In January I posted a blog showing the sales activity on Myrtle Beach Area Oceanfront homes for the previous 6 months. The first table below denotes the sales activity for the last 6 months of 2008.
I just pulled sales activity for the first 6 months of 2009 on Myrtle Beach Area Oceanfront homes, denoted here in the second table below.
I was stunned to find a 38% price drop on the per square foot sales price of these homes for the last 6 months activity compared to the previous 6 months’ period. Incredible, but true!
Here are some great Oceanfront buys that transpired during the past six months:
A Duplex sold by yours truly… Yes, I had the pleasure of representing Buyers in this extraordinary deal, making it the most affordable oceanfront duplex sold in the past 6 years: A total of 10 Bedrooms and 8 Bathrooms set in the sand in a most idyllic location with extraordinary views for a mere $850,000.
The least expensive Oceanfront Home transaction for the past six months was a 42 year old 4BR/2Ba Home in Cherry Grove Beach, sold for the incredible price of $650K.
The most expensive Oceanfront Home transacted in the past 6 months was this extraordinary Oceanfront Mansion. With a total of 7,250 sq. ft. of gorgeous custom construction, this majestic 5BR/5BA/2HBA was a Bank Owned property and sold in June for only $2.1MIL.
We currently have 143 Oceanfront Homes available for sale in the Myrtle Beach Area. That means that only 1.05% (1.0489 to be exact) of our Oceanfront Home inventory is being sold per month. At that rate, it will take almost 8 years to deplete our current inventory. I guess you could say that if you are an Oceanfront Seller, you are not faring too well. Oceanfront Buyers? This may be a good time to go shopping for that Oceanfront Home in Myrtle Beach!
Mirela Monte, Your Myrtle Beach Oceanfront Connection Proud Optimist!
|
Summary Statistics for last half of 2008 |
||||
|
|
High |
Low |
Average |
Median |
|
List Price: |
$4,375,000 |
$995,000 |
$1,854,800 |
$1,500,000 |
|
Sold Price: |
$3,900,000 |
$806,000 |
$1,649,342 |
$1,500,000 |
|
ADDRESS |
Area |
Price |
BR |
Appx Age |
Total SQFT |
DOM |
List Price |
Sold Price |
$/Total SQFT |
|
1091 Ocean Blvd. West |
North Carolina |
$806,000 |
5 |
17 |
3101 |
398 |
$1,094,000 |
$806,000 |
$259.92 |
|
2804 N Ocean Boulevard |
North Myrtle Beach - Cherry Grove |
$905,000 |
6 |
52 |
2989 |
587 |
$995,000 |
$905,000 |
$302.78 |
|
4102 N Ocean Blvd. |
North Myrtle Beach - Cherry Grove |
$950,000 |
6 |
14 |
2500 |
83 |
$1,399,000 |
$950,000 |
$380.00 |
|
5904 N OCEAN BLVD. |
North Myrtle Beach - Cherry Grove |
$1,025,000 |
5 |
34 |
1750 |
88 |
$1,299,900 |
$1,025,000 |
$585.71 |
|
903 W Main |
North Carolina |
$1,250,000 |
4 |
35 |
2074 |
568 |
$1,490,000 |
$1,250,000 |
$602.70 |
|
606 N Ocean Blvd |
North Myrtle Beach - Ocean Drive |
$1,500,000 |
6 |
38 |
2001 |
98 |
$1,500,000 |
$1,500,000 |
$749.63 |
|
302 ATLANTIC |
Pawleys Island Beaches |
$1,625,000 |
4 |
55 |
1701 |
185 |
$1,750,000 |
$1,625,000 |
$955.32 |
|
1089 S Waccamaw Drive |
Garden City |
$1,706,765 |
5 |
10 |
3300 |
124 |
$1,950,000 |
$1,706,765 |
$517.20 |
|
130 Seaview Loop |
Litchfield Beaches |
$1,875,000 |
5 |
46 |
4150 |
290 |
$1,999,900 |
$1,875,000 |
$451.81 |
|
1405 DeBordieu Blvd. |
Pawleys Plantation South |
$2,600,000 |
5 |
16-20 yrs. |
4500 |
167 |
$2,550,000 |
$2,600,000 |
$577.78 |
|
999 NORRIS DR. LOT #17 |
Litchfield Beaches |
$3,900,000 |
6 |
3 |
6774 |
234 |
$4,375,000 |
$3,900,000 |
$575.73 |
|
Total Listings |
|
|
|
|
|
Avg |
Avg |
Avg |
Avg |
|
11 |
|
|
|
|
|
256 |
$1,854,800 |
$1,649,342 |
$541 |
Summary Statistics for First 6 months of 2009:
High
Low
Average
Median
LP:
$2,075,900
$650,000
$1,387,188
$1,265,000
SP:
$2,100,000
$650,000
$1,201,488
$1,200,000
$335
RESIDENTIAL - Sold
Price
EstSqFtUR
BR
Appx Age
ADDRESS
Total SQFT
DOM
LP
SP
$/Total SQFT
$650,000
06 1401-1500
4
55+
4302 N Ocean Boulevard
1400
427
$650,000
$650,000
$464.29
$806,000
10 1801-1900
5
17
1091 Ocean Blvd. West
3101
398
$1,094,000
$806,000
$259.92
$850,000
33 4101-4200
10
11-15 YRS
204 A&B S WACCAMAW DR
4200
169
$999,900
$850,000
$202.38
$1,000,000
12 2001-2100
5
41+
1500 N Ocean Blvd.
2050
72
$1,200,000
$1,000,000
$487.80
$1,200,000
42 5001-5100
4
NEW
3311 S OCEAN BLVD UNIT A
5000
85
$1,500,000
$1,200,000
$240.00
$1,242,500
27 3501-3600
4
50
670 Springs Ave.
3550
476
$1,700,000
$1,242,500
$350.00
$1,265,000
21 2901-3000
4
19
732 Springs Ave.
2850
50
$1,265,000
$1,265,000
$443.86
$1,699,900
52 Over 6000
4
17
174 Beach Drive
6000
210
$1,999,900
$1,699,900
$283.32
$2,100,000
52 Over 6000
5
23
8000 E Beach Drive
7250
109
$2,075,900
$2,100,000
$289.66
Total Listings
Avg
Avg
Avg
Avg
9
221
$1,387,188
$1,201,488
Because the original figures were pulled in January of 2009, there is a slight overlap of one property appearing in both tables.
Writing these statistical blogs has helped me understand my market better than I ever have. I strongly recommend this practice to my Realtor friends.
Mirela - It is amazing to me that the correction of pricing oceanfront property would be so drastic and still such a significant adjustment in 2009. Good luck with this type of offering in your market. All the best.
Nice figures. Thanks for bringing those to our attention.
Wish I had the cash, I have been there many times and would love a second home there...:)