An Affordable Resort Area Investment
The Grand Strand area which encompasses places such as North Myrtle Beach, Myrtle Beach, Little River, Atlantic Beach, Forestbrook, Carolina Forest, Surfside Beach, Garden City Beach, Pawleys Island, Georgetown and Conway is one of the top tourist destinations in the US with nearly 14 million visitors each year. With an incredible range of activities and entertainment, more than 100 golf courses and 60 miles of sandy beaches, it’s no surprise that it has become a popular vacation spot. And now, with the new Hard Rock Theme Park under construction and future plans to develop the old Pavilion site in downtown Myrtle Beach underway, it is inevitable that the area will experience an increase in tourist activity in the coming years.
The residential real estate market is also in high demand with relocating retirees, second-home buyers and investors enjoying some of the lowest priced resort property on the East Coast. The cost of living according to the ACCRA composite index for the Myrtle Beach area is 96.7, with 100 as the national average. Also, the Myrtle Beach real estate market has experienced high appreciation rates for the past five years. Click here to see a list of the Top 20 Metropolitan Statistical Areas and Divisions with Highest Rates of House Price Appreciation. However, in 2007 with a flat investor market, escalating insurance costs and higher mortgage interest rates, the real estate market is going through an adjustment period. Through May of this year, residential real estate sales have experienced a 32% decline, most notably in the oceanfront condo market. In the 23 years that I have been selling real estate in this market, I’ve never seen a better time for buyers to be in the market. Opportunities to purchase property at values reminiscent of years gone by abound. One of the websites that I use to check out buying opportunities is found at http://www.MyrtleBeachRealEstate.net. Take advantage of this buyer’s market!
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