Inspired by a post of Mirela Monte's showing what a difference the past 5 years have made to ocean front condos in Myrtle Beach SC, I decided to see what had transpired locally. I mean, we were the foreclosure capitol of the country for awhile back in 2008 & 2009 and our prices dropped about 45% - 55% throughout the region for single family homes. They're still down but have been stable to slightly higher the past two years and properties are selling well the past 3 years. But I hadn't really taken a look specifically at condo's for awhile. I probably won't do it again for awhile either - weak stomach.
So here is a comparison of condo prices in several of our better known communities:
Location Size Br/Ba Q1 2006 (73 sold) Q1 2011 (93 sold) %
Arboretum 730 1/1 $235,000 $70,000 -70%
Madison 854 1/1 $220,000 $68,000 -69%
Bucaneer Bay 961 2/2 $295,000 $104,000 -65%
Anchor Bay 1,016 2/2.5 $305,000 $105,000 -65%
Madison 1,159 2/2 $285,000 $90,000 -68%
Arboretum 1,246 2/2 $314,977 $135,000 -57%
Pelican Bay 1,387 3/2.5 $337,900 $128,000 -62%
Socorro 1,508 3/2.5 $345,000 $133,600 -61%
Arboretum 1,745 3/2.5 $365,000 $175,000 -52%
All I can tell you for sure is that a lot of first-timers lost a lot of money during the past 5 years. BUT, if you're in a position to buy into one right now, your timing couldn't be better. There's almost nowhere for these prices to go but up. The problem right now is that investors have been scooping these up as fast as they can so the ratio of owner occupied properties has dropped so far most first timers can no longer get FHA financing in these developments. But for an investor is there any question? You can generate a positive cash flow from day one, hold onto it for 3 - 5 years and turn a tidy little profit.
To find out more amd get a complete list of what's available, visit:
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