Myrtle Beach Real Estate News
What may not be good for the investors who bought condos intending to “flip” over the past couple of years, has turned into good news for buyers and investors who waited.
According to our local Board of Realtors, condominium sales in the Grand Strand dropped 41 percent in the first quarter of 2007.
Although this is lower than the same quarter in the past three years, it’s still higher than it was before the condo boom of 2005. Prices of real estate along Myrtle Beach’s sandy coastline nearly doubled at that time, and condo sales reminded one of our twice a year run of “spots”, a local small fish that migrates through and permeates our waters in October and March.
When the spots run, you can throw in an un-baited hook and pull up a fish as fast as you can take it off and throw it back again. Such was the way condo buyers hit the beaches and resorts during the 2005 craze. If you had a preconstruction condo project, and you announced it publicly, you had sales… or at least deposits for them.
Many people made a lot of money in the very early days of the rush. Building was slow and the first developments that sold out were built and skyrocketed in price. The problems began after things continued to boom. Construction companies and builders were unable to handle the business load, and began to double the building costs to get a piece of the action. Eventually their prices made it nearly impossible to finish the projects that sold originally for lower prices.
The doom-sayers started predicting bubbles long before there were any, and after a while the investors grew scared so sales began to slow. Developers who could have afforded the padded building costs became unable to sell the last few units required to obtain the bank funding. Although North and South Carolina never did have a “bubble”, per se, the condo rush slowed to a trickle, and many of the projects never materialized.
Over the past 6 or 7 months, prices have dropped somewhat on Myrtle Beach condos. A 2 bedroom that was originally $70,000, and had jumped to $130-$150,000, has now leveled off to $110-$120 instead. Read more
Searching for Honolulu Real Estate
Searching for homes here on Oahu can be very fun and exciting. Honolulu is one of the most exciting cities in the world to live. Honolulu real estate can be whatever you need it to be: family home, corporate condo, vacation getaway, or international pied a terre. American Dream Realty specializes in Oahu real estate, and we keep our eyes and ears open every single day, to give our clients the “insider’s track” to prime opportunities. Hawaiian property comes up on the market fast, and goes just as quickly, so it’s important to work with an aggressive, energetic realtor to secure your dream home.
Here at American Dream Realty, we don’t just “sit in the office.” Instead, we listen to you to get a feel for what you need in a property as concerns price, size, and proximity to marinas, beaches, nightlife, parks, schools and healthcare centers. We also ask you what character of neighborhood you are looking for. Lively? Quiet? Central or, perhaps, on the water? Then we get to work, searching every available property, and pounding the pavement to find others. Read more