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

HERE ARE SOME GOOD BUYS ALONG THE OCEANFRONT IN MYRTLE BEACH. It’s a Buyer’s Market - and motivated sellers are lowering their prices. From time to time there are some very good buys. If you are shopping for a deal… take a look.

SEVEN GOOD BUYS ~ These are the lowest priced units in their respect buildings. I’ve included available links to their MLS Info, Virtual Tour, and Map Location. Call me for more information… or to see / make offer.

BARBARA CHARTIER, C21 Coastal Lifestyles, Cell 843-902-0204

1 ~ MLS 711100 - # 1013 Bluewater Resort – only $97,900 - north side view 1 BR / 1 BA in fantastic condition. Grossed just under $10K last year and can do up to $13K (renovations last year). Last few closings were at $100K. Virtual Tour, Map Location

2 ~ MLS 724545 - # 552 Pinnacle Oceanfront Tower – $157,900 - DIRECT oceanfront 1 BR / 1 BA north END unit on highly desirable lower floor. Absolutely the best buy in the building with this price, location, and rental income (these gross $23-27K per year). Last 2 closings were at $155K and 157K. Map Location

3 ~ MLS 708791 - # 1035 Landmark Resort - $144,000 – DIRECT oceanfront 1 BR / 1 BA with new ceramic tile in kitchen and bathroom (others have the original carpet). Grossed over $22K last year onsite. Last 2 closings were at $150-152K. Virtual Tour, Map Location

4 ~ MLS 711041 - # 304 Meridian Plaza - $149,900 – DIRECT oceanfront 1 BR / 1BA in fantastic condition (shows exceptionally well). Tied for lowest price in resort and $20,000 less than next lowest priced direct O/F 1/1. Grossed over $13K with onsite rental agency (only charge 32% rental mgmt. fee, not your typical 45-46%). Virtual Tour, Map Location

5 ~ MLS 715531 - # 1034 Grande Shores - $309,000 – North side view (first one back from being O/F) 3 BR / 2 BA in 6 year old building with unobstructed views of ocean, coastline, and N.C. on a clear day. Over $40K GRI in 2005 and $32K in 2006 but owner used extensively last year while on business travel. Last 2 sold for $295K and 300K. Virtual Tour, Map Location

6 ~ MLS 711033 - # 1106 Grand Atlantic - $389,900 (OK, not lowest priced – one other just reduced to $389,800 – but of course 11th floor is perfect location right in the center of the building) – DIRECT O/F 3 BR / 3 BA in 1 year old building with enclosed corridors and all the amenities. Priced AT ORIGINAL pre-construction price from 2004. Last 3 sales were $425K, 405K, 385K. Virtual Tour, Map Location

7 ~ MLS 715809 - # 1204 Seaside Inn Resort - $399,000 – DIRECT O/F double-bay (only 9 in the building out of 68 total condos in resort) 2 BR / 2BA in building only 9 months of age. Pre-construction price was $389,900. Rentals have been super strong. Not many properties with all of these amenities and this brand new in North Myrtle Beach. Excellent buy! Virtual Tour, Map Location

BARBARA CHARTIER, Century 21 Coastal Lifestyles
Call me at 843-902-0204 (I answer my own phone)

Developers are breaking ground Friday on what they describe as a healthy living, calming, lavish resort in North Myrtle Beach called North Beach Plantation.

• The “destination” spa at North Beach will have a meditation garden, rooms for Pilates and yoga and world-class decor and services.

Experts say the project will be a new - and needed - tourism and real estate amenity.

• “It may cause people to come here instead of go someplace else,” said Tom Maeser, president of the Fortune Academy of Real Estate. “The challenge is that it must be competitive with other spa resorts. There’s lots of demand for that. It’s very popular especially with baby boomers who are going to the Bahamas and Paradise Island for spa resorts.”

The resort spans 60 acres from U.S. 17 to the ocean - formerly the Barefoot Campground.

• When completed in five years, the resort will hold 800 dwelling units and 70,000 square feet of commercial space.

The economic impact of the resort will be substantial.

• A study by Coastal Carolina University for the city of North Myrtle Beach says North Beach Plantation will bring $1.5 million to the city’s budget annually.

• The project will increase Horry County’s total employment by 1,900 jobs.

• The report estimates North Beach Plantation’s total economic impact will be $1 billion.

Construction has begun on the twin, oceanfront North Beach Towers that will be built in classic Georgian architecture.

• Two arches will connect the 18-story towers - the upper arch on the 13th and 14th floors will have a two-story upscale restaurant and piano bar with views of the ocean and marsh.

• The lower arch on the third floor will have a breakfast and lunch restaurant.

The remaining 53 acres will be mostly single-family with some condominiums for spa guests nestled around the live oak trees.

• The resort will feature an upscale fitness center with a 4½-mile walking path around the resort with exercise stations.

• A village center, called The Exchange, will have boutiques, restaurants, retail and office space with condominium living above… with no vehicular traffic.

• A plantation home will be built at the front of the property with the spa and fitness center as a “grand reception hall” for check-in… all open to the public.

• A chapel to be built on the property will use doors and pews from an 1800’s English chapel.

The towers, retail, spa and fitness center will be completed in two years. The first homes sold - which will be released for sale within six months - will be ready to move in by next year.

• Home buyers will be able to catch a shuttle from their home to the beach and can use all six oceanfront pools in the towers, which will offer private cabanas, and pools for kids or pools for a relaxing afternoon.

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

For more information on North Beach Plantation prices and availablitly, contact Barbara Chartier at 843-902-0204.

Construction has begun on North Beach Towers in North Myrtle Beach’s newest and most luxurious oceanfront development - North Beach Plantation.

The Official Ground Breaking ceremony for North Beach Towers is scheduled for February 23, 2007.

North Beach Towers is the Grand Strand’s premier oceanfront Residence. With Southern charm distinguished by Georgian architecture, this exclusive community will be the playground of choice for the oceanfront elite.

Contact Barbara Chartier (843-902-0204) for more information, floor plans, unit availability and prices.

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

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.

WASHINGTON - The Natural Resources Defense Council released a report assessing water quality at many of the nation’s most popular beaches, based on the number of days last year they closed or issued health advisories because of contaminated water.

The beach at the Pirateland and Lakewood campgrounds in Myrtle Beach was the only Carolinas beach named among the nation’s 22 most contaminated - those that violated federal public health standards at least half the time samples were taken last year, a far greater rate of violation than the national average of 8 percent.

Jim DeFeo, general manager of the Lakewood Camping Resort, objected to his beach’s inclusion on the list of contaminated sites. Government officials, he said, have not installed at the Lakewood and Pirateland the long pipelines that carry sewage hundreds of yards into the ocean off other Grand Strand beaches.

“Lakewood Camping Resort has daily trash pickup, uses no chemicals on the grounds for fertilization and is a good steward of environmentally friendly business activity,” DeFeo said. “If the water is unsafe or damaged in any way, it’s coming from the thousands of acres in the Surfside area that all drain through the swash near, but not on, our grounds.”

Pirateland managers did not respond to three calls seeking their response.

Source: James Rosen, Washington Bureau

Myrtle Beach’s planning commission saw two oceanfront building proposals Tuesday and sent developers for each away with demands for more public improvements and other considerations.

A 200-foot, 271-unit condominium building that would rise next to the Landmark Resort Hotel on Ocean Boulevard along 15th and 16th avenues South drew a lot of public interest, planners said, primarily from homeowners who live outside the area.

The new building, on property that is currently a parking lot and the Sportsman Motor Inn, would link with the Landmark and its westerly parking garage. The proposal is to rezone the lot as an L-shaped, planned-unit development, a zoning distinction that lets developers skirt certain city rules often in exchange for public improvements.

Developers said those improvements would include widened sidewalks, handicapped beach access, streetscapes along 15th and 16th avenues South and a turnaround drop-off point at the beach end of 15th Avenue South.

Commissioners also said they were concerned about population density and parking around the property.

The commission also got an updated look at a proposed 690-unit-time-share development on Sixth Avenue South by Orlando-based Westgate LLC.
Responding to the commission’s earlier protests, the developer split one large tower into two separate towers and shuffled the heights of the buildings. Westgate also increased setbacks around the buildings and tweaked a few other things.

City planner David Peete said it often takes several rounds through planning commission and then a few rounds through City Council for a development to move past its blueprints and get off the ground.

Source: Lisa Fleisher, The Sun News, Myrtle Beach, SC

The all-new Towers on the Grove Resort, located on 500 feet of oceanfront coastline in the Cherry Grove section of North Myrtle Beach, replaces the long-time family favorite Cherry Grove Manor.

Towers on the Grove will blend contemporary glass styling with stunning art deco flourishes in two twin towers, bringing an exciting facelift to this area of the Grand Strand. Deluxe amenities planned for the resort include indoor and outdoor pools, a tropical pool deck, a lazy river, a restaurant, lounge, fitness and media rooms.

Phase One is now pre-selling, offering purchasers an array of 11 different floor plans with exceptional pricing points. Designed in efficiency, one, two or three bedroom configurations, the condos offer either oceanfront or boulevard views. The completely appointed units feature private balconies, full kitchens, high-speed Internet access, and a designer furniture package.

Source: prnews

For more information and reservations, contact Barbara Chartier at 843-902-0204.

“Prince Resort” and “Towers on the Grove”: Critics question a state decision to let the developers put four condominium towers along the ocean in one of the most flood prone areas of the state, saying a hurricane could cause millions in damage.

But state regulators say the towers were approved because $20 million worth of beach re-nourishment has stabilized the shoreline in the Cherry Grove area of North Myrtle Beach.

The sand created so much new beach that officials with the state Department of Health and Environmental Control reduced restrictions on what could be built on the beach and how close it could be built to the ocean.

“This was a terrible idea,” Stan Riggs, a professor at East Carolina University and nationally known coastal geologist and erosion expert. “These shorelines all along the Atlantic are eroding.”

Riggs said the bigger buildings along the seashore will put more people in peril when the next hurricane hits.

A total of four oceanfront towers are planned for Cherry Grove - two 17-story buildings in Prince Resort and twin 20-story towers called the Towers on the Grove. They are by far the biggest structures ever planned for Cherry Grove.

“It’s just a clear-cut, simple matter under DHEC’s regulations,” said Larry Brumfield, a project manager for the Prince Resort. “We’ve met the requirements.”

The area, just south of the North Carolina state line, has historically had some of the worst flooding in the nation.

North Myrtle Beach has ranked 55th nationally in repeat flood insurance losses since 1978 - higher than any other South Carolina city, according to a National Wildlife Federation study. And Cherry Grove is the most flood-prone section of North Myrtle Beach.

“Cherry Grove is more susceptible to damage because it is basically an island,” said Tom Barstow, North Myrtle Beach fire chief. “It is fairly low. The result is a lot of water damage.”

Source: Wilmington Star, Wilmington, NC

A little-known 1988 law could have a big impact on beachfront properties.

Real estate agents who do not disclose the existence of the act could be liable if a hurricane damages a home they sold and the property has to be rebuilt. Homeowners could find they can’t rebuild in the same location or same way.

The Beachfront Management Act, designed to protect beaches from erosion, determines how close a home can be to the beach.

Under the act, the state sets a “setback line.” Homes cannot be built on the ocean side of that line. If a building that was built before the act is destroyed in a hurricane, it might not be able to be built in the same spot because the setback line may have been moved further inland.

Real estate attorney Wayne Mumford suggested agents always disclose the act to protect them against potential liability.

At a Coastal Carolinas Association of Realtors seminar, Bill Eiser, oceanographer with Ocean & Coastal Resource Management said a failure to disclose will not affect the legality of the sale.

The Resource Management office can inform property owners where setback lines are on their property. Setback lines are based on the average annual erosion rate of the beach in the last 40 years.

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

Today’s families who tire of the ocean or the hotel pool want the excitement of a mini-water park just steps from their room.

The water adventures - with waterfalls streaming from a colored dome or buckets dumping water on tops of kids’ heads - are popping up at hotels along the Grand Strand so quickly that state officials have trouble putting a number on them, especially with several awaiting final inspection before the busy tourist season kicks off in a couple of weeks.

“That is a big trend,” said Jim Ridge, the recreational waters compliance coordinator for the S.C. Department of Health and Environmental Control, which inspects pools, lazy rivers and water parks. “That does seem to be a trend peculiar to Horry County - the bigger, the better. You have to keep up with your neighbor,” he said.

Hotels are fighting harder for business, as the supply of units has outgrown the demand. Since 1995, the number of available lodging units in Horry County has increased by 50 percent to reach nearly 90,000, according to the Myrtle Beach Area Chamber of Commerce.

• Sands Resorts, at 74th Avenue North in Myrtle Beach, was one of the first hotels to boast its own water adventure, opening in spring 2002.

• The Breakers Resort has a pirate-themed water feature.

• Kingston Plantation and Sea Mist Resort also have substantial water attractions. More are on the way as new lodging towers are being built.

• A water park consuming two lots and stretching 300 feet along the road will be the centerpiece of the Atlantica development at 17th Avenue North, which will open in two years. The rides in the water park won’t be higher than 30 feet, but that will be enough of a thrill to cater to toddlers and preteens - helping to attract the desired family vacationer.

The Grand Strand boasts three standalone water parks: Family Kingdom, Myrtle Waves and Wild Water in Surfside Beach. Wild Water switched from weekends only to a daily summer schedule Saturday. Family Kingdom and Myrtle Waves convert to daily summer hours next weekend.

The smaller water rides could work in the big parks’ favor, whetting the kids’ appetites for the more elaborate rides you can’t find at the hotel.

Source: Dawn Bryant, The Sun News, Myrtle Beach, SC

North Beach Plantation’s new video, using graphic animation, brings this magnificent, oceanfront development to life. Give it a few seconds to load… it’s well worth the wait.

The new video offers a sweeping “helicopter view” of the North Beach twin towers connected by two arches with breathtaking views of the Atlantic. You can even hear the seagulls.

The North Beach Tower’s upper arch at the 14th floor will contain a two-story restaurant/bar over-looking the ocean through a spectacular 2-½ acre Caribbean waterpark featuring an unprecedented array of water amenities including outdoor fountains, swimming pools, spas, lazy river and swim-up pool bar.

Oceanfront condos ~ each with a magnificent view ~ are still available for real estate investment at North Beach Towers.

For more information (availability & prices) contact Barbara Chartier at 843-902-0204.

Oceanfront condos ~ each with a magnificent view ~ are still available for real estate investment at North Beach Towers, located on the southernmost end of North Myrtle Beach.

The North Beach Towers design is stunning: twin towers connected by two arches, offering breathtaking views of the Atlantic. The towers will reflect a southern coastal architectural style reminiscent of Charleston and Savannah.

The arches that connect the converging towers are modeled after the famous “Atlantis” Resort in The Bahamas. The upper arch at the 14th floor will contain a two-story restaurant/bar over-looking the ocean.

North Beach Towers will overlook the Atlantic through a spectacular 2-½ acre Caribbean waterpark featuring an unprecedented array of water amenities including outdoor fountains, swimming pools, spas, lazy river and swim-up pool bar.

The twin towers will contain a mixture of one, two, three, four and five-bedroom villas; all directly oceanfront.

Special features include nine foot ceilings; double door entrances, 8’ solid core doors, granite kitchen and bath counter tops, custom cabinets, upgraded appliances, large walk-in closets, sound insulated walls between units, porcelain tiled entries, kitchens, and baths, and floor to ceiling glass spilling onto massive oceanfront balconies.

Special project features include oversized high-speed elevators, owner storage closets within the homes, enclosed, centrally-conditioned entry corridors, and wireless internet capable communications.

For more information (availability & prices) contact Barbara Chartier at 843-902-0204.

Source: prweb.com newswire

The North Myrtle Beach city council approved the rezoning request for the North Beach Plantation project with the following conditions. The developers must:

• Increase space between the single-family homes from 8 feet to 10 feet
• Not sell time-share units on the property
• Limit the number of bedrooms to a maximum of five per unit
• Develop a public beach access walkway from 48th Avenue South - parallel to White Point Swash - to the public beach
• Develop safe and attractive pedestrian connections to Barefoot Landing
• Create public beach access parking and/or payment in lieu of needed public improvements
• Make at least one of the public access walkways on the beach accessible to the handicapped.

Developers have agreed to give the city $2.25 million to enhance public beach access facilities.

Property owner Barefoot Partners LLC plans to build up to 873 single-family and multifamily homes, office and retail space, restaurants, and resort amenities, including swimming pools, on the 56.4 acre property.

The oceanfront towers will be the tallest in the city at a maximum height of 216 feet including the antenna on the roof, planning officials said. The maximum height on the oceanfront is currently 165 feet.

For More Information on North Beach Plantation: contact Barbara Chartier

Source: Janelle Frost, The Sun News, Myrtle Beach, SC