Myrtle Beach Oceanfront: Condo Market Softens Beginning the New Year

Buyers and investors pause to evaluate new opportunities

Myrtle Beach, SC, January 17, 2006: Grand Strand prices for oceanfront condos have softened slightly as buyers assess their investment opportunities.

While resale condos continue to hold onto their huge price gains – some up 40% in 2005, the median prices for new condos dropped 8% in the third quarter.

Some analysts believe that the sale of less-expensive condo-conversion properties accounts for the drop in prices. But some say the numbers mirror a slight slowdown in buyer demand and price increases on the oceanfront.

• Tom Maeser, president of Fortune Academy of Real Estate, said the new oceanfront market is strong but condo-conversion sales are softening. With so much new construction, there is less demand for conversions (hotel rooms turned into condos).
• J. Patrick Lowe, a partner with Strand Capital Group, which builds primarily oceanfront condo towers, said there seems to be “somewhat” of a slowdown in new oceanfront but part of that is seasonal. Real estate buying on the Strand tends to slow between Thanksgiving and January.

This year, 79 million baby boomers turn 60, and 45% will move out of their state for their retirement. And Myrtle Beach will be the destination of choice for many of those living in the Northeast – states like Ohio, Pennsylvania, New Jersey and New York. Pat Mason, co-founder of the Center for Carolina Living says, “If you think you have retirees coming to Myrtle Beach today, you ain’t seen nothin’ yet.”

Many investors are currently looking for buying opportunities, anticipating further price increases this spring. More oceanfront condos are becoming available for sale – some at reduced prices. With careful market analysis and the assistance of experienced oceanfront realtors, these buyers are finding what they are looking for.

For more information and current MLS oceanfront listings, contact Century 21 Coastal Lifestyles at www.c21MyrtleBeach.com.