Never a Better Time to Buy
POSITIVE NEWS FOR MYRTLE BEACH REAL ESTATE
All indications point to a strong long term demand for our area due to numerous economic and geographic factors. (Baby Boomers buying coastal condos and homes for the next 15 years) etc.
Number of available resale listings has dropped about 25% since the fall of 2006
Myrtle Beach's oceanfront condo prices are still low companred to other coastal areas
Insurance rates which spiked in late 2006 appear to have peaked and are expected to drop over the next year or so
The local economy is booming with increasingly affluent visitors. Retail sales volume increased 10% in 2005 and again in 2006
The pace of re-sales, which bottomed out in Sept. , has been increasing now for several months, even during the winter.
Interest rates are still low by historical standards
2006 rental incomes for most of the newer, well-managed resorts were the best ever with good early indications for a strong 2007
SEVERAL HUGE UPCOMING DEVELOPMENTS
$400 million dollar Hard Rock Theme Park is under construction and slated for a 2008 opening
New $200 million airport terminal which could quadruple air transportation into the area (2009)
I-73 , which will provide direct interstate access into the area a few years from now
$10 million oceanfront boardwalk being planned for downtown Myrtle Beach
Over $400 million in local road improvements to start in 2007
Upscale re-development of the Pavillion Area being planned
Almost $1 billion in high end development under construction on "old air force base"
IT IS THE BEST TIME TO BUY IN YEARS