Myrtle Beach Real Estate by Mirela

Myrtle Beach Oceanfront Slaughter Fest:

Baywatch Resort in North Myrtle Beach SC



My, what a difference four years make…  Our oceanfront condo prices have been sliced and diced. 


Take Baywatch Resort for example.   In 2005 a one bedroom oceanfront condo was selling for $330,000.  This year, my Buyer client garnered the same unit for only $110,500.   Sure, it was a bank foreclosure and my Buyer paid for it in cash, but nothing other than the timing was different.  Same condo, different year.  Discount: about 66%!!!


This is not an isolated case.  We’ve had a slaughter fest on Myrtle Beach Real Estate this year.   To illustrate my point, I am submitting the evidence: a side by side comparison of 2009 and 2005 prices and activity at Baywatch Resort:


Baywatch Resort – 2009 Sales Activity vs. 2005 Sales Activity:

                  

2009:                                                                          2005:

Size:

Sold for:

 

Units sold:

Sold for:

Units sold:

Efficiency

$63,000

 

1

$100,000-$230,000

13

1BR/1Ba

$110,500-$175,000

 

23

$211,000-$330,000

48

2BR/2BA

$209,000-280,000

 

12

$340,000-$540,000

25

3BR/2BA

$241,200

 

1

$425,000-$600,000

5

                                                                                                                                     


Mirela Monte, Your Myrtle Beach Oceanfront Realtor                           

 


 

11 comments • Myrtle Beach Real Estate by Mirela Monte • November 24 2009 09:47PM

Comments

Hard to believe, but true! 

Posted by Mirela Monte, Your Myrtle Beach Real Estate Connection over 2 years ago

Hello Mirela and it is amazing and Vegas is very similar, do you think the prices will go down anymore? And it really looks like you have some really great deals to be had in Myrtle Beach!

VB ;o)

Posted by VEGAS BOB (REALTY ONE GROUP - LAS VEGAS, NEVADA 702.443.7156 ) over 2 years ago

Incredible, and it is hard to believe we do not have more buyers out there with great rates, and fantastic deals!

Posted by Ellen Crawford-Virginia & Maryland Real Estate (Prudential PenFed Realty) over 2 years ago

Hi Mirela... YIKES! I can't believe this, but it's a compelling case right before my eyes.

Posted by Steve Shatsky - Dallas Real Estate & Short Sale Specialist (214)213-0340 (Prudential Texas Properties) over 2 years ago

Mirela, the non-age restricted communities in Surprise is experiencing similar trends.

Posted by Phoenix Retirement Communities Sun City Grand real estate homes (Sun City Grand Leolinda Bowers Ken Meade Realty) over 2 years ago

Hi Mirela,

I like it,great prices for this beautiful Oceanfront property.

This is it !

Posted by Eva Erdmann (Lion International Inc.) over 2 years ago
There are not too many rental homes in Myrtle Beach. Try iolgogng North Myrtle vacation homes, and see if you get any hits.If you can stay a little farther away, Oak Island, NC, between Wilmington and Myrtle is very nice Or Edisto Island SC to the south of Myrtle. You can rent a house at either one of these places starting at $500 or 600 a week in low season.You can probably find a condo rental in Myrtle, though. (Sorry, I was thinking only of beach houses!) Again, Google Myrtle beach vacation rentals.We stayed at the Best Western Grand Strand last year. You would have to have 3 rooms, but it had a kitchenette and was right across the street from the ocean. Also had hot tub, lazy river, and a pool. Our grandkids had a blast!References :
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