Greetings from the Grand Strand!
My extensive report on Hurricane Matthew sort of took the place of my September newsletter so
today I will focus on real estate issues instead. All of the usual market reports are included in this newsletter for August and September. I will touch on the storm effects again in my conclusions but let's take a look at real estate activity first.
The following observation is based on my own personal experience and conversations with other real estate professionals (closing attorneys, other agents, etc.) rather than any detailed statistical analysis -
Real estate sales have been way stronger over the past month than would normally be expected.
Most years,
the seasonal nature of our area results in this being a relatively slow time period, particularly for resort condo sales. On top of that,
sales activity normally slows down dramatically as a presidential election approaches. Also,
bad weather events, particularly hurricanes, tend to dampen interest in purchasing on the ocean for a while. With all of these factors hitting at once, I was prepared to just bide my time working on various projects until I started getting calls from potential buyers again - probably around the first of the year. Instead,
none of these issues have had any effect! I've been covered up and few of my clients have even mentioned any of these "negative" factors. I've already sold 5 oceanfront condos in the first two weeks of November and several of these involved multiple offers. I'm being told that other segments of the market have been busy as well.
Visiting rental guests apparently felt the same way. I've talked with a number of rental managers at various resorts as well as several restaurant owners and they all said that business was just about back to normal within a couple of weeks after the storm. (Please note that there were some resorts which experienced water intrusion damage which did not show up until a week or so later - causing significant problems and a few shutdowns. See below for more details.)
Many rental managers told me that they were experiencing record incomes this year. One even told me that they set a new record in October - despite Hurricane Matthew.
I mention rental incomes frequently but
I realize that quite a few local resort property owners and potential buyers for our area don't care about rentals. They want true second homes and more of a residential ambience. Also, I have spoken to many current rental condo owners through the years who eventually plan to sell their condominiums and either move to our area or at least spend a great deal of time here. Many of you have shared that you want a single family home but that you also want to live a "beach" lifestyle rather than simply moving into a traditional neighborhood which would be no different from the neighborhoods in your hometowns.
If you want the best of both worlds - a detached home of your own but access to the ocean and lots of amenities, please be aware that in the past few months, there have been a number of new resort-style single family residential communities announced. These are either within walking distance of the beach or they offer oceanfront amenities (as well as many other amenities in some cases). These communities might offer the balance of single family and resort lifestyles you're looking for.
Because of their sought-after locations and high-quality construction, these are relatively pricey - although only a fraction of the costs of oceanfront single-family homes.
Most of these have not started actual construction yet but they are beginning their marketing efforts. Several have not established firm prices yet. My team and I plan to be heavily involved in properties of this type going forward.
Here is a partial list. I will publish more detail as well as a more complete list in future newsletters (or feel free to contact me any time!).
Please contact me directly if you have any interest in any of these properties. I know the agents and developers well and will be able to obtain their assistance any time it is needed. I will also have access to the same pricing and availability as the on-site sales reps. The difference is that I will be representing you as a buyer rather than representing the developers as the onsite agents are required to do. Best of both worlds again!
Papillion - Located at 79th Ave., North and Ocean Boulevard in Myrtle Beach.. Charleston style houses with 10 foot ceilings on the first level. 22 different house designs. Gas community. Prices expected to start in the upper $300's. Same developer as the Sweetgrass homes at Market Common. By the way, this is the old hospital property which has been sitting vacant for 30 years or so because of zoning issues and deed restrictions.
Ocean Village - Located at 52nd Ave., North in Myrtle Beach - across the street from the beach. Right across from Dunes Village Resort
in the "Golden Mile" section. Cottages starting in the upper $200's.
Living Dunes - Located just off of 82nd Ave., North in Myrtle Beach. A half mile or so from the ocean but these are part of Grande Dunes, a world-class master-planned community with a spectacular oceanfront clubhouse and other amenities which will be available to owners. Low country style houses expected to start in the $400's.
The Enclave at The Member's Club - Located "over the bridge" (other side of waterway) in Grande Dunes. This is the last neighborhood that will be released with lots which can be purchased with no time limit to build. Owners will have access to the oceanfront clubhouse and all of the other Grande Dunes amenities. Prices starting in the $200's for lots. House\lot packages are available starting in the $600's.
All of these communities have just been announced in recent weeks. Again, please contact me directly if you have an interest in these so that I can provide you with detailed info AND represent YOU.
I will include information on other resort style single-family neighborhoods in future newsletters and correspondence. There are several which have been ongoing for a number of years.
Now here's a little more of an update on the storm damage from Hurricane Matthew.
Most of the downed trees in developed areas been cleaned up and most of the debris has been removed although some areas are still being worked on (not in forests which are still a mess).
There was actually far more damage from flooding inland in the weeks after the storm than from the storm itself along the coast. Several rivers crested at all-time high levels, causing devastating damage in some communities.
As I previously reported,
most of the oceanfront structures and resorts had minimal damage. Several oceanfront buildings, however, did experience significant water intrusion. The ones which were hit the worst were the condo conversion buildings. These were older structures which were more vulnerable to wind-driven rain than newer buildings. Several of these resorts (the Caravelle, Pinnacle at Compass Cove, Boardwalk, to name a few) had to be closed while extensive repairs were done. By contrast, most of the newer buildings experienced practically no damage. Some of them never even lost power.
Well, that's it for now. Please take a look at this month's Best buys.
Come see me at the beach!
This monthly newsletter feature shares press releases that caught my eye in the previous month.
