Myrtle Beach Real Estate

Baywatch Resort – The Fantasy vs. The Reality:

There are currently 64 condos available for sale at Baywatch.  Of these, 6 are showing “pending sale” (waiting to close). 

The Asking Prices (THE FANTASY) are as follows:

Efficiencies:                $ 109,000 - $ 209,900

1BR/1BA:                   $ 187,000 - $ 248,999

2BR/2BA:                   $ 289,500 - $ 504,900

3BR units:                   $ 379,900 - $ 637,900

Of the 64 available units, only 10 units have actually sold during the past 6 months.  That “trickle” of activity represents a sales ratio of 2.61% per month.  Only 2.61% of the Baywatch inventory has been sold per month, during the past 6 months.  At that rate of activity, it will take 3 years, 2.5 months to exhaust the current inventory of listings. 

That being said, Baywatch is one of the most successful oceanfront projects in the Myrtle Beach area.  The overall oceanfront activity for the area was 1.47% in February, more than a full percentage point less than Baywatch activity...

What does a plethora of inventory coupled with little sales activity accomplish?  A good depression of prices.  Here is the reality, something both the Buyers and Sellers should note:

The Prices of Units Actually Sold (THE REALITY) is as follows:

Efficiencies:    $ 69,000                                  only one sold during the past 6 months

1BR/1BA:       $ 164,900 - $ 205,000             5 sold during the past 6 months

2BR/2BA:       $ 289,000 - $ 318,000             4 sold during the past 6 months

No 3 BR units were sold at Baywatch during the last 6 months.

The prices of the sold units should be the asking prices of available units.  If that was the case, we would see a lot more activity.  Until the Sellers realize that pink carpeting and other intrinsic factors like a different view of the beach, or a gold commode, simply do not justify a price tag of $ 100,000 more, or even $ 5,000 more, we will continue to see the trickle of activity of the last six months continue...   The market is different in 2008 than it was in 2005...  Sellers take note!

Oceanfront in Myrtle Beach, by Mirela Monte