Myrtle Beach Real Estate Report

Gene Carter and The Beach Pro Team

1-800-872-4488

GeneCarter@BeachProTeam.com 

www.MyrtleBeachAdvantage.com 

June 2012
Volume 2012   Issue 06
In This Issue
N Beach Villas & Houses
Low Interest Rates
Signs of Recovery
Timelines for Short Sales
May Reports
Best Buys
Bank-Owned Listings
Foreclosure Auction

Gene Carter CDPE
Gene

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
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2200 Premier Resorts Blvd

North Myrtle Beach
South Carolina  29582
 

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News Flashes

   

 

IMPROVED CONDOTEL FINANCING

 

Interest rates continue to drop and more options have become available.  Contact me for details.

 

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Click on the "Calendar of Events" below for more happenings. 

 

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The current 30 year fixed interest rate is approximately  4% for our oceanfront developer owned condos in Sandy Beach II and Holiday Sands.  Over 50 buyers took advantage of the 65% price discounts and super-low interest rates in 2011.  Contact me for details.

 

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Quick Links...

 

Greetings!

Greetings from Myrtle Beach!

The busy summer season is in full swing. Vacationers and locals alike have been enjoying the beaches, the special events and the warm, breezy weather we've been experiencing. Personally, after a brief lull in activity in mid-June and a whole weekend off to recharge (Wow!), my phone lines and emails have started buzzing again.

 

My newsletters tend to focus on oceanfront properties but there are some exciting new construction opportunities just off the beach. In North Beach Plantation, surprisingly affordable new houses and condos with 1 to 4 bedrooms are being pre-sold with 95%  below market fixed rate financing (article below in this newsletter). 1BR condo prices start at $139,900. In Ocean Drive, The Cottages at 7th, a new Island-themed condo development with 2BR and 3BR condos starting at $136,900, has started pre-selling (link to info). Please contact me directly for info on either of these opportunities.

 

Also, there's positive news on a number of fronts for the real estate market nationwide and locally - continued low interest rates, prices up in many markets, and a steady reduction in the "shadow inventory" of unsold foreclosures and delinquent homeowners. Check out the articles below.

 

Finally, there's good news (hopefully) for short sales too. New guidelines went into place on June 15 which are intended to speed up what has typically been a painfully slow process. An overview is presented below.

 

Come see me at the beach!     

North Beach Villas and Houses With 95% Financing

North Beach Towers

I've mentioned the oceanfront North Beach Towers in several previous newsletters. These luxurious condos are not, unfortunately, in everyone's budget. If you want the North Beach experience - access to the 2 acre oceanfront poolscape, 18,000 SF world-class Cinzia Spa, multiple first-class dining facilities, 4-Diamond ambience and a superb fitness facility, there are less expensive alternatives - but they won't last long.

 

Within the 60 acre North Beach Plantation, there are new 3BR and 4BR detached houses with 2-car garages .......Click here to read more

 

Please contact me directly for information about any of the North Beach Plantation properties.

"Historically" Low Interest Rates

 

We've all heard the current low interest rates described as "historically" low. The charts below put this into perspective. Most of you have probably seen the 30 year chart showing how today's rates are lower than any in this time period. The 200 year chart is one I hadn't seen until recently. I don't know how they tracked interest rates that far back but the source is Freddie Mac so I'm assuming it's relatively accurate. Apparently, current interest rates are great compared to where they've been for most of the last 200 years. They were higher than they are now during most of the 1800s and the last time they were this low was in the late 1950s!

 

 

 

 

 

If you want to view these in greater detail:

30 Year Chart 

200 Year Chart 

Positive Signs for Recovery of Real Estate Market

More and more sources are concluding that the worst is past and the national real estate market is finally on the mend. Unsold listing inventory levels are down nationwide and prices are up in a number of markets. The attached articles all reinforce this viewpoint.

 

Perhaps the most optimistic indication that the recovery has started is that the shadow inventory is shrinking. This ominous sounding term is defined as the sum of properties that are seriously delinquent (90 days or more), properties in the foreclosure process, and those that have finished the foreclosure process and become REO (real estate owned) but have not yet been listed for sale. This shadow inventory was reportedly the tsunami that would throw the real estate market and the financial world back into a tailspin. According to the article below, this wave has crested and the inventory has fallen 28% since its peak in January of 2010. There's still a long way to go but it is good news indeed.

 

Links to articles:

 

Economists: 2012 Marks the End of a Long Bottom

Grand Strand Real Estate Sales Jump in May

What Will Determine the Speed of the Housing Recovery?

Shadow Inventory Drops to Lowest Level in Nearly 3 years 

New Timeline Requirements for Short Sales

Under new guidelines which took effect June 15, distressed homeowners whose loans are backed by Fannie Mae or Freddie Mac are supposed to receive a decision within 30 to 60 days of submitting either an offer or a completed Borrower Response Package (BPR) requesting short sale consideration. The program is too new to see any results yet but it will hopefully speed up the process. The articles below give the basic details of the new rules.

 

Judging from my conversations with the facilitator we have been using to handle our short sales as well as with other experts who deal with these on a daily basis, these changes should help but they will also put extra pressure on borrowers, real estate agents and other involved parties to perform each required task in a timely manner. Since the penalty for a lender is harsh for exceeding these time frames, any task not completed on time will likely result in the short sale being kicked out of the system and started over (to re-set the clock). This is more reason than ever to be sure to use a knowledgeable agent with solid support if you choose to short sell a property.

 

Links to:

 

Is Our Long National Short-Sale Nightmare Finally Coming to an End?

Fannie and Freddie Set Timeline Requirements for Short Sales

May Reports

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.  

 

As always please contact me if I can be of service in any way.

See link below to interpret terms used in these reports.

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

Real Estate Terms
Best Buys (My Picks)
South Wind 

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.)  Please call me directly if you find something of interest to you.

 

Listing Brochures:      Link to Listings

Listing Spreadsheet:  Link to Spreadsheet
Upcoming Bank-Owned Listings
Ocean
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....Click here to read more
Monthly Foreclosure Auction (July 2) 

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 July 2nd auction.... Click here to read more
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:  GeneCarter@BeachProTeam.com
Website:  www.MyrtleBeachAdvantage.com

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