According to a recent article in the Sun News, a research economist with Coastal Carolina has optimistic hopes of the Myrtle Beach real estate market coming out of its slump by the end of 2008.

The economist, Don Schunk, explained that with home prices staying low or perhaps falling lower, sales will increase, which should use the present inventory of homes and condos for sale. Providing mortgage rates stay low, this should help the market balance with supply and demand by the second half of the year.

According to the SC Association of Realtors, homes and condos in the Myrtle Beach area rose 4% in 2007, but the slow sales since then have caused some sellers to reduce their prices low enough to induce sales and reduce the amount of homes on the market. Other owners removed them from the listings rather than to take such a reduction in price. According to the Association, the number of listings dropped from 14,720 to 14,150 from November to January.

Foreclosures in Myrtle Beach may continue to escalate due to the mortgage crisis in the nation, and William Harrison, director of the center for Real Estate at USC feels that this could make prices remain unnaturally low through the year until 2009.

He explains that resort areas and communities can “become stigmatized” by having high levels of foreclosures, and the lowered sales prices of the forced sales can add pressure to regular sellers to lower their prices as well.

Investor and speculator buying has decreased dramatically, which leaves most sales coming from those who intend to actually use the homes and condos for vacation purposes, which is a good thing for the economy in the long run, but also adds to the more sluggish market presently being experienced. Harrison estimates that there is about a 23 month supply of condos and a 15 month supply of single family homes presently on our market, from Little River to real estate in Pawleys Island and Litchfield.

There are still numerous excellent options for potential buyers at this time, and some brand new communities such as Market Commons, Withers Preserve, the new Westgate Resort, and North Beach Plantation in North Myrtle Beach are available for those who prefer preconstruction and new homes to previously sold real estate. Tom Maesar, who is the market analyst for our local CCA Board of Realtors predicts prices and sales to rebound this year as well, and cautions buyers to be careful when waiting until the very end for prices to bottom out. Prices and inventory can begin to increase, and mortgage rates could rise enough to offset any extra savings that might come from waiting to get that rock bottom price that may not happen.

The inventory to choose from at this time is as good as it gets, and those interested in purchasing property in Myrtle Beach should seriously consider taking advantage of today’s market for buyers while it lasts. We invite you to use our new MLS presentations and web resources to find the best deals on the best resorts and homes available in the Grand Strand.

Contact us for information and advice from the most experienced agents in Myrtle Beach condos and homes.

The Myrtle Beach Convention center was built in 1967 as a simple civic center. Starting in 1976, it’s added a 100,000 sq ft exhibit hall, grew an extra 50,000 ft, and added the Sheraton Hotel, a 400 room top quality facility.

According to city spokesman Mark Kruea, the center hosted 104 events last year: 42 trade shows, 17 consumer shows, 19 corporate conventions and 26 other activities such as concerts or competitions.

In city fiscal reports, it was indicated that this brought in more than 520,000 visitors, and annually it typically brings in around $35,000 to the area.

In 2004, the state of South Carolina granted Myrtle Beach $7 million to buy land for expansion, with the caveat of beginning work by 2009 and doubling the size of the center by 2014. Architect Steve Usry has recently submitted designs for a total 1,350,000 sq ft mega-complex that will provide space to host at least two conventions at the same time, and add another hotel with parking facilities.

Brian Monroe, director of marketing and sales told the Sun News that if we can improve our roads and air traffic abilities, the convention center can increase monetary contributions to Myrtle Beach, and bring even more people to the city. There are plans to add a performing arts center that can be used for shows, lectures, guest speakers and more. This is exciting news that will put Myrtle Beach ever closer to being a culteral resort such as Sarasota or even New York City.

It is conceivable to picture the downtown Myrtle Beach area, with its plans for other widespread renovation becoming an urban culteral mecca that increases the price of Myrtle Beach real estate and should heat up the market of home and condos in Myrtle Beach to levels of several years ago. Our overloaded concentration of resorts in North Myrtle Beach can use the boost of visitors, and even Surfside, Garden City, and Pawleys Island condos and homes can benefit from their proximity to the convention center.

The future of Myrtle Beach and the Grand Strand is an exciting one, and our beautiful coastal town is about to become a national vacation resort with jobs, attractions, and a lifestyle that is second to none! We are experts in property and Myrtle Beach condos for sale. Let us help you explore the possibilities of living in our paradise.

Mike Benton from Myrtle Beach has just entered the Greatest Real Estate Agent in the World contest

The Myrtle Beach Condo Store and Myrtle Beach Condos.net
will be the sponsor.

We wish Mike and his team the best of luck.

Poll: Where You Want to Live

Miami might be a nice place to visit, but only 3 percent of those polled by Zogby International would like to live there.

San Francisco led the pack among cities where people would like to live with 13 percent saying they would move there if they could. It was followed by Chicago, Orlando, New York, Las Vegas, and Houston.

The national poll, which was focused on Miami, rated the city’s high and low points and compared it with other major cities in the nation.

About 42 percent of those polled had visited Miami, but they ranked the city sixth out of eight major American cities as a vacation destination. The first choice was San Francisco, garnering 19 percent of the sentiment. Orlando came in second with 14 percent choosing it.

Source: Reuters News (01/31/08)

Other than in the east, people are just not that familiar with Myrtle Beach. That’s a shame, too.
I think we have more to offer than Miami…other than year round heat. And Orlando is utterly miserable in the summer. Maybe our new Hard Rock park will put us more on the map.

Check out our Myrtle Beach Real Estate offerings with our new Myrtle Beach MLS search tools.