My, What a Difference Five Years Can Make! What Myrtle Beach Oceanfront Condos Sold for in 2010 vs. 2005:

By
Real Estate Broker/Owner with Buyers' Choice Realty

What Myrtle Beach Oceanfront Condos Sold for in 2010 vs. 2005:

 


Everyone knows about our depressed market, but does anyone know just how much our prices have fallen? 


Here are some examples of the plummet on Oceanfront condos in the Myrtle Beach area, the Real Estate product which drives our market.  


My, what a difference five years can make!


                                                             


                                                                            2005                                                 2010

1BR Avista                                                                           $ 400,000                                             $ 135,000

2BR Avista                                                                           $ 560,000                                             $ 205,900

3BR Avista                                                                           $ 800,000                                             $ 323,500

Efficiency at Baywatch                                                     $ 230,000                                             $ 55,000

1BR Baywatch:                                                                  $ 330,000                                             $ 95,000

2BR Baywatch                                                                    $ 540,000                                             $ 174,000

3BR Baywatch                                                                    $ 600,000                                             $ 230,000

1BR Boardwalk                                                                  $ 319,900                                             $ 57,000

2BR Brighton @KP                                                           $ 875,000                                             $ 276,000

3BR Brighton @KP                                                           $ 925,000                                             $ 365,000

1BR Caravelle Tower                                                       $ 182,300                                             $ 49,900

1BR Landmark                                                                   $ 254,800                                             $ 59,900

2BR Margate Tower                                                        $ 1,470,000                                          $ 540,000

3BR Margate Tower                                                        $ 1,400,000                                          $ 485,000

4BR Margate Tower                                                        $ 1,750,000                                          $ 540,000

1BR Meridian Plaza                                                          $ 267,900                                             $ 52,000

Efficiency Pinnacle Oceanfront Tower                         $ 190,000                                             $ 63,000

1BR Pinnacle Oceanfront Tower                                    $ 279,900                                          $76,500                               

2BR Sands Ocean                                                             $ 397,500                                             $ 135,000

Efficiency Sands Ocean                                                  $ 195,000                                             $ 33,500

3BR Windy Hill Dunes                                                     $ 689,900                                             $ 270,000

 

Mirela Monte, Your Oceanfront Condos in Myrtle Beach Connection

 

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Comments (14)

Mirela Monte
Buyers' Choice Realty - North Myrtle Beach, SC
Myrtle Beach Real Estate

In compiling this information, I came across a very interesting, yet unknown fact:  building after building, the lowest prices on oceanfront condos did not occur in 2010, but in 2009. 

Also check out:

 

http://activerain.com/blogsview/2053889/76-of-all-oceanfront-condos-sold-in-myrtle-beach-were-cash-transactions-in-2010

Mar 09, 2011 07:05 AM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Mirela,  Boy is this ever an eye opener. Tremendous drop in five years! The only thing to say..there are some really good buys right now. Hope your market picks up soon.

Margaret

 

Mar 09, 2011 07:07 AM
Jeff Jasinek
Clients First Realty - Peoria, AZ
Realtor-Clients First Realty, LLC

Sounds like its time to buy a vacation home!

Mar 09, 2011 07:14 AM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Mirela- those were eye-opening stats!  I've looked at some of the differences here in South Florida too.  I saw a beautiful custom home, golf course and gated community that was originally 1.5, that is now listed around 500K.  Hope your market is picking up.

Mar 09, 2011 07:15 AM
Jon Cagle
Senior Loan Officer at US Bank Home Mortgage - Eugene, OR
Lane County Oregon - Direct FHA, VA, USDA Lender

Mirela, it hurts to look at those statistics! If you looked at prices in Arizona and Las Vegas, Nevada, you would see the same maybe even worse. It is so sad....

Mar 09, 2011 09:24 AM
Tim Peterson
Wisconsin Realtor Safety and Concealed Carry Classes - Madison, WI
Realtor Safety Training Classes

That is absolutely amazing-I will reblog this. We have lots of people here that want to move to Florida.

Mar 10, 2011 03:06 PM
Kathy Clulow
RE/MAX All-Stars Realty Inc. Brokerage - Uxbridge, ON
Trusted For Experience - Respected For Results

Mirela - at those prices Canadians should be down there in droves buying that winter getaway ..... or for any one to be simply investing in the future.

MAKE IT A GREAT DAY!

Mar 10, 2011 03:36 PM
Craig Snead
Quality Home Investments, LLC / Dearborn Heights, MI - Dearborn Heights, MI
Real Estate Investor

Mirela, can you say "OUCH" and "opportunity" in the same sentence? What are buyers waiting for? OH, the banks.......that's the other part of the equation.

Mar 14, 2011 01:24 AM
Wendy Hodges
Re/Max Southern Shores - Myrtle Beach, SC
Davis & Hodges
Great Presentation. This sheds a lot of light on the bargains. Thanks Mirela!
Mar 14, 2011 01:29 AM
David Artigliere
Reading, Pottstown, Norristown, Philadelphia - Collegeville, PA
ARTI Home Inspections, ASHI Certified Home Inspect

Time to buy a vacation home!

Mar 17, 2011 04:05 PM
Colleen Cooley
The Corcoran Group - Jupiter, FL
CRS - Jupiter Florida

great time to consider... ESPECIALLY since the Ocean Marriott's cheapest room is in the $300's for one night!

Mar 21, 2011 07:02 AM
Own Realty Group
Own Realty Group - Houston, TX

The drop in values can also be seen as a great buying opportunity.

Mar 27, 2011 07:30 AM
Gene Wunderlich
1st Action Real Estate - Murrieta, CA
Realtor & Legislative Liaison

Wow! You guys suck worse than we do - I thought that was impossible but thiese are amazing prices for ocean stuff. Sounds like your prices might be stabilizing or heading up a little and that's a good thing. Hope you're selling a bunch of these right now.

Apr 13, 2011 12:51 PM
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Apr 21, 2012 05:59 AM
#14