Condo Living-Pets or Problems

I ran across a blog posting in a Chicago Metro Area real estate blog today about some condos that had rules about having a dog (or more than one) and it brought to mind an issue that I recently brought up with my own condo HOA.

We have a girl living here in what I understand is a one bedroom condo, which is what I have as well. She has 3 pekinese type dogs and a cat which terrorizes the neighborhood everytime it gets out to wander. There had been complaints about her dogs barking and that prompted the board to make a new rule limiting the number of pets to 2 per condo.

Then it went a step further and they made a rule that the only pets allowed were dogs, cats, and fish, I think. One of my neighbors had mentioned that one, and was concerned because she used to raise parrots. She found it objectionable, and I sort of do myself. I used to love having pet mice, and have even had an iguana. I would hate to think someone on the board would try and prevent me from having a cage with a gerbil or mouse running around endlessly in one of those little wheels.

Then again, would I be comfortable with a neighbor who had a pet tarantula or maybe a snake that could possibly get loose? No, I wouldn't. So I can see the point in some of the rules that might sound ridiculous at first.

Condo living can present some obstacle sometimes, and it's a good idea to investigate the rules before you go look at a condo for sale and get your heart set on it.

I know many of the resort oceanfront condos in Myrtle Beach don't allow pets at all. It could really present a problem if you buy something without checking the by-laws and find you've moved into a pet free complex when you have a couple of cats or dogs that are family members and could end up at the local animal shelter because of it.

I myself would go to jail before I'd abandon a pet...but the shelters are full of unfortunate bodies whose owners don't care enough to fight and keep them.

I think pet ownership is a private thing, yet when you live on top and right beside of other people, there are issues with everything. I love condo living, but it sure pays to dig deeply into the way things are managed before you buy a condominium or townhouse.

If you're interested in condos in Myrtle Beach, a 1031 exchange, Myrtle Beach vacation rentals, or relocation information, visit our websites or contact us! Also see my blog on Active Rain!

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Myrtle Beach Retirement Communities

-------------Litchfield Lakes Retirement Community

My family is largely comprised of baby-boomers. Myself, my brother and his second wife, my oldest sister, and even my nieces and nephews are all between the ages of 45-70.

The oldest members of the family have all invested in senior citizen communities which provide luxury living from good health all the way to nursing facilities to the end of life.

I have an aunt and uncle, another aunt, and my brother all living in these types of communities. I myself, would prefer to live in a gated area without small children and be surrounded by quiet and BORING retirees! I've got a ways to go yet, in age as well as being financially able to afford such a neighborhood, but I hope to find myself there one day.

I have read that seniors 65 and over will comprise 36 percent of the population in the Grand Strand by 2025. Although we don't have a large number of retirement and assisted living neighborhoods at this time, I would bet we will see a big increase in them in the next 10 years or so.

In Myrtle Beach, we have several retirement communities to choose from...

In Carolina Forest, a new senior development called Brightwater has popped up off International Drive and River Oaks Dr. Brightwater will have 110 single family homes for independent retirees, 48 assisted living homes, 24 available beds in a nursing home provided, and another 24 units assigned to the unfortunate Alzheimer's patients.

Ranging from around $275K to $475K, the houses are affordable and offer every amenity. Apartments or condos will be priced at just over $100K to $325K. A clubhouse is included, providing meals, activities, housekeeping and a 24/7 emergency service. The services are bundled with the cost of the homes and apartments, and helps to take the worry out of growing older gracefully and securely.

Eagle Crest is located on Robert Grissom Highway in Myrtle Beach, between 17 business and 17 Bypass. Pet friendly, smoker friendly, and with the average resident age of 80, Eagle Crest seems geared to the more traditional type of retirement community. With accommodations ranging from studios to 2 bedroom suites, this is an apartment/condo type setting, as versus the single family home look of Brighwater.They boast an excutive chef, paid utilities, around the clock resident manager, housekeeping, meals to include special diet requirments, and the regular amenities of any hotel. They are a part of a chain of retirement facilities under the name of Holiday Retirement. The website doesn't list pricing, unfortunately. They advertise giving you a tour and a free lunch to visit and learn more.

Located amongst the elegant settings of Pawleys Island real estate, the Lakes at Litchfield is the luxury version of Brighwater. Private luxury homes, 2 bedroom exclusive apartments and a luxurious clubhouse make this the place to retire. Again, they have independent living, 57 beds in assisted living, skilled nursing, and Alzheimer's care.

They list their mission statement as being dedicated professionals providing peace of mind, fun, safety, honor, dignity and integrity. Their purpose is listed as being a light in the world, making a difference in the quality of others' lives, and to treat the residents like their own parents.

That's a pretty impressive resume.

Again, there seems to be no way to find pricing on the web. Perhaps someone from the community will read this and provide this information?

Folks in our generation that can afford it seem to have more to look forward to than our parents and grandparents. As more boomers reach the age of needing these services, hopefully more Myrtle Beach retirement communities will be built.

For more information about Myrtle Beach condos, Myrtle Beach Foreclosures, 1031 Exchange or just to ask about our wonderful city, visit www.myrtlebeachcondostore.com.
Coming soon, a new website about Cheap Oceanfront Property everywhere!
See the new Myrtle Beach Real Estate for Canadians blog!

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New Website for Oceanfront Real Estate

I just put up a brand new website to showcase Cheap Oceanfront Property.

Hopefully I'll find some sellers that are interested in listing their property and buyers who'd like to be on our mailing list as we find them. Do check it out and if you have an interest, be sure and contact me from the form provided!

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Left behind - Pets and Foreclosure

April 16, 2008 : 6:04 PM ET

No one will forget the lost looks on the faces of pets abandoned after Hurricane Katrina. Best Friends Animal Society came to the rescue of thousands of them. Today, Best Friends is helping victims of another disaster – an economic disaster. For many people and their pets, the current mortgage crisis is every bit as devastating as a natural disaster.

Across the country, animals are being found abandoned in foreclosed homes. Other pet owners who’ve fallen victim to the subprime mortgage mess, finding themselves just days or even hours from being homeless, are desperately trying to find someone to take in the furry and feathered members of their families.

Some have tearfully left their pets at shelters, not knowing what would become of them, but believing they could at least give them some chance of being adopted.

“We’re seeing more and more cases of people leaving their homes and dropping the dog off at the shelter and the cat in the local park,” says Michael Mountain, president of Best Friends Animal Society. “Sometimes they even just tie the dog up outside and drive off.”

It is never OK to leave the family pet to fend for himself. Many people have been calling Best Friends’ Animal Help department for advice on how to keep their pets as they weather the economic storm. Department manager Liz Finch says she’s seeing an increase in calls and e-mails from people facing foreclosure.

“If there is a short time-frame, we coach them on ways to find temporary care for their animals through kenneling, boarding at a vet's office, fostering with a friend – anything to give them more time to look for the right home for their pet,” Liz says. “They may have the ability to keep their animal if they can find this temporary care, to tide them over until they find a pet-friendly home for themselves.”

Best Friends Animal Help specialists also provide resources to help people re-home their pets, giving them valuable information on how to network in their communities and how to contact rescue organizations.

“If the animal has special needs, we give them more specialized advice and resources,” Liz says. “We want to offer them as many options as possible. The more people who are aware of an animal in need of a home, the more likely you'll be able to find that home.”

A crisis has a way of bringing out the best in human beings, and Best Friends has also been receiving calls from people wanting to help. Mindy Mason, a real estate agent with Prudential Utah in Salt Lake City and a member of that city’s Board of Realtors, wanted to take action after hearing her colleagues talk about animals they’d found abandoned in foreclosed homes. She’s looking into how she and her fellow real-estate agents can donate proceeds from an annual fundraiser to Best Friends. “I just love what Best Friends does,” she says.

Mindy has some advice for people facing foreclosure – they should get in touch with their lenders. She says many lenders are willing to lower interest rates to help people stay in their homes.

“Lenders are being flexible,” Mindy says. “They will definitely work with you.” She says real-estate agents can help if people don’t know how to contact their lenders.

Meanwhile, Best Friends’ Animal Help specialists will continue to help however they can. The ultimate goal is to find some way to help people keep their pets. The next best thing is to help people place their pets in new forever homes.

“It's a very sad reality that people are being put in this position, where they essentially have to give up a member of their family,” Liz says. “We do whatever we can to give them hope for their animals’ future.” ~Written by Sandy Miller

Note from editor: Best Friends Animal Sanctuary is one of the most worthwhile animal charities in existance today. I encourage you to visit their website, volunteer at the sancutary, and donate to the cause. Many who have gone to the compound and spent a week with the animals have come home with wonderful memories, and continue to spend their vacations there helping out. This is a wonderful organization.

For information about Myrtle Beach foreclosures, Pawleys Island Real Estate, or Myrtle Beach condos, please visit our website, The Myrtle Beach Condo Store.

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The Carolina coast | High-rise heaven?

Condo towers won’t get tougher rules despite perils, costs
By SAMMY FRETWELL - sfretwell@thestate.com

NORTH MYRTLE BEACH — State regulators Tuesday decided against toughening rules that allow high-rise condominiums on one of the most flood-prone beaches in South Carolina.

The decision at Cherry Grove — where condominium towers dominate a 20-block area once reserved for beach cottages — solidifies a state policy of letting less-restrictive oceanfront building codes stand even after taxpayers pay to renourish beaches.

The government has spent more than $100 million in the past two decades to widen South Carolina’s eroding seashore, the foundation of the state’s tourism economy. It spent some $20 million replenishing the shore at North Myrtle Beach in the 1990s and is preparing another multimillion dollar renourishment project this July. The $30 million project also includes other Grand Strand beaches.

The state Department of Health and Environmental Control’s proposal for North Myrtle Beach is the first in a series of building regulation reviews during the next two years that will look at most South Carolina beaches to determine whether building restrictions should be changed.

Since the state first eased building restrictions in the heart of Cherry Grove eight years ago, two high-rise condominium projects containing thousands of rooms have been launched along the oceanfront.

A third, smaller condominium building also was built as a result of the state-approved changes at Cherry Grove. Before the rules changed in 2000, people wanting to develop from 20th to 40th avenues north were largely restricted to construction of new beach houses.

Bill Eiser, a DHEC oceanographer, said his agency saw no reason to reverse a decision it made eight years ago to loosen oceanfront construction regulations after the 1990s renourishment. State law allows building rules to be tightened if beaches erode, but to be eased if the seashore builds up, whether through natural or artificial renourishment.

Even though waves cover the dry-sand beach in many areas of Cherry Grove at high tide, Eiser said North Myrtle Beach hasn’t suffered major erosion since the 2000 decision. Erosion there is less than one foot per year, a low rate when compared to rates of 8 to 15 feet at some beaches in Beaufort County, he said.

“Our survey data shows not much less sand than when we last did this,” Eiser said. He added that the state could have eased building restrictions further on other parts of the beach where the shore is stable, but chose not to.

While the state’s policy is cause for rejoicing among developers and seaside landowners at North Myrtle Beach, some scientists and beachgoers said DHEC’s decision reflects an ominous trend in the face of more intense hurricanes and rising sea levels. Renourished beaches eventually will wash away, leaving buildings vulnerable, critics say.

Dave Huster, a Michigan truck driver vacationing in Cherry Grove, said South Carolinians should worry about footing the bill in the event of a storm.

“Who is going to pay to fix that building when the ocean goes over the berm?” Huster asked. “Who knows where the ocean will go?”

Tim Hall and Paul Conrads, federal officials who serve on a state shoreline advisory panel, are among those who question the wisdom of DHEC’s policy at Cherry Grove and other beaches.
Later this year, the state-appointed committee is to recommend changes in South Carolina’s beach management act, which many say is not working as intended. The law, adopted first in 1988, calls for a gradual “retreat” from the seashore of new development.

“It’s hard to look at barrier islands that need to be renourished and think this is a wise policy,” said Conrads, a U.S. Geological Survey official in Columbia. “It doesn’t seem like the prudent thing to do.”

That’s of particular concern in North Myrtle Beach, which has led the state’s coastal cities in the number of repeat flood insurance losses under the federally backed program. The city’s Cherry Grove section — an easily flooded narrow sand spit between a marsh and the Atlantic Ocean — typically takes the worst pounding during storms.

Paul Blust, zoning administrator for North Myrtle Beach, said some seaside landowners were concerned that DHEC might tighten the rules on oceanfront building. After viewing a series of maps at DHEC’s office in Myrtle Beach, Blust said many property owners will be relieved. If the economy improves, Blust expects more high-rise condo towers in Cherry Grove.
“I don’t see why you wouldn’t,” he said.

At issue are building restrictions known as “setback lines.” These are imaginary lines that prevent development close to the beach. In 2000, DHEC moved setback lines 25 to 100 feet seaward along a 20-block stretch of oceanfront in Cherry Grove.

DHEC released a series of satellite maps Tuesday showing the lines’ location. Most stayed where they were set in 2000, although the agency did move them seaward in a few spots. One place is near a 20-story condo tower under construction south of Sea Mountain Highway. Developers of the project, Towers on the Grove, have said they’re simply going by state rules.

The building boom started after 2000 with a 17-story Prince Resort condo tower at the Cherry Grove Pier, where setback lines were moved seaward about 50 feet. The lines were extended seaward about another 25 feet in 2006 so the project could have swimming pools along the oceanfront.

Reach Fretwell at (803) 771-8537.

See the many North Myrtle Beach condos at www.myrtlebeachcondos.net

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Democrats to the Rescue (Hopefully)

According to an article on CNN Money today, Democratic Senators are going to try and force a vote on legislation designed to help with the foreclosure crisis.

They have come up with a plan called the Foreclosure Prevention Act, which will help families avoid foreclosure and hopefully aid some of the communities that are already hurting from the backlash of the problem.

As usual, Republicans are trying to block the attempt, hoping to pull off the miracle themselves and get the credit for it...never mind the families that are hurt because of whatever delay that causes.

Senator Christopher Dodd, Connecticutt Democrat is quoted as saying,

"This is a pivotal week. Failure is not an option. The problem is growing more serious by the hour and any delay is putting more homeowners in jeopardy."

Senator Dodd is the chairman of the Senate Banking Committee. The article says "Republicans agree that the legislation is in play." I don't have any idea what that statement means. If anyone does, I would like to be enlightened.

A member of the banking panel is a Republican Senator named Wayne Allard, R-Colo. and an aid states that he has always worked well with the Chair...I assume meaning that perhaps he will help to pass this Democratic initiative.

The Senate majority leader Harry Reid states that the White House is unresponsive, and persists in calling for the lenders to take on the task instead of the government. Well, folks, it seems to be pretty clear that this is not going to happen.

I was in a deep argument recently with a friend who is a Republican about the differences in our philosophies. She, like most, feels like the government should stand back and let the chips fall where they may. If people don't work, let them starve. If their kids starve too, then that's the way it is. If folks were stupid enough or greedy enough to be sucked into the sub-prime loans, then they deserve what they get, and it's not up to her tax money to bail them out.

My counter was, fine...we can be like China. If someone is born with no arms or paralyzed, let them sit on a blanket in the street and beg for pennies. It's THEIR problem.

My point is that our country is the greatest in the world BECAUSE our government steps in and forces EVERYONE to take care of those who can't or won't take care of themselves.

Our argument escalated when I voiced my puzzled opinion as to why those who have the most money (often or usually Republicans) are the ones who most begrudge helping others.

It hurts someone in the bare middle class more to take more taxes than it does a multi-millionaire. Yet, I, and most Democrats, feel the need is warranted and welcome the government control to aid in problems like this foreclosure mess. And someone with more money than they can possibly ever spend thinks we should leave these people to be put on the street.

I just don't understand the reasoning. What makes it worse is that a good many of these Republicans who feel this way are in the real estate industry. They PROFITTED from the very loans that are now going into foreclosure.

Whatever happened to "He ain't heavy - He's my brother"?

Oh, wait...that was a song written and sung by us liberals even way back then. Just like the 60's all over again, we've got the "hippies" (liberals) that care and the "establishment" (Republicans and Conservatives) that don't seem to.

This is the worst rant I've ever made, I think...but every day I get more incensed towards our horrible president, the war, and how it seems we have no say-so against a tyrant in the White House.

Senator Dodd's proposal calls for forcing the mortgage companies to lower balances down to what the homes are worth, and taking a loss. As Dodd is quoted as saying,

"In essence, the plan gives lenders the chance to take a quick hit, versus the slow bleed that could end in foreclosure."

I hope the Republicans will see how important this issue is, and let go of their reticence against government long enough to try and save the economy.

Thanks to Richard Brooks D-SC - for passing this article along to me.
He has recently joined Remax and specializes in Myrtle Beach real estate. :-)

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More Atlantic Beach Problems

Once again, the other cities and taxpayers are expected to pay this town's expenses and pick up the tab for "history"...

AB's mayor, salaries out
Charges at top sink in as town left in limbo
Posted on Sat, Mar. 22, 2008
By Kurt Knapek and Lorena Anderson -
kknapek@thesunnews.com
landerson@thesunnews.com

Gov. Mark Sanford issued the order after Thursday's indictment of Irene Armstrong on bribery and misconduct charges. The town manager, Marcia Conner, was indicted on misconduct charges. Neither woman was available for comment Friday.

City workers - including the five-member police force - did not receive paychecks as scheduled Friday, and the acting police chief said he will look to Horry County law enforcement to protect Atlantic Beach, at least for this weekend.

"I'm not even sure I'm going to work," said Capt. Randy Rizzo. "I, too, have bills, and we cannot have employees working for free. They missed payroll, and the funds are not there."

Mixed responses
Reaction to the indictments ranged from sad resignation to a commitment to move past the current problems.

"No, I'm not surprised," said oceanfront property owner David O'Connell.
"I think it's a shame, but change will be the best thing in the world for Atlantic Beach."

Sanford's executive order read

"I hereby suspend Irene Evans Armstrong from the office of Mayor of Atlantic Beach until such a time that she shall formally be acquitted or convicted."

"We're letting the legal system take its course, but it's not something we're proud of right now," said Councilman Donnell Thompson. "We're trying to move the town forward. We're in a crisis right now."

The four remaining council members couldn't resolve their dispute Friday on how to pay the police force. Retha Pierce and Thompson said they were in favor of paying the force, Mayor Pro Tem Charlene Taylor and Councilman Jake Evans refused to approve the spending.

"We need to make sure we have police protection," Pierce said. "We want the town to move forward and keep doors open and not shut things down."

Taylor and Evans would not comment.
"I need to hear from my lawyer," Taylor said. (HAHA!)

The whole situation is up in the air now, and Rizzo said he has no idea what might happen.
"It's going to be interesting," he said.

Resident Paul Curry said he wasn't surprised. Curry is suing the town, alleging officials have refused to notify him of public meetings - which state law requires - despite his requests.

"These are merely allegations, and I hope she is treated fairly in court," Curry said of Armstrong, "but that said, I think there is truth to these charges."

Disputed election
Armstrong lost the mayoral election in November by one vote to Pierce, but appealed the election, which allowed her to hold her seat until the matter is settled. A circuit court judge is expected to decide next week whether Atlantic Beach should hold its mayoral election again.

Pierce said Friday she's unsure how Armstrong's indictment will affect Judge J. Michael Baxley's ruling on the election.

"We're awaiting some information at this point," she said.

Pierce has her own legal issues to tend to after being charged with resisting arrest on Christmas night after a traffic stop. She told the officer she needed to use the bathroom, got out of her car and started to walk toward a nearby hotel.

"I'm not worried about that," Pierce said. "I'm not guilty of resisting arrest. I just wanted to use the restroom. I want us to get through this. I want us to keep a positive outlook and try to work together to move forward."

Conner, 50, faces two counts of misconduct in office and one count of violating an employer's obligations to police retirement funds.

Conner previously served as the city manager in Durham, N.C., where she resigned after council members there became increasingly dissatisfied about her tenure, which included two failed searches for a police chief and problems with project oversight and spending delays in the city housing department.

What's next
Armstrong and Conner have until Monday to turn themselves in to authorities at J. Reuben Long Detention Center or the State Law Enforcement Division will issue arrest warrants.

The women police say accepted the bribes from Armstrong will not be charged, 15th Judicial Court Solicitor Greg Hembree said.

"They came forward and fully cooperated," Hembree said. "Had they not, we would not have been charging the others. The offering of the bribe is the more serious offense. I wouldn't want to punish those who are doing the right thing."

Councilman Thompson said he "feels comfortable" the annual Memorial Day Bike Fest, a source of revenue for the city, will go on as planned May 23-26.

"I think things will be worked out by then," Thompson said.

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So What's the Latest Atlantic Beach Scourge?

Well, the dirty soap opera that is Atlantic Beach and its mayor continues. Here's the latest on her recent arrest. It appears she stirred up alot more than her penchant for thinking she can tell the police what to do.

I would be happier if the Sun News would be very explicit to let people know that Atlantic Beach is NOT A PART OF NORTH MYRTLE BEACH!!

NMB has an outstanding government and its officials and police department are the best in the state as far as I'm concerned. It sickens me to think this can taint the reputation of such a beautiful beach town. We have NOTHING to do with what goes on in this town.

Please see the Atlantic Beach Website so you can better understand the dynamics here!
See the Original Posting of the Mayor being arrested.

Governor suspends indicted Atlantic Beach mayor
Thursday, Mar 20, 2008 - 08:11 PM Updated: 04:14 PM

Thursday afternoon, the 15th Circuit solicitor's office released an Horry County Grand Jury's verdict charging the Atlantic Beach mayor, Irene Armstrong, and town manager, Marcia Conner, with a list of crimes.

Friday morning, Governor Mark Sanford signed an executive order suspending the three-term mayor from office, according to the governor's press secretary, Joel Sawyer.

The indictments are a result of an investigation into the town's finances, according to the solicitor's office release.

Armstrong faces three counts of bribery of elections and two counts of misconduct in office.
Town manager Conner faces two counts of misconduct in office and one count of violation of Employer's Obligation to the Police Retirement Fund.

The indictment claims Armstrong bribed three voters in the town's November elections by paying the three for votes.

Agents charge that on election day, Armstrong paid Monique E. Pointer of Atlantic Beach $20 for her vote in the mayoral election, and another $20 for Pointer's vote for councilman, Jake Evans, Armstrong's brother.

The indictment also claims Armstrong bought another vote for herself from Rose Marie Lambert for $10 in the mayoral election.

Armstrong lost the November mayoral election by one vote to councilwoman Retha Pierce, but appealed for a new election.

A circuit court judge heard arguments Monday from Pierce and Armstrong, but did not make a decision in the case as to whether or not to uphold the town's election commission's decision to hold a new election.

Armstrong faces two counts of misconduct in office stemming from illegally transferring town money from the town's pending drug seizure account into the town's general fund account, which the indictment states is a violation of state law.

The second count against Armstrong deals with the illegal transfer of the town's municipal court account into the town's general fund.

Two of the three charges against town manager Conner include illegal transfer of money between the same accounts charged against Armstrong; the third charge agents claim Conner collected retirement fund money from the town's police officers, transferred that money into the town's general fund, then used that money to pay for other services.

The indictment alleges the crimes of misconduct happened between April 9, 2006 and May 2, 2007.

State Law Enforcement Division agents took several financial documents from Atlantic Beach town hall back in July of 2007, but SLED would not release any details about what agents took, or why agents are investigating.

News13 checked with SLED Thursday and agents said the July 2007 investigation remained open and active.

If convicted, mayor Armstrong faces up to 35 years in prison, and Conner faces up to 30 years behind bars if a jury finds her guilty.

Town council members Retha Pierce and Donnell Thompson changed the locks on town hall this afternoon to keep Armstrong and Conner from entering the building.

Governor Mark Sanford issued a statement Thursday evening through his press office,

"We have not reviewed the indictment in detail, but based upon what we understand about the charges, we have every reason to believe we would suspend the mayor once our office reviews the indictment."

SLED agents allowed the pair to surrender themselves to authorities sometime early next week.
##

***This story is so dirty that I won't even put links in it to our websites.

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1031 Exchange Makes the News in Myrtle Beach

The below article in the Sun News was taken from an articale originally done by myself as a press release about 1031 Exchanges on PRWeb. It was done as an adjunct to our 1031 Tax Exchange website called 1031Commercial.com. I noted most of the exact information in my press release as to owners wanting to use their investment condos and real estate for personal vacations and how the IRS was now specifically going to allow it.

Today, the article below appeared in the Sun News, and to add insult to injury, the auther actually telephoned David O'Connell, whose number and reference was in my original press release, and spent a good bit of his time answering her questions about 1031's and the IRS regulations, as well as the differences in using Myrtle Beach real estate to save capital gains taxes.

Not only was no credit given to the original article, which was taken from a similar but generic mention in Forbes Magazine, but the author of the Sun News article didn't give any mention to her conversations with David, his insight and knowledge about 1031's or even a link to his website.

I feel rather offended by this, and wanted it to be known.

Here is the Sun News Article that I feel was offensively done without giving just due to the both of us.

Posted on Wed, Mar. 12, 2008
Tax break available for some investors
JESSICA FOSTER

Real estate investors looking for ways to dodge taxes on capital gains have clearer guidelines as to whether they qualify for a popular tax break.

Many Myrtle Beach investors buy condos and houses in hopes of spending some vacation time in the property - a move that might have disqualified them from a tax-free 1031 exchange before this week.

Now, they still qualify if they vacation there for up to 14 days or no more than 10 percent of the number of days the unit is rented out, according to an Internal Revenue Service bulletin.

That could be a plus for the investor-heavy coast, said Tom Maeser, market analyst for the Coastal Carolinas Association of Realtors. The exchange, made possible through Section 1031 of the tax code, lets people swap their property for a new one without being taxed on the gains as long as the property is used for investment or business. The personal use rules mean real estate buyers don't have to wonder whether they're eligible for the exchange if they vacation in their investment property for a few days.

"You never knew whether you were going to be in trouble or not because they never spelled it out very clearly," Maeser said. "So many of our investors now are going from the old flippers to the baby boomers that are buying second homes now and will put them in a rental program. This just gives them a lot more assurance that they're not going to be challenged by the IRS."

The change comes after a recent U.S. Tax Court case, Moore v. Commissioner, in which taxpayers tried to do an exchange on two properties they used solely for personal purposes.
They said the properties should qualify as investments because the values were expected to appreciate.
The court ruled that the "mere hope or expectation that property may be sold at a gain cannot establish an investment intent if the taxpayer uses the property as a residence."

Other than being an investment property, there are additional requirements for the exchange: the investor has 45 days to identify potential replacement properties and the exchange must be done within 180 days. A qualified intermediary also has to be used.

Buyers should also keep in mind that the exchange only defers paying the taxes until the property is sold. "Unless you're lucky enough to die before you sell it, you're not saving the tax, you're deferring the tax," said Myrtle Beach attorney and CPA Tone Trask.

That could mean that investors pay more in taxes if the federal tax rate rises from its current 15 percent on capital gains.

Though some Realtors say 1031 exchanges are relatively common among local investors, Trask said he hasn't done many in recent years because of the market downturn.
###

See the original article also posted in our 1031 Exchange Blog . For further information on saving capital gains taxes or incorporating this practice in purchasing property in Myrtle Beach, Little River condos, or Pawleys Island real estate, contact David O'Connell at 843-455-5500 or visit his websites. David has been an expert in Grand Strand real estate and condo sales for over 8 years, and was involved in many of the grand new resorts presently being enjoyed by owners and vacationers in our area.

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$100K More to live at the North Pole instead of Myrtle Beach

CNN Money had an article that showed Coldwell Banker's annual Home Price Comparison Index, which compared selling prices of similar homes in similar neighborhoods of different states and markets.

It was an interesting comparison to see, and very surprising to find some areas (such as Alaska - ACK!) that were incredibly expensive, while considered almost undesirable. Here's a sampling of the areas and prices they gave. I was also rather surprised to find that Myrtle Beach real estate was definately in the low to middle range of pricing, and in fact, quite a bit lower than Charleston.

We are way lower than most of Florida, and I think condos for sale in Myrtle Beach as versus Miami would bear that out. But ALASKA????????? Come on!

Other surprises include Fairfield, CT, Boston, and Maryland. Wow. It really costs alot to freeze to death! Makes me very happy to be right where I am.

The criteria was a 2200 sq ft house with 4 bedrooms, 2.5 baths, a family room, and 2-car garage. The neighborhood is described as "typical for corporate middle-management transferees".

City-----------------Avg Price of home
Huntsville, AL................$194,466

Juneau, AK ................$443,000

Little Rock, AR..... ........$181,395

Tucson, AZ ...................$250,833
Phoenix, AZ ..................$295,334
Scottsdale, AZ ..............$478,833

San Diego, CA .............$627,938
San Fransisco, CA ..$1,300,000
Beverly Hills, CA ......$1,656,500

Colorado Springs, CO ..$211,667
Denver, CO ....................$336,433

Torrington, CT ..............$233,331
Fairfield, CT ...................$737,738

Washington, DC .............$727,250

Pensacola, FL ...............$222,258
Orlando, FL .....................$312,000
Daytona Beach, FL ........$349,650
Sarasota, FL ...................$387,375
Boca Raton, FL ...............$521,412
Key West, FL .................$949,375

Macon, GA .......................$167,850
Atlanta, GA .......................$303,000

Honolulu, HI .......................$737,625

Des Moines, IA .................$247,000

Boise, ID ...........................$213,808

Springfield, IL .................$205,950
Naperville, IL .....................$346,250
Chicago, IL ......................$815,000

South Bend, IN ..................$173,600
Munster, IN .........................$329,300

Wichita, KS ........................$151,275
Lawrence, KS ....................$237,237

Louisville, KY .....................$243,634

Shreveport, LA ..................$210,250

Springfield, MA .................$389,283
Boston, MA ....................$1,260,000

Hagerstown, MD ............$283,175
Baltimore, MD ..................$513,425
Bethesda, MD .................$829,750

Bangor, ME .......................$253,750

Grayling, MI ........................$149,600
Ann Arbor, MI .....................$346,250

Rochester, MN ...................$217,675
Minneapolis, ................MN $397,133

St Louis, MO .......................$254,700
Tupelo, MS ..........................$163,485

Helena, MT ..........................$177,950

Greensboro, NC ...............$181,166
Charlotte, NC ....................$204,336
Wilmington, NC ................$286,650

Bismarck, ND .....................$171,438

Norfolk, NE .........................$176,450

Turnersville, NJ ...............$257,385
Clinton, NJ ..........................$527,700
Madison, NJ .......................$677,250
Ridgewood, NJ ...............$829,500

Albuquerque, NM ...........$243,034
Santa Fe, NM ...................$511,026

Las Vegas, NV .................$359,500

Binghamton, NY .............$152,875
Rochester, NY ...................$256,333
Long Island, NY .................$584,497
Queens, NY .......................$701,000
Rye, NY .............................$869,125

Cincinnati, OH ...................$244,250

Oklahoma City, OK ...........$185,000

Eugene, OR ......................$327,000

Erie, PA ............................$193,975
Harrisburg, PA .................$276,566
Philadelphia, PA ............$574,567

Columbia, SC .................$190,058
Myrtle Beach, SC ..........$191,584
Charleston, SC ..............$307,400

Sioux Falls, SD ................$171,470

Nashville, TN .....................$209,300

Arlington, TX .....................$139,510
Dallas, TX .........................$261,325

Salt Lake City, UT ............$262,117

Roanoke, VA ...................$220,942
Virginia Beach, VA ..........$334,425
Alexandria City, VA .......$776,399

Burlington, VT ..................$338,750

Spokane, WA .................$238,418
Seattle, WA ......................$386,600
Bellevue, WA ..................$566,330

Eau Claire, WI ..................$164,225
Milwaukee, WI ..................$331,000

Charleston, WV ................$179,050

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Facing Default, Some Walk Out on New Homes

By JOHN LELAND
Published: February 29, 2008

When Raymond Zulueta went into default on his mortgage last year, he did what a lot of people do. He worried.

In a declining housing market, he owed more than the house was worth, and his mortgage payments, even on an interest-only loan, had shot up to $2,600, more than he could afford. “I was terrified,” said Mr. Zulueta, who services automated teller machines for an armored car company in the San Francisco area.

Then in January he learned about a new company in San Diego called You Walk Away that does just what its name says. For $995, it helps people walk away from their homes, ceding them to the banks in foreclosure.

Last week he moved into a three-bedroom rental home for $1,200 a month, less than half the cost of his mortgage. The old house is now the lender’s problem. “They took the negativity out of my life,” Mr. Zulueta said of You Walk Away. “I was stressing over nothing.”

You Walk Away is a small sign of broad changes in the way many Americans look at housing. In an era in which new types of loans allowed many home buyers to move in with little or no down payment, and to cash out any equity by refinancing, the meaning of homeownership and foreclosure have changed, economists and housing experts say.

Last year the median down payment on home purchases was 9 percent, down from 20 percent in 1989, according to a survey by the National Association of Realtors. Twenty-nine percent of buyers put no money down. For first-time home buyers, the median was 2 percent. And many borrowed more than the price of the home in order to cover closing costs.

“I think I could make a case that some borrowers were ‘renting’ (with risk), rather than owning,” Nicolas P. Retsinas, director of the Joint Center for Housing Studies at Harvard University, said in an e-mail message.

For some people, then, foreclosure becomes something akin to eviction — a traumatic event, and a blow to one’s credit record, but not one that involves loss of life savings or of years spent scrimping to buy the home.

“There certainly appears to be more willingness on the part of borrowers to walk away from mortgages,” said John Mechem, spokesman for the Mortgage Bankers Association, who noted that in the past, many would try to save their homes.

In recent months top executives from Bank of America, JPMorgan Chase and Wachovia have all described a new willingness by borrowers to walk away from mortgages.

Carrie Newhouse, a real estate agent who also works as a loss mitigation consultant for mortgage lenders in Minneapolis-St. Paul, said she saw many homeowners who looked at foreclosure as a first option, preferable to dealing with their lender. “I’ve had people say to me, ‘My house isn’t worth what I owe, why should I continue to make payments on it?’ ” Mrs. Newhouse said.

“You bought an adjustable rate mortgage and you’re mad the bank is adjusting the rate,” she said. “And sometimes the bank people who call these consumers aren’t really nice. Not that the bank has the responsibility to be your friend, but a lot are just so uncooperative.”

The same sorts of loans that drove the real estate boom now change the nature of foreclosure, giving borrowers incentives to walk away, said Todd Sinai, an associate professor of real estate at the Wharton School of Business at the University of Pennsylvania.

“There’s a whole lot of people who would’ve been stuck as renters without these exotic loan products,” Professor Sinai said. “Now it’s like they can do their renting from the bank, and if house values go up, they become the owner. If they go down, you have the choice to give the house back to the bank. You aren’t any worse off than renting, and you got a chance to do extremely well. If it’s heads I win, tails the bank loses, it’s worth the gamble.”

In the boom market, homeowners took their winnings, withdrawing $800 billion in equity from their homes in 2005 alone, according to RGE Monitor, an online financial research firm.

Since the Depression, American government policy has encouraged homeownership as an absolute good. It protects people from increases in rent and allows them to build equity as they pay off their mortgages. And it creates stability in communities, because owners are invested in their neighbors.

But new types of loans like interest-only mortgages and cash-out refinance loans mean buyers do not pay down their mortgages. And adjustable rate mortgages, which accounted for 39 percent of mortgages written in 2006, expose owners to rent-like rises in their housing costs.

The value of homeownership, then, has increasingly shifted to the home’s likelihood to rise in value, like any other investment. And when investments go bad, people tend to walk away.

“When people don’t have skin in the game, they behave like they don’t have skin in the game,” said Karl E. Case, a professor of economics at Wellesley College, who conducts regular surveys of borrowers as a founding partner of Fiserv Case Shiller Weiss, a real estate research firm.

Though many states give banks recourse to sue borrowers for their losses, Mr. Case said, in practice it’s not often done “It’s tough to do recourse,” he said. “It’s costly, and the amount of people’s nonhousing wealth tends to be pretty slim.”

Christian Menegatti, lead analyst at RGE Monitor, said the firm predicted more homeowners would walk away from their homes if prices continued to drop, regardless of their financial circumstances. If home prices drop an additional 10 percent, Mr. Menegatti said, 20 million households will owe more than the value of their homes.

“Will everyone walk out?” he said. “No. But there’s been a cultural shift. Buying a house used to be like entering a marriage, a commitment for life. Now, if you see something better, you go back into the dating market.”

When homeowners see houses identical to their own selling for much less than they owe, Mr. Menegatti said, “I wouldn’t be surprised to see five or six million homeowners walk away.”

For Raymond Zulueta, the decision to go into foreclosure, and to hire You Walk Away, brought him peace of mind. The company assured him that in California he was not liable for his debt, and provided sessions with a lawyer and an accountant, as well as enrollment with a credit repair agency. He stopped paying his mortgage and used the money to pay down other debts.

Consumer advocates and others question the value of You Walk Away’s service.

“We are more interested in servicers and borrowers coming to mutual resolutions through loan remediation,” said Kevin Stein, associate director of the nonprofit California Reinvestment Coalition. “Even though we are not seeing good outcomes, we’re not willing to throw up our hands and say people should walk away from their homes based on the advice of a company that stands to profit from foreclosure.”

Jon Maddux, a founder of You Walk Away, said the company’s services were not for everybody and were meant as a last resort. The company opened for business in January and says it has just over 200 clients in six states.

“It’s not a moral decision,” Mr. Maddux said of foreclosure. “The moral decision is, ‘I need to pay my kids’ health insurance or my car payment so I can get to work.’ They made a bad decision, but they shouldn’t make more bad ones just because they have this loan.”

Mr. Zulueta said he felt he had let down the lender, himself, and his family.

“But you got to move on,” he said. “I know in a few years my credit’s going to be fine. If I want to get another house, it’s going to be there. I’m not the only one who went through this. I know I’m working the system, but you got to do what you got to do. There’s always loopholes.”
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For more information on foreclosures and other Myrtle Beach, Little River, Surfside, and Pawleys Island Real Estate, visit the website for Myrtle Beach Condos . The Myrtle Beach Condo Store and staff can advise you about relocating to Myrtle Beach, oceanfront real estate, and Myrtle Beach commercial property.

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Knowing When to Hold and When to Fold with Real Estate

As 2008 begins, the mortgage problems grow worse, beach foreclosures are predicted to escalate, and now the interest rates on mortgages is rising. Many realtors say it's going to get better later in the year or at least by 2009, and just as many of the doom-sayers are saying we're on the verge of a recession and it's going to get alot worse before it gets better.

Through the end of the year I've had many investors and buyers talking about WAITING, and so sure the prices of homes are going to continue to drop. I don't agree with this in most cases, at least as it pertains to Myrtle Beach real estate. Our listings in the heart of Myrtle to the outskirts of Little River and Pawleys Island condos and homes are just about at rock bottom. They can't be sold for less than what's owed on them, and in many cases, it's to that point.

And now mortgage interest rates are rising.

In order to save a few thousand dollars, buyers are apt to cost themselves alot more when the interest rate on a 30 year mortgage jumps several percent points, and it's very likely to do just that.

Bond markets have gone down while yields have risen. With mortgage rates tied to the sale of the mortgage bonds and securities that are backed by them, they go up with the yields.

Economy gurus have reported that mortgage applications went down over 22%, purchases sank to almost 12%, and there was a drop of nearly 28% in refinancing in the last week or so. All this results in a considerable increase in the amount of your monthly payment as well as what you will eventually have to pay in full.

When the preconstruction condo market was so hot, the ones who got into it early on made HUGE profits. Another large group waited and waited, and by the time they finally did buy, it was too late, and many ended up stuck with the property they hoped to "flip". Between having to close on mortgages they were given when they really couldn't afford the payments, and the mis-use of ARM loans, thereare many, many people in a pile of trouble right now.

Why? Because they waited too long to buy. Trying to "time the market" is just like playing the roulette wheel. Not only does it not usually work, but when you lose, you lose in a big way.

This is the time. In our area especially, real estate and condos sales are very seasonal. With the spring, vacation home sales increase, and so do prices if you get the best properties. Tourists that are here on vacation fall in love with a condo and are primed to buy, and tax refunds help sales along, too. This time between winter and Easter should be best negotiation time, and may well be the lowest mortgage rates for the year.

Don't be standing on the beach wishing you had kept the pair instead of tossing them in for the flush that didn't show.

Pawleys Island Real Estate - MLS #800953 Beautiful Home!

Visit our friend and colleague on the west coast. Orange County Real Estate, Debbie Ferrari.

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Time to buy that vacation home in Myrtle Beach

What may not be good for the investors who bought condos intending to "flip" over the past couple of years, has turned into good news for buyers and investors who waited.

Condominium and home prices in Myrtle Beach have dropped considerably during 2007, although it's still higher than it was before the condo boom of 2005. Prices of real estate along Myrtle Beach's sandy coastline nearly doubled at that time, and condo sales reminded me of our twice a year run of "spots", a local small fish that migrates through and permeates our waters in October and March.

When the spots run, you can throw in an un-baited hook and pull up a fish as fast as you can take it off and throw it back again. Such was the way condo buyers hit the beaches and resorts during the 2005 craze. If you had a preconstruction condo project, and you announced it publicly, you had sales... or at least deposits for them.

Many people made a lot of money in the very early days of the rush. Building was slow and the first developments that sold out were built and skyrocketed in price. The problems began after things continued to boom. Construction companies and builders were unable to handle the business load, and began to double the building costs to get a piece of the action. Eventually their prices made it nearly impossible to finish the projects that sold originally for lower prices.

The doom-sayers started predicting bubbles long before there were any, and after a while the investors grew scared so sales began to slow. Developers who could have afforded the padded building costs became unable to sell the last few units required to obtain the bank funding. Although North and South Carolina never did have a "bubble", per se, the condo rush slowed to a trickle, and many of the projects never materialized.

Over the past 6 or 7 months, prices have dropped somewhat on Myrtle Beach condos. A 2 bedroom that was originally $70,000, and had jumped to $130-$150,000, have now leveled off to $110-$120 instead. Many of the oceanfront condos that had climbed over a half-million are back into the 400's now.

But for buyers right now, this is a great time to pick up that perfect vacation home for a solid savings...as coastal real estate will start to increase in price when summer kicks in. Most folks say in about 17 months the crunch will be over, myrtle beach real estate sales will be hot, and prices will start to climb once again.

There won't be a better time to buy than right now. Just be prepared to hold on and enjoy it for a couple of years, and you'll have an investment to take pride in.

Contact the Myrtle Beach Condo Store for your vacation condo needs. We specialize in condos and resorts from Little River to the south Strand, including Pawleys Island real estate.

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Awesome Video for Clinton and Obama Dream Team

ONLY IF IT'S CLINTON/OBAMA!!!

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Celebrity Real Estate Losers

From Forbes

Dorothy Pomerantz 02.06.08, 6:00 AM ET

LOS ANGELES - Even Hollywood's rich and famous can't avoid the housing downturn that's sweeping the nation. In Los Angeles, only 4,430 homes were sold in December, down 48% from the previous year. And prices fell 11% to an average $470,000.

Of course, celebrity homes cost much more than that. An entry-level house for an up-and-coming star costs at least $1.4 million in L.A., say experts. Realtor Barry Sloane of Sotheby's International Realty says it's the owners trying to sell homes in the $3 million to $6 million range that are having the most trouble.

"A lot of those people are involved, in one way or another, with the strike," says Sloane. "They're upgrading from lesser houses that they're having trouble selling because of the market, so it's like a domino effect."

Young rocker Avril Lavigne has had to reduce the price on her five-bedroom, six-bath house in Beverly Hills from $6.9 million to $5.8 million. The property is currently in escrow. The Hollywood Hills home is in a gated community just off Mulholland Drive, and includes a tennis court and pool. Since she put the house on the market in February 2007, two offers have fallen through. In the public listing, her agent calls the house "One of the best values on the market today."

When it comes to real estate, stars generally aren't treated any differently than other rich people.

Mark David, who runs the celebrity real estate site The Real Estalker says homes generally don't demand a premium just because a celebrity was living there. At the same time, famous buyers are unlikely to get any kind of a bargain, since sellers often push famous folks to pay full price.
Former Guns N' Roses guitarist Slash (also known as Saul Hudson) feels he overpaid for his Spanish-style Hollywood Hills home, which has a pool, a separate gym and stunning views. He bought the house in January 2006 for $6.2 million. He sold it last December for $5.7 million.

Slash is suing his former real estate agent, claiming the house was neither as big nor as private as the agent claimed. The case is ongoing in California Superior Court.

Television star Wilmer Valderrama had to accept $200,000 less for his five-bedroom home in the relatively unfashionable Valley neighborhood of Tarzana. He sold the house in January for $1.75 million.

Johnny Carson sidekick Ed McMahon is also having real estate troubles. He put his 7,000-square-foot Beverly Hills home on the market In July 2006 for $7.7 million. He has since reduced the price three times, and the house is now selling for $5.7 million.

At the $20 million-plus end, it's not unusual for houses to stay on the market for months at a time, because there are so few potential buyers. Sloane was originally trying to privately sell a historic Neutra home on Mulholland Drive, owned by Vidal Sassoon, for $25 million. When an offer fell through, he lowered the listing to $20 million. That was a year ago.

"There's usually a waiting list for homes over $20 million," says Sloane. "Now, it's slowing down a tiny bit--for the first time in years."



Avril Lavigne
Asked For: $6.9 million Selling For: $5.8 million
The 23-year-old rocker may have finally sold her five-bedroom house in Beverly Hills. She listed the property almost a year ago for $6.9 million. After reducing the price by $1.1 million, the 6,900-square-foot home is now in escrow.
In Pictures: Homes of Celebrity Real Estate Losers
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Myrtle Beach real estate came to a near complete halt in December. It must be a normal thing. The 2nd day of January, it's like a flood gate opens, and lasts for about 2 weeks. Then it slows a little and goes back to normal.

Myrtle Beach Web Design

Bill Clinton in Myrtle Beach, SC

Great Crowd, Great President

New Photos online at Picassa- Bill Clinton in Myrtle Beach!

Former President Bill Clinton came to the Myrtle Beach High School last night and faced a packed crowd of attentive fans. Campaigning for Hillary Clinton, he urged everyone to vote in the primary here Saturday, and outlined in great detail exactly what Hillary plans to do in office AND, unlike the others that I have listened to, he told us HOW she intends to do it.

One thing that he mentioned several times was how very serious and dangerous the economic situation is right now, and how the results of the sub-prime mortgage crisis and the real estate slowdown is going to affect every aspect of it. He spoke of "predatory lending" such as "Payday Loans" and the mortgage companies who over-charge the less affluent, who often ha