ANSWERS TO THE TEN MOST COMMON QUESTIONS HOME SELLERS ASK. Selling a home or condo can be daunting, even for experienced property owners. That’s why information is such an invaluable commodity… and that’s why I’m writing this Monday morning series of ten common questions and answers.

Question #2 - “How do I find out what market conditions are like in Myrtle Beach?”

Do Your Homework - After sellers know why they want to sell, the next step is to get a clear picture of the current Myrtle Beach real estate market to determine whether factors favor them achieving their goals. Potential sellers can compile this information themselves by researching sales to find out what comparable properties are selling for, or they can talk to a Realtor® they trust who can provide them with this information as well as current insights on the market.

The general market trend is easy enough to discover on your own, e.g. right now it’s a buyer’s market in Myrtle Beach – there is a lot more property for sale than there are interested buyers. It’s a tough market for sellers, and that makes accurate research on sales of comparable properties all the more important. Most property owners, particularly those who live out of town, rely on an experienced Realtor® to do the research for them – it saves them time, reduces frustration, and eliminates costly mistakes.

Next Week – “How much can I expect to get for my home?”

If you just can’t wait for this series to unfold, all Ten Answers are available on request. Just call my 24/7 hotline, toll-free, at 1-888-494-8654, Ext 225 and follow the recorded directions. I’ll get them in the mail to you within 48 hours.

SELLING A HOME. For most people, it’s a little like being on trial: They’re faced with more questions than they could imagine, and one wrong answer could cost them dearly. For first-timers, the decisions and implications of selling their most important investment can seem overwhelming. Even for experienced home sellers and investors, keeping up to date with the changes in the real estate market — or perhaps finding ways to overcome the problems they ran into last time — can be daunting. That’s why information becomes such an invaluable commodity for anyone selling a home today.

Answers to the Ten Most Common Questions Most Home Sellers Ask. That’s the title of the new series that I’ll be featuring every Monday morning on my new website’s Ask Barbara blog. So let’s get started.

Question #1 - “How can I be sure now is the right time to sell?”

Clarify Your Motives - For some property owners, the decision to sell at a particular time is necessitated due to job relocation or some other personal factor that makes the answer to this question an easy one. However, for the majority of sellers, selling property is a more subjective matter. Therefore, one of the most important first steps any potential seller can take is to decide exactly what his or her own personal motivations for selling are.

Selling in our current buyer’s market requires motivated decision-making. If you are thinking, “Well, I don’t really have to sell right now,” then you are probably not sufficiently motivated. But make sure you count the cost of holding on to your property for another year or two… including carrying costs and the possibility of further price declines in a weak market.

Next Week - “How do I find out what market conditions are like in my area?”

OK. If you just can’t wait for this series to unfold, all Ten Answers are available on request. Just call my 24/7 hotline, toll-free, at 1-888-494-8654, Ext 225 and follow the recorded directions. I’ll get them in the mail to you within 48 hours.

Bottom Line: Home Sales down 26.77%; Home Prices down 3.48%

Myrtle Beach area home sales during the third quarter declined 26.77 percent compared with the third quarter last year, according to the S.C. Association of Realtors’ report released this week.

The median sales price in the Myrtle Beach area also fell to $194,000, a 3.48 percent decline compared with the third quarter of last year. Homes spent an average of 209 days on the market - an 11.15 percent increase.

Myrtle Beach statistics include Myrtle Beach, North Myrtle Beach, Conway and Georgetown.

The City of North Myrtle Beach is tackling two tough problems – parking and transportation.

The consultant will determine the approximate parking capacity of all City-owned off-street parking lots in the study area.

• Handicapped spaces and golf cart designated spaces will be noted in the capacity.

• They will also determine the approximate on-street parking capacity in the northern portion of the study area (from 54th Avenue North to 62nd Avenue North) and along Main Street in Ocean Drive.

• Turnover and occupancy data will be determined by taking photographs of the vehicles and comparing them to the previous visit.

• For comparison, Kimley-Horn will survey parking practices in eight similar coastal communities to determine whether they charge for parking, if so the rate and collection procedures, the number of parking spaces and enforcement procedures.

A customized parking demand model for the City of North Myrtle Beach will be created from their study.

• The model is predicated on land use mix and development intensities, existing parking inventories, travel mode split, potential shared-use parking strategies, and parking generation rates published by either the Urban Land Institute or the Institute of Transportation Engineers.

• The model will serve as a tool the City can use to evaluate land use decisions and/or policy implications. Potential applications for the parking demand model include tracking cumulative impacts of committed development, evaluating redevelopment initiatives, and reviewing parking management considerations.

• Based on the results of the parking demand model, the Consultant will recommend new parking facilities to accommodate existing parking demand.

The City and County are also teaming up to complete a Thoroughfare Plan.

• The Thoroughfare Plan study area is comprised of mostly undeveloped and underdeveloped land in the Northeastern portion of Horry County and fully developed portions of the city of North Myrtle Beach.

• The city of North Myrtle Beach is a thriving resort community that will in time expand further west of the ICWW, annexing much of the area of study by the specified build-out year of 2035.

• The study area extends from U.S. Highway 17 in the city of North Myrtle Beach, SC, to S.C. Highways 57 and 90; from S.C. Route 22 to Route 9 in the unincorporated areas of Horry County, as well as incorporated portions of the city of North Myrtle Beach.

• The study area also includes the area located south of the existing (future I-73/I-74) interchange of S.C. Route 22 and S.C. Route 31, from the Atlantic Intracoastal Waterway (ICWW) to the corporate limits of the City of Myrtle Beach.

The Plan will help to guide future development of a comprehensive countywide thoroughfare system… focusing on the preservation of rights-of-way needed for future development of long-range transportation improvements.

• The Plan has far-reaching implications on the growth and development of urban and rural areas.

• The Plan may influence the pattern of movement and the desirability of areas for development.

Source: Jim Hulen – NorthMyrtleBeachONLINE.com

October 20, 2007 — The spacious “Pearl” Villa at Ocean Keyes in North Myrtle Beach, S.C., was named the best multifamily home along the Grand Strand in the $300,000 to $400,000 price range by The Horry Georgetown Home Builders Association during its inaugural Fall Tour of Homes.

The award-winning 1388 square foot Pearl Villa is one of six available floor plans in the Ocean Keyes community of beach Villas. Each Ocean Keyes beach Villa building is quality-built of concrete and steel construction for strength and durability, and features elevators to provide convenient access to each floor. Open and airy, Villa interiors have high ceilings, granite countertops in kitchens, six-panel interior doors, and expansive impact resistant windows and sliding glass doors.

With acres of open space and the recreational amenities of a resort, the gated community of Ocean Keyes offers a relaxed lifestyle and maintenance-free living. Its picturesque, park-like setting features tranquil lakes, mature trees and abundant green space. Swimming pools, hot tubs, clubhouses, tennis courts and a fitness facility are all part of the resort-style amenities, and the Atlantic Ocean and Ocean Drive are within a short walk.

About Ocean Keyes

Ocean Keyes is a 50-acre community of Villas and townhomes in North Myrtle Beach, S.C. Just a short stroll from Ocean Drive — renowned as the home of beach music and its iconic dance, “the shag” — Ocean Keyes offers homeowners a relaxing, maintenance-free lifestyle with resort-style amenities.

For more information on Ocean Keyes: contact Barbara Chartier by cell 843-902-0204 or email Barbara.Chartier@century21.com .

Developers of the failed Bahama Island Resort and Marina say a man who promised to finance the project took off with $5.1 million in condominium deposits and may have left the country.

Developers blame financier

Duwayne Woods, the purported financier, is nowhere to be found.

• “We’ve chased him all over the country,” said Tommy Brittain, a lawyer representing developers Jeff Shoup and Tommy Hix, whose T&J Development of North Myrtle Beach was supposed to build Bahama Island.

• One of Woods’ former business partners said he heard recently that Woods had moved to Switzerland, and Brittain said “there’s some indication he might be out of the country.”

• Woods did not return messages left at his last known telephone number.

Buyers blame developers

Wherever Woods has gone, some buyers say he is not the culprit in the Bahama Island debacle.

• They say Shoup and Hix are to blame for their financial losses because the two men took all of the deposit money out of an escrow account at Bank of America last year and gave it to Woods based on his promise to finance the project.

• Shoup said he is “doing everything I can to assist the buyers,” but referred all questions to Brittain. Hix did not return telephone calls seeking comment.

Attorneys follow the money

Randall Mullins, a lawyer with the Mullins Law Firm in North Myrtle Beach, said he doesn’t buy the story about Woods and disappearing money.

• “I see no evidence of any money being transferred to Mr. Woods,” Mullins said.

• Some of that money might have found its way into one or more of at least 59 corporations Shoup and Hix have formed over the years, according to lawsuits Mullins and lawyer Jarrod Ownbey have filed on behalf of Bahama Island buyers.

• Those lawsuits say the condo developers “intended to defraud the [buyers]” because Shoup and Hix knew Bahama Island would never get built.

• Mullins said in court documents that he believes Shoup and Hix “have withdrawn deposits from the escrow agent and kept those funds for their own benefit.”

Defaults go to court

Shoup, Hix and T&J Development have defaulted on a combined $13.7 million worth of loans taken out since July 2004, according to court documents. Shoup and Hix are contesting the defaults in court.

• Those defaults are in addition to the $5.1 million in missing condo deposits. It is not clear whether any of those deposits will be returned to buyers because the National Bank of South Carolina has filed a foreclosure lawsuit against the Bahama Island property.

• That lawsuit, filed in September, says Shoup and Hix have not paid $7.7 million in loans they took out in 2004 as partners in Ship Ahoy LLC, the corporation that owns the land.

• The bank wants to sell the land to recover its $7.7 million.

Foreclosure – good or bad news?

Brittain said the foreclosure might be good news for buyers, because any sale price greater than $7.7 million could generate money for deposit refunds.

• Brittain said the 22.2-acre Bahama Island property is worth about $15 million.

• “The bank would get its $8 million or so, and there should be enough money left for the $5 million or so we need to collect for the depositors,” he said. “That’s what I’m hoping will happen.”

• Mullins said a $15 million price tag - roughly $675,067 per acre - might be overpriced in the slumping Grand Strand real estate market.

• Horry County property records show a similar piece of property located adjacent to the Bahama Island site sold for $298,786 per acre a little more than a year ago.

Market sours, suits emerge

Hix and Shoup’s fortunes started to turn sour last year as this area’s condo market tanked, according to court records.

• Three lenders have filed lawsuits since November against Shoup and Hix, accusing the men of defaulting on a combined $6 million in loans, including $1.75 million that was supposed to help build Tilghman Beach Villas in North Myrtle Beach.

• Shoup and Hix deny they have defaulted on the loans, according to court filings, and no court dates have been set.

Another lawsuit says Oceanfront Real Estate Co., which was formed by Shoup and Hix to market their condo projects, abandoned an office it leased at the Gator Hole Plaza shopping center in North Myrtle Beach.

• THF Gator Hole Development LLC, which filed the lawsuit in September, wants unspecified back rent and damages. Shoup and Hix have not filed an answer to that lawsuit and no court date is set.

The men were dealt another setback in late September when another company they formed, Smith Bay Developers LLC, couldn’t get a permit to build a 214-unit condo project in St. Thomas, Virgin Islands.

• A government committee denied the permit because the developers failed to address concerns about traffic, building height and public beach access.

• Smith Bay Developers bought the 8.6-acre St. Thomas property for $2.75 million in February 2006, a few months before Shoup and Hix say they made their Bahama Island deal with Woods.

• Smith Bay Developers still owes $1.8 million on the Virgin Island property, according to mortgage documents.

Buyers frustrated

Some buyers now say they aren’t concerned with how their money disappeared but whether they will get it back.

• Many of the condos were sold to out-of-state buyers, making it more difficult for them to get in touch with the developers.

Shoup and Hix added to buyers’ frustrations, Mullins said, when their Oceanfront Real Estate company filed a $5.1 million lien against the Bahama Island property in July.

• Oceanfront Real Estate sent the project’s buyers a letter saying the lien was supposed to protect their interests in the property in case developers tried to sell it.

• “The property can not be transferred to another party or a new construction loan closed until the lien is satisfied” and buyers’ deposits are returned, according to the letter.

Mullins said the lien “is just a stall” to keep buyers from getting their money back.

• “There was no purpose in filing that lien because they [Shoup and Hix] are the only ones who could have sold the property anyway,” Mullins said.

• Now that a bank is foreclosing on the land, the lien will take a back seat to the $7.7 million mortgage on the land.

The Bahama Island project was supposed to have 320 condos, views of the Intracoastal Waterway, a pool, marina and dry dock storage building. Only the storage building has been built.

Source: David Wren with Jenny Burns, The Sun News, Myrtle Beach, SC

Several major developers are collaborating in a way never before seen in Myrtle Beach to bring new life to more than 1,000 acres on the former Air Force Base, which has sat mostly undeveloped since the base closed nearly 15 years ago.

Now, workers are busy connecting the pieces of the massive developments - thousands of single-family houses, townhouses and condominiums; nearly 400,000 square feet of stores and amenities such as foot paths and recreation fields that developers have worked with Myrtle Beach officials to plan.

Portions of the base are set to open at different times, though development will continue for years to come.

• The retail portion of the site, on The Market Common, will open in April and the residential in June.

Developers and builders on the air base have worked together - thanks to city help - and met regularly to coordinate development.

• Competing developers working together is unusual, but will help provide a sense of a linked community, instead of separate neighborhoods, builders say.

• The group talked about foot paths connected to the retail center of the community, developed-shared amenity centers and home styles.

• All the builders have made sure the design of all the details, like the signs, are consistent.

• They have also met bi-weekly with the city to make sure all permits are in place and all infrastructure is being put in place as efficiently as possible.

Several developers are talking about creating a master homeowners association to govern all of their various parcels, with a shared clubhouse and fitness center.

• The neighborhoods likely would also have smaller homeowners associations that would report to the master association.

Source: Lisa Fleisher and Jenny Burns, The Sun News, Myrtle Beach

By: Barbara Chartier, Century21 Coastal Lifestyles
Cell: 843-902-0204; Email: barbara.chartier@century21.com

“Sellers need to get realistic in pricing, and buyers have to realize they can’t wait forever for good deals. There are definitely good deals out there.” Tom Maeser, president of the Fortune Academy of Real Estate.

INVESTORS MAKE THEIR MONEY WHEN THEY BUY: they do their research… recognize value when they see it… have their financing lined up… and make offers.

Here are seven great buying opportunities at Myrtlewood Golf… all with recent price cuts and motivated sellers.

• Six are in Magnolia Pointe: all new, unfurnished, never lived in or rented, being offered at, or below, owner’s purchase price.

• One is a fixer upper at Magnolia North: golf course view, 1st floor end unit plus private garage… but it needs work.

REMEMBER: If you’re not making offers, you’re not making money. Check out the MLS links below and call me at 843-902-0204. Buy them right, now… and they’ll pay off later, when the market turns around.

Magnolia Pointe: All New, Unfurnished, with Recent Price Cuts and Motivated Sellers

1 – MLS # 631480 – 2 Br / 2 Ba, 4th fl, lake view – asking $184,900… $2K under owner’s purchase price. Make an offer.

2 – MLS # 716900 – 3 Br / 2 Ba, 3rd fl unit, lake view – asking $197,244… $10.6K under owner’s purchase price. Make an offer.

3 – MLS # 701067 – 3 Br / 2 Ba, 2nd fl end unit, lake view, close to pool - asking $199,900… $19K under owner’s purchase price. Make an offer.

4 – MLS # 716697 – 3 Br / 2 Ba, 1st fl end unit, lake view – asking 199,900… $10K under owner’s purchase price. Make an offer.

5 – MLS # 631488 – 3 Br / 2 Ba, 4th fl end unit, lake view – asking $199,900… $6K under owner’s purchase price. Make an offer.

6 – MLS # 716696 – 3 Br / 2 Ba, 1st fl end unit, lake view – asking $199,900… at owner’s purchase price. Make an offer.

Magnolia North: Fixer with Recent Price Cut and Motivated Seller.

7 – MLS # 702784 – 3 Br / 2 Ba, 1st fl end unit, golf course view, plus private garage – asking $229,000. Rental unit needs work – paint, re-carpeting, some re-furnishing / re-decorating. Calculate your fix-up costs and make an offer.

CALL ME at 843-902-0204 for more information and / or to make offers. I’ll look out for you.

BARBARA CHARTIER, Century21 Coastal Lifestyles
Cell: 843-902-0204; Email: barbara.chartier@century21.com

“Best Buys” are not easy to find along the Oceanfront – here are some Oceanfront Condos being offered at realistic prices by motivated sellers. I’ve included links to their MLS sheets and Maps. Check out the Visual Tours in the MLS links where available.

Call me for more information and/or to make an offer.
Barbara Chartier, Century 21 Coastal Lifestyles Cell: 843-902-0204
Email: Barbara.Chartier@Century21.com

1 – MLS 708800 - # 903 Landmark Resort - $107,500. North side Ocean View efficiency… shows exceptionally well. 2nd lowest priced (other one is a “short sale” listed at $99,000) but owner is reasonably motivated. These sold for $124,900 pre-conversion in 2005. Rented onsite. Map

2 - MLS 626272 - # 319 Caravelle Resort - $143,000. Direct Ocean Front - king efficiency unit… handicap accessible. Lowest priced direct oceanfront in resort. Gross rental income through August - $15,740.30. Map

3 - MLS 728273 - # 808 Dunes Village I - $277,500. Just Listed… Direct Oceanfront Deluxe 1BR/1BA condo. Lowest priced comparable unit in building. Map

4 – MLS 715531 - # 1034 Grande Shores - $309,000. Lowest price in complex for 3 BR / 2 BA - Ocean View… first stack back from oceanfront with unobstructed views of ocean and coastline (see listing photos) in 6 yr old building. Owners will look at any reasonable offer. Over $40K in gross rental income in 2005 and $32K in 2006 (but owner used over 40 nights in 2006 during summer). Rented onsite. Map

5 – MLS 711044 - # 603 Dunes Village I - $309,900. Only 5 like it in the entire building. Huge (880+ hsf) 1 BR / 1 BA with two double beds, sleeper sofa, and a Murphy bed. Sleeps 6-8 easily here… just like a 2 BR but for tons of $ less than a 2 BR. Direct Ocean Front, north corner with wraparound floor-to-ceiling glass and large balcony (see listing photos). Very unique floor plan and ultra contemporary. Fully furnished with washer/dryer. Rental machine… rented onsite. Comparable unit # 403 sold earlier this year for full price at $319,900. Map

6 / 7 – MLS 711033 - # 1106 Grand Atlantic - $389,900 & MLS 715296 - # 1006 Grand Atlantic - $399,000. Direct Ocean Front 3 BR / 3 BA in 13 month old resort. Enclosed corridors in very nicely decorated resort. Pre-construction price from 2004 was $389,900 furnished - buy for less than original price. Two of the best buys for new 3 BR Ocean Front condos anywhere along the beach. Rented onsite. Comparable unit # 302 Grand Atlantic sold for $385,000 so these are priced right. Map

If you are looking for a “Best Buy” Oceanfront Condo in Myrtle Beach, start here. I have access and information on every property listed on the Grand Strand. I can help you find what you’re looking for. Give me a call at 843-902-0204

Barbara Chartier, Century 21 Coastal Lifestyles
Cell: 843-902-0204 or Email: Barbara.Chartier@Century21.com

Real estate sales on the Grand Strand are still falling from last year’s levels, but the amount of condominiums on the market has dropped _ signaling that buyers are likely pulling units off the market.

• Homes are selling at the same pace they did in 2004, but down 19 percent from last year, according to third quarter statistics from the Multiple Listing Service released Thursday.

• Condo sales have dropped 38 percent from last year, and are selling at the same pace they did in 2003.

Outlook

“Well, it’s not getting worse. I don’t look for numbers to start turning around for probably another year,'’ said Tom Maeser, president of the Fortune Academy of Real Estate. “People need to hang tight. Sellers need to get realistic in pricing and buyers have to realize they can’t wait forever for good deals. There are definitely good deals out there, and it’s the time to buy.'’

• Falling condo inventory is a good sign that the market is correcting. There are currently 8,975 units on the market compared to 10,493 last year.

• But single family home inventory is up 20 percent to 6,344 homes from 5,291 last year.

Third quarter MLS stats recorded year-over-year price increases, but analysts say that is mostly due to more upper end product selling and a large number of preconstruction condos that closed this year.

Source: Jenny Burns, The Sun News, Myrtle Beach, SC

Only a few of the 50 properties offered had final bids above what the auctioneer sought as opening bids… at a real estate auction Saturday morning at the Myrtle Beach Marriott Resort at Grande Dunes, . A number were withdrawn because they had no bids at all and others likely won’t make it to the closing table.

• The auctioneer refused to even consider a $1 million bid on a 7.5-acre Myrtle Beach property with a 3,700-square-foot house. The property was estimated to be worth $10 million and the auctioneer was looking for a $4.5 million opening bid.

• Except for two condominiums near Coastal Carolina University, sellers didn’t have to accept the final bids. The two condominiums, two bedroom/two bathroom units in a building on S.C. 544, were sold as absolute, meaning sellers agreed to accept the final bids before the bidding began. The sellers got $70,000 and $71,000 for the units, $5,000 to $10,000 above what was bid for two other condominiums in the same building.

Bidding opened to a crowd of a couple hundred, at least, but most ended up as lookers, not buyers.

• The auctioneer said he expected more activity at Saturday’s auction from a variety of buyers, but what he saw was a roomful of hesitant buyers and sellers.

• Properties that got no bids included several multimillion dollar homes in Grande Dunes and two vacant, oceanfront lots in Atlantic Beach.

Source: Steve Jones, The Sun News, Myrtle Beach, SC

BOTTOM LINE ADVICE FOR OWNERS: If you want to sell, then price your property right. If you don’t have to sell, then keep it. If you’re not living in it, then rent it out.

As home sellers realize how much they’ll have to drop their price to sell - or how long it will take to sell - some are choosing to rent out their properties instead, leaving renters with more options and the ability to be picky about their price in some areas.

Rental agency managers say rents for the most part are continuing to tick upward in price, but in some pockets, like annual condominium rentals and three-bedroom homes, rents are falling.

Unlike home prices, no one tracks long-term rental rates on the Grand Strand.

• However, rental agents say that in some Carolina Forest neighborhoods where there is an oversupply of three-bedroom homes on the rental market… rental prices are dripping.

• Some condominium complexes, like Windsor Green, are also seeing rents fall. Three-bedroom units were renting for between $950 and $995 a month a year ago, but in July six owners dropped the price to $850.

• One-bedroom condos are in the highest demand, and rental rates have not fallen on those.

• Some single-family home neighborhoods such as Hillsborough have all their units rented, and rates are holding steady.

More Realtors are seeing clients pull their home from the market and choose to rent. They do not want to rent it. But they can’t sell. They are frustrated. They feel like they have come down so low in order to sell.

Source: Jenny Burns, The Sun News, Myrtle Beach, SC

The future of The Riviera, an ultra-lush condominium project planned in Myrtle Beach, is up in the air.

• Construction hasn’t started on the property, which was the former site of the historic Ocean View Memorial Hospital.

• Plans for the The Riviera were announced a year ago, and construction was scheduled to begin in January at the site along Ocean Boulevard at 77th Avenue North.

• Property owner and developer Danny Bost said he wouldn’t give details until he released a plan for the property.

The Baroque-style condominium’s architect Tom Pegram said the owner is working to get financing to build the upscale project.

• Project marketer Michael King, of King One Properties, said he’s no longer promoting The Riviera and doesn’t know what the plans are.

• The 7.5-acre site was planned to be transformed into 116 large luxurious condo units ranging from $800,000 to $2.5 million and surrounded by formal gardens.

Developers had said the old-world design was chosen to give Myrtle Beach an iconic building because locals have mourned the loss of the Ocean Forest Hotel ever since it was demolished in 1974 and replaced with condos.

• Signs on the property still advertise The Riviera. The project’s Web site leads to a general site on Myrtle Beach real estate and doesn’t give details on the project.

The Riviera was at least the second condo project planned for the former hospital site. The 112-unit Venice failed six years ago because developers couldn’t sell enough units. That project, like the Riviera, was aimed at wealthy, permanent homebuyers.

Source: Jenny Burns, The Sun News, Myrtle Beach, SC

Centex Homes ranks at the top of a new-home buyer customer satisfaction survey by J.D. Power and Associates that included the Grand Strand for the first time.

• Because of its building growth, Myrtle Beach was added to J.D. Power and Associates 2007 New-Home Builder Customer Satisfaction Study - identifying the Grand Strand as one of the 34 largest homebuilding markets in the country.

The addition of Myrtle Beach to the survey list was welcome news for Grand Strand builders, who said it proves that the number of building permits and home sales in the area can stack up against larger cities.

• J.D. Power looks at market share rankings and highly competitive markets when deciding which cities to include. Myrtle Beach was one of four cities added this year.

Centex took the top spot locally in every category of the study, showing that the Grand Strand’s largest builder can sell the most homes in the area and still please their buyers.

• Centex sold 1,185 homes and condos in the three-county area, giving it 10 percent of the market share in 2006, according to Market Opportunity Research Enterprises.

• For customer satisfaction, national builder D.R. Horton came in second and regional builder Bill Clark Homes third.

• Builders in this category are ranked on their warranties, their construction managers, sales staff and home readiness, among other items. Builders get more points for doing well in categories that are important to homebuyers.

For new home quality, Centex ranks first, Bill Clark Homes second and D.R. Horton third in the Myrtle Beach area. The category asks homebuyers about the amount and severity of construction problems.

For new home design, Centex ranks first along the Grand Strand followed by D.R. Horton and Bill Clark.

• Respondents say flooring, master baths and the kitchen are the most important part of the design of their homes.

• Nationally, homebuyers report that having a convenient arrangement of bathroom fixtures is more important than the size of the bathroom.

For more information on Centex Homes’ latest buyer incentives: contact Barbara Chartier by phone 843-902-0204 or email barbara.chartier@century21.com.

Source: Jenny Burns, The Sun News, Myrtle Beach, SC

Prices for oceanfront condominiums along the Grand Strand have been on a roller coaster in recent years - and have now plunged to levels seen three years ago before the condo boom.

Condo prices skyrocketed in 2005 - increasing $100,000 in less than six months in many cases - but since then have fallen to the levels in late 2004 and early 2005.

• “We’re exactly where we were three years ago. If we’re not there, we’re really darn close. It’s like we erased the spike,” said one real estate agent who specializes in oceanfront condos.

Re-sale prices have dropped

As prices grew higher, investors couldn’t afford to buy units that wouldn’t generate enough income to cover their mortgage. Flippers got caught with a property worth less than they bought it for, and supply ballooned. Then insurance spikes and mortgage tightening slowed the market to a crawl.

• Real estate agents are telling clients it’s like getting a second chance to buy that condo that they didn’t buy three years ago.

• Only resale condos have seen these dramatic price drops.

• Case in point: Camelot by the Sea, a themed 230-unit condo tower that opened in 2001 in Myrtle Beach, sold a one bedroom unit in January 2005 for $209,900. The sales topped out at $345,000 six months later. In June, one sold for $176,000 - lower than the 2005 price.

New Construction prices are holding

Newly built condominiums seem to be holding their value better, agents say.

• “Preconstruction oceanfront is still doing pretty well,” said Tom Maeser, president of the Fortune Academy of Real Estate. “It’s the resale that’s taking a hit.”

The tide of the condo boom turned so quickly few saw it coming.

• Economists say it’s not necessarily bad that condos on the Strand’s oceanfront have fallen so much. It makes them more affordable to potential buyers, and the price adjustment has happened quicker here than other areas like Florida, said Mark Vitner, economist at Wachovia in Charlotte.

• But he doesn’t think prices are done falling. He expects they’ll go a little further - and sales will rise before prices do.

Agents say these low prices should spur renewed interest in Myrtle Beach’s oceanfront - but they’re not sure when.

• Investors are waiting, looking for signs that prices have hit the bottom.

• High prices had caused many investors to get rid of their oceanfront condos because the rental income wasn’t enough to cover their mortgage costs, analysts say. Lower prices should make that more doable, Maeser said.

• “For the consistent rental investor - those that don’t plan to flip properties - this is a good time to be looking at properties,” Maeser said.

An influx of speculators to the Grand Strand’s oceanfront caused the lightning fast spike in prices. At the height of the housing boom, Myrtle Beach ranked 20th in the nation for the amount of mortgages to investors, Vitner said.

• “The run-up in prices was way overdone. It priced a lot of buyers out of the market, who were hoping to flip properties and make a quick profit,” Vitner said.

• Insurance increases, high prices and now mortgage tightening brought the market to a crawl.

• But the pace at which prices have adjusted is a good sign, Vitner said, although sales will grow before prices will creep up.

So how low will they go?

• Vitner thinks they’ll fall a little bit further.

• “We’re not going to see strength return to the market for another year,” Vitner said.

• Basic economics dictates that prices may still have room to fall because inventory is still slowly rising.

Source: Jenny Burns, The Sun News, Myrtle Beach, SC