Sandy's Blog

   Foreclosed Oceanfront 2BR 2 BA Condos are very limited.   

The number of properties available through foreclosures and lender approved short sales is declining in the Myrtle Beach, South Carolina real estate market.

There are 4,718 Condo/Townhouse listings for sale and only 99 of them are a foreclosure and 53 are a lender approved short sale. 

Residential Home listings (excluding manufactured homes) have 5,503 active listings and of those only 270 are foreclosures and 96 are lender approved short sales.

Even I was shocked when I did the research since all we hear about is the high number of foreclosures.  

Myrtle Beach real estate sales have been going up and down like the rest of the country but since our market is different from most we now rely on those who wish to relocate, normally after retirement, or the second home buyer.  Investors have faded away except for those who have cash to make a real estate purchase.  Prices are hovering at the 2003 - 2004 levels which means that Myrtle Beach real estate has again become a bargain for those who want to live near or on the ocean.

Many of the Realtors from the Myrtle Beach area are experiencing real estate buyers who change their mind at the last moment.  We work with these buyers for days or months, help them find exactly what they have said they want and at the price they want to pay, only to have them decide they are not ready to make an offer at this time.  I do understand the uncertainty that people face when they think about the future because of the economy but I also know that even in the best of times, nothing is for certain. 

Those who have real estate to sell prior to buying their new home have to be reminded that they can afford to take less for the home they are selling, even if they have to take some money to the closing table (mortgage payoff is higher then the sales price) because the home they purchase will save them at least that same dollar value.