Greetings from Myrtle Beach,
I say this every year about this time but I'll say it again - fall is the best season of the year on the Grand Strand. The weather is just about perfect - warm but not hot (Goldilocks temperatures!), dry, low humidity. There are lots of activities with almost all attractions still open and multiple festivals every weekend. The only things missing are the summer crowds. This year the huge marketing clout of the Myrtle Beach Chamber of Commerce ($20 M plus) is being focused on an advertising campaign that hits the nail on the head. It's called "60 More Days of Summer". Here's a link to the home page for this campaign, www.visitmyrtlebeach.com.
This has been a strange year for real estate sales. It's as if someone has been flipping a switch on and off that tells buyers when to buy or not to buy. The interest level has been pretty steady, for me at least, with no real let-up in inquiries. Prices have also been stable, with few variations out of the sales ranges of the past 18 months or so. The pace of sales, on the other hand, has fluctuated wildly, with huge variations in the number of new contracts from one month to the next. These fluctuations have not been following normal historical seasonal patterns either. I've talked to dozens of other agents, closing attorneys, and lenders and they have all observed the same phenomenon. It will be interesting to see the year-end numbers.
I think the root cause of the erratic frequency of sales this year may be that there are no strong factors guiding the market. Since 2002 our market has experienced skyrocketing prices followed by a recession followed by a collapse of real estate values followed by a buying binge by bargain hunters followed by a return to semi-normalcy (Whew!). For the first time in a dozen years, we now have no strong trend driving movement in any one direction. Consequently, the void is being filled by random factors that would normally be insignificant - news events, weather (It seems that we've seen slower sales in rainy weeks) and just dumb luck.
I often try to explain real estate markets (both to myself and to others) with metaphors and/or analogies. The first image that came to mind was a boat adrift, bouncing around in the wind and waves. The problem with this metaphor is that there is no forward movement. Our real estate market is definitely moving right along with buyers buying and sellers selling. Then it hit me. I envision the current market sales pattern (as described above) as a knuckleball. For those not familiar with baseball, a knuckleball is a pitch which is thrown with no spin imparted to the ball. Although it is definitely moving forward, with no spin to guide its trajectory, a knuckleball responds to whatever minute variations in air turbulence it encounters and the result is that it darts all over the place unpredictably - making it tough for hitters to make solid contact.
With no strong trends for appreciation or depreciation and with sales volume fluctuating erratically, our current "knuckleball" market is not the right environment in which to hold out for a home run - whether buying or selling! There is no surefire rapid appreciation in the near future nor is there any anticipation of significant price drops. Nobody's crystal ball is working right now. Therefore I'll repeat my mantra from recent months. There are plenty of good opportunities out there. If you want to sell, then sell. If you want to buy, then buy. There is no benefit in waiting to do either. The most overlooked asset we have is time. Don't waste this most valuable of all possessions by waiting for a "perfect" opportunity to coincide with "perfect" timing.
This is a relatively light newsletter this month. All the usual market reports are here but there are no big articles.In the coming months, however, I will examine the upcoming 5-year property tax reassessment (bills coming out in November) and the enormous infrastructure investments being made along the Grande Strand that are paving the way (literally) for future growth.
My Best Buy picks this month include oceanfront and ocean view houses as well as condos in
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!
