Greetings from Myrtle Beach!

 

The holidays are almost here!  Those of you who have spent time at the beach during this time of year know that entertainment and shopping opportunities abound with Christmas shows nightly in our numerous theaters and incredible bargains available in the multitude of outlets and specialty stores.  The weather is also suitable for golf and other outdoor activities (mid 70's forecast every day this week).  If you've never spent time here during the holiday season - give it a try!

 

 

I've been including lots of info on upcoming foreclosures in my newsletters and pro-active purchasers have been taking advantage.  My clients will be closing on four great deals over the next few weeks for properties that were under contract before they ever hit MLS.  Take a few minutes to check out this month's upcoming deals (condos in The Caribbean Resort, Island Vista and more.) and let me know if you see any of interest.

I want to touch on one subject that I will explore further in upcoming newsletters -- if you are planning on retiring on the Grand Strand in the next several years, you may want to purchase now.  Of course there are distress sales available at bargain prices but the better choice may be to take advantage of the incredibly low lot prices, construction costs and interest rates to build or purchase a brand new dream home exactly the way you want it.  You will be amazed at just how much house you can get!  More on this in upcoming newsletters....(or contact me now for info).

Have a super Thanksgiving!

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.

Inventory for homes and condos continued to decline while the affordability index continued to climb; both good signs.  House prices were relatively stable while condo prices continued to decrease.  I continue to believe that the condo price decreases are mainly due to the current high volume of very low-priced "cash flow" condos being purchased by investors rather than an overall pattern of decreasing prices.

One noteworthy trend was a big increase in lot sales accompanied by a big drop in lot prices.  Builders and future homeowners are purchasing lots in high-end developments for prices as much as 80% below peak values and then taking advantage of low interest rates and low construction costs to build custom homes.

One other statistic that I want to point out is the "percentage of list price received", which, even in today's distress sale dominated market, is averaging 93% to 95%.  There is a misconception that today's low prices are mainly the result of sellers accepting offers far below their asking prices.  This is rarely the case, even for foreclosures and short sales.  The discount is usually already built into the asking price.  Everyone has ready access to sales info these days and if a listing is not priced at or near market value, the listing attracts no attention until the price is in a marketable range.  Then it attracts a lot of attention fast!  Many well-priced foreclosures and short sales actually generate multiple offers which sometimes result in sales prices higher than asking price.

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

After many years of selling real estate on the Grand Strand, I've noticed similar patterns year-after-year.  As might be expected, sales activity -- for new purchases and new listings -- slows down considerably from September through December.  By the time December rolls around (after a brief spike in resort sales activity around Thanksgiving), many people are too pre-occupied with the holidays to make buying or selling decisions on beach properties - but they might be missing out!

For the buyer, many of the very best deals -- the ones that are just off the charts -- are contracted during this time period.  Sellers are at their most motivated and there are normally fewer buyers looking.  Incidentally, these "outliers", the crazy low-priced listings, are usually gone by mid-January.

This might make this seem to be a poor time to list but this isn't necessarily true.  For one thing, the potential buyers that are looking during this season are typically motivated and well-qualified.  Also, the number of available listings is usually at its lowest at this time of year. 

One other reason to list this time of year is to assure that your listing will be in place in January.  Listing and buying activity both pick up dramatically by mid January, particularly for resort properties.

As always, whether you are considering buying or selling, let me know if I can help in any way.

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 

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.)


Listing Brochures:  Link to Listings
Listing Spreadsheet:  Link to Spreadsheet

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 December 5th auction.....Read full story