Selling a home in any market can be a challenge. In a buyer’s market, selling a home requires considerable marketing skill and experience. This Monday morning series draws on proven experience to provide sellers with the essentials – Answers to the Ten Most Common Questions Home Sellers Ask.

Question #5 – “Can I save money by selling my home myself?”

FINDING YOUR BUYERS - Initially the idea of not having to pay a commission to an agent may be tempting to some sellers. However, any erstwhile do-it-yourself-ers should also be aware of exactly what’s involved in selling a home and make sure they have what it takes to follow through with every step. The vast majority of home owners in Myrtle Beach choose to let a professional real estate agent handle all the legwork and paperwork for them — as well as any potential problems that may arise in even the seemingly simplest of transactions.

Since Myrtle Beach is primarily a vacation / second home market, less than 20% of the property is owner occupied. Most property owners live out of town. Likewise, most potential buyers also live out of town and rely on the internet to search for property. By listing with a Realtor®, home owners have access to the Multiple Listing Service, the marketing tool that accounts for over 95% of home sales in Myrtle Beach.

Even if sellers choose to go it alone, they should still talk with a Realtor® they know and trust. Many real estate professionals will still offer to help with paperwork and marketing for home owners handling their own sales. This way, if something unexpected does happen, the seller has already built a relationship with a professional who is ready to help.

Next Week – “Does choosing the right agent really make a difference?”

All ten answers to these common questions 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.

For all the current listings in Myrtle Beach – updated daily – check out the MLS Search page on my website. Enter your search criteria and… voila!

Myrtle Beach is a buyer’s market right now… and it’s a tough environment for sellers. The real estate market is out of balance, i.e. the number of properties for sale far outweigh the number of actual buyers. Many properties languish on the market for months.

Today’s Q & A in this series – Answers to the Ten Most Common Questions Home Sellers Ask – speaks directly to this issue.

Question #4 – “How long will it take for my Myrtle Beach home to sell?”

Local real estate boards keep track of the average length of time properties stay on the market in the area. In Myrtle Beach, for property actually sold over the last 30 days, the average number of Days On Market (DOM) was 182 for sold homes and 286 for sold condos. Many of the unsold properties have been on the market far longer.

Why is it taking so long to sell property in Myrtle Beach? The primary reason is overpricing - sellers are having a hard time coming to terms with sales prices in a declining market. They price their property above the current market and discover too late that buyers aren’t interested. There are too many other choices. And when sellers do lower their prices, they lower them too little, too late.

Prospective sellers should pay close attention to the time frames established in their listing agreement before they sign with an agent. In a declining market, time is money, i.e. the longer the DOM, the lower the sales price. A key question for sellers to consider is: “What will happen if my home doesn’t sell within the prescribed time?”

Next Week: “Can I save money by selling my home myself?”

All ten answers to these common questions 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.

For all the current listings on the Grand Strand – updated daily – check out the MLS Search page on my website.

Summary: Condos sales are down 34%; prices are down 20%. Home sales are down 27%; prices are down 7%. Buyers are finding great deals.

The downtrend in the Myrtle Beach real estate market has continued in 2008 according to MLS data. Condos sales are down 34%, while prices are down 20%. Home are sales down 27%, while prices are down 7% year over year, January through June.

The condo market has been hit the hardest because of the dramatic run-up during the 2004 – 2005 boom. Single family homes prices didn’t gain as much and haven’t gone down as much over the same period of time.

What will it take to turn the market around?

Lower prices, the mortgage market, and buyer confidence are the keys to a turnaround. At some point lower prices will attract new buyers. But they will have to be able to get loans. With the mortgage market so tight right now, “cash is king,” unless you have very good credit. The politics of the presidential election is also creating uncertainty.

How long will it take to turn the market around?

No one knows for sure… a lot depends on the economy and the outcome of the elections. Analysts predict anywhere from 2009 to 2010. It still gets down to supply and demand. When supply and demand begin to balance out, the real estate market will improve. Right now, buyers have the advantage and sellers are still lowering prices to make a sale.

Good news for buyers.

It’s an ill wind that doesn’t blow some good. The bad news for sellers is good news for buyers. Buyers with cash and/or great credit are finding some very good deals. The longer the downtrend continues, the more willing sellers are to make concessions. But buyers have to decide on the kind of property they want and do their research in advance, so that they’ll know a good deal when they see it.

For more information on buying and selling in a buyer’s market, go to my website’s Free Reports page.

Resource: Jessica Foster, The Sun News, Myrtle Beach

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 .

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

BAHAMA ISLAND RESORT, a North Myrtle Beach condominium project, has not been built and it’s unclear where the buyers’ escrow money has gone.

• Buyers who paid to have condos built at Bahama Island Resort don’t know what happened to millions of dollars in down-payment money they gave developers.

• The state’s Labor, Licensing and Regulation department is investigating.

LAWSUIT ~ Two buyers have filed a lawsuit against the developer, claiming the development will not be completed in the two-year time frame that is in the contract, and they want their money back.

• Tommy Brittain, attorney for developer Bahama Island LLC, could not be reached in the past week for comment. Calls to Bahama Island’s developer, T&J Development, and condo seller Oceanfront Real Estate were not returned.

• Randy Mullins, attorney for buyers Davis Fort and Lawrence Brown, said he is suing for breach of contract because construction on the property has not begun except for the dry dock portion of the marina and the contract requires the complex’s completion in two years.

• Fort and Brown signed a contract in April 2006 to buy two units and other buyers signed in summer 2005.

• Given the two-year time frame, Fort’s condo should be completed in April 2008. Attorneys say there is too little time for it to be finished in the time allotted.

WHERE’S THE MONEY?

Mullins said he has repeatedly asked the developer to refund Fort and Brown’s deposit of $60,000, but it has not happened. He also says the developer failed to disclose that the project would not be completed on time.

• The lawsuit says Bank of America was the original escrow agent, but the money was released June 1, 2006, to Oceanfront Real Estate.

• The state real estate commission has received a complaint about the Bahama Island project and an investigation is under way, said Jim Knight, LLR spokesman. He declined to release further information until an investigation is finished.

• Jarrod Ownbey, associate attorney at Mullins Law Firm, said it is unclear where the deposit money is and how many units were sold for the development.

DEVELOPER RESPONDS ~ After Fort’s lawsuit was filed June 19, Oceanfront Real Estate Co.’s broker Steve McIntosh sent a letter July 25 to buyers saying the construction lender “did not fulfill their obligations” for funding and has refused to release requested refunds.

• Mullins said he’s not sure of the meaning of the letter, which says the developer has secured a contract to sell the property to another developer and is continuing to seek construction funding in case the sale falls through.

• The letter also states the developer has filed a lien against the property to protect buyers’ interest while the property is being sold.

• It says the property “cannot be transferred to another party or a new construction loan closed until the lien is satisfied.”

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

If you live in the City of North Myrtle Beach and own a condo, you will be noticing a change in one of you bills. A stormwater drainage fee will be added. It starts in September and is $4.00 per unit, per month

Officials say the money collected from this fee will be used for the construction of additional ocean outfalls in North Myrtle Beach, which will help with drainage of stormwater.

Source: WBTW Staff Reports, SCnow.com

The North Myrtle Beach City Council has signed off on the Planned Unit Development for Towers on the Grove, paving the way for construction of the 3.5-acre waterfront condominium project in South Carolina… the property will ultimately feature over 650 residences with an estimated sell out of $150 million.

Towers on the Grove will occupy a 3.5-acre stretch along the beach between 21st Avenue North and 23rd Avenue North, the location of the former Cherry Grove Manor.

The first phase of the project, Grove South Tower, is scheduled to get underway in February 2007. The 18-story building will feature 221 condominiums, and the second phase will feature an additional 221 units; the third leg of the project will have approximately 221 residences or slightly less.

Approximately 80 percent of Towers on the Grove’s first phase have already been sold. Phase one of Towers on the Grove is on target to reach completion in July 2008.

By Barbra Murray, Commercial Property News

For more information on “Towers on the Grove”, contact Barbara Chartier at 843-902-0204.

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

On Tuesday, Myrtle Beach got a little bigger. The city added Magnolia Place, a 30 acre development, into its limits.

Myrtle Beach Police are already patrolling Magnolia Place, located west of U.S. 17 Bypass between 38th and 48th Avenue North.

Myrtle Beach Public Information Officer Mark Kruea says owners of Magnolia Place had to petition to become city residents, just like anyone would, to take advantage of the benefits of city living.

“If you’re inside the City of Myrtle Beach, you’ll get a better water and sewer rate,” said Kruea. “You’ll get fire protection from the city of Myrtle Beach and the benefit of our ISO 1 insurance rating.”

City residents pay higher property taxes, but Kruea says many people find the costs are offset by the benefits.

Source: WPDE ABC TV News

Student housing is one of the fastest growing real estate niches in the country, and Myrtle Beach is no exception - fueled by the enrollment growth of Coastal Carolina University.

Coastal Villas, located just 2/10 of a mile from Coastal Carolina University, offers investors and students one of the best student housing values in today’s market. This condo conversion consists of a total of 112 units, of which only 35 remain. Here are some of the details:

• Units: all 2 BR / 2 BA units
• Price: $102,900 ~ preferred lender offering $1,000 against closing costs
• Reservation Deposit: $5,000
• Closing: beginning in January, 2007
• Rents: $850-950 per month
• Tenants: mainly annual for students, professors, and staff.
• HOA: $150-175 per month to include water, sewer, trash, insurance, pest control, CAM, and more!

Contact Barbara Chartier at 843-902-0204 for more information and/or to reserve your villa.

It’s a BUYER’S MARKET on the Grand Strand as condo sales continue to slide, making little dent in a ballooning inventory. But single-family sales have held their own, topping last year’s record sales.

QUICK STATS- Third quarter 2006 compared with third quarter 2005:
Sales:
• Condos down 31 percent to 5,003
• Single-family homes up 1 percent to 4,506
Listings:
• Condos up 112 percent to 10,493
• Single-family homes up 60 percent to 5,291
Days on Market:
• Condos up to 186 from 89
• Single-family homes up to 143 from 104

PRICES - Real estate brokers say some condo prices are being cut, but single-family prices are holding steady.

• Insurance increases have especially hurt an already slow condo market where agents say they’ve lost sales in part because of a spike in homeowner’s association dues.

• Analysts said they expect renters to consider buying as condo prices fall.

INVENTORY

• Condos ~ Analysts say it will take more than a year to clear out the 10,493 condos on the market.

• Single-family homes ~ The market’s 5,291 single-family homes may take 10 months to be absorbed.

ANALYSIS - “I don’t look at it as a bad market. There are just two kinds of markets - buyers markets and sellers markets,” Maeser said. “We’re just going through a correction right now.”

• Sellers are having trouble backing away from the price their home would sell for in 2005.

• Buyers are aware the market has softened and aren’t willing to buy at any price.

• September and October have historically been good sale periods for condos on the Strand, but brokers aren’t seeing it pick up this year.

BUYER PROFILE - Maeser said the market is losing its rental income investor. Some have turned to the stock market after several years of investing in real estate.

• But the loss of the flippers - attracted to a hot condo buying frenzy - isn’t a bad thing, he said.

• “It’s not healthy to have that for too long. This has been good for the market,” he said.

Source: Jenny Burns, The Sun News, Myrtle Beach

After initially approving the redevelopment of about 3.57 acres of land in the Cherry Grove area, the North Myrtle Beach City Council tabled the proposed “Towers on the Grove” project Monday because one of its parking decks does not meet city code.

Developers have proposed tearing down the Cherry Grove Manor and the Springs Towers on North Ocean Boulevard between 21st and 23rd avenues North to build two oceanfront towers for multi-family resort accommodations, two second-row parking decks with ground-floor commercial space, and one third-row parking deck.

But city planners have realized that the planned parking deck on the third row does not meet the city’s requirement that it be within 300 feet of a principal site. The parking deck needs to be redesigned to meet city code, Planning Director Doug Maddock said.

Developers were surprised about the problem Monday and said they were not sure how they would resolve it. They requested time and direction from the staff and council on what to do.

The council has tabled the ordinance for 90 days at the developer’s request, which means the project will not come back before the council until Jan. 8 for a final vote.

In addition, the council has approved changing a sunset clause in another ordinance that says that, if the project is not approved within six months of passage of the ordinance, the city would be blocked from receiving an oceanfront public beach access park that the developers would give the city. That ordinance was passed in April. The council extended the clause for 90 days.

Source: Janelle Frost, The Sun News, Myrtle Beach

The Riviera will offer 116 large, luxury units on seven and half acres in a residential resort that will not allow rentals of less than one year.

• Located between 77th and 79th avenues North, west of Ocean Boulevard, The Riviera will offer large units (1,800 square feet to 4,962 square feet) designed for luxury, permanent living and priced from $800,000 to $2.5 million.

• The Riviera will offer amenities seen in few previous developments - private cabanas, individually owned garages and private elevators that take owners directly into their units. The rooms have ocean views from the third floor up with a single-family home development between it and the ocean.

• The resort will have formal gardens, singing fountains, two acres of pools, and live oaks will be left throughout the property.

The Riviera is tailored for wealthy baby-boomer buyers looking for a permanent luxury home near the ocean with little upkeep. The project is an example of how new construction on the Grand Strand is moving toward larger, permanent units to balance the glut of rental units on the market.

• Tom Maeser, market analyst and president of the Fortune Academy of Real Estate, said the market is right for an off-ocean permanent homeowner luxury resort.

• “The market has indeed changed. I think their timing is now probably pretty good,” Maeser said.

There has been so much demand for The Riviera that a drawing will be held on Oct. 14 where buyers’ numbers will be pulled from a hopper to pick their unit.

Source: Jenny Burns, The Sun News, Myrtle Beach

For More Information – contact Barbara Chartier at 843-902-0204.

A slower condominium market has oceanfront condo developers offering some big savings - such as covering the cost of owning for two years or cutting payment costs by lowering interest rates.

Buyers at Calypso Keyes in North Myrtle Beach, a new 14-story oceanfront resort, can get their mortgage and homeowners association fees paid for through a two-year “developer leaseback” program.

• Developer Keye Communities will lease the unit from the owner, paying the mortgage and HOA fees for two years and earning any rental income the unit makes - unless that rental income outweighs the payments and then the profit goes to the owner.

• Since the building won’t be built for a year and a half, buyers basically have “no cost on the investment for three and a half years,” said Russ Baltzer, a partner in Keye Communities.

• The leaseback is only offered at a special event on Sept. 30 for 35 units. Developers say they have sold more than half of the 109 units in the building.

The developer of conversion Coral Beach Resort, 1105 S. Ocean Blvd., is offering a “buy-down” with a 4.875 interest rate for a 30-year term with Investor’s Mortgage Company.

• The company will lend up to 90 percent of the purchase price. The interest rate is fixed for the first three years.

Developers at the oceanfront Tides and Driftwood buildings, which is part of the Sea Mist redevelopment in Myrtle Beach, are offering a similar 4.875 percent financing through Investor’s Mortgage on a 30-year term with the first three years interest rate fixed.

• The mortgage company will lend up to 90 percent of the purchase price, which means a 10 percent down payment.

• With the buy down, investors are paying a lower rate than the national average 5.93 percent for a primary residence mortgage, he said.

Bottom line, total out of pocket costs are minimized with a below market interest rate with actual costs predictable for the first three years. This takes a lot of the uncertainty out of the equation that a buyer typically sees with an adjustable rate program.

Source: Jenny Burns, The Sun News, Myrtle Beach

For more information on Oceancront buyer incentives, contact Barbara Chartier at 843-902-0204.