Commentary – Page 2

Myrtle Beach Condos–Beware Developer Closeout Inventory

Not all Developer Closeouts are Under Priced

You’ve probably seen real estate ads for Myrtle Beach condos and “developer closeout inventory” touting “best deals” and prices “better than foreclosures.”
 
WARNING:  That is often not the case.
 
Yes, it’s true, developers have slashed their prices, in some cases by up to 50% off market highs, but that does not mean the property is priced below the current market. You’ve got to look at both resales (resales is the operative word … more about that later) and also competing active inventory.
  Read More→

Myrtle Beach Real Estate: Condos & Townhouses Priced under $40,000

2-BR similar to these units for under $39,000.

Yesterday I stumbled on a two-bedroom, one-and-a-half-bath townhouse-style condo, with a fireplace, listed for sale for under $39,000. It’s an awesome deal. Two similar units just sold for $51,000 and $54,000. And the lowest priced competing active listing is priced at $64,900.

 

It’s in a good area of Myrtle Beach, a two-minute drive to the beach, and close to everything. The project has a pool. This represents outstanding value in Myrtle Beach real estate. Read More→

South Carolina Real Estate Foreclosures: Common Questions

South Carolina Real Estate Foreclosures: Answers to frequently asked questions.

 
What is a lis pendens?

Latin meaning “suit pending;”  a document alerting anyone who checks the property’s title that a lawsuit has been filed.

Read More→

Myrtle Beach Real Estate: Teetering on Recovery?

You may have heard these rumblings recently: ‘We’re still going to see declining prices.’
 
But I’m not convinced.
 
Yes, it’s true, local foreclosure filings jumped, reportedly 46% in the first half of 2012 compared to last year. So that’s the bad news. But what about all the good news?
 
What good news, you ask?
 
It’s the diminishing gap between listings and sales, it’s the increasing number of properties sold each month, it’s the stable to increasing prices in six out of eight price brackets of condominiums and single family homes. Read More→

Is Myrtle Beach Real Estate Ready for a Rebound?

5 Key Indicators Measure the Myrtle Beach Real Estate Market

By Kay Van HoesenPosted July 8, 2012
 
You can’t miss all the national news about increasing real estate prices. Last month, the S&P Case Shiller housing index reported an overall upward trend for the third straight month. And according to a July 3 report from Trulia, nearly 30 cities have been designated “in the clear” of the housing downturn.
 
A number of warm-weather “sand state” markets have led ongoing price rallies, including Miami, Tampa, Las Vegas, Los Angeles, San Diego, San Francisco, and Phoenix. Phoenix prices have increased 12% in the last six months.
 
Obviously, Myrtle Beach, a “sand town,” is no where near the size nor metropolitan status of these big, sand-state cities, but this resort destination experienced a similar boom/bust driven by speculative buying. And historically, the Myrtle Beach real estate market has followed pricing trends similar to those in Miami and Tampa.
 
So where is the Myrtle Beach market, statistically? Read More→

North Myrtle Beach Fishermen: Shark’s Location Pinpointed

Sarah Brame, shocked when shark steals her catch

By now you’ve probably seen the viral YouTube video (below) of the girl in North Myrtle Beach, SC, stunned when a shark suddenly pierced through the water and stole her catch.

 

She’s fishing off a dock in Cherry Grove Inlet (CBS news story). If you’re wondering exactly where that happened and how far up the inlet the shark swam, we have an aerial photo pinpointing the exact location.

 

This shocker and the family’s hilarious expletives Read More→

Pricing Trends as of May 31, 2012

As illustrated in the graphs below, among both condos and single family homes, prices under $450K have more or less been stable or increasing over the last year. Median prices over $450K have not shown the same stability. Read More→

Number of Properties Sold: May 31, 2012

As illustrated in the table below, among both single family and condominiums, the number of properties sold in May 2012 increased significantly compared to the same month last year. Condo sales are up 12%. Single family sales are up 17%. Read More→

May 31: Year-to-Year Sales vs. Listings & Supply-Demand Indicators

As evidenced by the following graphs and stats, the gap between available inventory and sales has been closing. In 2009, only 35% of condo listings were sold compared to 72% today. Likewise, the ratio of sales-to-listings for single family has vastly improved. In 2009, only 51% of listings were sold compared to 80% today.
Read More→

Pricing Trends as of April 30, 2012

As illustrated in the graphs below, median single family prices under $300K have been stable the last year. Median single family prices between $300K and $450K have been stable the last six months.
 
Condos in the $150K to $300K price range have been stable the last year. Condos in the under $150K price range have been stable the last six months. And the median price of condos in the $300K to $450K price range has increased in the last six months.
 
This contrasts with the decrease in the number of houses and condos sold in April 2012 compared to 2011 (detail HERE). Read More→