Myrtle Beach Real Estate by Mirela

Myrtle Beach Oceanfront Condos: Should You Buy Now?

 

Views from an Oceanfront Bank Owned Condo in Myrtle Beach

 

There are currently 2,342 Oceanfront condos for sale.  In the past 90 days, 284 such condos have been sold.  Based on these figures, 4.04% of our Oceanfront condo inventory is being sold per month.  At that rate, we have a little over 2 years worth of inventory.

 

Lowest Sold:

$37,000 for a less than 400 sq.ft. Efficiency at M Grande Resort

$38,000 for a 400+ sq. ft. Efficiency at the Landmark Resort

$40,000 for a 500+ sq. ft. 1BR/1BA at Caravelle Tower

 

Highest Sold:

$1,875,000 for a 3,000+ sq.ft. 5BR/4.5BA at Vista del Mar – Grande Dunes

$1,255,550 for a 3,000+ sq.ft. 5BR/4.5BA at North Beach Plantation

$1,225,000 for a 2,100+ sq. ft. 3BR/3BA at The Warwick

 

Here’s where the story becomes interesting:

Of these 2,342 Oceanfront condos, 59 of them are Bank Owned properties.  Of these REO’s, 26 are currently under contract, 18 of them for cash, leaving us with only 33 Oceanfront REO’s on Active status.  So, of the “available” Oceanfront REO’s, 44% of them are already under contract, waiting to close.

 

In the past 90 days, 49 Oceanfront Bank Owned Condos have been sold.  Compare that with the current inventory and you have an 83% sell through.  Not too shabby, wouldn’t you agree?

 

I just closed on an oceanfront Bank Owned condo today.  In it’s heyday it was selling for over $680K.  Do you want to know the price my Clients bought it for?  Are you ready for this?  A 3BR/3BA, over 1,650 sq.ft. of Oceanfront Bliss, fully furnished for only $290,000!!!  Yup, incredible, but true!  Now, this REO Oceanfront condo thing is starting to add up, isn’t it?

 

Mirela Monte, Your Myrtle Beach Oceanfront Realtor             

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Comment balloon 6 commentsMirela Monte • October 05 2009 09:27PM

Comments

Mirela -

Great Information!  Very Informative!!!  I was actually owndering how the MB market was doing - I visit several times a year - only being 3 hours away in the Cary NC area.

Posted by David Williams (CaryRealEstate.com) almost 11 years ago

Thank you David!  The market for reo's is red hot right now.

Posted by Mirela Monte, Myrtle Beach Real Estate (Buyers' Choice Realty) almost 11 years ago

Mirela,

Beautiful view,nice property and great prices,it should sell like crazy.How high is a monthly Association fee there on average?

Zijuzijazijana

Posted by Eva Erdmann, interior decorator (Lion International Inc.) almost 11 years ago

Eva:  There is no "average".  A 1BR condo could cost over $600 per month or under $300.  I've seen $2,000 (per month) HOA fees and I've seen $200 HOA fees.  That is one of the very important things to look at.

Posted by Mirela Monte, Myrtle Beach Real Estate (Buyers' Choice Realty) almost 11 years ago

Any idea how many of those oceanfront's are Short Sales?  Those will eventually become REO's the way banks appear to be not working with sellers and if you're looking for a condotel there are no 30yrs, just 5's and who wants to get into something that caused the problem we currently have? I've seen stuff that went into foreclosure more than a year ago and is still not an REO, just a short sale. We've looked at some and on those, the bank is absolutely refusing to budge even though the average listing prices are dropping around them.  Personally, I'm kinda waiting for them to give in.

Posted by Casey almost 11 years ago

Casey, Casey, Casey:  As you can notice in the blog above, 18 of the 26 reo transactions are for cash. 

Right you are!  Financing these has become quite a struggle.  It also varies from day to day: taking out programs, putting programs in; no financing for condotells, no financing if it's under 400 sq.ft., no financing if there are too many investor owners....  the list goes on and on. 

The Banks don't care; they know that whatever mistakes they make will be duly rewarded by our fine politicians...

Posted by Mirela Monte, Myrtle Beach Real Estate (Buyers' Choice Realty) almost 11 years ago

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