Myrtle Beach Condo Buyer Guides

Recently I wrote several articles dealing with the ins and outs of purchasing a Myrtle Beach Condo of for that matter a vacation Condo any where.

I tried to answer most commonly asked questions and raise questions and thing you will want to be sure you ask about when purchasing a Myrtle Beach Condo.

below are links to my articles

What is a Condo-Hotel?

Making Money With Your Myrtle Beach Condo
Where are Most Vacation Condos Located?

When is the best time to buy a Myrtle Beach Condo?

What Types of Financing is available for Myrtle Beach Condos?

What is the typical arrangement between a Myrtle Beach Condo owner and a Management Company?

What is the role of the Myrtle Beach Vacation Management Company?

What is a Vacation Condo Lease Back?

Other Options Besides On-site Management

Investing in Myrtle Beach Condos 5 things to remember when purchasing

Can Myrtle Beach Condo Owners book their own vacation renters?

Buying a Myrtle Beach Condo Pre-Construction

Myrtle Beach Real Estate Market Update - Ocean front condos

Being a heavy second home market Myrtle Beach is volital to all of the financial market shifts. But things are still selling

In the month of July the Myrtle Beach MLS had 70 Ocean front condos to close for a total of $17,857,900 in Sales. Price ranged from $85,000 to $995,000.
Myrtle Beach Condos sold took an average of 10% less than the asking price.

Currently there are 2456 Myrtle Beach Ocean Front condos on the market.

In the Luxury Ocean front Myrtle Beach condo market (condos over $1 million)there are 63 condos on the market and 3 condos have closed this year over $1million.

If you are thinking of buying a Myrtle Beach Condo now could be a great time, with the amount of inventory available there are some great deals available in the Buyers Market.

Myrtle Beach Property Management

Finding a property management Company in Myrtle Beach can be a difficult task no matter where you own an investment property.

Myrtle Beach property management adds a completly new challenge. Since Myrtle Beach is a seasonal tourist town, the area can be very transiate. People often will come to Myrtle Beach and work during the summer months and then they go back to where ever they come from.

However as the real estate market has slowed it has become more important to have a good reliable property management company to take care of your real estate needs.

Many of the properties in the area are not going to sell, but since the mortgage markets have tightened a lot of people who would have bought are now having to rent for a few years, while saving for a downpayment or building their credit.

When looking for a property management company you want to find a company who is reliable and manages similair properties to what you have, that are located close by yours. Many property management companies will spread themselves out over a very large area, this sometimes prevents them from being able to service all of their properties.

For More information go to Myrtle Beach Property Management

Meridian Plaza

Meridian Plaza is one of Ocean BLVDs hidden gems. The resort was built in the mid 1980s and is all 1 bedroom condos.

There are 2 different floor plans, one is a direct ocean view and the other floor plan is a side ocean view. the side ocean view condos have big balconies that over look a public beach access onto the beach.

Located at 2310 Ocean Blvd, Meridian Plaza is one of the best values for your money. Currently prices are starting around $100k.

Meridian Plaza has an indoor and out door swimming pool. It is just minutes from the Myrtle Beach Airport and Broadway at the Beach.

Many of the older condos in this resort were remodeled at the top of the market. This is definatly one of the resorts that has a wide range of condos. Some having state of the art electronics and features, while others have the original furniture package that was sold with the Condo.

For more information on Meridian Plaza contact us at Myrtle Beach Condos

Correctly Pricing your Myrtle Beach Condo For Sale

In a constantly changing market pricing your Myrtle Beach Condo can be a daunting task. However follow the next 5 steps and you are sure to be right where you need to be when you put your property on the market

1. Get a realistic CMA from a licensed Real Estate Agent. This will show you exactly what has sold and what is available on the market. In a changing market often times the active listings are much more important than the recent solds. of course you need the solds for the appraisal, but you need the see what is active so that you know what units and prices you are competing against

2. Be realistic. Just because your Myrtle Beach Condo is a floor higher or low floor it is not often important when all of the units are the same floor plan with the same furniture package. Many times the units shown first and the most are the lowest price units.

3. See what incentives are being offered. Incentives can be extremely important. For example you have 2 identical condos with the same price, one is offering $5,000 in closing costs, the other offers nothing. Which one would you be most int rested in first?

4. Decide on a time frame. The time frame your condo will sell in is directly related to the price you choose to offer it at. The lower the price the quicker it will sell. if you are looking to sell in 90 days and the average days on market is 200+. You will need to adjust your price in order to sell your condo in the desired time frame.

5. Choose an experienced agent. Not all agents are created equal or have the same past experience. In a constantly changing market you need an experienced agent to assist you in correctly pricing you Myrtle Beach Condo

For more information or to get a reliable CMA on your property Contact us at Myrtle beach Condos

Foreclosure is not your only option

Two alternatives to Foreclosure

Almost 1 in every 171 homes was served with some sort of foreclosure notice this past quarter.

But just accepting it and letting your home or condo go into foreclosure is not your only option.

Two other options you have is a Deed In lieu of Foreclosure and a Short Sale.

Both of these options are a negotiation with the bank, however many banks would rather you go with one of these option rather than go the full length with a full foreclosure.

With a Deed in Lieu of foreclosure you are voluntarily giving your property back to the back. Of course every situation is different and every bank is different.

With a short sell you are actually selling your property but the bank is allowing you to sell the property for less than what is owed. A short sell can be time consuming and a lengthy process, so if this is the route you are looking to take you need to start the process as soon as possible.

For more information or if you are looking at selling your property go to Myrtle Beach Condos

Home Owners are not the only loosers in the foreclosure market

With the whole “Mortgage Crisis” in full swing and the ARM Loans resetting home owners and real estate investors aren’t the only people loosing out.

The Foreclosure crisis is also hitting the renters that are occupying many of these homes that are going into foreclosure.

The reason for this is that renters can be forced to leave a property when it is being foreclosed on. Generally renters can be made to leave a home a lot earlier than a homeowner would need to.

If the renter has a limited income this could even cause a bigger problem, because not only will they have the expenses of moving, the new landlord will more than likely require a deposit and first months rent.

Each state has its own rules concerning tenant’s right in this situation.

With Myrtle Beach Condos this is becoming more common. Myrtle Beach Real estate as a whole has cooled off and prices have stabalized. As with much of the country the Myrtle Beach Foreclosure rate is up. The biggest reason is because many owner bought at the top of the market and now the market has cooled the amount their condo is rented for is not enough to cover their mortgage.

For More Information go to Myrtle Beach Condos or Myrtle Beach Condo Foreclosures