I was looking over the sales activity for the 1BR/1BA condos at Baywatch Resort for the past two years, gloating in the fact that my Buyer Client got the very best price there in the past two years, when I noticed that 15 out of the 20 units sold there during that period, transacted for Cash. Cash!!!
With prices between $96,250 and $142,000, it certainly appears that some of us have more money laying around than others...
Curiosity got the better of me and I delved in deeper. I pulled ALL the Oceanfront Condos sold within the past 12 months and checked to see how they transacted. Out of 288 Oceanfront Condos sold in North Myrtle Beach in the past 12 months, 161 of them transacted for CASH. That's 55.90%, so just about 56% of our Oceanfront Condos sold for CASH!
I couldn't stop there; I just had to dig in further. I pulled ALL Oceanfront Condos sold in the past 12 months in the entire Grand Strand: North Myrtle Beach, Myrtle Beach, Surfside Beach, Garden City, Murrells Inlet, Pawleys Island, Litchfield and Georgetown. 1,106 total units sold; 744 of them sold for CASH! A full 67% of all Oceanfront Condos sold in the Myrtle Beach Area in the past 12 months transacted for CASH!
Furthermore, some of the most expensive units were sold for CASH. Eight Oceanfront Condos priced above a million dollars were sold for CASH in the past 12 months, two of them close to the $1.5 Million mark!
Either the economy is doing great, or we have a bunch of hedge fund managers buying Oceanfront in Myrtle Beach...
:) Mirela Monte, Your Myrtle Beach Connection