If you are interested in buying an ocean front condo in Myrtle Beach, North Myrtle Beach, Surfside Beach, or across the street in those areas you can find prices today as low or lower then the pre-boom prices in 2004.
Cash buyers with the help of their own agent can find the fantastic deals, even the months it takes for a short sale purchase may be worth the wait.
For those who need a mortgage to purchase, there were months during the past two years when no lender would give a mortgage to what is called a CONDOTEL. I would try to define the term "Condotel" but every lender has a different definition. Today is September 21, 2009 and there are a few sources now available for mortgages on condos which are known as Condotels. Since the majority of people don't have the money to pay cash for a second home or investment condo they are left out unless they can put at least 25% down and have a credit score above 680 (Sept. 2009). With mortgage money that comes and goes like the ocean waves and the definition of Condotel that varies with lenders, potential buyers have not had an easy time taking advantage of the great deals.
There is a glimmer of light as far as mortgage availability is concerned as some in the lending world whisper about the return of normal 30 year fixed loans for ocean front condos but guess what will happen when more people can buy those ocean front condos -- "supply and demand" = increasing condo prices.
Ocean Front Condos In Myrtle Beach
SANDY KELLER, ABR, SFR, e-PRO, REALTOR
Myrtle Beach Real Estate
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I live in Southern California but spent a couple of summer vacations in Myrtle Beach when I was a kid. Great memories of sun filled days at the beach.