid prices" were extremely low, this was not an absolute auction -- that there were unpublished "reserve" prices beneath which the developers would not accept bids.

Although there has been no official release of the results, reports from agents that attended indicated that the bids for Coral Beach and Prince II were ALL too low to be accepted although I understand that there are negotiations still in process with a few potential buyers.  I understand there were some sales of the Sea Mist condos.

This relatively poor outcome is typical of the handful of developer condo auctions held over the past few years.  Unrealistic buyer expectations created by promises of discounts far below current prices doomed them as well.  There are lots of great buys but your best bet is to enlist the aid of a knowledgeable real estate agent.
Sandy Beach Sales Just Got Hotter
Sandy BeachSandy Beach has been our best selling property in recent months (16 new contracts since the beginning of August) and this great opportunity just got even better.  Our company sales meeting was held at Sandy Beach last week and there were several impressive announcements......Read full story
If you are considering buying or listing any property on the Grand Strand, or if I can be of assistance in any other way, please contact me.  Also, please feel free to forward this newsletter to friends or acquaintances and of course I will be happy to add them to my email list.

Finally, please let me know if you are going to be in the area and would like to get together.

See you at the beach!

Gene Carter
Beach Pro Team
Cell Phone:  843-455-4785
Email:  [email protected]

This newsletter expresses the opinion of Gene Carter CPDE.  Specific property information is deemed reliable but is not guaranteed.