According to all those charts I've periodically included in my newsletters which I've put together from tracking oceanfront condo sales in recent years, July is supposed to be a slow month. Not this time and not for me - I ended up with nine sales in July, eight of which were oceanfront condos. Almost $2 million in volume. I hope it keeps up! This should be a reminder that, if you want to buy or sell, there is no bad time. Lots of people try to "time the market" to get the best price and/or the fastest sale, regardless of which side of the transaction they are on. I'll stick with my mantra - if you want to buy - go ahead and buy. If you want to sell, go ahead and sell.
Speaking of good buys, a little later in this newsletter, I will present a number of current listings which I think are outstanding opportunities. Some are my listings and some are not but all are good buys. First, however, I want to touch on a subject I have mentioned periodically through the past several years - saving on your taxes by using 1031 Tax-Deferred Exchanges.
A 1031 Exchange is a perfectly legal and relatively simple arrangement which allows a seller, under certain circumstances, to sell a property at a "taxable profit" (through appreciation and/or because of claimed depreciation) and roll the proceeds into another property without having to pay taxes on the gain at the time of the transaction. Here is a link to a brief overview on my website "1031 Tax Deferred Exchange".
Alert - I am not a financial or tax adviser. Please consult a qualified expert regarding any details and whether or not a 1031 Exchange is advisable for your particular situation.
Way back in October 2013, I reported in my newsletter that I was starting to see a trickle of 1031 Tax-Deferred Exchanges again
after a long draught and I mentioned these again in my July 2015 Newsletter. These were very common during the boom years (2003 to 2006), probably representing 30% or so of my sales. The trickle has now turned into a flood. I've had 7 transactions so far this year in which my clients (buyers and sellers) were executing 1031 Exchanges and I'm sure the buyers of several of my listings were utilizing these as well. Of my last 6 transactions, 3 involved 1031 Exchanges.
If you currently own property or plan to buy property in the future, it is probably worth your time to learn about 1031 Exchanges. You might be surprised at the possibilities. Here are a few examples.
If you have equity in your beach property (or the possibility of a taxable gain, even if there is no profit, because of claimed depreciation) - and many current owners do - this is a perfect way to trade up to a bigger, better beach property or into several smaller more profitable properties. Also, this could enable the seller of an investment property (anywhere) to use the profit from the sale of an apartment building, rental home, or even raw land to purchase a vacation property at the beach (way more fun being a landlord!). This could also facilitate the sale of beach property on the Grand Strand in order to roll the profit into another like kind property in another area.
Check out the article from my July 2015 newsletter, "Save on Taxes with a 1031 Exchange" for an overview of this great "legal loophole" and, more importantly, how one can benefit you!
As usual this newsletter includes my Best Buy picks. I also selected a "best of the best" list - see below.
These include some of my own super listings as well as a few others which caught my eye as well. These are all well-priced and several are relatively rare (unusual floor plans, building locations, etc.) Most of these also produce excellent incomes. Below are brief descriptions. Please contact me directly if you have an interest in any of these listings!
A link to details and pictures follows the descriptions.
1408 and 503 Ocean Reef Resort
:
Oceanfront efficiencies. $90,000 and $91,000 respectively. Popular resort on the north end of Myrtle Beach - about 2 miles north of the downtown section. Super amenities and good incomes. Both are exceptionally well-located within the resort.
370 Compass Cove Pinnacle Tower
:
Direct oceanfront corner 1BR condo. $129,500. The corner units at this resort generate higher incomes (mid $30s gross) than the other ones. Only a few corners have been listed for sale in recent years and none at a price this low. Located at the far south end of the hotel section of Myrtle Beach (near the airport and Market Common)
1101 Seawatch South Tower
:
Ocean view 2BR condo. $164,900. Super low price for a 2BR condo in an oceanfront resort. Popular development In the Arcadian section between Myrtle Beach and North Myrtle Beach. Excellent amenities and rentals.
1128 Towers on the Grove
: Direct oceanfront 2BR condo. $169,900. One of the lowest-priced oceanfront 2BR condos in North Myrtle Beach - Cherry Grove section
. Relatively new building (2007) with good amenities and vacation rental income.
201 Chelsea House
: Second row 3BR condo. $184,900. Low-rise building across the street from the beach with access to all of the Caribbean Resort's oceanfront amenities and rental management program.
Located on the far north end of the downtown Myrtle Beach hotel section.
1016 Seawatch South Tower
:
Direct oceanfront 2BR condo. $199,900. Great floor plan with wrap-around balcony and large living room surrounded by windows. Arcadian section between Myrtle Beach and North Myrtle Beach.
831 Dunes Village
: Ocean view deluxe 1BR condo. $229,900. Exceptional amenities and rental income - over $41,000 gross income
in 2016. Corner unit with oversized balcony and an extra window. Lowest price for this floor plan.
501 The Horizon at 77th N
: Big ocean view 3BR condo. $239,000.
Very nice, relatively new building (2008) with great coastline views. Big floor plan - 1600 heated square feet. Rare 3BR listing. North end of Myrtle Beach, about 2 miles north of the downtown section.
1058 Long Bay Resort
:
Direct oceanfront 3BR condo. $239,900. Super price, excellent amenities and good income. North end of the city of Myrtle Beach - about 2 miles from the downtown section.
810 Dunes Village
: Direct oceanfront deluxe 1BR condo. $239,900. Lowest price listing of this floor plan. Super amenities and rental income - mid $40s in 2016.
North end of Myrtle Beach, about 1.5 miles north of the downtown section.
120 Avista
:
Direct oceanfront 3BR/3BA condo. $297,900. Largest floorplan in the resort. Oceanfront living room and two oceanfront bedrooms all opening onto a huge balcony. Excellent amenities and rental income - close to $50,000 in 2016
1010 Anderson Ocean Club
: Big direct oceanfront 2BR condo. $394,900. Luxury resort
in the north end of the Myrtle Beach downtown hotel section with superior amenities and income - over $66,000 in 2016.
1203 Caribbean Resort
: Direct oceanfront 4BR corner condo. $434,900. These rarely come up for sale. Wraparound balcony overlooking the Golden Mile stretch of Myrtle Beach.
Located on the far northern end of the downtown hotel section.
1237 Dunes Village
: Direct oceanfront corner 4BR condo. Just listed. $495,000. Superb amenities and income - $90,000 plus in 2016.
North end of Myrtle Beach, about 1.5 miles north of the downtown section.
1202 The Island (AKA Island Vista)
:
Direct oceanfront corner 4BR/4BA condo. $599,000. Largest floorplan in this luxury resort (over 2200 HSF).Great amenities and super income - over $84,000 in 2016. North end of Myrtle Beach, about 2 miles north of the downtown section.
Here is a link to the MLS details and pictures for all of the above listings.
As previously mentioned, please contact me directly for more information about any of these listings or if you want to submit an offer. Some are my listings and some are not but I am familiar with all of these.
That's it for now. All the usual reports and the full Best Buy lists are included.
See you at the beach!
This monthly newsletter feature shares press releases that caught my eye in the previous month.
