Here are two good movies to watch and a few useful websites on the subject: 

The Meltdown

The House of Cards

The Everything You Need Foreclosure Site - My gift to you

How to get your hands on some of that Obama Money for your Turf

Foreclosures 101 - Analyze Foreclosures by State, County and Zip Code

So much for "How Did We Get Here?"

How Do We Get Out?

You have the answers.  Please share!

Mirela Monte, Your Myrtle Beach Real Estate Foreclosure Connection

Once reserved for those unfortunate few, the term "Foreclosure" has entered our national consciousness.   Do you know how your neck of the woods is faring in comparison with the rest of the country?

Click Here to Check Foreclosures by zip codes.

Click Here to Check Foreclosures by States.

Click Here to See if Your County is in the top 50 Most Impacted by Foreclosures.

Mirela Monte, Your Myrtle Beach Real Estate Connection

Luxurious three and four bedroom oceanfront condos with gorgeous views of the Atlantic and superb amenities, The Mar Vista Grande lives up to its name. 

I call it the Little Margate, but aside from the price, there is nothing little about it.  Fashioned in the Grand Style of the Margate Tower by the same corporation that created that exciting project, Mar Vista Grande has everything the Margate has, without the high dollar tag.

Oceanfront units start in the $550's. 

Mirela Monte, Your Myrtle Beach Oceanfront Connection                            Proud Optimist!

We currently have 13 listings available for sale at Quail Marsh.  The lowest price on available units at Quail Marsh is on my own listing, for unit C-101 located on the first floor.  The condo has been rented to the same tenants for the past 3 years and they are paying $675 per month.  If you are interested in purchasing it, please send me an e-mail.  Everything can be done by fax and e-mail; you don't have to be here to close.  I have video clips and pictures of the complex and the unit.   We can facilitate all professional inspections for your peace of mind.

Quail Marsh is an ideal investment property.  If you plug in the numbers you'll see for yourself.  About 90%+ of the units are investor owned. 

What Quail Marsh is NOT: 

Not good for the owner who wants to use it when visiting the Beach and rent it the rest of the time.  Stay oceanfront for that, or at least walking distance to the Beach!

What Quail Marsh is PERFECT FOR:

•1.     The Investor who just wants to rent it and doesn't care about using the unit.

•2.     Anyone who wants to live downtown, close to all the action with walking access to practically everything:  Broadways At the Beach, Celebrity Square, Sam's, Target, TJ Maxx, Russ and all those major stores, doctors, bars and restaurants.

•3.     The visitor who wants to keep a condo in Myrtle Beach to use when he's here.  It's close to everything, including the airport.  Especially perfect for two or three buddies who like to party hard while on vacation: you can practically stumble home from the many pubs located right across the street.  Just don't tell your momma I said that!

*To find out what has sold at Quail Marsh click here!

Mirela Monte, Your Myrtle Beach Real Estate Connection                          Proud Optimist

Quail Marsh is a well maintained condo project located in the heart of Myrtle Beach, right across the street from Broadway at the Beach.  All the buildings are Quads (4 units), with two floors, so each building contains a total of 8 units, and each unit is a corner unit.  All the units are 2BR/2BA. 

The buildings are simple and all brick, with plenty of parking and swimming pools.  Most of the units are investor owned and rented to tenants.  The HOA fees (Homeowners dues) cover the building insurance, water, trash, sewer, basic cable, pool, landscape service and general maintenance.  In a place such as Myrtle Beach, where it is not uncommon to encounter HOA fees of $500+ for one bedroom condos, the low HOA fees at Quail Marsh seem almost too good to be true. 

With 20% down, these units cash flow nicely and make a superb investment.  Most investors think there is a catch when I give them the numbers; they just seem too good to be true.  You can buy a unit for as little as $42,000 and rent it for $675-$725.  Not too shabby!

Here are all the sales transacted at Quail Marsh for the past six months:

Quail Marsh Condos Sold in the Past 6 months: 

As you can see, we've had four transactions at Quail Marsh within the past 6 months, with the highest sales price at $52,000 and the lowest at $42,000.

Click here for part II

Mirela Monte, Your Myrtle Beach Real Estate Connection

We currently have 6,291 single family homes available for sale in the Myrtle Beach Area.  Of these available listings, a total of 374 homes have been sold during the months of January and February 2009.  That is a sales activity rate of 2.97% per month.  At that rate, it will take us 2 years and 9 months to sell out of our current inventory.

Which price points have the most activity?  Here is the break-down:

#        Price Range:                      Available:       Sold:             % Sold per month:

1.       $ 1,000-$99,999                     413             45               1.22%

2.       $100,000-199,999                   1,846          171             4.63%

3.       $200,000-299,999                   1,502          93               3.09%

4.       $300,000-399,999                   835             26               1.56%

5.       $400,000-499,999                   475             14               1.47%

6.       $500,000-749,999                   490             9                 0.92%

7.       $750,000-999,999                   283             7                 1.23%

8.       $1,000,000 & up                      447             9                 1.00%

The price point with the most available inventory is also the one with the best sales:  the $100,000-$199,999 price point, which has a monthly sales activity of 4.63%.  

The second most popular one is the $200,000-299,999 category with 3.09% monthly sales activity. 

The Least popular price point in the Myrtle Beach area for January and February is the $500,000-749,999 category with monthly sales of under 1%.

Why is this pricing break down significant?  For many reasons.  Here is an example:  if your home is priced at $305,000, your potential success rate of producing a sale is only 1.56%.  Lower that price to $299,999 and your odds practically double.

Here is another example:  if you are a buyer in the market for a $500,000 to a $749,999 home, you know you can be even bolder than the current market permits, for those sellers' odds are the worst right now and their motivation may be at a peak level. 

If you are the seller of a home priced between $100,000 and $199,999, you are only looking at 1 year and 9.5 months of possible wait time versus the 9 years it would take a Seller of a home priced between $500,000 to $749,999, and that's a significant difference, don't you think? 

Oh, so NOW, you're finally paying attention to the numbers?

Mirela Monte, Your Myrtle Beach Real Estate Connection             Join The Snapshot of the Real Estate Market Group

I am very picky when it comes to food.  I like fresh and healthy dishes with the most wholesome ingredients.  I am probably the hardest client to please, so when I like a restaurant, it's a BIG thing. 

Jay's Asian Fusion in Longs, SC, has diligently tended to my palate since they opened last year.  The food is always good, always fresh and ever so yummy.

Whether I'm in the mood for Sushi, Japanese, Chinese, or Thai, Jay's Asian Fusion delivers.  In my take-out order tonight, the rice to one of our dishes was missing.  I called and spoke with Eric Lin, the owner and guess what?  He personally delivered the rice to my home.  Not only that, but he also brought us some awesome sushi as a gift.  Eric's extraordinary service prompted me to write this blog and brag about my favorite Chinese, Japanese, Thai Restaurant.   

When you're in the North Myrtle Beach area and you feel like having some great Asian Cuisine, please check out Jay's Asian Fusion.  They have Japanese Tatami style eating (I call it sit your rump on the floor on these little pillows eating), regular restaurant style eating (intimate & group), as well as take out.  They serve Lunch and Dinner and they are open late on Fridays and Saturdays. 

The food is always fresh, wholesome and authentic, not to mention, the owner is a heck of a nice guy.   Tell them Mirela sent you!   Be sure to try their nurturing Chinese Vegetable Soup.  If you're feeling blue, it's the thing for you.  Yum!  I always feel better after eating it. 

Mirela Monte, Your Myrtle Beach Connection              Join The Optimist Group!

Smart Realtor Series:  Pricing The Listings:

Tim Moncrief, Co-Owner-Bartlett RE Group (Keller Williams Realty )

We are doing a disservice to clients if we are not firm with them on the reality of the situation.  I tell my prospects that this is gut check time and you may want to throw me out the window, but my job is to tell you the reality of the market, not to gain a listing.  My last three listings this month were $80,000, $60,000 and $40,000 under my competitors; yet I won the listings.  Your sellers will appreciate the honesty.  Either hurt them now, or let them be hurt by foreclosure should you not tell them. How can any agent not have the heart to tell people the reality and allow them to go to foreclosure?

Bruce & Sandy Soli (Intero Real Estate Services)

This conversation seems to be easier and easier these days.  We are finding that our sellers are truly getting it and starting to price right if they really want to sell.  If they don't they are wasting everyone's time even considering being on the market.  More professionals need to stand up and cut to the chase!

Sandy Childs

It is not easy to tell a seller that they have lost money on their house, but we are going to have to do it. None of us, who are dedicated to professionalism and to being the best of the best, should ever allow a seller to drastically overprice their home. The results are devastating for the seller and frustrating for the agent. The house will stay on the market longer and most probably end up selling for less or worst not selling and going into foreclosure.

Brian Block -- Northern Virginia & D.C. Real Estate (RE/MAX Allegiance)

The CRS listing class highly emphasizes absorption rate pricing and presenting it in your listing presentations.  I've been using it now for about 6 months since taking that class.  Very few other agents use this so sellers aren't familiar with it, but once you explain it to them in simple terms, it makes a lot of sense and makes you stand out from the crowd.

Christina Asad Edwards @ www.DaytonOhioHouse.com (Real Living Realty Services - #1 in Ohio!)

I do a Highest Price Analysis; it is a combination of a Comparative Market Analysis and a Trends Analysis Report, showing the months of inventory versus sold, etc. It works very well with clients since it encompasses MORE than most would show.

Chris Elizabeth Griffith ~ Bonita Springs Fl Real Estate (Keller Williams Elite Realty, Bonita Springs, FL)

There isn't a listing presentation or an even a contract presentation to sellers that I don't have an absorption rate prepared and ready. 

Most the time the listing agent has no skills to show their seller that there is nine years of inventory in their neighborhood and they'd be wise to consider any offer they get.  You can bet I let them know when I hand them a contract.

What are some of your thoughts on the subject?  Impart the right advice and run the risk of becoming part of this blog!

Mirela Monte, Your Myrtle Beach Connection                         Join The Optimist Group!

What do you do when you work hard to get a short sale or REO deal approved, and you miss the boat by a few hours?

You blog about it and try to get another Buyer.

Here is the scoop:

Waterway Community Brand New Spec Home with Gorgeous Water Views  I have a 5,000 sq.ft. Waterway Community brand new Bank Owned home that is about 90%+ complete.  The appraisal done on behalf of the Buyer came in at $500K.  The bank accepted right under $400K.   I am told the Buyer can not obtain the financing necessary to buy it.  We have a pre-approval letter on file, but not a commitment letter.  I am not the Buyer's agent, so I'm not privy to all the gory details.  The fact is:  This is an awesome deal.   Fresh out of "not closing", looking for new buyer. 

Mar Vista Grande, One of the most luxurious Oceanfront Buildings in the Myrtle Beach Area:  Amazing opportunity on a 3BR/3BA Oceanfront condo for the lowest price EVER!!!  I can't disclose it here, because it would mess up other deals.  Long, contorted story not worth telling.  Bottom line:  it's now wide open for the Buyer willing to pull the trigger pronto.  I will be calling my investors this evening on it (hopefully some of them will be reading this blog and calling me).

Waterway Community Home #2:  Also Bank Owned.  Buyer could not get the financing.  Price is phenomenal.  Will be available to bid on later today.  In the latter $300's.

There I said it!   These are all fresh and will most likely go to the very first Qualified taker, so time is of the essence.

Mirela Monte, Your Myrtle Beach Real Estate Connection

Alchemists...  In the dark ages they promised to make gold out of dust.  Today's "alchemists" promise to turn debt into wealth.   We're constantly bombarded by ads that promise "something for nothing".

Who falls for this stuff anyway?  Why do people think you can get something for nothing?  Have we been so brainwashed, so conditioned by our society to actually believe that getting something for nothing is an actual possibility? 

Is that part of the reason we are in this economic quagmire?  "Come one, come all:  we'll give you money for free if you just promise to pay it back."  100 LTV on investment property with nothing but an ‘I OWE YOU'...

Our parents wouldn't dream of even entertaining thoughts of buying a home without having at least 20% to put down on it.  We've watered down our education, we lavish our kids with the latest gadgets, we expect the easy lifestyle promised by oh, so many ads...  Are we the product of our own greed and aggrandizing notions? 

What happened to working for a living?  

Mirela Monte, Your Myrtle Beach Real Estate Connection

This eye opening video should be watched by everyone in our industry.  This documentary is an amazing analysis of our banking and housing debacle. 

You absolutely have to watch this!   Please click on the link below to watch it!

http://www.pbs.org/wgbh/pages/frontline/meltdown/view/

You will learn the following terms, which I predict will no doubt become mainstream within the next few years: 

"Toxic mortgage contagion"

"Credit default swaps" = mysterious instruments that only financial wizards could understand.

"Systemic risk"

"Moral Hazard"

"Capital Injections"

"Toxic Assets"

Please come back after watching it and let us know what you thought of it!

Mirela Monte, Your Myrtle Beach Real Estate Connection              Join The Optimist Group!         

...Where we deal with the Reality in constructive ways.  Knowing the truth is the first step to finding solutions...

Listed above, you will find ALL the properties SOLD in Garden City located within walking distance of the Beach (East of Hwy.17), sold in the past 3 months.   As you can see, only 3.82% of the inventory has sold during the past 3 months.  That's a sales activity of 1.27% per month.  At that rate, it will take 6.5 years (yes, six and a half years!!!) to sell out of the current inventory.

There are currently 157 Listings available for sale in Garden City, located East of Hwy. 17 (walking distance to the beach).  Of these 157 listings, only 9 properties have contracts on them and are waiting to close (which represents only 5.73% of the available inventory).

Although the offer my client brought is considerably less than the asking price, it was based on reality.  Here are some EXACT COMPS for the property my client bid on:

609-B XXX Drive - shows as expired -  with listing agent XXX, but it actually sold for $197,500.

611-A XXX Drive - shows as pending at $199,900 - will close soon for $192,000.

These are both IDENTICAL units to the one you have for sale.  There is absolutely no difference between these three units.  They are right next door to your listing, with the exact same amenities and in the exact same condition as your listing.   

Based on the above information, my client's offer was not only realistic, it was actually generous. 

Mirela Monte, Your Myrtle Beach REO Specialist