Greetings from Myrtle Beach!
First of all, I want to welcome all the new folks receiving my Real Estate News for the first time. Several hundred have joined my email list in the past month alone. Whether you are a current owner on the Grand Strand or are interested in purchasing, I hope this newsletter provides information of value.
If you are hoping to find a real "deal" on a resort property, particularly an oceanfront condo in any of the newer, more upscale buildings, I would strongly suggest trying to purchase in the next 2 months. At this moment, there are a number of high-quality developments with only a few listings left in price ranges that will soon cease to exist if current market trends continue. As soon as the New Year arrives, any remaining "low-hanging fruit" will be picked off very quickly - within a few weeks. Not only that, but interest rates appear to be ticking up again. I know everyone has football games and basketball games and holiday events going on but it's also a great time to visit the beach (shows, shopping, festivals, and more!). To see some of the bargains currently available, take a look at my "Best Buys". Remember that with every month that goes by, there are opportunities we won't see again.
The return of positive equity, profitable re-sales and good old-fashioned appreciation has led to a comeback for the 1031 Tax-Deferred Exchange. I've encountered more of these in the past 3 months than in the past 5 years combined. This perfectly legal and relatively simple arrangement allows a seller, under certain circumstances, to sell a property at a profit and roll the proceeds into another property without having to pay taxes on the gain at the time of the transaction. If you have equity in your beach property - and many current owners do - this is a perfect way to trade up to a bigger, better beach property. Also, this could enable the seller of an investment property (anywhere) to use the profit from the sale of an apartment building, rental home, or even raw land to purchase a vacation property at the beach (way more fun being a landlord!). Check out my article below for an overview.
Financing options for condos and condotels continue to improve. Although purchasers for most condos and all condotels still must generally utilize local portfolio lenders, the terms are getting more flexible as additional lenders compete for business. Contact me for details.
Finally, check out "News to You" for info on exciting recent announcements - Myrtle Beach breaks ground on a huge indoor sports complex, hundreds of millions in new roads and highway improvements and much more!
My Best Buy picks this month include oceanfront and ocean view houses as well as condos
Anderson Ocean Club, Atlantica III, Avista, Barefoot Resort - Edgewater, Greenbriar, Ironwood and The Dye, Bay View, Beach Club III, Beach Colony, Beach Cove, Breakers Boutique, Breakers Resort, Brighton, Camelot, Caribbean Resort, Carolinian, Chelsea House, Compass Cove, Coral Beach, Cottages at 7th, Crescent Keyes, Crescent Shores, Dunes Village, Grand Atlantic, Grande Dunes-Marina Inn, Grande Shores, Harbour Cove, Island Vista, Laguna Keyes, Lauderdale Bay, Long Bay Resort, Magnolia Pointe, Malibu Pointe, Mar Vista Grande, Margate Tower, Market Common, Monterey Bay, North Beach Towers, North Beach Plantation-Spa Villas, Ocean Blue, Ocean Creek, Ocean Keyes, Ocean Reef, Oceans One, Paradise Resort, Pinnacle, Prince Resort, Roxanne, Sandy Beach, Seaside Inn, Sea Watch, South Wind, The Horizon, The Pointe, Tilghman Beach & Golf, Willow Bend, Windy Hill Dune and Yacht Club Villas.
Come see me at the beach!