Willis Journal - Myrtle Beach Real Estate Analysis

The Willis Journal is a real estate analysis journal for Myrtle Beach and the surrounding markets giving an analysis for the area and some of the communities. The Willis Team Professionals have created this information to help our public to better understand what is currently going on in the real estate market. You will see that we also have created an analysis for specific communities within some of the cities in and around surrounding areas. We are located in Myrtle Beach, South Carolina. Our site will be updated with real estate sales analysis for the Myrtle Beach market on a regular basis.

Myrtle Beach Real Estate Analysis YTD

July 26th, 2010 by Larry Willis

Year to Date through June 30th, 2010 MLS Statistics

The year 2010 will be one of the most interesting years as far as most of us will see in our life time.  With the extremely low interest rates along with the Great Deals available, it is a once in a lifetime opportunity for someone to make a great investment in real estate.  People are still sitting on the side lines thinking the market may get worse while others have already made the purchase.  If you are planning to finance the property, now is the time to make the move before rates go back up.

If you were to purchase a $200,000 property at today’s interest rate, of approximately 4.75%,(payments of $834.64 on $160,000) versus waiting until the rate goes back up, to 6.75%, (payments of $1,037.76 on $160,000) and put 20% down; you will have saved $73,123 over the life of the loan.  Another interesting point is basically you could afford a home that is worth $73,123 more today.  That is an astonishing 36% increase in the value of your property.  As you can see from this analysis, if you wait, you are going to lose out on a great deal.

We have just completed doing the YTD sales for our market as reported by the CCAR MLS and have the results shown for you below:

Units Sold

% of Asking Price

% of Distressed Sales

Regular Re-sales

Residential

2,066

92.91%

25.27%

74.73%

All Condos

1,751

91.64%

37.80%

62.20%

Ocean F/V

781

90.07%

43.14%

56.86%

Land

364

81.29%

36.54%

63.46%

We still have a lot of short sales and foreclosures available and they are definitely having a huge impact on values of property here at the beach as it is probably affecting your local market.  Some of our clients need to sale a property in another area of the country before they purchase a property here at the beach.  Let us know how we can help you, we will be glad to assist you with any questions.

Be ready for some great things happening at the beach!!
Life’s A Beach and We Sell It!!
The Willis Team

Information is deemed reliable but not guaranteed

Stipulation of Sale – Myrtle Beach Real Estate Market

June 26th, 2010 by Larry Willis

Another update from Larry Willis of the Willis Team at SC Beach Real Estate. In this update I will be explaining the differences in stipulation of sale as compared from list price to accepted price. These numbers are based on the CCAR MLS statistics and are only based on what has sold. For more information call me!

Boardwalk Oceanfront Tower – Oceanfront Condos

June 11th, 2010 by Larry Willis

Myrtle Beach has seen many changes this past year. It’s no wonder Boardwalk Oceanfront Tower has been distinguished as one of the best Oceanfront Developments along the Grand Strand!! With great rental history and accommodations in such a magnificent Oceanfront Resort, you are setting the standard along the BEACH!! To give you a better understanding of the activity at Boardwalk Oceanfront Tower, we are presenting you with a market analysis as provided by the CCAR/Multiple Listing Service as of June 9, 2010.

In 2009, Number of Bedrooms Number of Units
23 units were Sold 1 Bedrooms 18
  2 Bedrooms  5

In just the last 90 days there has been Four (4) Sales already, which is fantastic!!! The MLS shows there are a total of Eighteen (18) units Listed with Eight (8) under contract, which means there are 12 Sales projected already for 2010 and this is in line to surpass all of last year!!!

Caravelle Resort – Oceanfront Condos

June 8th, 2010 by Larry Willis

Being a resident in Caravelle Resort we are sure you know this has been distinguished as one of the most demanding Oceanfront Developments along the Grand Strand!! With great rental history and accommodations in such a magnificent Oceanfront Resort, you are setting the standard along the BEACH!! To give you a better understanding of the activity at Caravelle Resort, we are presenting you with a market analysis as provided by the CCAR/Multiple Listing Service as of June 10, 2010.

In 2009, Number of Bedrooms Number of Units
38 units were Sold Efficiency 9
  1 Bedrooms  29

There has been 12 (12) Sales already in 2010!!! The MLS shows there are a total of Thirty-Four (34) units Listed with Twenty-One (21) under contract, which means there are 33 Sales projected already for 2010 and this is just the 1st half of the year compared to all of 2009!!!

Avista Oceanfront Resort – North Myrtle Beach

June 7th, 2010 by Larry Willis

Avista Resort has been the most desirable resort since the development’s inclusion; we wanted to let you know about the activity in your Resort.  We are presenting you with a market analysis as provided by the CCAR/Multiple Listing Service as of June 7th, 2010.  

In 2009, Number of Bedrooms Number of Units
30 units were Sold 1 Bedrooms  16
  2 Bedrooms 5
  3 Bedrooms 9

There has been Eight (8) Sales already in 2010!!!  The MLS shows there are a total of Thirty-Eight (38) units Listed with Four (4) under contract.
                    
As you can see, it was an eventful year for 2009 and looks like we are headed for a great season in 2010.  With this trend continuing, NOW is a perfect time to list your condo!

We understand that successful real estate transactions are the product of around-the-clock service; utilization of the latest technology and innovative marketing strategies.  Studies show that over 86% of all Buyers are now looking over the internet before purchasing a Property!! Wouldn’t it be nice to have a Team that is at the Forefront of Technology here at the Beach?? Our marketing methods are effective and are designed to target the unique characteristics of Avista Resort.  We have one of the strongest Marketing Programs in the area. 

The Ashworth – Oceanfront Condos

June 6th, 2010 by Larry Willis

Being a resident of The Ashworth, which is considered one of the most Upscale Oceanfront Developments along the Grand Strand, we wanted to let you know about the activity in your Resort. We are presenting you with a market analysis as provided by the CCAR/Multiple Listing Service as of June 6th, 2010.

In 2009, Number of Bedrooms Number of Units
5 units were Sold 3 Bedrooms 4
  4 Bedrooms  1

In just the last 90 days there has been Two (2) Sales already, which is fantastic!!! The MLS shows there are a total of Eight (8) units Listed with Two (2) under contract, which means there are 4 Sales projected already for 2010 and this is just the 1st half of the year compared to all of 2009!!!

Myrtle Beach MLS Stipulation of Sale Analysis

May 27th, 2010 by Larry Willis

We have had many questions concerning our sales here at the beach about Short sales, Foreclosures, and Regular Sales. Some people think because it is a buyer’s market that they can offer 50% on the dollar for a property. There are some great deals still left but the steals are gone. The correction has been dramatic for a lot of seller’s; and people that thought they could not afford a property here at the beach a few years ago can now get something in their price range.

I will go through the Sales YTD by group and category and the percent that they were sold based on listing price according to our Coastal Carolina Association of Realtors MLS.

Residential

% of Asking Price
Aver. Days on Market
% of Total on MLS
Pre-Foreclosure or short sale 88.68% 291 05.24%

Foreclosure

93.97% 114 17.84%
Lender Approved Short Sale 95.76% 231 02.37%
Auction     00.08%
Regular Sales/ No Stipulation 92.51% 194 74.47%
       
       
Condos
% of Asking Price
Aver. Days on Market
% of Total on MLS

Short Sale

96.00% 303 10.42%
Foreclosure 96.77% 101 26.51%
Lender Approved Short Sale 93.36% 362 02.29%
Auction     00.18%
Pre-Foreclosure 99.89% 208 00.27%
Regular Sales/ No Stipulation 89.07% 199 60.33%
       
       
Land
% of Asking Price
Aver. Days on Market
% of Total on MLS

Lender Approved & Short Sales

80.31% 280 05.13%
Foreclosure 86.58% 139 26.50%
Auction     00.43%
Pre-Foreclosure     00.43%
Regular Sales/ No Stipulation 79.56% 186 67.51%

We hope you find this interesting. If you have any questions, give us a call and we will be glad to help.

The Willis Team wishes you, your family and our troops a very happy, relaxing, and safe memorial weekend and pray for peace and safety! We have attached a You Tube Video that is appropriate for this Holiday! We hope you enjoy it.

http://www.youtube.com/watch?v=hkGzqpGx1KU

Crescent Shores – North Myrtle Beach Oceanfront

April 24th, 2010 by Larry Willis

North Myrtle Beach has seen many changes this past year. It’s no wonder Crescent Shores has been one of the most active Luxury Oceanfront Developments along the Grand Strand!! To give you a better understanding of the activity at Crescent Shores, we are presenting you with a market analysis as provided by the CCAR/Multiple Listing Service as of April 24, 2010.

In 2009, Number of Bedrooms Number of Units
8 units were Sold 2 Bedrooms 1
  3 Bedrooms  2
  4 Bedrooms 5

There has been Four (4) Sales already in 2010, which is fantastic for just the 1st Quarter of the Year!!! The MLS shows there are a total of Twenty-Four (24) units Listed with Three (3) under contract, which means there are 7 Sales projected already for 2010 and this is just the 1st Quarter compared to all of last year!!!

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