HARD ROCK PARK in Myrtle Beach has closed its doors for the winter season and filed for Chapter 11 bankruptcy protection after a disappointing first season.

Hard Rock Park cited several reasons for closing:
• Downturn in consumer discretionary spending due to high gas prices and the weak US economy.
• Lack of an out-of-market advertising budget due to the tight credit market.

Others cite Hard Rock Park’s:
• Relatively small size – 55 acres
• Comparatively few rides
• High per-person admissions price

Hard Rock Park owners plan to take time off hoping to reorganize and reopen in April, 2009.

News of Hard Rock Park’s closing and bankruptcy filing has left some folks wringing their hands:
• It “could be bad for Myrtle Beach’s reputation and cause companies to think twice about relocating here.”
• “Clearly, having a high-profile business fail, particularly in its first year, will raise some eyebrows and more than a few questions from other companies that might have been considering investing in the Grand Strand….”
• Hard Rock International is attempting to disassociate its successful café chain operation from the park’s problems. The cafe company licensed its brand name to the park but does not have any investment or ownership stake.

Other folks predict a Hard Rock Park turnaround:
• “If anybody can, those guys will. I still think our market will come back, the tourists will come back, the economy’s going to turn around, and if they can hold on for a few years, they’ll do fine.”

Meanwhile someone is between a Rock and a Hard Place - out about $400 million… the cost of opening the park.

As a Realtor® on the go in Myrtle Beach, I do a lot of driving… and it’s getting a lot more expensive these days. My PT Cruiser is a great car and fun to drive, but it doesn’t get the best mileage when I’m running around town. So I’m always on the lookout for cheap gas.

Here’s what I’ve discovered in Myrtle Beach. As a general rule, a WalMart with a gas station has the most competitive price. There’s one near my home in North Myrtle Beach. Sam’s Club and Costco are also competitive, but you have to be a member to use them… and I don’t live close to them.

So what happens when I’m on the road? If I know there won’t be a WalMart around, I plan ahead by going to the AAA Travel Planner website. This website has the location and latest prices of all the gas stations in the area. You can price shop for cheap gas online… anytime, anywhere. For example, my favorite WalMart is showing $4.00 / gallon and a Kangaroo close by is showing $3.98 / gallon. I’ll have to check that out.

Compare our Myrtle Beach gas prices with your gas prices at home. Or compare gas stations near you to find the cheapest gas. I’m not a gasoline expert, but my understanding is that they are all pretty much the same… except for Citgo (I won’t buy from Hugo Chavez).

And plan a driving vacation to Myrtle Beach. My kids did this summer in their new Escalade… all the way from Chicago. They discovered that - even with the lower mileage of an SUV and the increase in gas prices – it was a lot cheaper to bring the whole family by car than it was to fly and rent a car while they were here. Finding the cheapest gas along the way on the AAA Travel Planner website was an added bonus.

FIRST TIME HOMEBUYERS may be eligible for* $7500 tax credit. If you or someone you know is a first time homebuyer, here’s some information you may be able to use.

On July 30, 2008, the Housing and Economic Recovery Act of 2008 was passed, which includes a new, temporary tax credit as an incentive for first-time homebuyers. With this bill, first-time home buyers may qualify for up to $7500 for the purchase of a principal residence.

The National Association of Realtors® has provided the following summary information:

 First-Time Homebuyer Tax Credit – Quick Reference Chart

 First-Time Homebuyer Tax Credit – Frequently Asked Questions

I’ll post additional information as it becomes available.

*Consult a tax professional for details.

SELLING A HOME ultimately gets down to making a final decision… to accept or reject a buyer’s offer. Sounds easy enough, but many offers that were rejected a year ago look great today. Unfortunately, they are no longer on the table.

Today’s post is the last in this Monday morning series - “Answers to the Ten Most Common Questions Home Sellers Ask.” All ten answers can be found on my “Ask Barbara” blog.

Question #10 - “How can I tell a good offer from a bad one?”

SERIOUSLY CONSIDER YOUR FIRST OFFER - Sellers should know in advance their “bottom line” - what contingencies or terms would be acceptable and what would not. Market trends and the cost of carrying the property for another six months need to be factored into the “bottom line.” In today’s buyer’s market, the first offer – even though lower than hoped for – has often turned out to be the best offer… a year later.

In addition, sellers should find out whether the buyer has been prequalified for financing — something most real estate agents will quickly determine right from the start — before seriously considering any offer. Beyond that, each offer should be reviewed for a deposit, the price offered, the down payment, the terms involved, occupancy details and any contingencies.

Sellers should review all offers with their Realtors®. This way, the home owner and the agent can openly discuss how well this offer matches the seller’s goals and what should be included or deleted from any counteroffer that may be necessary.
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More information on Buying and Selling Property in a Buyer’s Market is available on my website at www.BarbaraChartier.com . Or call my 24/7 hotline, toll-free, at 1-888-494-8654… and follow the brief recorded message to order your special report.