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Grand Strand Real Estate News
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August 2021
Volume 2021 Issue 8
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If you would like to receive this monthly newsletter CLICK HERE
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Dear Gene Carter Team,
Summary
As I’m writing this there are currently 281 active condo listings in oceanfront buildings on the entire Grand Strand. This is down from 300 when I wrote July’s newsletter and over a thousand this past October. As for condos off the beach, there are currently 334 listings, up from 286 when I wrote July’s newsletter. See graph below.
For current owners, once again I will mention that now is the time to consider whether you are going to sell in the next 12 months. Don’t wait until spring (as most owners do) to think about this after you’ve paid carrying costs all through the off-season.
For you buyers out there, we are starting to see a few more listings, many of them attractively priced. Reasonably priced listings are selling rapidly. Let us know what you are looking for and we can make sure to notify you immediately when something that fits becomes available.
It’s been an extraordinarily busy peak tourist season. Several owners have told me they received their biggest July checks ever.
The Myrtle Beach International Airport saw more passengers this summer than any airport in the state of South Carolina has ever seen during any comparable time period. Plans for an expansion are expected to be announced as early as this fall
Horry County Council, after 20 years of discussion, voted to enact impact fees on all new construction - a policy seen by many as long-needed to address the rapid growth but vehemently opposed by the local real estate business in general. These will take effect on October 15. The fee on a new single family home would total $1236. The fee varies depending on the type of structure and its function.
Check out all our usual Grand Strand Market Reports, Sales and Listing Updates, my Best Buys, and new Beach Pro Team reviews.
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Greetings from The Grand Strand,
After last month's massive article regarding condotel changes, this month I’ll keep it short and light with just a few updates for market stats and local news.
As I’m writing this there are currently 281 active condo listings in oceanfront buildings on the entire Grand Strand. This is down from 300 when I wrote July’s newsletter and over a thousand this past October (and at any time during the 10 to 15 previous years).
As for condos off the beach, there are currently 334 listings, up from 286 when I wrote July’s newsletter. This is the first significant increase in active listings in months, either on or off the ocean.
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For current owners, once again I will mention that now is the time to consider whether you are going to sell in the next 12 months. Don’t wait until spring (as most owners do) to think about this after you’ve paid carrying costs all through the off-season. Of course the market is also red-hot right now. Please contact me if you want to go over your particular situation and market conditions in your development.
For you buyers out there, we are starting to see a few more listings, many of them attractively priced. The inventory for oceanfront condos is still dropping mainly because they are selling so rapidly, not because fewer are being listed. Let us know what you are looking for and we can make sure to notify you immediately when something that fits becomes available.
By all accounts, it’s been an extraordinarily busy peak tourist season. Next month, after the August vacation rental income statements are received, I’ll report on my findings for incomes for this year compared to previous years. Several owners have told me they received their biggest July checks ever.
In another sign of how busy it’s been this year, the Myrtle Beach International Airport saw more passengers this summer than any airport in the state of South Carolina has ever seen during any comparable time period. There were 547,933 passengers in July, a 50% increase from 2019 and the second month in a row with more passengers than any airport in the state’s history. This record-breaking success came with growing pains. There were some canceled flights and long lines at TSA. Plans for an expansion are expected to be announced as early as this fall but many of the changes may take years to complete.
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In another development resulting from our area’s success, Horry County Council, after 20 years of discussion, voted to enact impact fees on all new construction - a policy seen by many as long-needed to address the rapid growth but opposed by the local real estate business in general. These will take effect on October 15. The fee on a new single family home would total $1236. The fee varies depending on the type of structure and its function. Many in the real estate industry were disappointed the fees were enacted, feeling that the costs will just be passed on to buyers and hurt new development. Many other members of the community were disappointed the fees were as low as they were (far lower than allowable by the state). There are strict limits as to how the money collected can be spent so the county will have to plan carefully how it is spent.
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That’s all for now. Check out all our usual Grand Strand Market Reports, Sales and Listing Updates, my Best Buys, and new Beach Pro Team reviews.
See you at the beach!
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Here are some new reviews published in Zillow.
- I have bought and sold multiple condos with Gene’s help. Nobody knows the beachfront market better and service is second to none. Gene helped find condos with the income potential we were looking for and helped us get top dollar for the units he sold for us. Kevin. Caribbean. Myrtle Beach.
- Teressa Carter is very experienced realtor in the North Myrtle Beach area and especially in the Cherry Grove area. She show us homes that fit our needs and quickly responded to questions about market conditions. She work well with other realtors to show homes that were coming to market. She helped guide me through the entire process of purchasing a vacation home and pointing me to others to fix minor problems with the home. Robert. North Myrtle Beach.
We have chosen to utilize Zillow's review platform. This is not an endorsement of Zillow (Please ignore the ridiculous "Zestimates") but we think an online third-party review service provides more credibility than simply printing reviews ourselves. At this time, we have over 100 reviews with more coming in each month. To see all of the reviews at any time, you can visit Zillow Beach Pro Team reviews.
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Grand Strand Market Report
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Below is a link to a detailed report on the current state of our local real estate market complete with statistics for just about anything imaginable. Please keep in mind that these statistics cover a broad range of properties and that particular areas or developments may behave quite differently.
As always please contact me if I can be of service in any way.
See link below to interpret terms used in this report.
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The following current listings are exceptionally well-priced and represent great values. The spreadsheets are sorted by price. These are live links to listing details and they will change according to changes in the MLS (Pending, Sold, etc.). The listing details are in the same order as the spreadsheets. Please call me directly if you find something of interest to you.
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If you are considering buying or listing any property on the Grand Strand, or if I can be of assistance in any other way, please contact me. Also, please feel free to forward this newsletter to friends or acquaintances and of course I will be happy to add them to my email list.
Finally, please let me know if you are going to be in the area and would like to get together.
See you at the beach!
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Gene Carter
Beach Pro Team
Cell Phone: 843-455-4785
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The material provided is for informational and educational purposes only and sometimes contains current or forward-looking statements on real estate market conditions, and should not be construed as legal, investment and/or real estate advice. Although the material is deemed to be accurate and reliable, we do not make any representations as to its accuracy or completeness and as a result, there is no guarantee it is without errors, and is not necessarily the opinion of RE/MAX Southern Shores or its agents.
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