Grand Strand Real Estate News - August 2022

August 2022

Volume 2022 Issue 8

Dear Gene Carter Team,

Summary

Overview of Sales and Listing Activity 

There are still plenty of buyers. I sold 8 of my listings in August and 3 so far in September.  Teressa sold 4 in August as well. Buyers are back to being normal buyers - shopping for the best deals and then making offers and negotiating. Now, more than ever, a seller needs a good realtor to get the best price! Buyers too! Please contact us if you want to sell or buy.

There are now 504 active oceanfront condo listings, a decline from 538 last month (See graph in newsletter). This is the first time in 5 months the inventory has not increased. The number of active condo listings off the beach continued to climb with 734 active non-oceanfront listings, up from 664 last month.

Large oceanfront condo listings (more than 1 BR) are still in relatively short supply in most buildings. Oceanfront condos in general are still relatively scarce in North Myrtle Beach.

It’s a great time to sell (or buy). Please contact us if we can be of assistance.

Large New Sports Related Attractions

Pickleball Courts: In North Myrtle Beach, 8 new pickleball courts will be added at the J Bryan Floyd Community Center on Possum Trot Road at a cost of over $1 million. Pickleball is the fastest growing sport in the country.

Surf Park: In Myrtle Beach, a man-made surf park is in the works. If built, it will be located near 21st Ave north on Grissom Parkway, right across from Broadway at the Beach and next to Top Golf. The centerpiece of the complex will be a five-acre lagoon capable of producing up to 1,000 waves an hour. A 10,000 set amphitheater is also planned.

Special Tax District in downtown Myrtle Beach 

For owners of investment condos (and other income-producing businesses) in certain areas of downtown Myrtle Beach, an additional 1% real estate tax (on top of the usual 6% of assessed value) will be included in this year’s bill and for the next 10 years. This will create a revenue stream exclusively to boost economic development and revitalization efforts across a 689-acre special tax district running from 11th Ave S. to 21st Ave. N. 

Check out our usual Grand Strand Market Reports, Sales and Listing Updates, my Best Buys, and new Beach Pro Team reviews.

Greetings from The Grand Strand!

This month I’m going to take a break from the in depth analyses of current real estate market conditions (although I’ll still provide an overview). Instead, I’ll take a look at a few proposed new attractions as well as a new “tax”.

Overview of Sales and Listing Activity 

There are still plenty of buyers. I sold 8 of my listings in August and 3 so far in September (and I’ve received several other offers). As mentioned in recent newsletters, buyers are back to being normal buyers - shopping for the best deals and then making offers and negotiating. Now, more than ever, a seller needs a good realtor to get the best price! Buyers too! Teressa sold 4 in August as well. Please contact us if you want to sell or buy.

Below is the chart I’ve been updating each month. There are now 504 active oceanfront condo listings, a decline from 538 last month. This is the first time in 5 months the inventory has not increased. I don’t know if this is a change in the direction of the market or just a pause in the steadily increasing inventory numbers we’ve seen since April. Meanwhile the number of active condo listings off the beach continued to climb with 734 active non-oceanfront listings, up from 664 last month.

Large oceanfront condo listings (more than 1 BR) are still in relatively short supply in most buildings. Oceanfront condos in general are still relatively scarce in North Myrtle Beach.

It’s a great time to sell (or buy). Please contact us if we can be of assistance.

Large New Sports Related Attractions

Pickleball Courts: In North Myrtle Beach, 8 new pickleball courts will be added at the J Bryan Floyd Community Center on Possum Trot Road at a cost of over $1 million. There are already 6 outdoor courts and 4 indoor courts. Construction could begin as early as the beginning of next year. Pickleball is the fastest growing sport in the country.

Surf Park: In Myrtle Beach, a man-made surf park is in the works. If built, it will be located near 21st Ave north on Grissom Parkway, right across from Broadway at the Beach and next to Top Golf. The 21.6 acre land purchase has been approved by City Council. The centerpiece of the complex will be a five-acre lagoon capable of producing up to 1,000 waves an hour. A 10,000 set amphitheater is also planned.

Special Tax District in downtown Myrtle Beach 

For owners of investment condos (and other income-producing businesses) in certain areas of downtown Myrtle Beach, an additional 1% real estate tax (on top of the usual 6% of assessed value) will be included in this year’s bill and for the next 10 years. This will create a revenue stream exclusively to boost economic development and revitalization efforts across a 689-acre special tax district running from 11th Ave S. to 21st Ave. N. Officials expect the levy to generate nearly $14 million over its lifespan. Approximately 3,650 properties with a total assessed value of $60.6 million will be paying the tax. The goal is to attract private investment, create more housing and spur a more walkable, visitor-friendly environment. City leaders are basing this on similar financial structures which have benefited other cities.

That’s all for now. Check out our usual Grand Strand Market Reports, Sales and Listing Updates, my Best Buys, and new Beach Pro Team reviews.

See you at the beach!

Here are some recent reviews published in Zillow. 

• Gene has extensive knowledge of Myrtle Beach properties and fellow realtors, We sold our condo for over asking price, thanks to Gene. We highly recommend Gene to anyone looking to buy or sell in the Myrtle Beach area. Myrtle Beach.

• So we were the clients that Teressa could not get rid of. She spent countless hours working with us in trying to find an investment property/second home. ( and somehow she never got tired of us ). I doubt there is anyone that has more expertise in knowing the Grand Strand Area, She always had just the right information that we needed. She always had time for us and made us feel as if we were her most important clients( as I am sure she does with everyone) It took us two years but we finally found the perfect second home. None of this would have been possible without Teressa. We would highly recommend Teressa to anyone looking to purchase real estate. Robert. Margate. 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 130 reviews with more coming in each month. To see all of the reviews at any time, you can visit Zillow Beach Pro Team reviews. 

Grand Strand Market Report - July 2022

OF/OV Homes Brochures:    Link to Listings 

OF/OV Homes Spreadsheet:   Link to Spreadsheet 

OF/OV Condo Brochures:    Link to Listings

OF/OV Condo Spreadsheet:   Link to Spreadsheet

Non-OF Condo Brochures:     Link to Listings 

Non-OF Condo Spreadsheet:  Link to Spreadsheet

Gene Carter

Beach Pro Team

Cell Phone:  843-455-4785

Email: GeneCarter@BeachProTeam.com

Website:  www.BeachProTeam.com