Southern Skyways is coming to Myrtle Beach. Formed in 2004, with the intent of offering flights to and from Gulf Coast cities, Hurricane Katrina came along and the plan never got off the ground.

So now, the airline is coming to the Grand Strand instead, offering $99 flights on Boeing 737’s from Myrtle Beach to Charleston, West Virginia, Cincinnati, Ohio, and Allentown, Pennsylvania.

Southern Skyways picked up one of the most successful Hooters Air routes and hopes to “pick up where they left off.”

Southern Skyways chose Myrtle Beach, because it’s a leisure market that’s under served by other carriers. The new airline will offer flights two days a week, starting next spring, though the airline may add flights on more days if the demand is there.

All Southern Skyways flights will be non-stop, a big deal for golfers who like to head straight from the airport to the golf course.

For now, Southern Skyways will only fly from March through August, though they might add months next fall if they do well. The airline chose 737’s over smaller regional jets, because the bigger planes can haul more people, and even better, more golf clubs.

Source: WPDE News

GOOD NEWS FOR BUYERS!

The season between Thanksgiving and New Year’s Day, even extending to Super Bowl Sunday, is the slowest time of the year for home sales. If you want to purchase a home and can drag yourself away from holiday festivities, this is the absolute best time of the entire year to be a home buyer.

Why? Here are three reasons:

1. Only serious motivated sellers have their houses and condominiums listed for sale during this slowest season of the year for home sales;

2. Competition from other prospective home buyers is at its lowest now so your purchase offer will be extremely welcome and seriously considered by a motivated home seller;

3. This year-end (2006) is a buyer’s market, i.e. there are many more properties listed for sale than there are qualified buyers

Here are some helpful “Buyer Tips” from Bob Bruss with Inman News:

1. First Shop for a Mortgage - smart buyers first get approved in writing for a home mortgage. This is a slow time of year for mortgage lenders so they welcome your loan application.

2. Work with an Experienced Buyer’s Agent – someone who understands the market in the vicinity where you want to buy. That’s me… and there’s no cost to you – phone me: 843-902-0204, email me: Barbara.Chartier@century21.com; or visit my website: www.BarbaraChartier.com .

3. Review a “CMA” Before Making Your Purchase Offer – this Comparative Market Analysis will help you determine what the property is worth in today’s market.

4. Keep Your Purchase Offer Simple - include only a few contingency clauses in your purchase offer, e.g. Lender’s Appraisal Contingency; and a Professional Home Inspection Contingency.

For more information cantact me - Barbara Chartier at 843-902-0204.

Myrtle Beach Direct Air and Tours is finalizing plans to open direct routes to Pittsburgh; Newark, N.J.; and Niagara Falls, N.Y., starting March 7 and running until Nov. 1.

The new Myrtle Beach company plans to offer direct flights to the three Northeastern cities, as well as golf, hotel and entertainment packages, starting this spring.

The company will offer a range of products, from tee times and flights to complete hotel and travel packages with golf course owners and operators such as the Legends Group and Myrtle Beach National.

Source: Grant Jackson, thestate.com

The 100 foot wide city park proposed for the Towers on the Grove project in North Myrtle Beach was tabled because of concerns about density at the project. Previously, the developers had reduced the number of units from 733 to 720. But council compared the density of units in Towers in the Grove with a much larger development and found that Towers had a much higher unit density.

After modifying the Beachwood project for density, access and transitional heights the North Myrtle Beach Council approved the project and sent it back to the Planning Commission for review based upon these changes.

Council wanted assurances that the Town Center would be in phase I to avoid the problems encounter with Barefoot Resort’s Town Center which was in later phases and struggled to be viable.

Source: Jim Hulen, North Myrtle Beach Online

Carolina Forest is the newest battleground in the countywide struggle with golf course redevelopments.

• The plan to redevelop the entire Wizard golf course would create 651 new homes and condos and thousands of daily vehicle trips in an already fast-growing area that’s struggling with traffic congestion.

• Homeowners, especially in neighboring Windsor Green, say redevelopment would not only intensify traffic snarls, but it would also take away the golf course that enticed many to buy their homes.

• The Wizard is one of seven golf courses that have redevelopment plans filed with the county.

The once-booming Grand Strand golf industry caused a glut of courses and as profits flounder, owners are turning to more lucrative businesses, mainly housing construction.

• That hasn’t been much consolation to many golf course neighbors, who say they will lose property value and quality of life if their backyard fairways are replaced by condos or single-family homes.

• Residents in Spring Lake and Waterford Plantation have similar concerns over their property and traffic.

Source: Travis Tritten, The Sun News, Myrtle Beach, SC

Summary: Everybody is waiting. The only people buying and selling are those that have to.

Skyrocketing insurance premiums and steadily growing inventory have sent real estate sales tumbling on the Grand Strand.

• Single-family home sales dropped 20 percent to 428 in October from 538 in October 2005, according to the Multiple Listing Service for Horry and Georgetown counties.

• Condominium sales dropped 34 percent to 423 from 640 last October.

• The market is seeing a sharp increase in supply and a moderate decline in demand.

Overall prices are still showing year-over-year increases.

• The average home price increased 5 percent to $272,701 from $258,567

• The average condo price was up 5 percent to $243,851 from $231,646.

Motivated sellers drop prices.

• Most real estate agents say prices are being cut in certain segments of the home and condo market and motivated sellers are offering big incentives.

• Investors have left the market; some agents predict they will return in the spring when they expect the market to rebound.

Insurance

• Insurance spikes have contributed to plummeting condo sales with 10,211 condos still sitting on the market.

• Some condominium owners are having to pay as much as seven times the amount of insurance that they paid a year ago.

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

No matter what happens regarding rezoning and litigation with the two golf courses at Deer Track Golf Resort, it’s highly unlikely either course will ever reopen.

McCray Smith, a principal in the company that owns the North Course, has a more than 400-unit development planned and said Thursday he is not interested in operating it as a course. Though he eventually would like to own and operate a course on the Grand Strand.

Jeff Farrell, Myrtle Beach Division President of Bill Clark Homes, said in September his company has a contract to buy the South Course from the Schaad family of Tennessee and intends to build as soon as possible. Ferrell said the contract is pending the outcome of a lawsuit.

Residents on both courses have sued course owners attempting to halt redevelopment. But even if they were to win one or both suits, someone would have to operate and manage the courses.

While the courses are still in relatively good shape considering they’ve been closed for nearly two months, that’s not likely to be the case for long and it would take an initial investment to make them playable.

Gary Schaal, an owner of the Leading Edge Golf company that had operated both courses before they closed within a week of each other, said it’s doubtful his company would operate the courses again.

Source: Alan Blondin, The Sun News, Myrtle beach, SC

Just because the U.S. hasn’t been hit with any big hurricanes this year doesn’t mean local homeowners will get relief from skyrocketing property insurance rates.

Insurers say they base their rates on the “potential” for future losses, so an average hurricane season doesn’t mean a bad one isn’t coming in the next few years.

• In fact, only four major hurricanes stronger than Category 3 have hit South Carolina since 1900. North Carolina had 11 and Florida saw 27 major hurricanes during that time.

S.C. Department of Insurance Director Eleanor Kitzman said none of the insurance companies who provide coverage in South Carolina have given her any indication about next year’s rates. They are waiting to see what their reinsurance costs will be, she said.

• But she said in August that if the U.S. could have even an average hurricane season, it may ease some pressure on rates, causing them to moderate slightly due to more carriers joining the market.

• The nation’s active hurricane cycle started in 1995 and is predicted to last 20 to 25 years, said Dennis Feltgen, public affairs officer for the National Hurricane Center in Miami.

National Hurricane Center in Miami

So far this year - hurricane season doesn’t end until Nov. 30 - there have been nine named storms, five of which grew into hurricanes. Two became major hurricanes.

• Predictions called for 13 to 16 named storms this season, with eight to 10 of those becoming hurricanes and 4 to 6 becoming major hurricanes at Category 3 or stronger.

• This year’s “average” hurricane season was caused by a greater than expected wind shear and more stable atmosphere. That made it tough for air to rise in the Gulf and Atlantic.

• Also, a strong area of low pressure over the Eastern U.S. combined with high pressure over the central and eastern Atlantic allowed storms to curve harmlessly out into the Atlantic, Feltgen said.

• Next year’s forecast will not be issued until May, he said.

Part of the reason that South Carolina is getting hit with high premiums in spite of this year’s lack of big storms is that reinsurers “paint the same brush” along the East Coast, saying it all has the potential for massive loss, said Jim Byrd, deputy director of market services at the S.C. Department of Insurance.

• He urged them to buy insurance between Dec. 31 and May 30 - before hurricane season - so they are not coming up for renewal during the fall.

• Byrd said he hopes the slow hurricane season will ease reinsurance rates, but there are no guarantees.

• A main driver of rising insurance premiums along the coast is the global reinsurance market, which readjusts rates in January.

Gov. Mark Sanford is waiting until then to see if reinsurance costs drop before making a decision on expanding the state’s wind pool territory, said Sanford’s spokesman Joel Sawyer.

It may take several mild hurricane seasons before rates drops, said local independent insurance agent Tommy Cook, owner of John T. Cook & Associates.

• But it could be next year or 2008 or 2009 - barring major hurricanes - before rates really come down, he said.

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

The luxury home market has been booming on the Grand Strand in the past several years, but fewer million-dollar homes were sold this year compared with last year.

• So far this year, 115 homes costing more than $1 million have sold, compared with 124 in the same time period last year.

• Still, that’s way up from 2004, when 50 homes priced at more than $1 million were sold.

• The sales drop is not due to a lack of inventory. About 400 homes currently on the market are listed for at least $1 million.

Analysts say the drop is likely because many buyers are waiting to see what will happen to prices.

• “In this kind of market, you’re going to have a little [sales] downfall in all price ranges. Everyone I’m talking to says this is a short blip, and it will rebound in the spring. Many people are waiting until the first of the year to see what happens to prices,” said Tom Maeser, market analyst and president of the Fortune Academy of Real Estate.

• Maeser said the addition of luxury property is good for Myrtle Beach because the area now offers something for all income brackets. Luxury home purchases also stimulate the economy, he said.

In the luxury condo market, sales have been about equal to last year although more higher-end products have been added in the past year.

• Thirty-five condos costing at least $1 million have sold so far this year compared with 33 in the same period last year. That’s also way up from two that sold in 2004.

Analysts note sale prices are increasing by small amounts for single-family homes instead of large jumps like last year. Condo values, however, are falling.

• Investors have been watching the market and waiting to purchase during the past 14 months.

• Buyers are purchasing more as a second home than strictly as a rental property.

• Buyers recognize that in today’s market their rental income won’t cover their mortgage payments.

• Rental income now covers investors’ out-of-pocket expenses like taxes, utilities and insurance.

• Buyers are now purchasing for appreciation and personal use.

Source: Jenny Burns, Myrtle Beach, SC