Myrtle Beach, SC (PRWEB) November 14, 2005
The demand for preconstruction condos in Myrtle Beach is still surpassing everyone's expectations, even in what would normally be the slowest time of the year.
"Good quality resort condominiums like the Anderson Ocean Club or the
Prince Resort in Cherry Grove, will always stand above the garden variety projects that are so often seen along the coastline", says David O'Connell, founder of the new Myrtle Beach Home Store, and Condo Store in Myrtle Beach.
"We have seen no evidence of a "bubble", and in fact, Myrtle Beach condo sales are still moving at a brisk pace. We're having a hard time finding enough good agents to hire so we can handle the amount of leads that are coming in", he adds.
Ernst and Young, a national housing authority, recently announced to the San Francisco NAR that despite such warning signs as housing sales slowing, and prices falling in some Florida cities or Las Vegas, they do not expect any bubble in the housing market to pop.
E&Y's director of housing, Steve Friedman, was also quoted as saying, "There's no national housing bubble, only 'bubblettes' in markets like Las Vegas."
O'Connell is often contacted by buyers and brokers that would normally be re-investing in areas like Florida or the west coast, but are choosing Myrtle Beach instead. Even as those other areas of the country seem to have reached a peak, Myrtle Beach real estate still seems to be under-priced and the SC coast continues to be one of the hottest areas for real estate investments.
The company bases its marketing efforts on a high internet profile, newspaper and magazine saturation, and an ever-growing number of satisfied investors. Many of them were able to get in early and purchase multiple units, putting them up for resale, and "flipping" them as soon as the developer sold out his inventory.
"I've done extremely well with the 6 units I've purchased in the last 13 months", says Dr Steve Miller of Florida. He goes on to say, "Compared to other markets around the country, I get a lot more for my money in Myrtle Beach."
"We represent the leading developers and the finest resorts in the Grand Strand," O'Connell states. "And oceanfront investment condos will always be in high demand."
Strand Capital Group LLC is one of the most prestigious resort developers in the Grand Strand area, and has planned the construction of what Mayor Mark McBride described as the largest condominium resort development in the city limits of Myrtle Beach. The New Sea Mist Resort redevelopment encompasses 12 acres and promises to improve downtown Myrtle Beach in a major way, providing as many as 1700 new and conversion condos for the crowd of vacationers that arrive at the beach every year.
The project begins with a conversion of the existing 268 Oceanfront/Ocean-View studios in the Driftwood and Tide Buildings, which are now pre-selling at unbelievably low prices starting in the low $100,000's.
Phase A of the pre-construction redevelopment is also releasing as the "New Oasis" tower, with 1, 2, 3, and 4 Bedroom deluxe condominiums from $399,900 to $700,000+.
Ernst and Young reported, "Many baby boomers have paid off the mortgages on their primary homes and are investing some of the equity in second or vacation homes."
Friedman was also quoted as saying, "With 79 million affluent boomers, demand for second homes will continue to grow as more boomers reach retirement age."
David O'Connell confidently shares this opinion, and says that he expects Myrtle Beach and the Condo Store both to continue to grow and improve for many years to come.
The Myrtle Beach Condo Store
5307A North Kings Hwy
Myrtle Beach, SC 29577
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Myrtle Beach Waterway Condos