RETURN TO HOMEA conversation with Patricia “Trish” Taylor, Century 21 Boling & Assoc, 7722 N Kings Hwy Myrtle Beach, SC 29572
Myrtle Beach, South Carolina is a coastal city and vacation destination for many around the country. It is one of the fastest growing, and beautiful, cities in the United States and is not only a great place to vacation but also to live.
The Town
Why wouldn’t you want to live in Myrtle Beach or the surrounding towns throughout our county? With 60 miles of Atlantic Coast line paralleling to the east and the Intracoastal Waterway paralleling to our west, and many rural, quaint, small, southern charming towns, where folks wave and say ya’ll to include you and everyone else as well. With average year round temps of 66 degrees land & sea, and half way between New York and Florida, and entertainment that includes all entire age groups, it is a little piece of beauty!
Whether its golf, sun tans,surfing,fishing,boating,tennis,shows,food,arts, we have it all right here. And a new board walk and sky cam is in the works!! We even had the presidential debate here, Jan 2008
The Economy & Housing Market
We boast some of the lowest tax rates, real estate and state, and the easy, charming living that many dream of. Myrtle Beach incorporated as a city in 1957 with its name taken from our Wax Myrtle shrubs.
Our largest employers being the Hospitals and Horry County School System. You can begin Kindergarten here, and finish with a degree in Marine Science at our nearby College, Coastal Carolina University. You can graduate High School and begin College with enough credits to start as a Sophomore, from the AP courses offered in our schools.
Our economy yes is you our tourist! And we are definitely affordable! Two thirds of our property buyers are investors or buy second homes. We have seen ocean front condo prices drop to $150-$200 a sq ft, when in 2006 they reached upward to $500. But bring cash or equity from your primary home as the banks have no lending( 40% of our buyers today are cash) on the ocean front condos. There is lending for single family residences but be prepared for some patience!! I mean 45-60 days of patience!
Our Real Estate Taxes
Our real estate assessments just finished this year,(mandated every 5 years) and the market values, primarily ocean front condos, are down just like their corresponding prices. A primary homeowner is assessed at 4%, second or investor is assessed at 6% Good news for the second condo home owner, your taxes will be lower.
The inventory is up and demand is down, and the pricing of our homes reflect that. It is an opportunity that has not been seen in many years, to own a piece of the Atlantic Ocean’s sunrise, is affordable in our market today.
The Bottom, Flat lining, Wisdom for buyer and seller
For our sellers who did not buy in the 2004-2007 era, you will just have to compete with our distressed sales,( approx 24-33% of our sold real estate today is either foreclosures or short sales), or you will have to patient if you believe the market will meet your asking price. I just know we are trying to sell the distressed low- price inventory every day and it seems to be working, YTD Sold Condos is 2726 and YTD Sold Residential homes 3152, keeping in mind that 25-33% of these solds are distressed. We appear to be holding steady at the bottom,(going on 2 years) and will stay here until we move the distressed properties from our inventory.
Technology
Our way of doing business has drastically changed with the internet, print advertisement is out & also expensive, as almost 90%(NAR) of the public searches for property online, either Realtor.com #1 site, or homefinder.com. Buyers choose the property online first then call the agent. They do not want to be called until they are ready. The buyer is in control of this market, unless of course you are getting a mortgage, then the bank trumps that position.
About Patricia “Trish Taylor Call me anytime with any questions about our Myrtle! I look forward to you being our neighbor and know you will love “Beach Time” and the friendly beach folks! I am a third generation of Horry County, an Horryite!! and have seen it grow and blossom into a beautiful beach resort, all the while maintaining its small hometown atmosphere & charm. My children were educated in the Myrtle Beach Schools, and worked in our area businesses during the summers around their sun and beach time! Come see what I am bragging about!
Patricia Taylor, ptaylor@century21boling.com
Realtor 843-902-5638 cell or text#
Century 21 Boling & Assoc
Penny I Boling
Broker Owner, Established 1986
7722 N Kings Hwy
Myrtle Beach, SC 29572
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