Yes, you heard it right.  A nice little "efficiency" (studio) was sold in November at Baywatch Resort, a lovely Oceanfront Three Tower Complex, only 3-4 years old, with plenty of amenities like lazy rivers, indoor, outdoor pools, gym, Jacuzzis, saunas, the works.  The condo may not have been in the best condition, it may not have had the best views, but the bottom line is: it makes $ 15,000 a year and it's right on the sand.  Did I mention that it sold for $ 69,000?

Since October 1, 2007 until now, January 29, 2008, only 50 oceanfront condos have been sold in North Myrtle Beach, out of 637 similar listings.  That is only 7.85% of inventory sold for the entire 4 months, or a meager 1.96% per month. 

If you are a Seller of Oceanfront property, that is very bad news.  If you are a Buyer, that is GREAT news indeed!  The cheapest efficiency unit available at Baywatch right now is priced at $ 111,000.   You are going to say: "Why is the efficiency priced at $ 111,000, when another one like it sold for $ 69,000?"  EXACTLY !!!

This is where you come in and make the offer, and then keep making offers until you get what you want, at the deeply discounted price the market commands.  Maybe that $ 69,000 was the smallest efficiency in horrible shape and located right under the air handlers.  OK.  So what's stopping you from making an offer of $ 75,000 on that $ 111,000 unit?  We have the comps to justify your offer, so why not try to secure yourself a good buy right now, when the going is so good.  The same efficiency units at Baywatch you could now have for such a low price were selling for up to $ 230,000 in 2005 !!! 

Even if the market will stay in the toilet, it's a no brainer: invest $ 69K and make $ 15,000 per year.  We all know that economic conditions are cyclical.  The market will not always stay here...  Don't forget:  God does not create any more Beach...

Your Myrtle Beach Real Estate Connection, Mirela Monte 

www.MyrtleBeachHomes.US