Greetings from Myrtle Beach,
First of all, welcome to all the new subscribers who've signed up for the Beach Pro Team's Real Estate News in recent weeks. I hope you find this useful and informative.
I've stated in previous newsletters that our local sales activity usually picks up by mid-January but this year has been different - a little slow to get started - probably because of the horrific winter weather that has battered the eastern US. In fact, the Grand Stand market statistical reports in this newsletter support my personal observations by showing significantly lower sales volume year-to-year for January and particularly for February (down over 13% for condos).
The slowdown in sales continued through about mid-February and then I think people just got fed up with the weather and started moving forward again. It seemed like a switch was flipped and everyone started writing up offers. For example, I sent out a list of great buys on January 23 entitled "Best Oceanfront Condo Listings of the Year". Of these 20 listings, 15 have since sold (5 to clients of mine!). As for the market reports, remember that closed sales lag pending sales. Expect to see a surge in closed sales over the next couple of months.
Even though many of the off-season steals have sold, there are still good opportunities out there. Also, the timing to purchase (or sell) is excellent. The peak rental season is approaching (great for buyers)and the busiest sales activity of the year is coming up too (great for sellers). Next month I'll take a look at the seasonal numbers for vacation incomes and sales prices.
I promised in my last newsletter that I would provide a detailed analysis of last year's oceanfront condo sales in a way that you've never seen before - by price ranges, number of bedrooms, number of sales by individual developments and more. Find it all in "Everything You Ever Wanted to Know About 2013 Oceanfront Condo Sales".
Finally, condotel financing continues to improve. Don't get too excited - lenders have not started offering conventional residential loans on condotels (and I doubt if they ever will). However, the terms for the portfolio programs have greatly improved and they have also expanded the number of developments they will finance. A purchaser can now find financing for almost any resort - with a little help from the Beach Pro Team. FYI, I'm still trying to find re-financing sources for condotels. Click here for our updated condo and condotel lender list.
My Best Buy picks this month include oceanfront and ocean view houses as well as condos
Anderson Ocean Club, Avista, BAREFOOT RESORT - (Arbor Trace, Cypress Bend, Dye Townhomes, Edgewater, Greenbriar, Harbour Cove, The Havens, Willow Bend, Yacht Club Villas), Bay View, Bay Watch, Beach Club, Beach Colony, Blue Water Keyes, Breakers Boutique, Breakers Resort, Camelot, Caravelle Resort, Caribbean Resort, Carolinian Beach Resort, Chelsea House, Pinnacle/Compass Cove, Coral Beach, Cottages at 7th, Crescent Keyes, Crescent Shores, Dunes Village, Grand Atlantic, Grande Shores, Island Vista, KINGSTON PLANTATION - (Brighton, Margate Tower, Royale Palms, South Hampton), Lauderdale Bay, Long Bay Resort, Magnolia Place, Magnolia Pointe, Malibu Pointe, Mar Vista Grande, Market Common, Monterey Bay, North Beach Towers, North Beach Plantation-Spa Villas, Ocean Bay Club, Ocean Blue, Ocean Keyes, Ocean Reef, Oceans One, Paradise Resort, Prince Resort, Roxanne, Sand Dunes Ph III, Sandy Beach, Seaside Inn, Sea Watch, South Wind, Sunrise Pointe, The Horizon, The Pointe, Tilghman Beach & Golf, Tuscany, Vista Del Mar and Windy Hill Dunes.
Come see me at the beach!