Archive for March, 2011
Today after I checked the MLS hot list it prompted me to send out a tweet with an update about the Murrells Inlet real estate market in less than 140 characters.
And now you know how to find real estate deals in any market. Search hash tags on twitter for the town you want to purchase a second home or investment property and connect with an agent that knows the market. In doing so you will be sure to uncover the best deals in Murrells Inlet or anywhere else you wish to land.
After reading the good news in RISMedia about the upswing in vacation home sales in Florida and Hawaii I thought I should check to see if I could spot the same trend in our area. After all Myrtle Beach is a great vacation spot and we certainly do have many second home buyers in our market area. With great anticipation of finding the good news I ran the comps in the MLS and what I found fell short of the improvements found in other vacation hotspots but I did find some good news in the Grand Strand condo market.
Like the other markets the Myrtle Beach area has been hard hit by foreclosures and declining prices and like the report I seached the condo market to find that we didn’t have improvement in sales numbers and in fact sales of condominiums declined by 2.44% over the first two months of last year. While there was a 13.3% increase in REO & Short Sale activity over 2010 this year there average sale price increased almost 16% and that is good news since when distressed units increase prices tend to decline.
So while the number of condominium units sold in our area declined over the first two months of 2011 compared to 2010 it does appear we are off to a good start as far as condo prices are concerned. After all one of the main reasons Florida had an increase in sales is due to rock bottom prices attracting investors and second home buyers and in Myrtle Beach it doesn’t appear we are ready to give up on higher prices for our piece of paridise just yet.
Copyright©2011 Sandra Bundy, Broker-in-Charge, B&P, Inc. Serving the Pee Dee and Grand Strand of South Carolina.
The count is in and for South Carolina and the Grand Strand in particular population growth as occured up and down the coast. Visit the 2010 Census Map to check out the numbers in your area.
Thanks to new Fannie Mae guidelines for condo loans further strain on troubled condo markets could cause inventory to linger unsold. With an abundance of condos for sale in Myrtle Beach and Pawleys Island the change that went into effect March 1 could cause increase marketing times on already tired listings.
Any loans that are backed by Fannie Mae will not be funded if the condo complex where the unit is located has any pending litigation if the HOA is named in the suit. In addition PERS reviews for conversion units where the building was not completely renovated could cause unexpected expenses for HOAs in order to have full review and become Fannie Mae compliant. This applies to any conversion that was not completely gutted.
While condo financing remains a hurdle in the Myrtle Beach area on some properties cash buyers will have no problem snapping up the best units on the beach that will certainly produce a good cash flow for the investors savy enough to make the right purchase. Copyright©2011 Sandra Bundy, Broker-in-Charge, B&P, Inc. Serving the Pee Dee and Grand Strand of South Carolina.