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Everyone wanted to get in on the condo action 2-3 years ago and everyone was suddenly a real estate guru who could buy and flip and make "serious cash"... (or the perception of) until the prices reached an unsustainable level... and now the market is correcting itself and MANY of those who jumped in late into the 'flipping craze' are taking HARD hits and jumping ship while they still can..
I think these are all valid points, particularly the insurance aspect.
Here is one more... as someone who is trying to sell property in NY, I think the Myrtle Beach market in general is suffering because of the poor market up north. People who would happily pick up and move down south are unable to because they cannot sell their home or are not getting the inflated prices they were fetching a year or so. I suppose it is a trickle down formula in real estate.
I think these are all valid points, particularly the insurance aspect.
Here is one more... as someone who is trying to sell property in NY, I think the Myrtle Beach market in general is suffering because of the poor market up north. People who would happily pick up and move down south are unable to because they cannot sell their home or are not getting the inflated prices they were fetching a year or so. I suppose it is a trickle down formula in real estate.
Well I guess this may be good for me as Bluffton is getting very expensive and I just want a winter place....nothing to move to permanently
Location: Sunny Phoenix Arizona...wishing for a beach.
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Quote:
Originally Posted by baylovers
I think these are all valid points, particularly the insurance aspect.
Here is one more... as someone who is trying to sell property in NY, I think the Myrtle Beach market in general is suffering because of the poor market up north. People who would happily pick up and move down south are unable to because they cannot sell their home or are not getting the inflated prices they were fetching a year or so. I suppose it is a trickle down formula in real estate.
Insurance went up by 300% in some areas along the coast and it killed the market. people could afford the condo but not the insurance and if you financed it you had to have insurance. It hurt everyone, but insurance is getting easier since the state got involved with the "Wind Pool". It's like a bookie laying off bets with other bookies.
They are all afraid of a Really Big hurricane hitting do not want to have to put out the money .
Typical insurance company attitudes.
It will get better I'm sure
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