Dear Gene Carter Team,
19 new contracts for resort properties for me and Teressa since the beginning of May with no slowdown in sight. Sales for oceanfront and resort condos, new construction homes and residential resales are all very active. In the past 4 weeks since my most recent newsletter, oceanfront condo sales have been 27% higher year-over-year. Also, I have access to a rare below market opportunity for a Dunes Village two bedroom condo. Not in MLS. Contact me for details.
The historically low interest rates have contributed to the uptick in sales, both for houses and for oceanfront and resort condos. Several local lenders have had good success in providing conventional financing for oceanfront condos.
(Beach Pro Team Lender List) This has been great for buyers, of course, but also for sellers, especially for those with high end properties. Stay safe and healthy!
Greetings from the Grand Strand!
I hope you are all safe and healthy. Please be careful. It’s a crazy world right now.
It’s been a busy month and a half! 19 new contracts for resort properties for me and Teressa since the beginning of May and activity still seems to be accelerating. The historically favorable financing available at this time for homes and condos seems to be one of the driving factors (See additional comments below). And it’s not just oceanfront and resort condos – new construction and residential resales are booming too.
In addition, according to on-site rental managers as well as owners who utilize VRBO and airbnb to manage their own properties, summer vacation rentals have made up all of their losses after losing most of their reservations to cancellations in the spring.
Of course there are potential clouds on the horizon. The number of Covid-19 cases has been rising exponentially in our area of late since the reopening and we are facing the onset of a possibly deep recession. Nevertheless, right now, today, it’s a great time to buy or sell on the Grand Strand!
This chart below shows the weekly totals of new contracts for oceanfront condos for 2020 vs. 2019 over the past few months (and I think it’s representative of resort condo sales in general). Overall, in the past 4 weeks since my most recent newsletter, oceanfront condo sales have been 27% higher year over year.
Please contact us if you have any questions or comments.