There have been investors who chucked their money with the wind bought into Myrtle Beach, and then there are those who waited. The patient waiters have been duly rewarded. This is slated to be the best time for buying a property at Myrtle Beach. The Board of realtors has argued how condominium sales have come down by a neat 41 percent in the first financial quarter of 2007.
This may be lower than what we saw for the last three years but is certainly better than the grey times before the condo rate hike of 2005. Condo sales had actually gathered quite a pace then, nearly selling for twice the rate. Times were such that preconstruction condo projects were jumped at, just when they were publicly declared.
That then was the time to rake in moolah. Some of you must have known how it was, sky-high prices of few of the first constructed condos; all around the Myrtle Beach, an atmosphere of total euphoria built-up. People preferred breaking bonds and investing in Myrtle Beach condos and villas. Mortgage rates were good and interest was very buyer-friendly.
Soon though the dice changed sides; business developers could not find way with the latest assault of buyers; a case of demand outdoing supply. They had no choice but to increase the costs of constructions. This resulted in unclaimed properties as buyers could only fish at a certain level. That leads to Myrtle Beach condo foreclosures.
The pessimistic pundits kept raving how the bubble would burst with time. This led to deceleration of sales. Investors were stung by panic waves and Myrtle Beach plot became less needed, less pampered; all this despite the beach being a top tourist attraction. Though statistically, recession never hit North and South Carolina, it was quite evident how sale figures really dropped sending constructors for cover.
Prices have seen a drastic downturn around the picturesque expanse of Myrtle Beach. The place has seen moderation, then euphoria and finally recession. This then is the best time to invest in the market. A great vacation home or a plot for resale, a buy to let mortgage or a villa to tidy up life's savings; for all your aims, Myrtle Beach has something to offer. Myrtle Beach real estate prices are now expected to move up. This is the best time to gather pieces, beautiful patterns of concrete, and move up the ladder. If you have the resources to make investment and keep it floating for two years, resale figures will possibly give a 200 percent premium.
Most of you might think of the best possible means to pay the mortgages. Vacation homes have a unique timesharing concept. For all around the year, you can just align your condo property to a hospitality group. They would rent it out as hotel spaces. This will lead to a lot of revenue which can help with paying EMI's, tracking maintenance and even enjoying the pleasures when it is time for you to have fun at the vacation houses or condo. Myrtle Beach Paradise Resort is an excellent example of homeowners who take advantage of rental management opportunities for their condo mortgages, having a rental management company rent out their condo for profits ABOVE their monthly mortgage rates.
Myrtle Beach Real Estate is perhaps just standing at the crossroads of history.