Myrtle Beach Vacation Information

If you haven't surfed the net for Myrtle Beach lately, you may not have noticed some of the newer sites we've created for our various tourism interests.

Our parent company, Condolux Vacations, was originally servicing the resorts in North Myrtle Beach primarily. Indeed, we feel like North Myrtle is the preferred place to live and visit. There is less traffic, less crime, (not that either city has much) the beaches are wider, and the people friendlier. We are biased, of course, because most of us live here!

But many people still love to stay in downtown Myrtle Beach instead. So this year, Condolux has expanded to almost all of the best resorts in Myrtle as well. Our new website for Myrtle Beach condo rentals is called "Myrtle Beach Luxury Rentals". Give it a visit and see what you think! We still offer the best deals and only the very best upgraded condos through our rental program. But now you can stay at the great resorts like Ocean Forest, The Breakers, The Boardwalk Resort, and many more.

Even though the Pavilion is now gone, you will still find Myrtle Beach amusement parks like Family Kingdom. Our new website for Myrtle Beach Kids Attractions will help those with families and kids to find all the activities in Myrtle Beach for children. You will never have to think about what to do with your kids again! We've reviewed the Myrtle Beach water parks, mini-golf and putt-putt in Myrtle Beach, Ripleys Aquarium, Imax Theatre, and all the other places to go in Myrtle Beach with kids! We hope this new site will help you plan your days with the kids to their fullest.

We've always offered some of the best deals on Myrtle Beach golf packages around. We have a new blog now that is managed by our golf director, Craig Chinn. Craig will keep you informed about any tournaments, specials, and other Myrtle Beach Golf News here. Subscribe to our feed and keep up with all your favorite golf happenings in the area!

If you're looking to buy your own Myrtle Beach condo, be sure and check out our newly updated website that will eventually list every resort in the area with the MLS listings available. Sign up to get the new listings for your favorite resorts privately in your email. When you find the one you want, fill out the contact form, and we'll be there pronto to help you with questions and more details.

We want to be the place you go for your Myrtle Beach vacation plans, and we'll be adding more websites all the time to help you plan the best beach vacation you'll ever have!

Myrtle Beach Real Estate

Investing in Myrtle Beach Real Estate

According to Donald Trump's Trump University, there have been nine cycles in the real estate market in the last 150 years.

Each cycle averages 8 years of prices increasing, and 8 more years of prices and the market taking a downturn. If you take this average into account, then we are approximately in the third year of a downturn. Technically that means it might be 13 years before the market tops out again.

That could well be true if you are comparing normal markets to what happened in this country in 2005-2006. But being at the rock bottom as we are right now, it won't be necessary to wait that long to make a good profit with real estate, especially Myrtle Beach real estate.

You will probably never see prices as low as they are at this time, nor as many foreclosures as are available. From short-sales to REO's, which are unsold bank foreclosures, they are everywhere right now. Some places like Las Vegas are as low as 30 cents on the dollar for those fine luxury condos that were such a prime commodity 3 years ago.If you want to make money in real estate, this is your time, and it may not come again for another 16 years!

Contact us and let us tell you the best properties available in Myrtle Beach condos and vacation homes. Prices are starting to go up again...so waiting can cost you money!

Real Estate in Myrtle Beach Reflects a Nationwide Trend

We got together last week with some of our Realtor friends in Sarasota, Las Vegas, Los Angeles, and Greenville, South Carolina to do a press release about the state of the real estate market in our respective areas.

Since we are having such a good spring as far as tourism, and Myrtle Beach real estate sales are also doing much better, I wasn't surprised to hear things were similar in other resort areas. There were a few things I hadn't thought of though.

Diann Tonnesen says that investors are watching the foreclosures and low-cost deals in Vegas and snatching them up quickly...sometimes to the annoyance of regular buyers! She says that many of the houses are half the price that they were in the boom, and multiple property offers are not unusual. She said that even some Trump Tower condos were going for 30 to 50 Cents on the dollar.

Lee Cunningham in Greenville, SC reports that they have seen an increase in sales, but their property values have actually increased slightly. Money Magazine predicts that Greenville will be one of the first areas to recover from the current housing crisis.

Fran in Los Angeles says they are number three in the nation for the highest foreclosure rates, and it's bringing in the investors as it is in Las Vegas. I think California probably had the biggest increases in price, and have the most far to fall. However, with their perfect weather and the world's technology headquartered in the state, it's always going to be a preferred place to buy and live.

Beautiful Sarasota Florida is once again coming to life, according to Annette Smith. The luxury golf communities are continuing to prove the most popular in an area where the scenery is so eyepopping everywhere.

Myrtle Beach golf is always at a peak in the spring as well. Those living in the cold north are always anxious to see the sunshine and warmth of the south.

See the full press release about our Resort Real Estate Trends.

Myrtle Beach Golf in the Spring

The most glorious time of the year is now here, and waking up in the morning to the bright sunshine on the beach couldn't be nicer. The humidity is still low to none, the days are in the high 70's, and the golf courses remind every golfer why they love the game. This is why Myrtle Beach golf is the best in the nation.

In a few short weeks the hotel prices will start increasing in price for the summer season. Traffic will pick up with families and spring breakers. Restaurants will begin to form lines, and the beach will hunker down for another four months of hard work and heat.

This is when a golfer will find the best that the Grand Strand has to offer in prices, weather, and enjoyment. So leave your cool weather and come on down! Call the golf specialists at Condolux and ask about Malibu Pointe and the best deal to be had in Myrtle Beach golf packages.

Myrtle Beach Real Estate

Myrtle Beach Vacations

Condos and Rental Income

How to Calculate Cash Flow on Investment Rental Property

Because of government rules and regulations, no realtor or real estate agent will be allowed to forecast or give you any idea about cash flow or ROI when it comes to investment real estate or rental condos. This can leave you frustrated and wanting more information. We can, however, tell you the formula to use so you can get a general idea of your investment possibilities.

If you have not purchased the investment property and are trying to decide the potential returns, you can often find out the rental income from another unit of the same size (if it is a condo) or from neighboring properties. (If it is a home)

What is your taxable income or loss from the investment property?

Taxable Income or loss is the amount of your rental income, less operating expenses, depreciation on the property, and mortgage interest costs.

Depreciation can only be figured on the cost of the building. So with a house, you will need to separate the land cost from the building cost to do this. Depreciation is spread over 27.5 years, and not paid out in cash each year. Divide the cost of your building by 27.5 years, and that is your depreciation expense.

Figure your Interest Expense for the year on the mortgage and any borrowed funds used to purchase the property.

Operating expenses would include property taxes, condo insurance, repairs or losses from maintenance problems, and any charges from rental management companies and cleaning costs. One thing to think of- On site rental management usually charges around 50% or one-half of your rental income. Outside services for condo rentals in Myrtle Beach, such as Condolux, charge around 25-30%. Big difference!

Find your projected rental income if possible, or if you've already passed your first year, use the rental income figures. Subtract the Depreciation, Interest Expense, and Operating Expenses from this amount, and the result is your CASH FLOW for this real estate investment property.

If you have a LOSS, and if you're not a real estate professional, here's how your rental loss could affect your income tax, as of present 2005 tax laws.

If you actively manage the investment real estate and your adjusted gross income does not exceed $100,000, the rental loss (up to a maximum of $25,000) could be deducted from other income such as salary, interest, and dividends. Multiply the rental loss by your federal income tax rate. You will now have avoided a certain amount of income tax, and this can be figured into the cash flow.

New Cash Flow Calculating Process:

Rental Income
Plus: Tax savings
Less: Operating expense
Less: Mortgage payments
Equals= CASH FLOW

Assuming the investment real estate now just about "breaks even" on cash flow, your equity in the property increases each year as the mortgage loan is paid down. Any increase in the value of the property during the years of ownership will increase the owner's ultimate return.

Calculating the cash flow on a real estate rental property investment you're considering will help you decide whether the investment is a good one. You may want to avoid investments with a negative cash flow unless you can come up with additional money to cover operating costs and debt payments.

What is 1031 Tax Exchange, and how can it help me?

We want to help make your investment real estate transactions as economical and as efficient
as possible. That's why we believe that the "tax deferred exchange" is an approach that should be considered by anyone who owns investment or business related property.

Learn how a 1031 Tax Exchange works, or contact us for more information.

The Myrtle Beach Condo Store
Myrtle Beach Real Estate

Myrtle Beach Vacation Business is STRONG!

I keep seeing reports in the Sun News that rentals are off for this year. Well, I have once again inquired, and Martin Brown, owner of Condolux of North Myrtle Beach tells me that he is up from last year about 20%, and from what he has heard, Condo World is also up a little bit or even with last year. So it appears there are possibly two things creating this discrepancy.

In Myrtle Beach, the Sun News is going mostly by reports from the company that owns Myrtle Beach Hotels.com. Now they are the most powerful family company in the area and have been for many years. They have a dozen or more very powerful websites, and rank number one in Google for Myrtle Beach Hotels. They also own websites for most if not all of the resorts that they service, and many of these also come up under that term in Google. This, however, is fairly recent...maybe no more than from 2008 until now.

But there are other very important terms such as condos that get at least half of the business. I have been affiliated with Condolux in some form or fashion for about 6 years. They pretty much rule every phrase that tourists might type in, having anything to do with Myrtle Beach vacation rentals.

I feel like through the last few years, many of the customers have discovered North Myrtle Beach through "our" websites, and now prefer Ocean Drive, Cherry Grove, and Crescent Beach to the crowded beaches in Myrtle Beach proper. They are also 99% very pleased with the service that Condolux offers, and both owners and vacationers return to the website each year. They no longer feel it necessary to search for a place to stay.

Those that are not familiar with the area and Condolux type in search phrases with many variations. Although "hotels" is the most popular term itself, if you add up all the variations, the total of them is as large or moreso than the one term. If they search for Myrtle Beach Condos, Myrtle Beach Rentals, rental condos, oceanfront condos, etc., Condolux is always right at the top.

That provides a high rate of rentals for the owners, a super large number of leads for sellers, and a nice inventory of condos to browse for those looking to buy. They also have websites for those looking at golf in Myrtle Beach.

Anyway, my point is that the market is not down for everyone in Myrtle Beach this year. Those who have the excellent reputations and reviews along with the best internet presence are reaping the rewards of hard work and market insight.

Myrtle Beach Real Estate

Investing in Myrtle Beach Real Estate

According to a new article on Realtor.org, more vacation property owners are turning their homes and condos over to rental management companies than ever before.

One management company said that owners could earn more money renting out a vacation home than in the stock market.

Myrtle Beach vacation rentals certainly hold true to that. In the case of condos that have been purchased recently with the discounted prices, owners not only end up getting enough in rentals to pay their expenses, but are actually making tidy sums from several thousand to $10,000. We will know for sure by the end of 2009.

That is one reason why it is such a great time to buy Myrtle Beach real estate.

Without counting a mortgage payment, the expenses for owning an average 2 BR oceanfront condo in Myrtle Beach are around $8000, and the average rental per year is around $16,000. (This is a huge estimate) When you turn the property over to a rental management company such as Condolux, they will charge you approximately 25 percent of the rental income, or in this case, $4000.00. Subtracting all that, an owner would have around $4000 left as profit.

The HOA fees, taxes and insurance would also be tax deductible in most cases, as would depreciation. So it's usually at least a break-even situation if not more. Since the prices right now are way below normal, when Myrtle Beach real estate prices start returning to normal the equity that builds up will be considerable.

It doesn't take a rocket scientist to see that buying a Myrtle Beach condo right now is a smart move. Stocks have their time, and so does real estate. Right now putting your eggs in the real estate basket is a smart move. And Myrtle Beach is the best place to do it.

Myrtle Beach real estate in the top 15 Healthiest Markets

More Good Real Estate News!

Just in time to add some oomph to the recent press release that some friends and I put out about our respective markets improving noticably in 2009, the National Association of Realtors® also issued a press notice today titled Existing Home Sales Show Surprising Gain.

The NAR release began with and expanded on this opening paragraph:

Existing-home sales rose unexpectedly while inventory declined, led by a surge of sales in the West, according to the National Association of Realtors®.

Highlights of their notice also include the following good news...

1. Existing-home sales – including single-family, townhomes, condominiums and co-ops – jumped 6.5 percent to a seasonally adjusted annual rate of 4.74 million units in December.

2. [a quote from Lawrence Yun, NAR Chief Economist]
“It appears some buyers are taking advantage of much lower home prices. The higher monthly sales gain and falling inventory are steps in the right direction, but the market is still far from normal balanced conditions. Buyers will continue to have an edge over sellers for the foreseeable future.”

“We’ve added 25 million people to our population over the past decade and housing affordability conditions are the best we’ve seen since 1973, but household formation is much lower than expected,” he said. “Consequently, there is a pent-up demand which could be unleashed with the right stimulus, including a non-repayable home buyer tax credit. The Obama administration and Congress need to move fast to stimulate a spring sales upturn which will help to stabilize home prices and set the foundation for a sustainable economic recovery.”

3. Single-family home sales: ROSE 7 percent to a seasonally adjusted annual rate of 4.26 million in December from a level of 3.98 million in November.

4. Existing condominium and co-op sales: Increased 2.1 percent to a seasonally adjusted annual rate of 480,000 units in December from 470,000 in November.

5. Existing-Home Sales By Region

Northeast: slipped 1.4 percent to an annual pace of 720,000 in December.

Midwest: increased 4.0 percent in December to a level of 1.04 million.

South: rose 7.4 percent to an annual pace of 1.74 million in December.

West: jumped 13.6 percent to an annual rate of 1.25 million in December and are 31.6 percent higher than a year ago.

6. Final Summary: A Good Time to Buy

NAR President Charles McMillan said it’s an excellent time for first-time home buyers with good jobs.

“The typical buyer plans to stay in their home for 10 years, which is the correct approach in today’s market,” he said. “With historically low mortgage interest rates, flexible sellers, a large inventory, and homes that are selling for less than replacement construction costs in much of the country, buyers who’ve been on the fence should take a closer look at today’s market.”

McMillan added that first-time buyers may want to consider an FHA loan, which offers downpayments of 3.5 percent on a safe 30-year fixed-rate mortgage.

Myrtle Beach real estate is showing the best signs ever of picking up and serving our vacationers. Florida oceanfront property is also gathering momentum, from Daytona Beach to Sarasota and the Keys. I think we can all be hopeful for a better 2009!

Hard Rock Park Public Auction

Our failed Hard Rock Park, having filed for bankruptcy earlier in the year, was supposed to have gone up for public auction today.

According to the city's newspaper, there was not much indication of a buyer present, even though city officials had shown the park to several potential investors. Most said there was not enough time to research the park and its potential income, and asked to delay the final auction.

Bidding started on Friday, and bidders were required to show proof of a 10 percent down payment and a net worth of $10, among other requirements.

One amusement company called PARC Management has recently purchased the Nascar Speedpark and Myrtle Waves waterpark, and has shown interest in purchasing hardrock, possibly finding a financial partner to help absorb the minimum $35 million pricetag. They say the "Hard Rock" branding would be changed to something more family-friendly, tickets would be much more in line with pricing, and they might do package deals with with other area businesses to increase sales. They also say that they do have the financing available to purchase the park, and have "submitted a letter of interest".

The shutting down of Hard Rock put yet another strain on the Myrtle Beach real estate market. Hopefully this can be worked out quickly and will work out to improve our local economy.

Canada Helping Myrtle Beach Real Estate Market

The Myrtle Beach Chamber of Commerce and The Sun News is reporting some good news for real estate sales in Myrtle Beach.

Our US Dollar and the Canadian dollar is almost at an even exchange rate now, $20US to $19.85 Canadian. Fifty-nine percent of the visitors to the Grand Strand are now Canadian, and they are showing more interest in buying Myrtle Beach real estate than we have seen in quite a while.

This Saturday starts off the weeklong Can-Am Days festival, and there will be more of a welcome to our favorite retirees than ever before. Our winter Shag (SOS) week will also coincide with the CanAm festival, which ads even more entertainment to their stay.

The festival will be followed later this month with a visit from 70 Canadian government representatives and David Wilkins, the outgoing U.S. ambassador to Canada.

They'll meet with Grand Strand government and economic leaders, including U.S. Rep. Henry Brown, to talk about topics such as tourism, energy and the balance of trade.

"Our goal with those forums is to tie the two countries together on topics that are relevant to both," said Amie Lee, director of special events for the Myrtle Beach Area Chamber of Commerce, which organizes the festival.

For information on a great winter rental deal in a luxury condo, see the brand new Myrtle Beach Luxury Rentals website! We represent the best in Myrtle Beach Real Estate, and now we have a rental connection too!

Myrtle Beach Seniors Get Christmas Wishes

Regency Hospice is sponsoring its 6th year of "Christmas Stockings for Seniors" at various locations around Horry County.

The county's Council on Aging will be finding 1000 seniors who need all kinds of different things for Christmas, and will hang red cards (stockings) on Christmas trees all over the Grand Strand.

If you'd like to be a "giver", find a tree and take one of these paper stockings. Read the list, get the gift, and return it with the stocking attached to place under that location's tree.

What a wonderful way to give to our seniors this holiday! I hope this gets a huge response and overflows with gifts. With the economy in the shape it's in, I suspect the area seniors are some of the hardest hit. See our previous article about Myrtle Beach retirement homes.

The deadline for purchasing and returning the gifts is December 12th. For more information, please call Regency Hospice at (843) 651-2335. Here are some of the Myrtle Beach and North Myrtle Beach tree locations:

STOCKINGS FOR SENIORS TREE SITES

• Comfort Keepers, 2021 N. Myrtle Point Blvd., North Myrtle Beach, SC 249-9200

• CVS Pharmacy – 17 Bypass & Highway 701 (Backgate), 294-1285

• Eagle Crest Independent Living, 3736 Robert M. Grissom Parkway, Myrtle Beach, 448-9300

• Elks Club of Myrtle Beach, 605 27th Ave. N., Myrtle Beach, 448-3216

• Grand Strand Senior Center, 1268 21st Ave. North, Myrtle Beach, 626-3991

• Jay’s of Little River, 1598 Highway 17 North, Little River, SC 280-0103

• North Myrtle Beach Family Medicine, 35 Cedar Ave., North Myrtle Beach, 249-2451

• Regency Hospice, 11943 Grand Haven Drive, Suite A, Garden City, SC, 651-2335

• River Oaks Golf Plantation Club House, 831 River Oaks Drive, Myrtle Beach, 236-2222

• Summit Place of North Myrtle Beach, 491 Highway 17, Little River, SC 399-5662

• The Wine Shoppe, 3809 Highway 17 South, North Myrtle Beach – 272-6941

The Regency Hospice is located at 11943 Grand Haven Drive, Suite A, Garden City, SC. (843) 651-2335

Myrtle Beach Real Estate

Slow Real Estate Market Leaving Elderly In A Bind

Sylvia Merlin, 93, tells her story of wishing to move to a retirement home,

but finding it impossible to sell her Florida condo.

From The New York Times
November 21, 2008
http://www.nytimes.com/2008/11/22/us/22home.html

The current real estate crisis is putting many retirees in a real bind, making it nearly impossible for them to move into assisted living centers which require as much money up front as most condos cost nowadays. As they get weaker, or too sick to remain alone, there doesn't seem to be a solution.

Many have to sell their homes or condos to buy into retirement homes, and many have been on waiting lists for months. Without being able to sell, they have to remove their names from the list and stay alone in homes that may be too large, or impossible to maintain.

“It is part of the hidden problem of the recession,” said Larry Minnix, president of the American Association of Homes and Services for the Aging. “Every neighborhood, every family’s got them.”

The bind is also creating too many vacancies in the retirement homes, prompting them to bring in real estate agents to help train the elderly, would-be sellers how to market, stage, and promote their homes to sell. Sometimes they are lowering the price of the facility or apartment to help bridge the money gap until it sells. According to the NY Times, they are even providing low interest loans to help. Personally I find that a dangerous temptation, especially when the elderly often don't understand what they are signing and agreeing to.

Many retirees have moved to places like Florida or bought real estate in Myrtle Beach as a couple, and have now lost a spouse, required hip surgery, outlasted their friends, and are virtually abandoned far from their families. The government had better find a way to alleviate this problem quickly.

In some states the elderly are allowed government funded medical and assisted help in their homes, which is actually less expensive than paying for a nursing home. But even this can be a problem if they own property. When you go into a nursing home under Medicare, you are only allowed to keep enough for light spending money...I think in North Carolina it's less than $500 a month. NC and SC haven't set up a program for in-home care as of yet.


Myrtle Beach Manor

One retirement facility in Wisconsin has decided to let the new residents pay month-to-month until they can find a buyer for their home. But many retirees couldn't afford to do that either.
Some condos in cities like Delray Beach, Florida are so unsellable that the retirees are saying they are unable to find a real estate broker to list it. Thankfully, the Myrtle Beach condos market is nowhere near that point of bottoming out.

The Times says there are no statistics to track how many older Americans are in this situation. Mr. Minnix, from the Association of Homes and Services for the Aging was quoted as saying it could be a short-term stress or a crisis, at this point nobody is certain.

On average, the occupancy rates for retirement and assisted living homes have fallen around 2 percent this year, but in the worst areas of Florida and other states, it has dropped as much as 20 percent. One retirement village in southern Ohio, Bristol Village, reports that 65 percent of the elderly who have visited the facility cannot move in without selling their homes first.

According to a MetLife study, these retirement homes charge fees that range from several hundred to as much as $5000 a month. The average cost of assisted living is around $36,000 a year.

Mr. Williams of the Assisted Living Federation says that families are turning to adult day care services in the meantime. He says this is a dangerous thing if they are not able to get around by themselves.

“When they’re coming in at 85, they’re coming in very frail and needing services,” he said. “They can’t wait this out. They need the care when they need the care. That’s the scary part. You have people putting it off when they need care right now.”

Adding to the problem is the falling stock market and dwindling retirement savings of many of the elderly. Some barely make ends meet now, finding it hard to pay the taxes and insurance to keep their homes and maintain a good lifestyle.

For Mrs. Merlin in the audio interview above, 93 is a bad time to find herself in such a position. She's on oxygen now, and finds it hard to get around her condo. She needs day to day care, such as an assisted-living facility provides.

“I’m going to be 94, and I need help,” she said. “Making the bed is difficult. I need a little help taking a shower. Those things are difficult. I was a great cook, but I really don’t cook anymore. I bought the TV dinners, and they’re pretty lousy.”

No one has made an offer on her condominium, and Ms. Merlin said the retirement home had refunded the $1,000 deposit on the $130,000 unit she hoped to buy. Now, instead of moving, she said she had decided to stay.

“I just couldn’t go anywhere until I sold my apartment,” she said. “I and a lot of other oldsters are stuck.”

Read more about this in the full New York Times Article linked in the beginning of this posting.

If you are interested in retirement homes or assisted living communities in the Grand Strand, contact us through our website. We can help with that or any other Myrtle Beach real estate information you may need.

You may also want to think about the excellent retirement communities in Greenville, South Carolina. Flower Mound Texas retirement communities are a good choice for those out west.

Is the Depression Inevitable From The Real Estate Crisis?

It's not widely known, but the housing bubble, too much preconstruction, and the inevitable downfall of prices going up too far too fast was predictable. Credit becoming far too easy for those who can't support it, and today's foreclosure crisis was around before. Some very well-known folks were affected by it all. Listen and learn. Prepare to smile, though...:-)

Myrtle Beach Real Estate Agent Directory

I happened to be looking on the online Yellow Pages at the listings of Realtors and agencies in the Grand Strand, and was very disappointed in the look of those pages. It seemed that there was little or no order to the listings. Too many sponsored listings were in too many different places and it was near impossible to just look up the name and address of a particular agency.

To that end, I decided to make a couple of directory listing pages for Myrtle Beach Real Estate Agents and North Myrtle Beach real estate agents. At this time, it's just simple text, in alphabetical order, and easy to find an agency at a glance.

There were also many duplicates on the Yellow Pages, and I've tried to narrow it down to the true agencies without including builders or developers in the mix. At some point, if I find there is an interest in it, I may create some more pages just for the latter. I'll also do one for Surfside, Pawleys, and other areas when I have time.

At this time, I didn't include the website links. I don't care for Google to see just another bunch of links and discredit the pages. I don't mind adding a website link as an advertisement, but in this particular case, it would include a "nofollow" tag. So if you are looking strictly for advertising, contact me to discuss it. In the meantime, if you find these pages useful and would like me to expand to the other Grand Strand areas, please let me know!

Visit my other client sites at Greenville SC Real Estate and Flower Mound Texas Real Estate!

Broadway Station Condos Going to Auction

Broadway Station Condominiums in Myrtle Beach

It has been announced that these condos will be going to auction on Saturday September 28, and at least 40 of them will be at absolute auction. This will be a major opportunity for someone to purchase some of the most exclusive Myrtle Beach real estate around.

These elite Myrtle Beach condos are located between Hwy 17 Business and Bypass, near Broadway at the beach. Below is the annoucement on the JP King website:

Inventory Close-Out. With 87 premier condominiums to choose from, 40 will be selling absolute. This event is the perfect opportunity to purchase a Myrtle Beach condo in one of the most desirable locations of the Grand Strand.

Whether you stroll the lush, landscaped grounds of Broadway Station, relax by the pool or enjoy a family picnic by the lake, Broadway Station provides an ideal coastal lifestyle full of ease and convenience. Broadway Station is centrally located to some of the most coveted golf courses in the Southeast.

Broadway Station offers 1, 2 and 3 bedroom floor plans that are open and spacious. Most units come with balconies providing excellent views of the community’s lakes and pool. A limited number of garages and storage units will also be available at special auction day pricing.

Residents at Broadway Station can enjoy the spectacular Clubhouse perfect for entertaining, fitness facility, pool, Jacuzzi and poolside grills. Broadway Station offers an abundance of Pet-Friendly Green Space throughout the grounds.

Broadway Station is just a half mile from the beautiful white sands of Myrtle Beach and near Broadway on the Beach, home to the shopping and entertainment district of Myrtle Beach. Broadway Station is also centrally located to more than 100 golf courses and minutes from Coastal Carolina University and Webster University. Located just East of Bypass 17 at 38th Avenue, this desirable community is conveniently located minutes north of Myrtle Beach International Airport.

Be sure and visit the jpking.com auction site for more information.

Also see our new Oceanfront Foreclosures website for great deals all along the eastern coast.

Auction Summary

Broadway Station Myrtle Beach, SC

Saturday, September 27, 2008
Auction Time: 11:00 A.M. (ET)

Property Type: Condo - Permanent Residence

Phone: 1-800-558-5464

Fax: 256-546-3311

Email: auctioninfo@jpking.com
Get Brochure

Myrtle Beach Homes and Hurricane Hanna

Well, it's 10:37 pm here on Friday night, and everyone is sitting around waiting for Hanna to really hit us. Nobody evacuated, and there's not much excitement in the city of North Myrtle Beach about it, that I've heard.

Unlike Florida, seldom do the hurricanes and tropical storms really do much damage in Myrtle Beach. Especially in North Myrtle Beach, they most often skirt us and either hit Charleston or Carolina Beach. As you can see by the map above, North Myrtle Beach sits inside a sort of curve in the land, so I guess the storms jump over it.

What does that mean to the person that owns Myrtle Beach Real Estate? A lot less worry!

****

At about 7am on Saturday morning, the sun was out, the wind was gone, and you would never have known we had a storm. It was steamy hot all day with bright sun.

Here's a short video about our big hurricane. Picture yourself in a Myrtle Beach condo, enjoying the day after...:-) Visit our new site for a real-time listing of Myrtle Beach foreclosures too.

Myrtle Beach Foreclosures

If you are looking for Myrtle Beach foreclosures and short-sales, we have a listing of them on our new website for the best cheap oceanfront real estate.

We also have a contact now for the San Clemente California area and hope to soon get some Florida foreclosure experts signed up! Check out our new site at http://www.oceanfrontinvestments.com/. Foreclosures and Short-sales go very quickly. You will need to be prepared to investigate those that interest you and immediately start proceedings in order to get the best deals.

The Myrtle Beach Condostore website specializes in the marketing of Myrtle Beach Real Estate!

Greenville SC Real Estate

Our friends Lee and Mechelle Cunningham have started a really beautiful website for homes for sale in Greenville, South Carolina. It was designed by one of our website and IDX companies, Smart Realty Solutions, using Mechelle's photo of some flowers in one of their parks. I managed to re-design a Blogger blog to match it, and we're really proud. It's not quite finished, but I wanted to share.

We look forward to sharing referrals and networking with Lee and Michelle.

Visit the Greenville Homes Blog, too.

Myrtle Beach Real Estate

Condo Insurance

I've started a newly renovated website pertaining to Condo Insurance. I've tried to put some useful information on it such as Hurricane Tips, Florida Condo Insurance Information, and some Condo Insurance Quotes.

Nothing fancy, but hopefully it will prove useful.

Myrtle Beach Real Estate

1031 Exchanges-Selling That Rental Property

Tax laws changed several years ago to allow a seller to keep up to $250K in capital gains if he sold his primary residence. A couple was allowed $500K.

But selling a rental property doesn't afford those exclusions, and if you are lucky enough to MAKE any profit in selling investment or vacation real estate in this day and time, you may end up losing more than equity.

The "Infernal Revenue" people have a code section 1031 that can help real estate investors to at least prolong the agony of paying capital gains taxes when selling property other than your own home.

Called a 1031 Exchange, a "tax deferred exchange" or sometimes a "Starkers Exchange", the code is a bit complicated, strict, and important for everyone that owns real estate to know about.

If you sell property that is considered investment property, and you make more than what you paid for it, the amount of profit you make is subject to Capital Gains taxes, anywhere from 10% to 39.6%, depending on your income...

The way to avoid paying Capital Gains tax (really only deferring it until you actually do liquidate) is to buy another property equal to the first, known as a "like kind" property. It has to be the same kind of property - you can't exchange your vacation home for a motorhome. That beach condo can be traded for a house or a lot, but not a double-wide. And the replacement property has to be worth as much, COST as much, and be mortgaged for as much...or more. Any cash you receive from the transaction is called "boot" and will be taxed.

Interestingly, you can do a 1031 exchange on anything...it doesn't have to be real estate, just like-kind property. If you buy a cow for $500 and sell it for $1000, you can buy another cow for $1000, or maybe a bull, and put off paying capital gains tax on the first cow. But with cows or real estate, here are the other requirements:

From the day the sale closes, you have 45 days to identify the new property you are buying to the government. You also have only 180 days to close on the second one. Some investors delay the sale closing with extended escrow periods to give themselves time to find a second one. But your buyer might not appreciate that long escrow if he's under the gun too.

That's where an "exchange facilitator" or "qualified intermediary" comes into play. One of the tightest restrictions in a 1031 transaction is that you, as a seller, cannot touch or even have the ability to touch the proceeds of the first sale. You can't put the money in a bank account. You can't give it to your mother-in-law to hold, either.

But you can assign your selling rights to a professional 1031 intermediary to handle, and many of them can actually find your "like kind" property as well. These 1031 companies work from both sides, having the best investment property investigated and lined up waiting on the 1031 customer who needs them. They may also offer a "Tenant in Common" option where several investors purchase property together using their expertise.

Since the facilitator or Qualified Intermediary actually has control of your funds, you need to be sure they are bonded and experienced. If you go the one step further and use them to choose your next property, this is even more important. Check references, verify experience, and enjoy the money you put off giving up for taxes.

For 1031 Exchange information on the east coast, see the website www.1031Commercial.com. If you are located in the North Texas area, Jack Ragsdale can do 1031's with Flower Mound TX estate, Frisco TX real estate, and other nearby cities.

When it comes to Myrtle Beach real estate, the Myrtle Beach Condostore is your best source.