Myrtle Beach Real Estate News

Gene Carter and The Beach Pro Team

1-800-872-4488

[email protected] 

www.MyrtleBeachAdvantage.com 

July 2015
Volume 2015   Issue 07
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In This Issue

Gene Carter CDPE
Gene

Professional, Courteous Service /
28 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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Quick Links...

 


 

Greetings from the Grand Strand!

 

July is usually the busiest tourism month for our area and this year has been no exception. I've worked with quite a few buyer clients in recent weeks and it's been difficult to get in any of the oceanfront condos. Just about every available property has been rented every night so we've been scurrying from one to another in between check-outs and check-ins. The strong season is showing up in the rental incomes as well. I've checked quite a few of the incomes and most are showing healthy increases year-over-year.

 

It's been 20 years since the grand opening of Broadway at the Beach on July 4, 1995.  This massive complex reinvented the way Myrtle Beach locals and tourists shop, dine and play over the last two decades. Since then, it has added shops, eateries and other attractions every year and still has plenty of land to expand. The Sun News just published the following article which details the history and hints at future plans.  Broadway at the Beach Still Booming After 20 Years

 

Way back in October 2013, I reported in my newsletter that I was starting to see a trickle of 1031 Tax-Deferred Exchanges again after a long drought. These were very common during the boom years, probably representing 30% or so of my sales. They are now coming back strong. I just received 2 offers in 2 days involving 1031 Exchanges.  

 

A 1031 Exchange is a perfectly legal and relatively simple arrangement which 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. Here is a link to a brief overview on my website  1031 Tax Deferred Exchange.

 

Alert - I am not a financial or tax adviser. Please consult a qualified expert regarding any details and whether or not a 1031 Exchange is advisable for your particular situation.


 

If you currently own property or plan to buy property in the future, it is probably worth your time to learn about 1031 Exchanges. You might be surprised at the possibilities. Here are a few examples.

 

If you have equity in your beach property (or the possibility of a taxable gain because of claimed depreciation) - 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!). This could also facilitate the sale of beach property on the Grand Strand in order to roll the profit into another like kind property in another area.

 

I just saw a new twist on a 1031 Exchange this past week. I received an offer on one of my listings in which the buyer is using the sale of the mineral rights to property he owns in another state. That's right - he's keeping his property and deferring the capital gains tax on the mineral rights profit and getting an oceanfront condo! This sounded too good to be true so I checked into this and it is perfectly legit.

 

Check out the updated version of my 2013 article "Save on Taxes with a 1031 Exchange" for an overview of this great "legal loophole" and, more importantly, how one can benefit you!

 

That's it for this month. Read on for the latest monthly reports and my Best Buys.

 

See you at the beach! 

Save on Taxes with a 1031 Exchange

A 1031 Like Kind Tax Deferred Exchange (or just "1031 Exchange") offers a way for an owner of an investment property to sell his or her property for a profit and defer the payment of capital gain taxes. As prices have increased and more and more sellers have equity, these transactions have become increasingly common. The focus of this article is on the many situations in which 1031 Exchanges can save you money.  If you are already familiar with these transactions, you may want to skip ahead to "How can a 1031 Exchange Help Me?" For a basic explanation, read on.  Click for article
June Reports

Ocean

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.


News to You

This new monthly newsletter feature shares press releases that caught my eye in the previous month.  Here they are.  (These articles are on my website under "News/Useful Info"). 
Best Buys (My Picks)
 

The following current listings are exceptionally well-priced and represent great values.  The spreadsheets are sorted by price.  These are live links to listing details and they will change according to changes in the MLS (Pending, Sold, etc.).  The listing details are in the same order as the spreadsheets. Please call me directly if you find something of interest to you.

 

OF/OV Homes Brochures:         Link to Listings 

OF/OV Homes Spreadsheet:    Link to Spreadsheet 

 

OF/OV Condo Brochures:         Link to Listings

OF/OV Condo Spreadsheet:    Link to Spreadsheet

Non-OF Condo Brochures:        Link to Listings  
Non-OF Condo Spreadsheet:   Link to Spreadsheet  
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:  [email protected]
Website:  www.MyrtleBeachAdvantage.com

The material provided is for informational and educational purposes only and sometimes contains current or forward-looking statements on real estate market conditions, and should not be construed as legal, investment and/or real estate advice.  Although the material is deemed to be accurate and reliable, we do not make any representations as to its accuracy or completeness and as a result, there is no guarantee it is without errors, and is not necessarily the opinion of The Hoffman Group or its agents.