Highly speculative neighborhoods caught in the beginning stages of development when 2007 rolled around, have been hit hard in the Myrtle Beach area.   Here is but one example of such a neighborhood – Harmony Township, in Georgetown, SC, a quaint, coastal town just South of Myrtle Beach.  Originally zoned for 1,700 lots, it now has about 30-50 Homes built over a fairly vast area.  You can see by the fancy signage and light posts that great intentions were in store for this subdivision. 

Now, many of these gorgeous homes are vacant with “For Sale” signs out front.  Some of the homes are 70-80% complete and just rotting away from the elements.   Currently, the MLS displays eight listings - three of them appear to be normal listings; the rest are all distressed properties: two are short sales and three are Bank Owned. 

Reflecting on the sales activity within Harmony Township illustrates the situation better than anything else.  Between 2008 and 2010, the sales price per square foot went from $200 to $53, a whopping 73.5% drop!   If that’s not a Reality Check, I don’t know what is! 

The best way to read this in order to fully understand the scenario here, is to scroll all the way to the bottom of the page and start glancing at the figures there.  By the time you make it to the top, you will fully understand the dire situation here:

2^nd Quarter 2010:  Zero Sales

1^st Quarter 2010:

4^th Quarter 2009: Zero Sales

3^rd Quarter 2009:

2^nd Quarter 2009:  Zero Sales

1^st Quarter 2009:  Zero Sales

4^th Quarter 2008:

3^rd Quarter 2008:

2^nd Quarter 2008:

1^st Quarter 2008:  Zero Sales

*Note: DOM = Days on the Market

LP = List Price

SP= Sales Price

$/Total SQFT listed right after the LP (List Price) = Listing Price per square foot

$/Total SQFT listed right after the SP (Sales Price) = Actual cost per square foot based on the Sales Price (this is the Reality Price)

Mirela Monte, Your Myrtle Beach Real Estate Connection