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I am reading conflicting reports about Myrtle Beach. Some say that this is one of the best areas to buy a place, since it's a popular beach destination and it should be east to rent it out. In some other articles I read that prices keep coming down. What is happening on the ground?
How realistic is to rent out a condo if it's in a decent condo complex and is within walking distance to the beach? Or is Myrtle Beach suffering from the condo glut similar to Florida's?
No one has a crystal ball but everyone I have been talking to say they see things have picked up and the prices are becoming more stable. That being said, I still see people putting in low ball offers and negotiating. Easy to rent out? Probably but it will depend on location, mgt and price. There's a lot of competition but as long as you ask for a reasonable price it should rent.
If I had the money, I wouldn't even think twice about it. I'd buy an investment property. Prices are low now. You can get some condos at half or less of the original cost. I figure there's nowhere to go but up. As Rapture said, a lot depends on location, so get the best you can afford if you decide to go through with it.
If I had the money, I wouldn't even think twice about it. I'd buy an investment property. Prices are low now. You can get some condos at half or less of the original cost. I figure there's nowhere to go but up. As Rapture said, a lot depends on location, so get the best you can afford if you decide to go through with it.
Thanks! Can anyone recommend a good location in Myrtle Beach to buy a property? What should I watch out for? I would imagine, I should try to buy in a relatively new condo complex where the association fees are not very high and within walking distance to a beach (where it should be easier to find prospective tenants). I would appreciate any tips/advice on selecting the "right" property in Myrtle Beach. My budget is up to 100K.
Condo HOA fees are high in some Condo's, but you have to look at what those fees cover. There are some new Condo's being built in the Surfside area right now, with HOA fees around $250 a month. Sounds high, but that $250 covers your Cable, Trash Pickup, Lawn Maint., and most importantly it covers your homeowners insurance! What you have to consider is what the HOA fees cover because while they sound high a lot of times when they include your insurance and other amenities, they are not that bad, and the actual HOA fee may only be $50 or so but with everything lumped into it is what makes it the $250!
I would recommend contacting a local realtor. There are quite a few who specialize in condos. They would be able to steer you to the best locations with good rental history, etc. As far as location, almost anywhere that's oceanfront and has good amenities would be ideal.
Worth a read. There are thousands of condos on the market in MB right now, take your pick. I'd be careful of two things: 1) the continuing flood of foreclosures will keep condo prices at or below current levels for several years yet, so (a) no upside for a while and (b) a very tough sell if you need to get out for some reason soon; and 2) bring your checkbook if you're buying an MB condo, because getting a mortgage is going to be a real adventure. If you're a cash buyer, you should be able to get a nice 1BR direct oceanfront unit in a good building for well under $100,000 if you shop around.
Market rents are lower now in the Myrtle Beach area along with condo prices. Concessions and give aways are being used to attract tenants on long term rentals. If you are looking to buy a condo for weekly rentals you need to make sure it is allowed in the complex.
You might want to check out Murrell's Inlet. There are great gated communities which have beaches, golf. I found them more attractive than the commercialism of MB. Depends on your age and priorities
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