POSITIVE NEWS FOR MYRTLE BEACH REAL ESTATE
All indications point to a strong long term demand in our area due to numerous economic and geographic factors.
Baby Boomers have projected interest in buying coastal condos and homes for the next 15 years or more.
Myrtle Beach's oceanfront condo prices are still low compared to other coastal areas.
Insurance rates which spiked in late 2006 appear to have peaked and are expected to drop over the next year or so.
The local economy is booming with increasingly affluent visitors. Retail sales volume increased 10% in 2005 and again in 2006.
$400 million dollar Hard Rock Theme Park opened in April, 2008. As did the Market Common shopping complex, which offers upscale dining and shopping as well as an urban style condo community over these shops.
The pace of re-sales, has been increasing now for several months, even during the winter.
Interest rates are still low by historical standards.
2006 rental incomes for most of the newer, well-managed resorts were the best ever with good early indications for a strong 2007.
SEVERAL HUGE UPCOMING DEVELOPMENTS
New $200 million airport terminal which could quadruple air transportation into the area (2009)
I-73, will provide direct interstate access onto the Grand Strand a few years from now. Also, work on connecting with I-74 continues. The Main Street Connector in North Myrtle Beach should be complete by December, 2008. Highway 31 will eventually continue on down to Murrells Inlet and in the central part of town work will continue on International Drive. Latest estimates are somewhere in 2010 for International to connect out to Highway 90.
$10 million oceanfront boardwalk being planned for downtown Myrtle Beach.
Upscale re-development of the Pavilion Area being planned.