| Monday, December 31, 2007 |
| Myrtle Beach Real Estate Sales Statistics |
Taken from the NAR 3rd quarter results, November 2007.
According to the SC Board of Realtors, here are the latest figures from sales of Myrtle Beach real estate, including the area of Little River to Georgetown, SC.
The first quarter of 2006 produced 2785 sales of homes and oceanfront condos. The same in 2007 was 1904. Sales were down 31.63%.
The second quarter of 2006 had sales of homes in Myrtle Beach at 3319. The same this year was 2737. Sales were down 28.50%.
Third quarter home sales in the beach area resulted in 2611 sales. 2007 had 1912. Sales were down 26.77%.
In actual numbers of sales of Myrtle Beach area real estate, October 06 produced 814 sales, as compared to October 07 and 649 sales. Down 20.27%.
The same in November resulted in 758 in 2006 to 546 in 2007, down 27.97%.
For the year, numbers of homes and condo sales in Myrtle Beach were at 10287 in 2006 to 7384 in 2007. Total reduction of 28.22%.
Prices for the two year comparison dropped 5.67%.
What you have to consider is that in 2005, SALES skyrocketed and prices went up as much as 200%. When you add that into the equation, the sales and the price reductions in Myrtle Beach property are of very little consequence.Labels: myrtle beach condos, myrtle beach real estate |
posted by Myrtle Beach Web Design @ 4:43 AM  
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| Wednesday, April 18, 2007 |
| Myrtle Beach Condos For Sale |
Announcing our two new sites, The Myrtle Beach Condo Store and Myrtle Beach Condos.net .
We've got some lofty goals for these two sites.
David O'Connell's new companies are The Myrtle Beach Condo Store, The Myrtle Beach Home Store, and possibly another one or two to complete the real estate market here in the Grand Strand. Our condo store website will be the parent company site, with featured deals, MLS listings, and news about Myrtle Beach.
The Myrtle Beach Condos site is going to be the most complete encyclopedia of condos on the local web scene. We will have every important condominium complex from Little River to Pawley's Island, with photos, amenities, information, and contact forms to rent or buy.
It's going to be a very long term project, but one we are very excited about, and hope will provide a real service to our vacationers and those wishing to invest here. Visit us while we are building, and check back often. We hope to have it finished during the summer sometime.
More information soon on David's new companies and plans!Labels: David O'Connell, myrtle beach condos, myrtle beach condos for sale, myrtle beach real estate |
posted by Myrtle Beach Web Design @ 11:15 PM
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| Monday, April 02, 2007 |
| Golf Course Condo News |
Myrtle Beach is losing several of its golf courses to condo and home developments. At least the plans were to do it last year. I heard that Centex has stalled on the development of Rivergrand in the old Bay Tree Golf course in Little River, and may even have it up for sale. Then I heard CENTEX was bought out! Both are unsubstantiated rumors, but from good sources.
Island Green Golf Course in Surfside was upgraded and placed some condos instead of part of their greens last year. I haven't heard if they are selling well or not. Our market is very sluggish right now, although it's a very good time for buyers to get some very good deals such as Leasebacks and lowered prices. Many of last year's planned condo projects have been cancelled, and some of the preconstruction condos have investors scrambling to sell at much better prices than the original ones. I think land and single family home sales are still doing pretty good. One in particular, Bay View Resort, has a couple of condos available from investors at prices from 2 years ago. This is a deal, too. Oceanfront, luxury, pools and all the amenities.
Actually, even the Myrtle Beach condos resales are still selling, since owners are not trying to get such high prices. We've always been half of what you'd pay for Florida or most of the other Atlantic coastal areas. And now if you're looking to buy a condo in Myrtle Beach or the Grand Strand, you'll get an even better deal.
Below is the latest press about the golf course condos at East Port. I'm sure there will be plenty more plans that stall out...
April 01. 2007 1:44 PM
Ruling stops developer from turning golf course into condos The Associated Press
A ruling by a bankruptcy court judge has stopped a developer from turning at least part of a North Myrtle Beach golf course into condominiums.
Eastport Golf Club homeowners have been fighting the redevelopment for close to two years. Their lawyer said the ruling sets a precedent along the Grand Strand and should be a lesson to homeowners to check covenants and restrictions when faced with possible redevelopment.
"It's an important decision as far as I'm concerned. The only other community that attempted to stop (redevelopment of a golf course) is Deertrack. All other golf courses have just closed in our area," attorney Patrick O'Dea said.
Judge John E. Waites said residential redevelopment is not allowed by the homeowners' deed restrictions, which say the property is for "golf course use only."
The golf course is owned by Eastport Golf Club, Inc., which is owned by Charlotte, N.C., businessman Mel Graham. He is disappointed with the ruling.
"I am however, happy for the homeowners at Eastport if indeed this is the outcome the majority of the residents really wanted. I must add that I do not believe that the leadership at Eastport understands the negative impact this will ultimately have on their community," Graham said.
Graham original plan in late 2005 was to turn the golf course into 1,100 condos. He could do so because the course was losing money. The earlier this year, Graham filed the course in Chapter 11 bankruptcy, and submitted a reorganization plan that would keep a smaller golf course but redevelop part of the property into 920 condos.
Now that he can't redevelop, Graham said he will attempt to sell the course. "Unfortunately, we do not know of any potential buyers at this time," he said.
An oversupply of golf courses has contributed to the closing of 16 other Strand courses for planned redevelopment since January 2005. Three courses at Bay Tree Plantation have closed within a few miles of Eastport, and at least two others intend to close nearby.
"There really isn't a market for selling these courses," said Rick Mendoza, attorney for Eastport Golf Club Inc. "It's going to remain closed."
Residents of the golf club are glad the condos won't be built and are waiting to see what happens next, Eastport Community Association president Don Metzger said.
"We're very encouraged that our community will be able to remain intact and continue as it now exists," Metzger said. "We hope that things can get back to normal."
Labels: golf course condos, myrtle beach condos, myrtle beach condos for sale, myrtle beach real estate, oceanfront condos, preconstruction investing, preconstruction pricing |
posted by Myrtle Beach Web Design @ 4:43 PM
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| Saturday, March 17, 2007 |
| Las Vegas Real Estate News- Verge Condominiums |
News from Diann Tonnesen in Las Vegas... VERGE, downtown’s newest mid-rise, mixed-use condominium community, had its Grand Opening ceremony on Thursday, March 15th. Mayor Oscar Goodman was there for the ribbon cutting and to give his insights on the exciting downtown redevelopment. Mark Stark, CEO of Prudential Americana and Darren Dunckel, the developer, were keynote speakers talking about VERGE's potential as part of the new downtown urban living environment. Downtown Las Vegas is currently undergoing an epic $14 billion revitalization to cultivate the first pedestrian-friendly, urban experience Las Vegas has ever seen. This comprehensive plan consists of new commercial, residential, retail, live-entertainment and dining establishments for the local patron to live, work, and play. VERGE, one of the first downtown Las Vegas condos to be finished, will be affordably priced from the mid $100s.  At the VERGE ceremony, housed under a massive white tent, hundreds downed free drinks and crab cake hors d'oeuvres while waiting in line to tour unit models in Verge's sales office. The crowd - 1,200 people RSVP'd for the party - was younger, maybe "hip," and definitely serious, with lots of talk about buying a condo for investment or living. And unlike the scene at similar parties for the multiple other condo projects around the city, this one was decidedly local. That, said Lance Bazil, director of sales, is what Verge was hoping for. "Our marketing campaign said, 'Before we go public, we go Vegas,' " Bazil said. "When you look at high rises going up, a majority of them, if you drive by at night, there are no lights on. VERGE’s location is walking distance to all the action, including the newly renovated Fremont Street casinos, the Block, Union Park’s World Jewelry Mart and World Market Center, the Smith’s Performing Arts Theater, The Lou Ruvo Brain Institute, Fremont East’s Entertainment District and much more. VERGE’s 296 residence community offers the latest in modern living, state-of-the-art architecture and design. There are 39 impressive floor plans including studios, one, two, three bedroom condominiums and spectacular lofts with 23-foot ceilings. Many residences have remarkable views of Downtown Las Vegas. Other onsite amenities include 2 rooftop pools; rooftop restaurant; on-site boutique grocery store; indoor racquet ball courts; fitness center with steam and locker rooms; secure access-controlled underground parking and entry; and a rooftop pet park. The VERGE development was inspired when the developer found an architect whose patent-pending design for modular building would decrease construction costs 30 percent from comparable projects. The preformed sections, carried to the site and put together like a puzzle, also speed up construction without sacrificing structural quality. Some estimates have put construction time for the building at just over 12 months, a record for any condo project in the Las Vegas real estate community. Starting Monday, March 19th, VERGE will be accepting first round reservations with a refundable deposit of $2,000. Unit selections and contracts will take place sometime in late May or June, at which time first round reservation holders, as a special incentive, will only need the balance of a 5% total down payment until close of escrow which is estimated to be in late 2008. To view sample floor plans and estimated price ranges, please go to: VERGE floor plans. Or for immediate assistance, please call the Tonnesen Team of Prudential Americana Group Realtors at 702-985-7654. VERGE is being marketed by the Prudential Americana High Rise Division. ## Labels: las vegas highrise condos, las vegas real estate, las vegas realtor, myrtle beach condos, myrtle beach real estate, prudential realtor las vegas, real estate marketing myrtle beach |
posted by Myrtle Beach Web Design @ 5:23 PM
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| Wednesday, February 07, 2007 |
| Myrtle Beach Real Estate Sales News |
According to our resident real estate expert at the Sun News, Jenny Burns, our real estate agents are seeing an increase in sales interest from January. My clients and websites are reflecting that as well.
Sales of Myrtle Beach condominiums are still low, but that is to be expected until the glut of building and large amount of available new condos is taken care of.
Myrtle Beach condo rentals are at an all-time high. My friends at Condolux had the best year ever in 2006, and are geared up for 2007 with about 10 new projects to add to their rental lists...from Kingston Plantation (seemingly the hottest place down here for rentals) to the recently completed resorts like Bay View Resort in Myrtle Beach.
This could very well translate into a better environment for sales...and certainly more traffic to the condos that have on-site sales offices.
According to Jenny, new homes sales fell more than the prophets expected it to. I guess even though they "created" the bubble in the first place, they aren't always powerful enough to control the market just by the word of their predictions. And yes, I said they created the bubble. I am firmly convinced that it never would have happened anywhere if they hadn't kept screaming about it ad nauseum for the whole year that sales were so high. It was a self-fulfilled prophecy.
They report that single family home sales fell 24 percent to 296 from 389 last January. Sales of condos in Myrtle Beach and the Grand Strand fell 35 percent to 276 units from 425. This according to the local MLS people.
It was also noted that some home prices dropped, but CONDO prices jumped 32 percent in average and 25 percent in median.
Days it takes to sell a condo increased from 160 to 345 days, while homes seem to sell much faster...only increasing to 160 from 143.
My friend Diann Tonnesen in Las Vegas predicted the turn around to take about 17 months from last summer. She's been in the business for more than 20 years, so I value her opinion. My group around here are perhaps a bit more optimistic. Myrtle Beach real estate sales tend to run much differently than some place like Las Vegas...or even the Florida beaches.
Also, our insurance crisis on condos is so in the news that I think buyers are waiting to see how that turns out. I'm seeing the leads and the interest, but there is more hesitation to buy unless they are looking for a personal vacation condo and feel like they can handle the price. And with rentals being so good, perhaps they can increase the price for them to help assuage the extra costs for HOA and insurance fees. People are going to come and vacation at Myrtle Beach regardless. It may slow down the spring breakers (no loss there) and maybe limit the number of days people stay. Perhaps in the future these condo rental places may need to make an availability for 3-4 day stays instead of requiring a weekly deal.
At any rate, it's very heartening to see more leads coming in and the various real estate websites doing well. Since I do real estate marketing, I appreciate it!
 Labels: condos, condos for sale, myrtle beach condo rentals, myrtle beach condos, myrtle beach homes, myrtle beach real estate, new condos, preconstruction condos, real estate marketing |
posted by Myrtle Beach Web Design @ 2:55 PM
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| Myrtle Beach Condo Market Drives Rental Rates Up |
These kinds of articles will certainly be very common in the years to come. The availability of even medium cost rentals close to the beach is so bad right now.
I live in Little River, about 4 miles from the beach, in one of the least expensive condo projects here. Our condos rent for $750 a month for a one bedroom! I don't know how any regular working stiff here could pay that much. And cramming many people into a one bedroom apartment will end up damaging the units in the long run.
I asked one of my clients who is a developer if they couldn't build some inexpensive condos on this big stretch of land beside us on Hwy 17. He did the addition, and with the cost of the land, he said you couldn't BUILD a 2 bedroom condo complex and sell them for under about $160,000.
That is amazing. With condo insurance rates rocketing this year, this is going to be such a problem for everyone.
Here's an article I found on WPDE Tv's website...
Rents could rise in Myrtle Beach
2/5/2007 6:37:47 PM
Myrtle Beach is the most expensive city for renters in South Carolina according to one local marketing analyst, and he says the prices could get even higher.
An article in USA Today says landlords are expected to raise apartment rents this year by 5%."No matter where we go, we want to hide," said Seymour Cass.
Seymour Cass left New York to escape the high cost of living. And now, he's not thrilled rent could go up."For people like us, who live on a fixed income, it's difficult, and it's only going to get worse," said Cass.
Market Analysis Tom Maeser says we're not seeing a hit right now, but rising insurance costs could change that and really affect the workforce.
"Our average rent for a two bedroom is around $712," said Maeser. "That takes an income of $13.65 an hour, but our main income in the area is $8.65 an hour, so there's quite a big step."
Right now, state lawmakers are considering increasing minimum wage from $5.12 an hour, to $7.25. But even if it changes, Maeser doesn't think it will be enough to handle the high cost of rent.
Newschannel 15 called several apartment complexes, and most haven't raised their prices as of yet. Lisa Brown is the property manager at Alexander Springs. She doesn't expect an increase greater than 10%. She says many apartment communities are waiving security deposits and keeping rates down to steer people away from condos.
"Last two years, we've had 11,000 condos and 2 or 3 apartments go through a condo conversion," said Brown. "We thought that would help us, in turn, investors have them on the rental market, and that hurt us."
But when apartment complexes must compete for business, it can mean a lower cost of living for renters, like Seymour Cass. Tom Maeser says a special task force was recently formed in Horry County, to look at making myrtle beach homes and apartments more affordable.
It's made up of people who live in the area, county council members, realtors, and developers.
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Try Condolux for an alternative to Myrtle Beach hotels.
Read about preconstruction investing.
Myrtle Beach Web Marketing at work...Labels: condo insurance, homeowners insurance, myrtle beach apartments, myrtle beach condos, myrtle beach homes, myrtle beach real estate, myrtle beach rentals |
posted by Myrtle Beach Web Design @ 2:13 AM
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| Thursday, February 01, 2007 |
| Real Estate Marketing News |
We've recently launched a couple of new websites for some talented young agents.
One, selling Myrtle Beach Real Estate, is Mike Benton. Formerly selling preconstruction with New Resorts, Mike branched out on his own with a condo conversion in Myrtle Beach out off Hwy 501. Coastal Villas was an inexpensive apartment complex used by many of the students with Carolina Coastal University and Horry Georgetown Tech. Mike and partner James Cole are renovating the apartments from top to bottom, and pre-selling from $109,900. These are some excellent low cost investment condos and are perfect for parents of kids going to the university for several years. Definately worth looking into.
In addition, Mike is selling a fantastic Myrtle Beach Oceanfront Lot in Grande Dunes, and has a friend who wants to sell a condo in Grande Dunes. Mike is also affiliated with a real estate agency out of Charleston.
Justin Chambers is involved with Kingman Arizona Real Estate with his family, and their agency plan is to have one person specializing in each area, from investment real estate, residential homes, and retirement property. I haven't been as closely involved with Justin as my partner Bryan has, but he is very impressed with Justin and plans to promote his projects using the www.condosandresorts.com website, which specializes in condo sales.
We are soon going to be doing some redesign and SEO on a couple of Myrtle Beach vacation sites as well.Labels: conversion condos, grande dunes, investment condos, investment land, myrtle beach, myrtle beach condos, myrtle beach real estate |
posted by Myrtle Beach Web Design @ 10:04 PM
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| Wednesday, January 17, 2007 |
| North Carolina Real Estate VS Myrtle Beach |
Got a very statistically oriented article in my inbox from a newspaper in the Outer Banks area of North Carolina...Hatteras, Atlantic Beach, etc. Seems like their real estate market is worse than Myrtle Beach. Odd, because I had heard that was a super hot market right now.
It says the cost of living in the upper NC Beach area is higher than us...also surprising. Even to the point that New York and Boston were the only ones higher. I've never heard of that...and can't imagine why that would be.
Houses and condos in Myrtle Beach are slow, but not flat...yet. I have a realtor friend in Charlotte that deals with Lake Norman real estate, and she's going full guns. The last I heard, Brunswick County and the beaches like Holden Beach and Ocean Isle were still strong.
I find this article rather puzzling all the way around....
Economic indicators show downward shift
The Outer Banks Sentinel Wednesday January 17, 2007
The Dare County economic indicators now available through the end of November show a crashing real estate and construction market, a weak retail sector, but a 10.53 percent increase in occupancy taxes for the calendar year. Dare County building permit values fell 64.59 percent for November 2006 when compared to the same month in 2005. For 2006 through the end of November, construction was down 32.29 percent. Land transfers also took a dive with a year-to-date total loss of 42.03 percent compared to 2005. November 2005 showed a dip of 30.87 percent. Retail sales taxes for calendar year 2006 through September showed a gain of just 1.79 percent for the year. September shook out at .79 percent over the same period in 2005.Occupancy taxes through November show a 10.53 percent increase, although it is unclear whether the increase is in visitors or rental prices. Sales taxes on restaurant sales through November 2005 showed a year-to-date decline of .19 percent. The slowest month, based on sales tax collections for restaurants, was October with a 33.05 percent fall from the previous year. Neighboring Currituck County, through October 2006, experienced a 48.66 drop in land transfer receipts and a 29.2 percent drop from the previous year's building permit values. Retail sales in Currituck through September 2006 were up 15.14 percent, although September is reported to have had a 30.08 percent drop from 2005. A cost of living index prepared by the Outer Banks Chamber of Commerce indicates that Dare County residents pay more for grocery items, housing, transportation, health care and goods and services than the average U.S. consumer. In a comparison with other cities, including Boston, Atlanta, Philadelphia, Myrtle Beach, Harrisonburg, Va., Richmond, Asheville, Charlotte, Durham, Greenville, Raleigh, Chapel Hill and Tampa, only Boston and Philadelphia have higher living costs than Dare. ### Myrtle Beach Web Design Labels: condos, homes, myrtle beach, myrtle beach condos, north carolina real estate, real estate |
posted by Myrtle Beach Web Design @ 6:20 PM
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| Thursday, October 05, 2006 |
| Myrtle Beach condos in the news |
Permits for new Myrtle Beach condos down sharply Resale market slow; single-family homes still sell
Associated Press
Myrtle Beach, S.C.
The softening real estate market in the Grand Strand has slowed condominium building.
The number of condo building permits in Horry County dropped 34 percent in the second quarter, from 1,105 last year to 724 this year.
New condo sales fell 31 percent and the resale of condos fell 26 percent, according to Market Opportunity Research Enterprises, a regional real estate market research firm in Rocky Mount, N.C.
But some analysts don't see the slowdown as a long-term problem."We don't see this as an extended downturn. Although it seems sharp right now, it is sharp only in the very short term as builders try to adjust from the excess of their starts late last year," said Bernard Helm, president of Market Opportunity Research Enterprises, which tracks real estate markets in the Southeast.
There are also a lot of condominiums on the market. A number of concerned developers have called Tom Maeser, market analyst and president of the Fortune Academy of Real Estate, because there are about three times as many condos on the market this year compared to the same time last year.
Developers are cutting back on what they build because they may have trouble meeting bank requirements that say they should sell 80 percent to 100 percent of the units before getting a construction loan.
Meanwhile, the market for single-family homes in still going strong in Horry County.
Single-family building increased 7 percent over last year to 1,535 homes, even though sales of new houses stayed flat and resale homes fell 6 percent.
This could be good for home buyers, some analysts say.
"Builders will have some excess inventory, and that will end up being good news for consumers. They have to work out that inventory and that means softening prices," Helm said.
"In Georgetown County, sales of existing homes have declined slightly, but new home sales are up 60 percent, to 104 homes this year."
Georgetown County is getting ready to do what Horry County has already done. It's good on new houses but has problems in resales," Helm said.
"The decline will happen in new home sales."
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My thoughts:
We've got a HUGE amount of condos in Myrtle Beach that have to be consumed before they continue to build more. The land owners that got on the bandwagon too late need to hold off for a year or two and let the present glut sell before they take on yet another new development.
Myrtle Beach condos are still the best investment real estate on the east coast. Right now is probably the best time of all to BUY a condo...there are incentives everywhere and prices have dropped a bit since last year. You should be prepared to hold on to it for a year or so. But you can make so much on rentals that it's not a lot of out-of-pocket expense during that holding time. And you can use the condo yourself instead of shelling out $1000 everytime you want a beach vacation. The conversion condos like Sea Mist Resort and Patricia Grand may be some of the best deals anywhere for this kind of investment.
I also hear first hand that real estate in Charlotte real estate and Raleigh, North Carolina are hot as a firecracker right now. Looks like last year's hot spots are cooling down and sharing the wealth with the ones who were slack then.
The economy is strong and us baby boomers rule. If you can afford a vacation condo or home, go for it. This beach has never seen a long term downturn in real estate prices. We've got beautiful new developments like Prince Resort Myrtle Beach and great bargains like Coastal Villas at CCU. Give us another year or two and we'll be back in the sun again!Labels: myrtle beach condos, myrtle beach real estate, patricia grand, sea mist resort |
posted by Myrtle Beach Web Design @ 5:51 AM
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| Tuesday, September 12, 2006 |
| The housing boom is over, but creative investors still make profits |
By Robyn A. Friedman
The Sun Sentinel
Special correspondent
Posted September 11 2006
Vicky Kaye is accustomed to making a double-digit annual return in the oceanfront real estate market. And unlike many other area real estate investors, she's still doing so.
"I do about two or three deals a year," said Kaye, a licensed massage therapist who lives in Pompano Beach.
Kaye is a private lender who provides short-term financing for other real estate investors. She's been investing that way for five years and making 12 to 14 percent interest on each deal, as well as the return of her principal in less than a year.
"It's collateralized, and there are no complications," she said of the transactions.
Over the past few years, South Florida's housing boom has spoiled real estate investors, many of whom unabashedly brag about the killing they made flipping preconstruction condominiums, rehabilitating foreclosed properties or buying apartment complexes to convert to condos. But now that the housing market has tanked -- the inventory of unsold homes skyrocketed and sales have screeched to a virtual halt -- investors are becoming creative, segueing into new types of deals and properties in an effort to wring out profits in a challenging market.
"The latter part of 2002 to the second quarter of 2004 was the period of time when everybody jumped on the bandwagon, and all those condo flips occurred," said Michael Y. Cannon, managing director of Integra Realty Resources South Florida in Miami. "That was when the market actually peaked."
Today, Cannon said that many people don't know where to put their money.
"They're starting to put their money back into savings accounts, CDs and treasury bills," he said. "Instead of a 2 percent return, they can now get 5.5 percent, and although that return is less than the promised return they'd get on real estate, they want safety."
Others say that moneymaking real estate opportunities still abound in South Florida.
"There are more opportunities now than there have been in years," said David Dweck, a real estate agent with Re/Max Professionals in Coral Springs and an active investor the past 14 years. "With the market shifting, sellers are becoming more realistic and motivated. A motivated seller can mean a buying opportunity for an investor."
Where are area investors putting their real estate dollars now?
Commercial properties. Cash flow is the name of the game. Since investors can't count on short-term appreciation and a quick sale, many are seeking an income stream.
Michael S. Weiner, a zoning attorney in Delray Beach, has been purchasing buildings since 1991. He owns several buildings on Atlantic Avenue in Delray Beach that have retail and office space. He targets properties with "intrinsic value" and always buys to hold long-term. Weiner only buys properties in Palm Beach County. He recently bought a medical office building and is considering a post office.
"Real estate's the most intensive investment you can possibly have," Weiner said. "You've got to watch it."
Foreclosures
Michael Perlmutter has been a full-time real estate investor for more than six years. He's referred to in the industry as a wholesaler -- someone who spots homes in foreclosure or preforeclosure and then resells them to one of the 3,000 investors in his database, typically at a profit of at least $15,000. The buyer then rehabs the property and resells it for an additional profit. Even with his well-oiled machine, Perlmutter has had to adapt his buying strategy.
"Eighty percent of the part-time weekend investors who dabbled in real estate have folded," he said. "Now, I've got to work harder." Still, Perlmutter said he gets five to seven calls a day from people in financial difficulty looking for someone to buy their houses. "There's never been a better time than right now because of the supply," he said.
Preconstruction condos (yes, preconstruction condos).
Gone are the campers, the speculators who lined up -- sometimes for days -- to snap up prime condo units at early prices. At least one local expert thinks a market still exists for some of these condos. Mark Zilbert, president of Zilbert Realty Group Inc. in Miami Beach, said that half the buyers who hold contracts on preconstruction condos -- most of them real estate speculators -- don't want to complete the purchases on their condos.
"They just want their deposit back to get out of it," he said. "So an opportunity lies for someone approaching a buyer who bought an apartment in 2003 or 2004 and offering them their contract price."
Zilbert said that the investor has to be prepared to settle on the unit and hold it for a year or so. After that, he says, they should be able to resell the condo at a profit. "They'll probably see a 50 to 60 percent return on their money, which is a far cry from the 200 to 300 percent we used to see," he said.
Invest in a vulture fund. Many people are putting aside money to plunge into the real estate market in an attempt to swoop up bargains when they think the market has hit bottom. One of these is Deerfield Beach real estate analyst Jack McCabe, who has formed McCabe Acquisitions LLC for such investments. McCabe said that accredited investors of high net worth, institutional investors and other entities can participate in his acquisition firm as nonmanaging members. A minimum investment of $5 million is required. He plans to acquire blocks of condos in multifamily developments -- or entire projects -- in many markets in the country, with a special emphasis on Florida. And he hopes to purchase these properties from anxious sellers at a discount. "My acquisition group will acquire at early 2004 prices from developers and builders, or debt value from lenders," he said. McCabe said he's prepared to hold these properties for up to 10 years.
Invest in your own property. Consider remodeling your own home but do it wisely. With the right remodeling project, you can increase your home's value. According to Remodeling magazine, the average price of a midrange bathroom remodel is $10,499. When you sell, however, you'll recoup 102.2 percent of the cost of that remodeling job. Kitchen and bath remodels, as well as siding replacements and home additions, yield the highest return on your investment. Add a sunroom, on the other hand, and you'll recoup just 74.5 percent of your cost.
Look into other regions. Although South Florida is experiencing a housing market slowdown, markets in other parts of Florida and the United States remain robust. Many investors are flocking to Orlando to purchase condos and vacation homes for investments. Some are investing in commercial properties in Ocala and Jacksonville. While other areas may offer opportunities not currently available here, experts warn investors to be careful.
"If you're a small investor, you should never invest in anything that you can't visit in one day," said Integra's Cannon. "Stick to the neighborhood that you know or else invest in a REIT (real estate investment trust) or mutual fund that invests in real estate. Use common sense."Labels: condo sales, myrtle beach condos, real estate, real estate marketing |
posted by Myrtle Beach Web Design @ 12:55 AM
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| Saturday, August 19, 2006 |
| Condo-hotels come to smaller cities |
Posted on Sat, Aug. 19, 2006
By VINNEE TONG
The Associated Press
CHANGING SKYLINES
When urban dwellers think of condo-hotels, they usually imagine sky-high city apartments that come with daily maid service, mints on pillows and the option to order chilled champagne for delivery at any hour.
In New York perhaps, their fantasy would not be far from reality.
More often, though, condo-hotels are proliferating into midsize and smaller cities across the nation and, in some cases, transforming the places where they’re being built.
Condo-hotel projects can be found in different stages of development in cities such as Myrtle Beach; Berkeley, Calif.; Provo, Utah; Pittsburgh and Little Rock, Ark. And they’ve been proposed for towns as varied as Yankeetown, Fla.; Asheville, N.C.; and West Wendover, Nev.
The founder of the Phoenix-based hotel chain Inn Suites decided about a year ago that condo-hotels might work for his 11 properties. Since then, chief executive James Wirth has started converting the company’s Arizona properties in Yuma, Tempe, Tucson, Flagstaff and Phoenix, nearly half of the company’s total portfolio. The conversions should be completed in six to 12 months.
More condo-hotels are being built because they simply make financial sense, experts say:
• Hotel developers can spread risk to condo owners and earn income from condo sales at the time projects are finished.
• In some cases, developers can break even upon completion.
Further, condo-hotels by nature are better suited to surviving than hotels on its own, experts say. “Condo-hotels earn like commercial hotels and appreciate like residential condominiums,” said Dante Alexander, the founder of the National Association of Condo Hotel Owners. Condo buyers investing in condo-hotels buy the unit and allow the hotel management to rent it out when they’re not using it, sharing the revenue. This arrangement makes the most sense in cities that get more traffic from travelers. In certain smaller cities, developers instead build hotels with residential units.
Projects of both types are in development in 31 states throughout the United States, said Jan Freitag of Smith Travel Research. This almost certainly is a rise, although industry watchers say it’s difficult to estimate by how much, since little historical data exists. “That’s been a concept that’s worked in places like New York, San Francisco, Chicago for a long time, and that’s now filtered into other areas,” said Chris Meyer, director of the Milstein Center for Real Estate at Columbia University. While resort and vacation destinations are getting their fair share of condo-hotels, developers proposing them for smaller towns meet greater resistance. In McCall, Idaho, a group called Save Our Skyline opposes a $25 million plan to build a 50-foot-tall hotel with condos and retail space on the shore of nearby Payette Lake. “My guess is that this is going to turn this town upside down,” a member of the group, Tuck Miller, told the Idaho Statesman. The developer of a hotel with residences in Idaho Falls, Idaho, proposes a 13-story, 800-unit project that would be the tallest structure around, beating out a water tower. And in Raleigh, N.C., a local developer plans to build two hotels with condos, 21 stories and 25 stories in height, at opposing ends of its downtown. A June 20 headline in the News & Observer of Raleigh read, “Builders want to lift the skyline,” and the story notes that the projects would change the face of the downtown area. Proponents of smart growth — characterized by greater density and development that more closely integrates work and home life — say the popularity of condo-hotels validates the idea that more Americans want an urban lifestyle. “We’re at a time right now of a great deal of change. ... I would say the traditional urban subdivision paradigm is breaking down,” said Adam Gordon, editor in chief of the magazine The Next American City. “We have much more complicated patterns of where people are moving.”
Condo-hotels are part of that changing landscape, and they are multiplying because they make market sense, said John Norquist, president of the Congress for New Urbanism and a smart-growth advocate. “We’re kind of moving from an era where cities were building huge convention centers, and now they’re actually doing something that the market wants, blended with a hotel,” Norquist said. “These are all things that are healthy. It shows common sense. Cities and consumers and developers are all getting something without having to subsidize each other.” ABOUT CONDO-HOTELS • Condo-hotel rooms make up 19.5 percent of the hotel rooms under development in the United States, according to Smith Travel Research. • The top markets are Las Vegas Condo-Hotels, representing nearly one-third; followed by Miami/Fort Lauderdale; Orlando, Florida Condo-Hotels.; New York City; Chicago; Tampa/St. Petersburg, Fla.; Myrtle Beach Condo-Hotels; Boston; and San Diego. NOTE: Data as of March 2006 Investing in Preconstruction Real Estate
Myrtle Beach Real Estate
Myrtle Beach Condos Labels: myrtle beach condos, myrtle beach condos for sale, myrtle beach real estate |
posted by Myrtle Beach Web Design @ 6:04 PM
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| Thursday, August 17, 2006 |
| Myrtle Beach Real Estate |
Myrtle Beach Condos and Investment Real Estate
I guess everyone is aware that the big real estate investing boom of last summer has subsided somewhat.
Last year reminded me of a twice a year happening we have in Myrtle Beach, when an unbelievably large school of fish makes a migration through here. In March and October, a small and "tasty" fish called "spots" come through the entire area in HUGE schools, close to the shore, and right under and around the piers. Pier fishermen (and women) bring huge garbage cans, coolers, barrels, and anything they can find to put ice in, and literally throw out a line and bring in 3 and 4 fish at a time, often without even baiting the hook. I did it myself one year, and while it's cool to catch 200 fish in 30 minutes, there was no sport or challenge to it, and then you're stuck cleaning all those fish!
That's the way it was with condos and any other kind of resort real estate last summer.
Myrtle Beach condos were so easy to sell that there weren't enough to go around for all the people looking for investment real estate. All you needed to do was talk about a new resort and there were buyers begging for the product.
Of course this was going on in Florida and many other areas, too. Developers went crazy everywhere, and the market became saturated. As the months passed, interest rates climbed with mortgage companies, all the investment gurus kept predicting doom and gloom in the press, and eventually it became somewhat of a self-fulfilled prophecy. Sales slowed, and investors got scared and backed off. The ones that got in on the condo boom in the beginning made gigantic profits, and the ones that waited either lost out, or may now be facing a choice of closing on the preconstruction or losing their deposits.
By no means has there been a real estate bubble or crash. I think every bit of this has been caused by the doom predicters. And the agents and people who know what they are talking about are all saying that this is only a slow-down, and another wave will hit in about a year and a half from now. My only other concern is how high condo insurance may end up going.
The good news is that now it's more of a "BUYER'S MARKET". For those who don't choose to believe all the pessimists and invest in condos and resort property now, they will get even bigger discounts and perks, and when it picks up again, they will be in the same boat with the ones who bought in the beginning of the other boom. Real Estate investing is not for the worriers or the wimps...I think you have to have the nerve to take a chance and get in early to reap the profits.
A guy who is near and dear to me never stops buying. It would terrify me to borrow and spend right and left on every kind of real estate in Myrtle Beach, but he is building so much wealth that I doubt even HE knows what he has. And in about 10 years he will be so rich that we will all be shaking our heads in disbelief. If you've got the money, the credit, the right intuition, and the nerve to commit everything you have, you'll come out on top. I see him doing this every day, and my admiration for him knows no end.
Myrtle Beach is still underpriced compared to Florida and the other hot vacation spots. The developers are offering incentives right and left. Anyone who is looking to invest in real estate and can hold their investment for a year or two will be smiling then.
Here's a recent article about the local market and some of the discounts and perks the developers are offering. If you are thinking about investing at all, you should read it and think hard about taking the plunge before it starts back hot and heavy and prices jump again...
Home builders offering incentives on S.C. coast
Special deals aim to pick up sales among wary buyers in shaky market
By JENNY BURNS
jeburns@thesunnews.com
MYRTLE BEACH — Big builders, taking cues from the auto industry to sell their oversupply of homes, are offering big incentives along the S.C. coast.
Buyers can get 4.25 percent financing, no payments until 2007 or free homeowners association fees for a year.
The deals are aimed at making cautious buyers during this real estate slowdown take the plunge and buy.
“(National builders) are seeing sales falling in general, seeing cancellation rates pick up, and they’re using the incentives to help drive sales and use it to sell inventory that they didn’t plan on having,” said Todd Vencil, analyst for BB&T Capital Markets, who covers eight publicly traded home builders.
For consumers, the payoff is in lower monthly payments and less upfront cash to get into a new home.
While incentives are normal, Vencil said this summer’s incentives go beyond the typical appliance upgrade and free closing.
“They’ve clearly picked up,” he said.
One example is Centex Homes, the Grand Strand’s largest builder. The company is offering 4.25 percent financing with an adjustable rate mortgage. On a $150,000 home, that would make monthly payments about $738 before insurance and taxes are figured in.
That rate is only on spec homes that close by Oct. 31 in most Centex neighborhoods, said Ken Balogh, Myrtle Beach division president.
For a 30-year fixed mortgage, that rate jumps to 6.5 percent.
Balogh said Centex wants to take rates down to last year’s level to help buyers fight rising rates.
The builder is seeing an uptick in cancellations compared with last year, especially in condos, he said.
Builders also are looking at ways to ease the pain of skyrocketing insurance rates along the Grand Strand.
For instance, Centex is paying homeowners association fees between $3,000 and $9,000 in most of its condo and town home projects.
Some Strand condo complexes have seen double and triple increases in their fees because of insurance hikes.
“We can’t fix the insurance challenges but we can help our customers to overcome a year or two of that increase,” Balogh said.
Builders aren’t saying how long they’ll be touting incentives, but analysts expect the enticements to stick around a while.
myrtle beach real estate
Jenny Burns is a reporter for The (Myrtle Beach) Sun News, a McClatchy newspaper.Labels: myrtle beach condos, myrtle beach real estate, real estate investment |
posted by Myrtle Beach Web Design @ 2:19 PM
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| Sunday, July 16, 2006 |
| Condo Hotels, the Ultimate 21st Century Vacation Home |
MIAMI, FL -- (MARKET WIRE) -- July 13, 2006 -- If home ownership was once the tangible evidence of success in America, today a vacation home is the quintessential symbol of truly having arrived. But with limited time to spend using and maintaining a vacation home, the perfect solution has been elusive.
Along comes the condo hotel, a new twist on the family beach house. These hassle-free, amenity-rich properties could be the ultimate second home for today's well-to-do.
"Condo hotels are designer-furnished condominium suites located in luxury hotels," explained Joel Greene, president of Condo Hotel Center, a national real estate firm that specializes in the sale of condo hotels.
"Owners have access to all the wonderful amenities of the hotel like a pool, restaurant and spa. They also get all the hotel services like daily housekeeping, valet parking and a helpful on-site concierge, everything you could want when on vacation."
Owners of condo hotel units can use their vacation home when they'd like. When they're not there, an on-site hotel management company takes care of all operational issues, including finding hotel guests to rent the condos. Owners receive a share of the proceeds, usually about 50%.
"I hesitated to buy a second home in the past because I knew we'd only use it a few weeks each year," explained Mindy Sullivan, who recently purchased a condo hotel unit in Palazzo del Lago in Orlando. "A condo hotel is ideal because when we're not there, the condo will be rented out. The income it produces will help cover its costs."
Prices for condo hotel units range from $200,000 to upwards of $2,000,000. They usually include all furnishings and fully equipped kitchens.
Condo hotels are popping up in destinations like Miami, Orlando, Las Vegas, Myrtle Beach and the Caribbean. Most are operated by highly reputable hotel franchises like Hyatt, Hilton, Trump, Starwood and Ritz-Carlton that know how to cater to buyers with discerning tastes and demanding requirements.
"When I go on vacation, I want to relax and be pampered," explained Cherise Fuller who recently decided to purchase a unit at the W Las Vegas condo hotel. "A condo hotel is perfect. The kids can head to the pool. I'll go to the spa and fitness center. And my husband can hang out in the casino. There's something for everyone."
While having a home-away-from-home is the primary reason for purchasing condo hotels, some buyers say they like them for appreciation potential. When they sell their vacation homes, they're hoping to make a significant profit.
John Williams, who owns a condo hotel unit in Trump Fort Lauderdale, said, "A condo hotel gives you all the perks of ownership -- a beautiful place to vacation, rent revenue, and appreciation -- without any of the problems."
To learn more about condo hotels and see property listings, go to Condo Hotel Center, http://www.condohotelcenter.com/, or contact Condo Hotel Center at info@CondoHotelCenter,
305-944-3090
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Another source for preconstruction investing can be found in the PreconstructionCondos.com directory. Our new website is growing slowly but surely to eventually have listings in the entire US for condos and resorts. For those interested in Myrtle Beach condo rentals, check out MyrtleBeachRestaurants.net.Labels: condo-hotels, florida condos, myrtle beach condos |
posted by Myrtle Beach Web Design @ 10:58 PM
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| Friday, May 12, 2006 |
| New Condo-Hotel Owners Association Created |
I was reading an article about investing in condo hotels and how profitable/unprofitable it might be. Here are some excerpts from the article and information on the new National Condo-Hotel Assn, called NACHO...
Bankrate.com
Do condo-hotels make good investments?
Thursday May 11, 6:00 am ET
Marilyn Bowden
Hoteliers in resort locations are offering guests a stake in the business by selling individual units as condominiums. Not only is this an opportunity to own a second home in some of the country's favorite playgrounds, promoters say, but owners can look forward to some income when the property's management rents the room out to guests.
Realtor Christian Charre, a senior vice president with Jones Lang LaSalle, markets hotels throughout the Americas and the Caribbean. He says, "Having a professional company renting the room for you the rest of the time, when it would otherwise be empty, can offset some of the expense -- and you still own a piece of the beach."
It sounds like a pretty good deal, but the facts show condo-hotel consumers would be wise to check the closet for financial skeletons before signing on the dotted line. The hotel business can be notoriously unstable -- and if that room doesn't rent out, the buyer won't see any of the income from it.
(Webmaster's note: The majority of the preconstruction condos for sale in Myrtle Beach have on-site rental management...often from older local families that have run the hotels for years before the condo conversion. I think that investment condos in Florida and Las Vegas are dramatically different than the ones we have here....and a big majority of that difference is in price. You can only charge so much for a hotel room...condo or not. Myrtle Beach condos prices are still well under a million dollars for most condo resorts. The prime areas in Florida and Las Vegas are well over a million...)
Where you'll find them
"Condo-hotels are usually upscale, full-service developments in the strongest hotel markets -- either popular vacation destinations or large cities where suburbanites frequent hotels for business or leisure purposes," says Tim Ford, vice president of operations at Lodging Econometrics, one of very few companies tracking the trend.
Some 43 condo-hotel projects containing 7,715 guest rooms are scheduled to open this year in the U.S., Ford says. Another 33 projects totaling 8,271 rooms will open in 2007. Of these, 70 percent will be built new, while 30 percent represent conversions of existing hotels. Nearly half are in Florida. (See Florida Condos Here)
Jerrold Krystoff, principal and CEO of Hospitality Development Group, says InterContinental Resort & Residences will manage Villas at Palazzo del Lago, a condo-hotel his company plans to build near Disney World in Orlando.
"If you look at the new hotel projects coming online," Krystoff says, "most of them are condo. The lenders like it." (Mortgage Companies )
In fact, says Charre, the driving force behind the trend is the preference bankers show to hotel developers who come to them with preconstruction contracts in hand.
"A condo-hotel is a financing mechanism to shift the risk to individual owners," he says.
For the would-be purchaser, one of the most frustrating aspects might be that the developer of a condo-hotel is prohibited by securities law from revealing the kinds of information buyers would most like to know -- such as how many nights they can expect the room to be rented out, what the forecast is on rental rates, and how a property's performance compares with others in its geographic area.
That's a dilemma the newly minted National Association of Condo-hotel Owners, or NACHO, hopes to resolve. The organization serves both buyers and sellers.
"Condo-hotels are in fact the best secondary vacation-home purchase available today," says Dante Alexander, NACHO president and CEO, and a former executive with Starwood Hotels & Resorts.
To help buyers make informed decisions, NACHO plans to publish "categorical ratings that can only be viewed by members," he says. Criteria include:
Complex and unit maintenance.
Ability of the development team to complete the project.
Likely profitability of the hotel.
The hotel's long-term competitive sustainability.
Unit economics -- what a buyer can expect to pay in insurance, taxes, homeowner association fees and other costs. NACHO'S website describes the organization's services as:
The National Association of Condo Hotel Owners provides buyers with unprecedented tools for making informed decisions in today's popular real estate segment, the Condo Hotel. Our proprietary Ratings System, our valuable Unit Economics Calculator, and our detailed, full disclosure Property Reports are just a few of the resources available to members that can make all the difference on your next transaction.Labels: condo-hotels, myrtle beach condos, myrtle beach resorts |
posted by Myrtle Beach Web Design @ 1:10 AM
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| Sunday, March 12, 2006 |
| Legislators seek looser coastal regulations |
Recent news story about The Prince Resort at the Cherry Grove Pier Project...
March 12. 2006 12:45PM
The Associated Press
Critics say legislators trying to help a condominium project add a pool to their beachfront project could undo nearly two decades of regulations intended to limit development and protecting public beach access.
Rep. Dwight Loftis, R-Greenville; Rep. Bill Witherspoon, R-Conway and Rep. Nelson Hardwick, R-Surfside Beach are pushing a bill to allow the project to have an aboveground pool at a 17-story condominium project at the Cherry Grove fishing pier in North Myrtle Beach.
People buying the north myrtle beach condos have been told pools will be part of the project. But the pool would be on the ocean side of a line where building is restricted.
"This may be the only place in Horry County that would ever need this," Hardwick said. "We're just trying to accommodate an old family that is doing a project."
Elizabeth Hagood, chairwoman of the Department of Health and Environmental Control board, says that's the wrong reason to change the law. A House subcommittee is scheduled to debate the legislation Tuesday.
"Clearly, there is no overwhelming public need for this," she said. "This is for special interests."
The state's 1988 beach management act strictly limits what can be built close to the ocean.
South Carolina has learned lessons about building too close to the surf and should not change the 1988 law now, says Bill Eiser, a DHEC coastal regulator.
"It doesn't make sense from a long-term management strategy to allow something to go closer to the beach than what we've been doing," Eiser said.
Those 1988 limits were set after unusually high tides on Jan. 1, 1987, washed out dozens of pools and decks from Myrtle Beach to Charleston and brought millions of dollars in damage. The law was intended to move new development back from the seashore.
Pools that remain from before the change now jut onto the beach at Garden City and elsewhere, forcing governments to spend millions to widen beaches and prevent waves from slamming seawalls and pool decks at high tide.
The change Hardwick and others want could allow more new oceanfront pools and that could block public access at high tide and make erosion worse, critics say.
The push for the change comes as DHEC sees its coastal regulations under attack elsewhere:
- Legislators want DHEC to process permits faster. Loftis says the agency is too slow and is seeking a Legislative Audit Council review of DHEC's permitting process.
- A carefully crafted agreement between real-estate agents and conservationists to protect isolated wetlands by requiring permits to fill them could unravel after legislators questioned it last week.
- The Legislature may reject rules limiting construction of bridges to salt marsh islands, mostly in Charleston and Beaufort counties.
Hagood, a conservationist, is worried about the new pressure from the Legislature as coastal growth continues and development pressures rise.
"We have special interests trying to infiltrate and undermine our coastal zone program," Hagood said. "It is driven by money and greed. It is not driven out of the desire to protect the public interest or our natural resources."
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Note: Not so. The Prince Resort Myrtle Beach will be the best thing that ever happened to Cherry Grove Beach and will turn the whole section around from the run-down look it's always had. The Cherry Grove Pier is probably the only reason Cherry Grove even has tourists. A pool won't change anything that isn't already there. This is one of the finest North Myrtle Beach condo developments ever designed.Labels: condos for sale, myrtle beach condos, new condos, prince resort myrtle beach |
posted by Myrtle Beach Web Design @ 6:43 PM
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| Sunday, February 26, 2006 |
| Myrtle Beach Restaurants Target a Wealthier Clientele |
Bargain hunters doomed to frustration - hot resorts nationwide “Going Gourmet”.
By Jan Chilton, Myrtle Beach Web Design
Myrtle Beach, SC (PRWEB) February 25, 2006 -- As budget hotels give way to luxury condo resorts in Myrtle Beach, pricey themed restaurants are becoming the new trend in the Grand Strand. The upscale chains like Bonefish Grill, Carrabbas, and 5 star steak-houses such as “New York Prime” are nudging out the small local hideaways.
Nationwide, the wealthy baby boomers are changing the landscape and the typical vacationer in the major resort areas looks for the gourmet dining experience instead of country buffets, fast food, and inexpensive family diners. High-end fresh seafood and steaks, grilled and prepared with unique sauces and salads, make restaurants like “Bonefish Grill” fill to capacity nearly 7 days a week. Italian classics with only the best ingredients pile hungry diners into “Carrabbas” and “Olive Garden”, while the smaller places find it hard to compete.
With the many new Myrtle Beach condos causing an increase in lodging prices, there are concerns about the area becoming less of a family beach and catering to the affluent, such as the towns like Sarasota and South Beach have done. Retirees and large families on a budget are likely to find a week at the beach more costly than ever.
A typical meal at any of these Myrtle Beach restaurants can run anywhere from $20 to $30 a person. A family group will end up with a bill equal to a night's stay in the budget hotels in Myrtle Beach just a few years ago.
Locally, luxury resort sales show few signs of a slow-down. Indeed, this month, CNN Money predicted home prices in Myrtle Beach to increase more than 7% in 2006.
David O’Connell of The Myrtle Beach Condo Store, the area preconstruction marketing expert, maintains that Myrtle Beach condo sales are as strong as ever, and expects this year’s numbers to exceed 2005.
Joe Russo, a broker with Exit Grand Strand Realty says states, "In 2005, Myrtle Beach, Orlando, and Naples, FL were touted as the three top areas for income producing real estate. When you consider the lifestyle diversity offered by the many coastal towns on the Grand Strand; it's no wonder that real estate values have increased substantially. With no end in sight, Myrtle Beach real estate is still an excellent investment.”
A native of New York and Connecticut, Joe says that the restaurant business has always been fiercely competitive in the northeast, but never as fierce as today.
“The New York metropolitan location is a prime example," he adds. "This area is so ethnically diverse that you can find restaurants offering gourmet delights from all four corners of the earth. With excellent food being the norm rather than the exception, restaurateurs have begun to emphasize amenities such as alfresco dining, theme decor, and enhanced atmosphere, all of which increases the real estate value of their establishments. In addition, baby boomers are now reaching retirement age and often relocating to resort areas. They bring their taste for high quality cuisine with them. Restaurant owners in Myrtle Beach are now facing fierce competition."
Diann Tonnesen, top Las Vegas Prudential real estate broker agrees.
“Out west the rush is on to lure the biggest names in the restaurant industry to staff the elaborate and lavish Las Vegas high rise condo restaurants being built. Last year more restaurants opened in Nevada than in any other American state.”
“The booming Las Vegas real estate industry has created an insatiable demand for high end eateries as the "Strip" transitions away from all-you-can-eat buffets to elegant gourmet dining. Currently Las Vegas is home to five of the eight James Beard award winning chefs. A search for Las Vegas restaurants on the Internet shows over 19,000,000 results."
Over in the far west out in the Pacific Ocean, Hawaii tourism brings the same results. Jeff Manson of American Dream Realty on Oahu, reports,
“According to Pacific Business News, February arrivals are up 2.5%, and Honolulu arrivals are up 6.3% compared to 2005. The Hawaii hotels have been averaging around 80% - 85% occupancy this year. This boom in domestic travel is fueling a hot Hawaii real estate market as well.”
“The Oahu Luxury real estate homes have been selling at a record rate, increasing the demand for fine dining. Restaurants such as Roy's, Alan Wongs, and Hoku's at the Kahala Maderine Hotel maintain full reservation lists. There are 3,800 restaurants in Hawaii, and 14% of the states employment is in 50,000 restaurant jobs.
Annette Smith of RE/MAX Properties in Sarasota Florida adds, "The booming luxury Sarasota real estate market has created new gourmet restaurants in the city and along the waterfront. Sarasota has long been known for its culture, shopping and upscale cuisine. Complimenting the waterfront dining venues, a new downtown Sarasota condo market has created a more cosmopolitan atmosphere in our city. After attending an Asolo or Van Wezel performance, hotel guests and performers drift over to the Hyatt Hotel’s Boathouse Restaurant which offers a late night fare. Also, Sarasota’s first downtown Starbucks is bustling with tourists and residents alike. "
As the baby boomers proceed to take over the economy, their pursuit of plush surroundings and a trendy atmosphere will continue to affect entertainment and dining venues.
The king of all baby boomers, Donald Trump, expresses it well when quoted as saying,
"I wasn't satisfied just to earn a good living. I was looking to make a statement."
We’re a hedonistic generation, that’s a fact.
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Myrtle Beach Web Design handles Internet marketing for several area real estate agencies and vacation rental companies, as well as providing search engine and marketing assistance for a network of friends and clients in the real estate field all over the US.
For real estate information in these resort areas, contact the below contributors:
David O’Connell
The Myrtle Beach Condo Store
Myrtle Beach, SC
843-455-5500
www.myrtlebeachcondostore.com
Diann and Glen Tonnesen
Prudential Americana Realtors
Henderson, Nevada
702-596-7821
www.greatlasvegashomes.com
Joe Russo
Exit Realty
Garden City Beach, SC
866-651-0500
www.jorusso.com
Jeff Manson
American Dream Realty
Kailua, HI
808-792-7000
www.adrhi.com
Annette Ashley Smith
Re/Max Properties
Sarasota, FL
941-308-3814
www.annettesellssarasota.comLabels: Hawaii real estate, las vegas real estate, myrtle beach condos, myrtle beach real estate, Sarasota Real Estate |
posted by Myrtle Beach Web Design @ 6:37 AM
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| Friday, December 30, 2005 |
| Preconstruction Developers Make All The Difference |
The foremost and pre-eminent condominium developing company in Myrtle Beach is hands-down, Strand Capital Group LLC, of North Myrtle Beach.
Loyd Daniel, Patrick Lowe, and the other partners in this company are consumate gentlemen, impeccable businessmen, and have impressed me as the smartest men in the area... And Myrtle Beach is not lacking in brilliant executives, believe me.
I ran across this story in the Miami Herald today about a condo project gone bust because of poor planning on the part of the developer, and it brought to mind how impressed I had been with this group that New Resorts markets preconstruction Myrtle Beach condos for sale.
Surprisingly, the developers for this Miami project were not fly-by-nights, and in fact had been without tarnish for 25 years of business. What I DON'T understand, is why any project would be pre-sold before the zoning and construction had been approved and licensed. There's always a possibility of unforeseen circumstances that can delay a project's ground breaking...but this was on the ridiculous side to me. I cannot imagine our guys doing this. Maybe they just do things differently in Miami than they do in the Myrtle Beach condos market.
Here's part of the article with a link for more...
Posted on Fri, Dec. 30, 2005
Codina Group pulls plug on project
Well known developer Armando Codina is returning deposits on a Kendall condominium after some permitting snafus.
BY JENNIFER MOONEY PIEDRA AND MATTHEW HAGGMAN
Prominent Miami developer Armando Codina has pulled the plug on a much anticipated luxury condominium project in East Kendall, because his company didn't obtain all the necessary construction approvals from the county by a Dec. 31 deadline.
Mission Bell Park was slated to be built on 9 acres of vacant land just west of Baptist Hospital at 9100 N. Kendall Dr. About 75 percent of the units in the planned 318-unit complex had been sold.
But for the first time in the Codina Group's 25-year history, company executives say, it sent letters Wednesday notifying buyers their deposits -- plus 7.5-percent interest -- will be returned.
Esslinger Wooten Maxwell, which represented the Codina Group in marketing and selling the project, also has never been involved in a project that returned deposits, according to Ronald A. Shuffield, president of EWM, the second-largest real estate broker in South Florida.
''This project is halted indefinitely,'' said Rafael Rodon, executive vice president of the Codina Group. "That's not to say that something couldn't come back to life.''
In part, Codina's move amounts to another cautionary tale about buying preconstruction condo units, which generally are marketed and sold to the public before regulatory approvals are completed.
But typically, troubled condo projects in the current boom have run aground -- forcing developers to return deposits -- because of developers' inexperience, difficulty in getting financing, or rising construction costs.
In this instance, the developer is an accomplished veteran ready to start construction.
MORE...Labels: myrtle beach condos, preconstruction |
posted by Myrtle Beach Web Design @ 7:36 PM
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| Friday, December 23, 2005 |
| Preconstruction in Las Vegas Cooling Down? |
The doom and gloom of bubble predicting still plods on...with the less than hopeful prophets trying their best to create that which isn't yet happening. I think that if enough of them say it enough times it will convince many investors that it's true, and unfortunately become true just from the negative publicity.
Thank goodness Myrtle Beach condos have a longer way to go before they price themselves out of existence. I won't believe in any of it until I see it happen in Miami, Vegas or one of the other hot-spots. Here's another little blurb I ran across today...
Signs Condo Craze in Las Vegas Cooling Off
Dec 19, 2005, 07:13 PM EST KLASTV.com
The condo craze in Las Vegas may be in a cooling down period. The advertising blitz for high-end condos is aggressive. But some projects, like the well publicized "Ivana Trump Las Vegas" are failing to just break ground.
The Ivana promised to tower over the Las Vegas skyline. But, experts say that if a high end project fails at first, that doesn't spell it's doom. There is a good chance that another developer will pick it up and be successful with it.
Linda Rheinberger, with the Greater Las Vegas Association of Realtors says rising construction costs, poor planning, and just bad timing are some of the reasons why some hi-end condo projects are not making it. But, Rheinberger says that more of these projects are making it than what was initially thought.
At first, experts thought only 20-percent would be successful. Rheinberger says "It's closer to 30-percent or 40-percent, so I think it's fairly normal." Some realtors are confident the trend to build upwards will continue and be successful.
Jeannine Cutter with Spanish View Towers says she's been experiencing successful sales, where the starting price for a condo is around $800,000.
Cutter says: "My thinking is there is no bubble."
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There's no slow down of condos for sale in Myrtle Beach or North Myrtle.Labels: las vegas real estate, myrtle beach condos, preconstruction |
posted by Myrtle Beach Web Design @ 11:07 PM
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| Sunday, November 20, 2005 |
| Myrtle Beach Condos Still Seducing Investors |
New Resorts LLC of Myrtle Beach keeps real estate sales and resort condo developments soaring, despite reports of slowdown in other areas.
Myrtle Beach, SC (PR WEB) November 14, 2005 --The demand for preconstruction condos in Myrtle Beach is still surpassing everyone's expectations, even in what would normally be the slowest time of the year.
“Good quality resort condominiums like the Anderson Ocean Club or the Prince Resort Myrtle Beach, will always stand above the garden variety projects that are so often seen along the coastline”, says David O'Connell, of New Resorts.com in North Myrtle Beach.
“We have seen no evidence of a “bubble”, and in fact, sales of Myrtle Beach condos are still moving at a brisk pace. We’re having a hard time finding enough good agents to hire so we can handle the amount of leads that are coming in”, he adds.
Ernst and Young, a national housing authority, recently announced to the San Francisco NAR that despite such warning signs as housing sales slowing, and prices falling in some Florida cities or Las Vegas, they do not expect any bubble in the housing market to pop.
E&Y's director of housing, Steve Friedman, was also quoted as saying, “There’s no national housing bubble, only ‘bubblettes’ in markets like Las Vegas.”
O’Connell is often contacted by buyers and brokers that would normally be re-investing in areas like Florida or the west coast, but are choosing Myrtle Beach real estate instead. Even as those other areas of the country seem to have reached a peak, Myrtle Beach real estate still seems to be under-priced and the SC coast continues to be one of the hottest areas for real estate investments.
What took other companies 15+ years to achieve, New Resorts.com has done in the first 12 months of operation and touts itself now as the “Number One Source for Preconstruction in Myrtle Beach”.
Indeed, he has just signed a marketing agreement for the single largest resort condominium project on the Grand Strand, the new Sea Mist Resort.
The company bases its marketing efforts on a high internet profile, newspaper and magazine saturation, and an ever-growing number of satisfied investors. Many of them have been getting in early and purchasing multiple units and putting them up for resale, “flipping” them as soon as the developer sells out his inventory.
“I’ve done extremely well with the 6 units I’ve purchased in the last 13 months”, says Dr Steve Miller of Florida. He goes on to say, “Compared to other markets around the country, I get a lot more for my money in Myrtle Beach.”
Partnering with ACC Investments, who specializes in 1031 exchanges and other investment services, New Resorts.com is able to offer a complete package of real estate investments and capital gains management programs for every type of investor.
“We represent the leading developers and the finest resorts in the Grand Strand,” O’Connell states. "And oceanfront investment condos will always be in high demand.”
Strand Capital Group LLC is one of the most prestigious resort developers in the Grand Strand area, and has commissioned New Resorts to market what Mayor Mark McBride described as the largest condominium resort development in the city limits of Myrtle Beach. The New Sea Mist Resort redevelopment encompasses 12 acres and promises to improve downtown Myrtle Beach in a major way, providing as many as 1700 new and conversion condos for the crowd of vacationers that arrive at the beach every year.
The project begins with a conversion of the existing 268 Oceanfront/Ocean-View studios in the Driftwood and Tide Buildings, which are now pre-selling at unbelievably low prices starting in the low $100,000’s.
Phase A of the pre-construction redevelopment is also releasing as the "New Oasis" tower, with 1, 2, 3, and 4 Bedroom deluxe condominiums from $399,900 to $700,000+.
Ernst and Young reported, “Many baby boomers have paid off the mortgages on their primary homes and are investing some of the equity in second or vacation homes.”
Friedman was also quoted as saying, “With 79 million affluent boomers, demand for second homes will continue to grow as more boomers reach retirement age.”
David O’Connell confidently shares this opinion, and says that he expects Myrtle Beach and New Resorts.com both to continue to grow and improve for many years to come.
UPDATE: David O'Connell has since partnered with Mike Benton and founded The Myrtle Beach Home Store and The Myrtle Beach Condo Store. The new companies specialize in resale condos in Myrtle Beach, as well as residential homes and investment property in Myrtle Beach.
See our other press releases:
Myrtle Beach Waterway Condos
Preconstruction Condos
Preconstruction News
Preconstruction Condos Directory
Coral Beach Resort CondosLabels: myrtle beach condos, myrtle beach investment property, myrtle beach real estate |
posted by Myrtle Beach Web Design @ 3:58 AM
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| Saturday, October 08, 2005 |
| Preconstruction Boom Creates Statistics Problems in Myrtle Beach |
For once I have decided to list my own rant about things that I see, being exposed to realtors and real estate people day in and day out.
I'm not a realtor, agent, broker, seller, or even a buyer. I just do websites and real estate marketing and SEO advice, mostly to real estate agents.
In the Myrtle Beach real estate market right now, there are as many as 15 condo resorts going up at the same time. It takes about 2 years from sales release to closing, and there are numerous ones in different stages right now. I may be underestimating. Maybe there are 25-30 or even more that are either "reserved" or being purchased right now.
On average there might be 300 units in each building...usually 1, 2 or 3 bedroom units both on oceanfront and on the sides. Most often they will be furnished, so they'll all basically look alike.
Just to simplify, lets say out of the 300 there are 50 of each kind...(1 bedroom oceanfront, 1 bedroom oceanview, etc) So 50 of them are identical in most cases.
When a nice project is released, an company like New Resorts LLC in North Myrtle Beach can often sell them out in less than a week. It varies according to the project, location, and whether it's a new preconstruction or a hotel conversion. New construction often sells faster, although to me, a hotel conversion is the better deal...even though the units may be smaller.
Personally, (and I was a tourist for 30 years before I was a resident in Myrtle Beach) I think most vacationers are most interested in the location and the amenities...not whether their rooms have 400 sq ft or 700 sq ft. After all, they aren't going to live in them...just stay there for a week or less. Granted, if you are among those lucky enough to be able to afford to buy an oceanfront condo in a grand resort for your own personal enjoyment, then it matters. But even with that scenario, I've seen the majority of the owners still be more concerned with that rental income than they are with their family being less cramped for a week. Seldom do THEY stay more than a week at the time either...so it's all the same.
Again, I think a hotel conversion in Myrtle Beach is the best investment. My opinion. Take it for what it's worth. Find out what the rental income is on a one bedroom in Coral Beach Resort after it's converted, as versus a one bedroom in Avista Resort in Ocean Drive. Not a completely fair comparison due to their locations...but I'll bet there won't be alot of difference. Coral Beach units are 200K plus. Avista is probably 400K plus right now.
Anyway, back to my original subject...the way the condos are being built right now....
If there are even 10 resorts going up at the same time and they have 300 units, then that is 3000 condos that are for sale...or DOES IT?
A recent article in The Sun News, Condos Crowd Listings, drew quite a bit of attention from the people I know who are presently investing in preconstruction.
To quote:
More condominiums are for sale on the Grand Strand than at any
time in the past 10 years, according to the Multiple Listing
Service.
The increased supply was caused in part by a slowdown in
the frenzied condo market, leaving condos on the market longer, Realtors and
analysts say.
A clampdown by the Coastal Carolinas Association of
Realtors two months ago on agents who weren't entering listings also played a
role. Officials say that problem has been resolved, increasing the number of
properties on the service.
"A clampdown by the Coastal Carolinas Association of Realtors two months ago on agents who weren't entering listings also played a role." NO KIDDING!
Real estate investors are a breed apart. I know quite a few of them now. With preconstruction investing, it's not who you are or how much money you have, but who you know. The ones who do this do it for a living. They talk amongst themselves. They have made close friends with the largest developers. I would say that often over half of the best units in a preconstruction project are sold over the phone and on paper for 3 months before the project is even made public.
So now lets estimate that there are actually only 1500 of these units that will actually be offered to Joe Blow who casually looks in the MLS to see what's for sale this week.
But wait...maybe not. The internet is the hottest commodity to real estate sales that exists right now. I haven't seen the numbers lately, but MY OWN OPINION would be that a good 70% of all homes and investment properties are sold right now at least in part from internet exposure. I would even say in this area it could be as high as 80%. I deal with most of the most important real estate websites in the area, and I've seen several small Myrtle Beach condo rental companies become multi-million dollar real estate sales machines because of their website.
The many smaller investors out there have not formed a relationship with a developer...they don't even know the developers in a particular area. But what they have done is to get on the mailing list of this same top preconstruction marketing company (New Resorts) and every time a project is released, emails are shot out immediately announcing it, and notifying this group of its upcoming availability. I would estimate that another 50 units per project are reserved and no longer available from this method...again in only a day or two after release or sometimes BEFORE release. So there goes another 500 units. We're down to 1000. We've got 10 projects, so that's 100 units per project left, and maybe 6 kinds of rooms mixed in that. So let's estimate 17 units of each type per resort that are actually ON the market as it's being actively released.
Our local Board of Realtors just raised a stink and are demanding that preconstruction developers or marketers list all the units, INDIVIDUALLY in the MLS listings, every time they have a new project. That means listing the amenities, square footage, all the details on 3000 units at any given time. That also means maintaining them...removing the ones that are sold out of those individual listings. If they are sold prior to release, then they need to be listed and then marked sold and removed. It represents hours and hours of computer work, and a virtual paperwork nightmare. They are actually FINING the sales companies everytime they don't list a project. Some are reacting by withdrawing their membership to the local board...and I can't blame them a bit. It's a ridiculous situation...all so they can write articles about "bubbles" and spout statistics about prices escalating and foreclosures being emminent. Enter John Stossell on 20/20 or 60 Minutes or whatever show he's on, who tells all the masses that REAL ESTATE AGENTS are driving up costs of homes now. Utter crap.
Check a Myrtle Beach MLS listing for a condo right now and all you see are pages and pages of duplicate entries. The BOR is telling the world there are 3000 new condos for sale right now in Myrtle Beach. There's probably not 1/3 of that available. Joe Blow gets tired of trying to search for a condo by digging through 5 pages of the same thing. He may miss out on a nice investment condo. Nothing is accomplished, and nobody is helped except the BOR, and they may publish inflammatory statistics and dire warnings of impending markets crashing.
Yes, Virginia, there IS a bubble...and it's an AIR BUBBLE in the minds of the ones who set the rules and publish this kind of stuff.
Meanwhile, the investors are doing just fine, the developers are doing just fine, the public is getting scared to take advantage of the opportunity to make really good profits, and the agents are left to deal with the problem.
And to back up my rant, the Board of Realtors in Miami, which is 25 times the size of our Myrtle Beach market, has FORBIDDEN agents from listing preconstruction projects. Why? Because of exactly what I've talked about here.
Again, this is just my under-educated opinion. Take it for what it's worth. I can say this with pretty good authority. Articles like this one in the newspaper and on tv are half the problem. They can create a "bubble" almost by themselves just from insisting or even insinuating that there is one.
Though sales of older condos and houses have slowed in Myrtle Beach, preconstruction and new resorts are as strong as ever, and internet marketing is part of the equation...a big part. I truly believe that Myrtle Beach has the best investment real estate in the nation right now.Labels: myrtle beach condos, myrtle beach real estate |
posted by Myrtle Beach Web Design @ 2:02 PM
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| Sunday, August 28, 2005 |
| Preconstruction - Updates in Myrtle Beach |
The Coral Beach Resort & Suites
AMENITIES
Ten Pools-Indoor & Oceanfront
Multiple Jacuzzi's
Lazy River
On-site Bowling Alley
Exercise room
Sandbunkers Pool Bar & Grill
General Store
Room Service, Massage
Oceanfront & Angle OF
Other Restaurants on Site
Comedy Club Now Taking Pre-Reservations! OCEANFRONT PRECONSTRUCTION Next week, we will be releasing two of the most unique new oceanfront preconstruction projects ever, in the heart of Myrtle Beach. These are sure to sell out overnight!
Aqua Bay Resort
A New "South Beach" Architecture, and
Full Luxury Amenities
Anderson Ocean Club
New Preconstruction - Historic Downtown Favorite
Luxury Condominiums We have many other upcoming preconstruction projects,
including new phases of Prince Resort at the CherryGrove Pier
in North Myrtle Beach, the affordable renovation of the famous
Sea Mist Resort on the south end of Myrtle Beach, and a new
luxury resort called Park Place in Carolina Beach, North Carolina.
All preconstruction projects are "Artist's Renderings" and subject to change at any time by the Developers.
Labels: myrtle beach condos |
posted by Myrtle Beach Web Design @ 3:04 AM
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| Wednesday, June 29, 2005 |
| Myrtle Beach Condos - Brand New Preconstruction Opportunities |
The following information is probably outdated...
Preconstruction Condos
New Coquina Harbour Condos
The Coquina Harbour marina in Little River is already home to some of the most beautiful condos in the Grand Strand. Lighthouse Village borders the right, and on the northern side of the waterway you have the three Coquina resorts that are so popular and scenic. The marina
operates on the water, and boat slips are just steps away.
The new project will be facing Hwy 17 in between the two, beside of the Holiday Inn and Umbertos restaurant. They will all be water-view, and boasting the most sought-after amenities.
Little River is building up and appreciating right along with North Myrtle Beach, which is about 4 miles south of this area. Of all the condo projects in Little River, this group of resorts is the best and most likely to increase in price quickly.
Coral Beach Hotel Conversion Hot off the Myrtle Beach press is the condo conversion at the Coral Beach Hotel in downtown Myrtle. This fabulous motel has been a hot tourist favorite for more than 20 years, and boasts more pools, lazy rivers, and amenities than about any other hotel around. It even has a bowling alley. With long established in-house rentals, these might be keepers as well as "flippers". Look at these amenities.... 
10 Pools (including):
2 outdoor pools
2 outdoor kiddie pools
Lazy river
Indoor heated pool
Outdoor jacuzzi
3 indoor jacuzzis
On-site Recreation Center featuring 8 AMF automatic bowling lanes, video arcade, game room with pool tables, air hockey, foozball, snack bar & grill
General Store & Gift Shop
Fitness Center
Children’s Activity Center
Multiple Guest Service & Concierge Desks
Spacious Meeting Facilities
MacDivot’s Sports Pub & the Comedy Corner featuring the east coast's favorite comedians!
The New! Atlantis Marketplace featuring a variety of specialty cafés.
Sandbunker’s Beach bar & Grill
Live entertainment (in season) including:
Pool party featuring the Beach's best quality entertainment such as the Legends in Concert Band!
Karaoke! Sing like the stars!
Guest laundry
Men's & Women's saunas
Free tennis privileges at a nearby private club
Direct easy access to beach
Covered attached parking - no having to cross busy streets
No information yet except the hotel website at Coral Beach Resort.
This is another one that won't last a week. Be sure and contact New Resorts immediately if you are interested. ************************************** Harbourgate Marina The complex at Harbourgate Marina in North Myrtle is still selling available units. See Harbourgate Marina for full details on this beautiful waterway resort. 
Labels: myrtle beach condos |
posted by Myrtle Beach Web Design @ 3:20 PM
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To speak with a condo expert in Myrtle Beach, please call David O'Connell at 843-455-5500, or visit our new (and ongoing) website, 
