More About Real Estate Short Sales

The real estate short sale market has grown exponentially in the wake of the real estate crunch. Statistics from mortgage servicer Fannie Mae show that short sales and foreclosures have gone up steadily in the past four years, and with the new spate of foreclosures said to take hold later this year, distressed homes are expected to take up a much bigger portion of the market. Here are some recent statistics for a quick look at today’s real estate short sale market.

More Homes In Default

Of the 30.7 million mortgages held by Fannie Mae, 921,000 are over 60 days in default, and another 644,700 were 90 days or more behind. This was before the loan modification and short sale programs took effect, and the servicer then addressed the problem by enacting a foreclosure/eviction freeze. This was followed by a loan modification effort that resulted in 23,777 modified loans toward the end of the year. The short sale option offered today is expected to help prevent even more foreclosures.
 
Short Sale And Foreclosure Ratio

A 2008 report shows that for every successful short sale, eight other homes started foreclosure proceedings. To many experts, it’s a sign of the inefficiency of lenders when it comes to the short sale process. Many of them were ill-prepared for the wave of defaults and did not have adequate loan modification experience. So for much of 2008 and 2009, the helpful home-saving programs were an uphill climb for borrowers. Fortunately, both programs have since been largely improved.
 
Government Real Estate Short Sale Program

One thing that helped refine the process is Home Affordable Foreclosure Alternatives (HAFA), the government’s own program and partner to the Home Affordable Modification Program (HAMP), a previous initiative focusing on loan modifications. HAFA allows homeowners who have been rejected for HAMP to pursue a short sale following a streamlined process. These efforts have since reached thousands of struggling homeowners and helped them steer clear of foreclosure.
 
Future Outlook for Homeowners

Lenders and government officials agree that the short-sales will play a vital role in market recovery in the years to come. Every sale means that a foreclosure has been prevented, and that losses have been curbed for both lender and borrower. As more borrowers seek alternatives in the coming foreclosure wave, there may be more demand for short sale solutions, and the government is making sure lenders are ready for it.
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This guest post was written by a professional short sale/ real estate agent experienced in 
helping distressed owners, or those who want to sell for any reason. People who are having difficulty but want to keep their home may find information that is useful on his website at .www.shortsalesafe.com.
 
 
For information on Myrtle Beach short-sales,  visit the C21 Harrelson Group website.
For Albuquerque short sales, visit the Albuquerque Real Estate Group's website.
Realtor Jan Bradshaw helps with Lake Greenwood SC foreclosures and short-sales.

A Home is a Home is a Home...maybe



Little River Inn Resort

Not too long ago I did a long, involved, and rather heavily researched blog on manufactured houses and modular homes.  I ended up with a much healthier respect for how this type of housing is built and to what standards they are held now.

The Sun News did an article last year about the market for these "mobile homes" (which is not the correct word for what they are talking about) saying that sales for manufactured homes in Myrtle Beach were actually UP recently in the Grand Strand. One local company reported a sales increase of 15% in 2010.

To quote a manufacturer of modular homes in Pennsylvania from my other blog, here's a description of the terms and how they are rated:

"Over our 40-year history, Riverview Homes has sold mobile homes, manufactured homes, modular homes, two stories, sectional homes, single-wides, trailers, double trailers, triple-wides, double-high, etc.", he begins. "In the end what we have really sold is either a home built to the HUD (Department of Housing and Urban Development) building code or to a State building code. In Pennsylvania, we build single family homes to the IRC (International Residential Code). In Pennsylvania, modular homes are built to the IRC and manufactured homes or mobile homes are built to the HUD code."

Wikipedia defines a similar difference. It says that typically a modular home is built to local state or council code, so it can actually have a different construction standard depending on the state where it will be located. Modular homes built for final placement in a hurricane-prone area can have additional bracing built in to make it more safe. Surprisingly, it says that after FEMA studied the destruction done by Hurricane Andrew, they concluded that modular and masonry built homes fared better than any other construction.

The Sun News article suppositioned that the increase in Myrtle Beach real estate sales of manufactured housing was due to a price usually under 100K, and the new government incentives going on at the time. It applied to these homes as well as traditional "built on the spot" homes.

All this being said, I had a friend who was married to a guy who sold Clayton Homes here locally, and while the inside of it was nice, (it even had a fireplace) the outside somehow reminded me of a life-sized Barbie doll house. It had this underpinning that was supposed to look like rock, but was made from fiberglass or plastic and LOOKED exactly like what it was. I was not impressed.

And unless you buy the land 20 miles from the beach, you're still going to end up paying a good bit for that...or worse, renting the land itself.

I guess it's all what you were raised with. I'm partial to a condo for myself anyway, but I was raised in an older wood and brick home, with parents who very much disdained what everyone called a "trailer" back in the day. Modular homes back then were pictured as very small, one piece "cottages" which are very popular in Florida. I did always think I'd like one of them, but have never seen one up close...unless you count the "villas" they have in the campgrounds such as Pirateland.

Either way, and no matter what Wikipedia says, I wouldn't want to be sitting in one when there was a hurricane within about 200 miles from it. My Allstate agent in Myrtle Beach doesn't offer SC homeowners insurance on what they consider a mobile home, (having a title instead of a deed) or unless it is "frameless". You would almost certainly be in one of our wind zones - I don't know of any place inside the Myrtle Beach or NMB city limits that would allow one. So there would be even more cost for wind and hail insurance. I'll stick with my condo in Myrtle Beach.

Short Sales In Myrtle Beach Becoming Easier

My friend and client, Greg Harrelson, was recently quoted in the Sun News in reference to the increasing tide of Myrtle Beach short sales. In the past several years with so many homes and condos being lost to foreclosure, short-sales have always been a part of the equation, but banks have made it so time-consuming and difficult that many agents will no longer represent one. My brother-in-law tried for a solid year to buy a condo at Bay Watch in North Myrtle Beach through a short sale. After months of delay and hold up by the bank involved, the foreign investor/owner finally found the funds to pay the loan up and the sale was stopped. So many of the transactions end up this way, all over the US, that most agents will not encourage a buyer to even try for one.

Greg feels like this trend will not continue. He says Myrtle Beach short sales will increase and are becoming more accepted and easier to close as banks are pressured to close their books on the mortgages.  Adva Saldinger with the Sun News quoted the following paragraphs from Greg:

"Greg Harrelson, the owner of Century 21 The Harrelson Group, who was also at the CDPE class earlier this week, said that the short sale segment of the local real estate market appears to be growing.

One trend he has noticed is that property owners seem to be more educated. He is fielding questions about how he might be able to help before any mortgage payments have been missed, not after foreclosure proceedings have started.

'We need to be ready for an increase in this area," he said. "I wanted to be educated enough to help these people.'

Harrelson said banks are looking to move these properties off their books and may consider improving short sale processes as one way to do that. In addition to helping property owners avoid foreclosure, short sales may also be better for the broader real estate market, he said.

'At the end of the day, hopefully the average short sale price will be above the average foreclosure price and hopefully that will stabilize the market a little bit,' Harrelson said."

The biggest problem with processing a short-sale, next to the bank's reluctance to accept a bid, is the immense quantity of paperwork that needs to be submitted at the beginning of the process. Repeatedly asking for more documents, or duplicate documents is frustrating to the seller as well as the buyer, and adds to the dis-satisfaction both feel towards the process.

One government organization called the Distressed Property Institute offers a 3 day course to Realtors to become "Certified Distressed Property Experts", which Greg has taken and is encouraging his team of agents to follow suit.  Greg says that one of the duties of a Realtor is to help the public, and if he can advise a property owner in trouble with mortgage payments to find a better solution than foreclosure, he feels obligated to help.  Short-sales have a less damaging effect on the seller's credit, and can help make it possible for him to buy another home sooner than when he is saddled with a foreclosure on his record.

If you are a distressed owner or looking to buy Myrtle Beach homes, Greg welcomes your call for advice. His website also has a full listing of short-sales in Myrtle Beach, as well as Myrtle Beach foreclosures. Contact him at 888-874-2121 (toll-free) or through the website.
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Other experts in the field are Virginia Horton-Lee who is certified with Buford GA short-sales, and Lee Cunningham who can offer advice with short sales in Greenville SC.

Myrtle Beach Boardwalk Crime and the News

In the last few days, a debate of sorts has arisen over local news reporters and crime in Myrtle Beach. Traditionally, crime news has been very quietly reported by the local paper and television news stations, particularly in the summer. I've always felt like that was a good thing. Our crime is high in overall statistics, but much of it is contained in several areas that tourists seldom see. In fact, the only ones unfortunate enough to suffer from some of these neighborhoods are the people who live in them. I can sympathize, but it doesn't affect me, nor does it affect tourism. To my opinion, the less it is sensationalized, the better. In this era of social media, particularly Facebook, news spreads faster and further than ever before. The Sun News even spits out news clips on Twitter, and one of the television stations, WMBFNews.com has a huge following on Facebook. The more controversial the news articles, the more traffic they get.

The new Myrtle Beach Boardwalk officially opened in May, and it's one of the nicest attractions the Grand Strand has invested in for a long time. It somewhat replaces the emptiness left from losing the Pavilion, and is a wonderful way to enjoy the beach, for young and old, pet lovers, health nuts - even the handicapped. There is one small problem though...part of it is located in a really rough part of Myrtle Beach. The southern end of the Boardwalk meets the 2nd Ave Pier area at 2nd Ave South. Most all of the renovated rental condos are from 10th Ave North and up. The south end has a few, but for the most part kept a large number of old mom and pop hotels, and worse - the run-down old beach houses across from the beach and on the 2nd and 3rd row. Where avenues like 28th North up to 80th north are lined with fine residences or condos, the south end roads are still old and often delapidated hotels and rickety beach homes...usually catering to year-round or monthly rentals that are way below regular housing prices.

Like Atlantic Beach in North Myrtle, these streets have more than their share of drug dealers, prostitutes, pool halls, and crime. The big question - what can be done to change it? WMBF wrote an article about this, and has created a storm of debate, from those who congratulate them because they "let the cat out of the bag", to many others who think they are sensationalizing the news for their own benefit. To hear WMBF's defense, read their article called  Consider This - Myrtle Beach Boardwalk.

Short of finding a Donald Trump to buy up the houses and replace them with more condo resorts or expensive beach homes, the city of Myrtle Beach cannot force property owners to renovate an older home or dictate to whom they choose to rent. With the glut of oceanfront condos, 2nd and 3rd row streets won't support a luxury Myrtle Beach rental condos. That option is probably never going to work. It's always very hard to renovate and clean up a notoriously bad neighborhood anyway. People who know the area simply won't consider living in a neighborhood that's been known to be crime-ridden for years.

The Boardwalk makes a convenient place for the hookers, the intoxicated, the pan-handlers, and the drug dealers to walk on the better side. Where the beach used to be dark and uninviting, it's now brighter and enticing even to the bad elements. But where they go, trouble follows...so now the area is not safe for tourists and regular locals, at least in the later part of the evenings.

Yes, the city could hire another 100 or so policemen to do nothing but patrol the Boardwalk. But like every other city, Myrtle Beach is hurting in this economy too. If they spend the money for this, then the only way to do it is to increase the already too-high taxes. And if you think about it, walking along the Boardwalk seeing a uniformed policement every 50 feet is rather intimidating. So what is the answer?

How about a little common sense? If you go to New York City, are you going to stroll down a dark street downtown at 10-11 oclock at night safely? No, not unless you are foolishly fearless.

Enjoy our gorgeous new attraction during the day...the morning...the early evenings. If you rent a condo on the Myrtle Beach Boardwalk, enjoy the views of it safely from your balcony after 9 or 10pm. You've got a bigger problem if you stroll along the Florida oceanfront than you do in Myrtle Beach, but you still need to remember that there are dangers everywhere. Act a little more responsible for your own safety, and enjoy your vacation without worry.

USA Today Brags on Myrtle Beach Vacations

TV station WMBF reports that the popular USA Today Newspaper has named Myrtle Beach as one of the top five bargain destinations for 2010.

Local feature writer A.J. Ross says that USA Today used trends and sales patterns to choose the five winners, which also include Quebec City, the Bahamas, Ireland, and California state. (I didn't think anything in California was a bargain, but O well!)

Myrtle Beach Chamber of Commerce president Brad Dean says that it's always a great boon to the area when we reach a national publication like the newspaper. He says they constantly court freelance writers and journalists by bringing them to our beach and showing them what we have to offer. Although the Chamber spends a lot for paid advertising, free media exposure such as this article is "huge", and can often be more helpful than ads.

He adds that they meet with hundreds of travel writers during the year to entice them to write about Myrtle Beach, and that an article like this is the goal.

Vacation rental companies like Condolux certainly reap the rewards and they see a definite increase in reservations for Myrtle Beach condo rentals. Even niche websites like those for pet friendly hotels see an increase in traffic after this kind of publicity.

Myrtle Beach Hopes Golfers and Families Pour In During May

CondoLux recently reported on a press release that Myrtle Beach golf packages were up this summer over 40% from early 2009.

The golf director, Craig Chinn, attributed the increases to additional direct flights in and out of the Grand Strand, and to more Myrtle Beach condo rental companies and hotels oiffering golf packages as incentives to vacationers. Check out their latest press release titled, Myrtle Beach Golf Company Reports Another Record Year.

The city of Myrtle Beach is spending big advertising bucks this year. attempting to promote tourism to make up for a still slow economy and the loss of Harley Biker week during May. The new motorcycle laws implemented by the city are still causing constant sniping and critique by commenters in the local online newspaper articles and news agencies. With the new Myrtle Beach Boardwalk now open and marketing for families increased, it should be interesting to see just how much is lost by the biker restrictions overwhelmingly supported by local residents.

North Myrtle Beach is still welcoming the black bikers during Memorial Day, and along with Surfside Beach, they are soliciting the Harley bikers to overlook the controversy and stay in those locations without restrictions. Right or wrong, Myrtle Beach wants to give the month of May back to families and couples, and change the area's reputation from the oft-quoted "redneck Riviera" to a more Boca-Raton-ish upscale image. With all the much higher priced resorts that require a higher vacation rental income, this is probably a wise course of action.

May is one of the months with the most gorgeous weather of the entire year, and especially suited for golfers and young children who don't particularly care for the extreme heat and sun of full summer. It would be a good thing to see a change in the type of tourism in the Grand Strand for this important month of the year. Good luck to all concerned during the upcoming Cinco De Mayo!

Myrtle Beach Condos - Good News and Bad

The Sun News spoke with the President of our local Board of Realtors recently, and reported his remarks about our real estate market, and in particular, Myrtle Beach foreclosures.

Tom Maeser says there was a 72 percent in sales of condos in Myrtle Beach, but they are almost exclusively foreclosures and short-sales. (actually 25% according to Tom - I think it's probably more like 75%!)

I don't think that comes as a surprise to anyone, and I don't see the point in his gloom...as he goes on to say that without those sales, regular condo sales are down lower than in 2009. Well, of course with all the foreclosures THEY are going to be the ones people buy. That's the same all over the US. My friend in Las Vegas, Diann Tonnesen, told me that her sales were booming too...and just about all foreclosures.

We've got to get through the foreclosures in order for the regular sales to begin again. So this is GREAT news! The faster they sell and get out of the way, the faster our prices will increase again and the market will return to normal.

This is also pretty amazing when you take into consideration that it's nearly impossible to finance an oceanfront condo in Myrtle Beach right now! That means there are enough buyers with CASH that it still makes a 72 percent increase in sales. Wow!

Rentals are booming with both CondoLux and Condo World for the summer. Other area businesses are doing well, also. My friend that does tree services in Myrtle Beach, Duncan McInnis, is being kept hopping. My Myrtle Beach car insurance agent, Scott Todd, is pleased with business and had a friend of his with Allstate in Conway talk to me about a website. Most all of the restaurants are doing better, and lines are actually forming already at the popular ones like TBonz and Olive Garden.

This week begins another SOS get-together, and soon the dreaded Memorial Day Bike Week will be happening (or not) They keep threatening to boycott...and we keep hoping they do...:-) Another summer in Myrtle Beach begins!

Myrtle Beach Boardwalk News

From: Mark Kruea, Public Information Officer, City of Myrtle Beach
Date: March 24, 2010
Re: Boardwalk opening…

We are excited that Myrtle Beach’s new oceanfront boardwalk is nearly complete! Officials today announced the ribbon-cutting and grand opening ceremonies, to be held Saturday, May 15, in conjunction with the new Beach Music Festival that weekend. About three-quarters of the boardwalk – from just north of the 14th Avenue Pier to Fourth Avenue North – will be ready for public use by that date, and we are eager for everyone to see and enjoy it.

The remaining section of the new boardwalk project, from Fourth Avenue North to just south of the Second Avenue Pier, will take a little longer to be finished and won’t be quite ready by May 15. However, since all but about two blocks of the boardwalk will be ready for the Beach Music Festival, we did not want to delay the grand opening any longer than needed.

In case you missed today’s announcement, the Beach Music Festival will feature performances from eight groups, including Ben E. King, Billy Scott and the Party Prophets, Chairmen of the Board, The Coasters, Jim Quick and Coastline, and Maurice Williams and the Zodiacs. The boardwalk grand opening ceremony will occur at 12:00 p.m. that Saturday. Other activities include creation of a giant cake shaped like a flip-flop by TLC’s “Cake Boss,” Buddy Valastro.

For more information, contact:
Mark Kruea, Public Information Officer, City of Myrtle Beach
(843) 918-1014 voice   (843) 450-1695 mobile
http://www.cityofmyrtlebeach.com/

Photos and info on the New Myrtle Beach Boardwalk

The Myrtle Beach Boardwalk Becomes a Reality

WOW! New Myrtle Beach Boardwalk Sounds Fantastic!

Myrtle Beach is soon going to have a boardwalk to rival the famous ones up north and make this place a showcase of fun for the downtown tourists.

The new Boardwalk is going to run along the dune line from 2nd Ave Pier (south) to Pier 14 at 15th Ave North. At more than a mile long, that is more than anyone could have hoped for! There is a "boardwalk" of sorts in the pavilion area now, which will be changed to wood, I assume. They are supposed to begin with the stretch from 14th Ave North to about 11th Ave North (Mr. Joe White Ave. Then they will redo the central area with all the stores and bars to a much wider and busier boardwalk. To quote the official website,

"This section adjoins beachfront store and shots and invokes a carnival and nostalgia atmosphere with its sights, sounds and energy,"

The third part, called the South Promenade, will stretch from Eight Ave North to the 2nd Ave South Pier. It will be very peaceful and quiet with benches and natural landscaping.
Sounds like heaven!

I spent some time in Miami and Boca Raton several years ago, looking at the Florida oceanfront real estate market and trying to decide if I could move down there and work enough to make ends meet. The one thing I noticed in all the nicer areas was that there were so many restaurants and parks along the beach. Each city had its own kind of "boardwalk", whether it was a cement sidewalk or wooden. And it was such a pleasure to dine outside right on the beach edge. Other than a very few oceanfront restaurants like the Sea Captain's House, we really don't have that. And the ones that we have are mostly inside dining. That pretty much spoils the effect.

So if we end up with a mile of public area with restaurants and boutiques along it, this will really dress up Myrtle Beach and make it into more of a classy resort area. Hopefully we can one day shed that "Redneck Riviera" tag.

City Council is having ongoing meetings to decide on what will and won't be allowed along the Myrtle Beach Boardwalk. So far they have pretty much decided that they will have sidewalk cafes, and bicycles, and it will be a pet friendly accommodation with some restrictions. They say there will be no skateboards, skating, or rollerblading. The vending cart question is up in the air...with the bars and stores that already exist adamantly against it. Some say they don't want the carnival atmosphere. Others say that is exactly what they DO want.

In the middle of all of this, there is the 3-4 block span where the Pavilion rides used to be. It's now leveled and ready for Burroughs and Chapin or someone to build condos with access to the Boardwalk.

For a look at the renderings and to see news as it comes up on condos or hotels along the Boardwalk, see our page about Myrtle Beach Boardwalk Condos. We'll try to keep it updated about anything new in stores, restaurants, or Myrtle Beach hotels on the Boardwalk.

If you're in the market for insurance in Myrtle Beach, visit the local Allstate website. You'll find tips on lower the cost of SC car insurance, homeowners insurance, and renters insurance. You can find info on Florida condo insurance on our Condo Insurance website, too.

Will You Need Long-Term Care Insurance?

The National Real Estate Investor website reports that many seniors are having difficulties paying rent, even in housing that is specially for seniors.

According to the article, the mediun annual income for seniors is $18,000 to $20,000. The average cost of assisted living is $35,000. Also, seniors who remain in their own homes have higher mediun incomes, from $22,000 to $30,000, and a higher net worth. Still this is a shockingly low amount to live on with prices what they have become in the last few years.

For the first time, the continuing care communities which had huge upfront fees offer a better financial solution. They go on to say that it is unclear how the seniors are managing to make ends meet. Less than 8% receive help from their adult children.

Long-term care insurance has helped a number of them to survive, with 9 to 14% of of them paying all or part of their assisted living costs with it. This makes such an insurance policy very useful, and may be something to consider for us baby boomers as our time to be concerned about this is imminent.

For more information about Long Term care insurance, SC Homeowners insurance or car insurance for Myrtle Beach, visit www.carolinapolicies.com or contact Scott Todd's Allstate office in North Myrtle Beach.

Demand for Pet Friendly Condos and Hotels Increases

As more people buy vacation homes, and with more "snowbirds" coming down every year, the demand for pet friendly condos in Myrtle Beach has grown, too. Doggy parks are not as rare as they once were, and seldom can you look out on the beach without seeing several dogs enjoying the sand and water as much as their owners. Several of the Myrtle Beach car insurance companies are offering free pet coverage, and funeral homes now pick up beloved pets from the vet's office for cremation, complete with urns and sympathy. We love our pets dearly, and Myrtle Beach is aware of the fact.

More condos are starting to offer pet options, especially for smaller dogs, cats, and in the off-season.  The website mentioned above has a list of every one we've heard of, as well as hotels for kids and Myrtle Beach Boardwalk condos.

Myrtle Beach Condos and Homes Sell With Cash

The local Board of Realtors reports that October broke records for the numbers of Myrtle Beach oceanfront condos and real estate sold in cash transactions.

Agents all over the Strand have complained that getting a condo financed now is extremely difficult. Banks are so tight on investment-only purchases that resorts known more as "condo-hotels" are nearly impossible to sell except as a cash deal.

As foreclosures become less in numbers, HOA fees should stabilize, which may make rental income more adequate to pay expenses. This should help bring more investors in, even paying cash - if monthly expenses are met from vacation rentals.

The MLS statistics for October showed home sales had increase 8 percent for the month and 31% over October of 2008. These kinds of numbers are phenomenal for an off-season month as well. Cash purchases increased from the normal 15% to a whopping 41% of the total purchases for the month.

Prices for Myrtle Beach real estate have continued to drop, but only in the 10% range. Single-family home prices dropped another 12%. September saw prices dropping much less than last year, but again, that was the final month of summer tourism. The prices of Myrtle Beach oceanfront property is almost always higher during vacation season.

Buyers with a good credit record and bank relationship can usually get a home equity line on their primary homes when they want to buy an vacation condo, and with prices so low, they really should do it now. Intracoastal waterway condos in Myrtle Beach are going to be another best-bet for long-term investing, and SC homeowners insurance should be more reasonable for waterway property that isn't so vulnerable to hurricane damage.

Buyers everywhere are going to see some huge profits over the coming years as real estate prices return to a normal high, and those that can buy beachfront property now will be awfully happy they did!

Manufactured Home Nightmares? Where do you turn for help?

I ran across a website just now that almost made me chuckle, except for the fact that the people who made it were obviously quite serious, and it wasn't a joke. It's a situation that is presenting itself with several of the newest Myrtle Beach condo resorts that were "slapped up" during the condo boom several years ago.

What do you do when you buy a manufactured home, condo or single family housing, that is defective and shoddily built? Can you seek regress from the builder? What if the company has filed bankruptcy or gone out of business? Homeowners insurance likely will not cover it.

This guy is so frustrated with his unsatisfactory KB Home manufactured home that he has designed an elaborate website to voice his complaints. Titled "A KB Home Sucks" or http://www.akbhomesucks.com/, the website has a long list of his complaints, news about the company, a blog for other homeowners to add to the publicity, and all kinds of other information that should really make somebody at KB Home stand up and take notice.

Some of the complaints the homeowner mentions includes:

• Too many construction defects in the home
• Enormous number of repairs necessary
• Home not built to code
• Too many leaks
• Continual invasion of privacy from workmen and disruption of the home required for re-construction and repairs.
• Dampness and toxic fumes causing serious health problems
• Only two homes built on this phase when KB Home abandoned the sub-division.

And there were many more. They provide photos to back up the claims, and an amazing number of pages and effort to showcase the home they are so displeased with. I ran across the site from the same KB Homes Suck TWITTER page, when they invited me to follow them. Pretty amazing stuff!

In this day of the internet, it is becoming harder and harder for companies to take advantage of those who purchase the products, even though many times disgruntled customers unfairly post complaints about a service provider hoping to make money or just cause trouble. In this case, it appears they want KB Home to buy the house back and allow them to move on with their life. It may end up being the best solution for all concerned. ###


Visit our sites:
Virginia Beach Oceanfront Condos
Allstate Insurance Myrtle Beach
Albuquerque MLS

New Laws Reduce SC Homeowners Insurance Costs and Risk

According to the South Carolina Insurance News Service, Hurricane Hugo in 1989 was one of the most costly hurricanes that ever hit in the United States. It made landfall near Charleston, SC and nearly leveled the oceanfront homes from that point to the south end of Myrtle Beach.

Damages were reported to be $4.2 billion at that time. It became less devastating north of Myrtle Beach, but still did millions of dollars of damage before leaving the area to move northwest and into other states.
Fast forward to the years of 2004-2006, and all the hotel-condo conversions and luxury Myrtle Beach condo resorts that were built along the Grand Strand. The total insured property along our coast is now more than $200 billion.

Allison Dean Love, executive director of SCINS NEWS estimates that another hurricane of that strength could cause as much as $15 to $20 billion in damages. She does say that property insurance has improved and victims may have less overall loss from another storm.


Building codes have been strenthened to include extra protection for windows and doors...and impact resistant glass or storm shutters are required. Inspectors must now be certified and registered with the state to provide a better authority for code enforcement.

A new upgraded project designation is called the"Fortified for Safer Living®" program. Only one builder in South Carolina has earned the designation, but it's hoped more will follow. The houses are strengthened at roof and walls, doors, glazed openings, and even the foundation.

A new law was passed in 2007 that increased the availability of private insurance and has brought many new insurance companies to South Carolina. However, it requires insurers to give discounts to owners that have made their homes more storm resistant - with upgrades such as storm shutters, roof tie-downs and other safety procedures.

It also provides tax credits for property owners that purchase materials to make these improvements, as well as flood protection materials. Low income owners get a tax credit if their SC homeowners insurance is more than 5 percent of their income.

Homeowners can also set up savings accounts labeled as "catastrophe savings" that will pay insurance deductibles or or other costs that come with a hurricane, windstorm, or flooding. Depending on the deductible, a homeowner can contribute up to $15,000 that will be free from state taxes. Be as conscientious about insuring your home as you are about your own health when buying a health insurance policy.

There is also a new "SC Safe Home" grant program set up to offer help for homeowners to beef up their property in preparation for natural disasters. For information about these grants, visit http://www.scsafehome.com/
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Our friends at Todd Insurance Agency strive to do all they can to help their policy holders with both North Carolina homeowners insurance and property protection in South Carolina.

Giving you timely information about available coverage and helpful tips is one way they try to get you the best rates - from ways to discount car insurance premiums to reducing the cost of national flood insurance or rental insurance in SC.

Scott Todd kindly contributed this article to our blog.

Pet Friendly Condos Wanted

Because we have snowbirds staying for months at the time during the fall and winter, there's an amazing number of people that search Google for Myrtle Beach Pet Friendly Condos. It's understandable - nobody wants to spend 3 months in paradise and leave their best friend behind!

There are several websites that have this information, and it's in bits and pieces on all the big websites. However for our new website "The Best Myrtle Beach Condos" at http://www.myrtlebeachcondos.cc, I went out and gathered the most up to date and complete information I could find on the condos and hotels in Myrtle Beach that allow pets.

Basically there are several types of accommodations available. You have hotels, such as Staybridge Suites out on Hwy 501, and the Laquinta at Broadway at the beach. Then you have condos, both oceanfront and inland, that the owners themselves permit pets...usually because they bring their own when they use it. Then there are some of the older beach houses that allow pets, many of which are handled by Elliott Realty in North Myrtle Beach.

We've listed them all, and tried to keep them organized to make it easy. There are phone numbers on all, and some that have online booking. In the case of finding a place to stay with your pet for several months, I would advise calling and talking with someone, and ask as many questions as you can. It's bad to be in a less than perfect condo for the week. The last thing you want to do is be somewhere you don't like for a month, or two, or three.

Anyway, if you're interested in finding a Pet-Friendly place to stay in Myrtle Beach, be sure and check our page!

www.myrtlebeachcondos.cc/myrtle-beach-pet-friendly-condos.html

The Perils of Condo HOA's

Having gone through my own trials and tribulations with the HOA of the condo complex I bought into, I can sympathize with this story anyway. But in this case, with the media getting this into the public eye, this is one HOA president that is likely to be very sorry he let his power go to his head.

I've seen problems come up repeatedly with condo boards. It seems no matter how well-meaning each board starts out, something comes up that is ridiculous to most people, but there will be one or two board members that feel strongly about it, or just find the need to prove they have the ability to pick on somebody. Like kids on a playground, it is inevitable. But this one really pushes the wrong buttons at the wrong time.

A Dallas HOA president sent a notice to one Frank Larison, a disabled veteran with more than 14 years of service, that the Marine Corp decals on his SUV represented advertisements, which was against their bylaws. He's been instructed to remove them, or face a fine and the vehicle being removed from the property by a tow truck.

Fox 4 reports that "Otherwise, the homeowners association for The Woodlands II on The Creek -- where Larison has lived for eight years --- says in a letter it will tow the car at Larison's expense. The board also threatens to fine him $50 for any future incident."

I would not want to be in this board member's shoes after this gets out. And he deserves whatever he gets, too. Watch the video.



Let our Myrtle Beach real estate experts help you choose the right condo for your vacation needs.

Real Estate Mortgage Help for Homeowners

Mortgage fraud and bad practices have become such a problem in South Carolina that the SC Dept of Consumer Affairs has opened a hotline to handle complaints and investigate shady companies for those struggling to repay a difficult mortgage.

Not only have the ARM loans gone up to ridiculous rates with people who often never should have been approved for the amount of home they bought, but it seems that often times the mortgage companies themselves have closed offices and are not responding to borrowers who are desperately trying to negotiate and keep their homes.

Charles Knight, an attorney with Consumer Affairs advises that our Attorney General, Henry McMaster has set up, staffed, and funded an investigative unit for mortgage company consumer problems.

More information can be found at the Mortgage Fraud Hotline.

Keep up with Myrtle Beach Real Estate news with the Myrtle Beach Condo Store website.

10 Real Estate Trends That Buyers Like to See

Builder's Magazine had an interesting article about trends that prospective buyers either look for or appreciate enough that it makes them choose to buy a home. They interviewed builders, architects, real estate agents, and interior designers across the nation, and created a top 10 list.

1. Increased ceiling heights from 8 to 9 feet, and moving to more upstairs bedrooms instead of large, hard to heat and cool great rooms.

2. Low-maintenance exteriors and interiors such as brick, tile floors, and little exposed wood. Alternatives are homes in a sub-division that provides home upkeep in the maintenance agreements.

3. Large laundry rooms with space to move around, fold clothes, and even use as storage. According to the article, a larger laundry room is the number one request in America. Wow!

4. Natural materials used for exterior and interior. Granite countertops, ceramic tile flooring, hardwood floors, brick exteriors, tile bathrooms and similar things are preferable now to man-made materials. and carpeting. Surprisingly, wooden porches attract and evoke childhood memories which tend to make a property sell better.



5. Special rooms and nooks for privacy in the home, such as a computer room, library, or personal space.

6. Replacing a formal living room with a den, study, gameroom, or family room.

7. Advanced technology is demanded these days, such as wireless internet, surround-sound across the home, keyless entry, lighting controls, and kitchen gadgetry. Computerized security systems are very popular.

8. Outdoor entertainment areas such as porches and gazebos that can be used for sleeping and parties. Outdoor fireplaces, large pools, jacuzzis and other extras are now demanded instead of being considered a rarity.



9. Master-planned communities which include homes, condos, clubhouses, and other buildings that get rid of the "Pleasant Valley Sunday" look of the 70's 80's and 90's.

10. Having larger garage buildings and putting them behind the house to free up the window views and improve the street appearance of the homes is proving to be a big seller.



With Myrtle Beach real estate sales proving a little more difficult, and vacation homes in Myrtle Beach competing with so many luxurious oceanfront condos, adding extras to the outdoor space could make a huge difference in deciding between the two.
Many of the Myrtle Beach golf communities have thought about extras such as granite, tile, and mixing homes and condos in the same neighborhoods. Fireplaces are more common now in our newer developments, although we probably don't have enough cold weather to give them proper usage.

My friend in Las Vegas lives in a neighborhood that refuses to allow palm trees and the "Florida" look, instead, going with the traditional brick homes. Of course all the desert states like Nevada and Arizona consider pools a backyard necessity, too.

The trendy small towns in states like Texas are big on 2 story stone houses with high ceilings, along with backyard garages with cultured and landscaped yards. Denton, Frisco, and Flower Mound TX homes and communities have gorgeous neighborhoods whose houses include many of the featured trends. Anxious sellers everywhere would do well to think about adding some of these features that get their homes more attention.
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The National Board of Realtors tells us that the number of vacation homes being turned into rental properties is on the rise... Myrtle Beach Vacation Homes.

Retirement Location, Location, Location

This week's Bottom Line newsletter featured an interview with David Savageau, author of Retirement Places Rated: What You Need to Know to Plan the Retirement You Deserve.

In his book, Savageau reports that many of today's retirees are looking for homes outside of the resort areas, preferring culture amenities, lower prices, and a sense of history and old fashioned values instead of the usual golf and beach atmosphere.

College towns are high on the list of alternatives. while a temperate climate is still a priority, areas located close to art centers, the best medical facilities, and good theatre and entertainment opportunities are winning out over walking on the beach.

In addition to college hubs, what he calls "Blue Collar Towns" are becoming attractive to retirees because of lower prices, the small-town atmosphere, and more affordable housing. Cities are creating "urban villages" around downtown areas that offer shops, restaurants, and recreation. One such urban village defines Greenville SC's downtown condos such as the Brownstones which have the unusual and neat feature of having individual parking garages with private elevators for each unit. The elevators run in the condo as well going to each of the three floors in the townhome condo and down to the parking garage.

The Bookends also have designer thirteen foot ceilings and outdoor terraces with a view of downtown. Seniors do not need to walk through empty parking garages and ride in public elevators. With the Reedy River adding to the atmosphere, prospective buyers will fall in love with the old south charm, temperate climate, and low cost of living this upstate South Carolina town. Greenville SC Real Estate is quietly becoming a favored secret landing place for baby boomers.

Another retirement city that boasts a southern charm and great climate is Flower Mound, Texas. With assisted living communities like Autumn Leaves, which caters to victims and families of Alzheimers Disease, retirees are finding a way to weather the problems that age brings, and their loved ones can make the best of this devastating problem.

Flower Mound also offers golf course condos, always popular with seniors, and retirement communities such as Pinewood Hills. This landscaped and scenic neighborhood offers community amenities like a learning/business center, restaurants, arts and crafts, interest groups, planned activities, a fitness Center, and access to Public Transit. For retirement living, Flower Mound Texas real estate is an attractive alternative to expensive and traditional Las Vegas and Arizona retirement choices.

For those that do want the salt air and seagulls, consider the much less expensive Myrtle Beach, SC. With an extra low cost of living standard for a resort area, low taxes, endless restaurants and theatres, the one hundred plus golf courses make it the perfect place to escape cold northern winters and spend the "golden years" in relative luxury.

Myrtle Beach is going through a complete renovation and will increasingly target retirees with urban villages such as Market Commons, Brightwood, and Lakeside Crossing. Myrtle Beach real estate offers more bang for the buck than Florida and is quickly becoming the beach retirement choice.

The baby boomer generation has come into its own, and the southern states are going to be the happy recipients of those who crave better weather, friendlier neighbors, less crime, and a happier retirement.

Conway Bank Targeted by Internet Scammers

Just a heads up for anyone who might be banking with Conway National Bank. They are in the middle of a phishing scam attack and emails are going out by the hundreds or thousands, disguised to look like it's coming from the bank.

I've seen several different themes of the emails. Some say that your account has been compromised and the bank is blocking it (click here to reconfirm). Some say there's a mistake and your account has been credited for $XX dollars...(click here to receive money). Some just said to visit the website and confirm login. They all look very convincing.

I talked to someone at the bank this morning and they are aware of it and trying to get it stopped. I also found out that they are calling people, out of the yellow pages perhaps? and leaving recorded messages with an 800 number to call. This is to get you to punch your passwords and things into the telephone, I would assume. I had gotten one of those calls Sunday, and assumed it was Conway Bank security calling me because I was sending them the emails.

The emails are coming from numerous addresses, but most of the ones I've seen were coming from places in Korea (the email address header reads like scammer@conwaybank.com.kr ) It's likely the email addresses are fake anyway. The point to the scam is to get you to click the link in the email and type in your user name and password.

Paypal and Ebay and other large banks have suffered from these "phishing" schemes for years now. Seems odd that they would target a small South Carolina bank like Conway Bank.

At any case, it is so important that we all remember NEVER EVER to click on any link from an email and login to anything. Very few banks or accounts will ever send you an email that asks you to, but even if you think it's legit, it's better to go directly to the website and not take the chance. Sometimes the links will go to websites that have embedded viruses or worms as well.

Always be suspicious when dealing with an email from someone other than friends or family.

And sometimes you can be fooled there as well.

Visit our website to learn about Myrtle Beach real estate, and see http://www.myrtlebeachcondos.cc/ to search the MLS for Myrtle Beach condos.

Real Estate Stock Investment Picks from Forbes

From the Forbes Guru Roundtable
Best Investment Ideas for 2008-2009

According to Forbes Guru Peter Slatin, these are 7 real estate stock investments he recommends for the next 12 months. Peter is the editor of the Forbes/Slatin Real Estate Report.

He opens his report to say that even as real estate investment trusts have declined since last fall, some RES's still show strength and offer investors a very good rate of return. The lowered prices offer investment opportunity even while they increase concerns about interest rates, inflation, and other economic problems happening now.

The report is quoted as stating:
"Picking winners and losers in an arena where companies rise and fall with cyclical regularity means knowing who the players are - and, especially in real estate - which ones play by the rules."

His seven real estate stock recommendations are:

• Brookfield Asset Management (nyse:BAM)
• Capitaland Ltd. (Singapore:C31.SI)
• Gafisa SA (nyse:GFA)
• Homex Development (nyse:HXM)
• Kimco Realty (nyse:KIM)

And for short term:

• RAIT Financial Trust (nyse:RAS)
• Gramercy Capital (nyse: GKK)

A complete report may be found by signing up for the Forbes/Slatin Real Estate Report.

Look for Myrtle Beach real estate and condos for sale at any of our websites.
How about a site to find CHEAP oceanfront property?  For those just interested in Myrtle Beach as a vacation hotspot, a new website for families and kids is on the horizon - Myrtle Beach Amusement Parks

Myrtle Beach Life - Chickens Can Help Local Shrimpers Survive

Rising costs of gas and diesel are causing South Carolina's shrimpers to park the boats, increasing the dependence on imported shrimp in restaurants and grocery stores.

Wild American Shrimp, a nonprofit group dedicated to the shrimping community, has partnered with several other SC groups to help promote and preserve our shrimpers and the wild shrimp they provide.

Billboards will be appearing throughout Myrtle Beach, Charleston, and Hilton Head with the message of "buying local", and the grocery chains of Harris Teeter and Kroger have agreed to sell and distribute information about the economic and health benefits of fresh-caught shrimp over the often frozen imports.Where do most shrimp that we eat come from? Hold your cookies... China, Vietnam, and South America! Don't you know that's some fresh seafood? Yuck!

And now to the title of this article - how are chickens involved?

More and more shrimp boats are shutting down due to high fuel costs and having to compete with the (as usual) unrealistically cheap prices of the overseas competition. But there is an answer or at least help for the problem of fuel...Bio-Diesel.

Biodiesel is made from chicken fat, soybean, corn or vegetable oil. One Bluffton shrimper reports that it lessens the motor power by about 5 to 10 percent, which isn't a big deal, but says you can mix it with regular diesel to lessen any problems. He says the motor runs fine unless it gets too chilly - under 60 degrees and tends to "gel" in the lines.

One provider of the fuel is in Charlestown, and they actually deliver to the boats. It's not the answer to a prayer...only about 50 cents per gallon cheaper than regular diesel. When you use 3000 gallons of fuel every two weeks, as shrimpers often do, it can certainly help.

I don't think we'll be seeing chickens replacing those cows in the commercials that hold up signs saying "Eat Mor Shrimps", now that they've found yet another use for America's favorite meat.

This was off-topic for a Myrtle Beach Real Estate blog, I know, but I thought it was interesting enough to share!

Real Estate in Myrtle Beach Picks Up

I recently received an email with some statistics put out by Certifax Appraisals, one of the most respected real estate appraisal companies in coastal North and South Carolina.

In their appraisal orders, they are reporting improved numbers and market condition in April and May, reflecting more activity, shorter time on the market, and even some price increases.
Here are some of the Myrtl Beach condos and neighborhoods they are reporting on specifically...

The Gardens at Cypress Bay- A 2 bedroom condo at this beautiful golf resort actually had a bidding war that pushed the selling price 3% higher than the price it was listed for. THAT is impressive.

Shipwatch Point II- A penthouse unit there sold 4 days after being listed, and brought 94% of the list price.

Arcadian Dunes- One of these condos sold after 45 days of listing, and brought 96% of the asking price.

Island Vista- Several of these units increased in price from $239K in 2006 to $300K during the beginning of 2008 up to April.

Laguna Keys- One of these luxurious condos sold 46 days after listing, for $499,000, or 91% of the asking price.

Market Commons- Although it's been rumored that sales at Market Commons have been very sluggish and disappointing, Certifax reports that several units have been contracted in May for prices that were 3% higher than in December.

In regular Myrtle Beach real estate, Certifax reports six or more single family homes have sold from 39-94 days after being listed, and have all gotten 93% or better of the listing price, along with some price increases since 2005.

This is promising news for the market along the Grand Strand, and hopefully we'll see more of it!

Visit our websites for information on Myrtle Beach Foreclosures, and deals on cheap oceanfront property!

Myrtle Beach Among the Fastest Growing Cities

With all the whining I hear about how bad the market for real estate in Myrtle Beach is right now, I was rather surprised to find that according to Realtor.com, we were in a list of the fastest growing populations around.

Palm Coast Florida (wherever that is) was the fasting growing, at 7.2%.

St George, Utah was 2nd, at 5.1%. I don't doubt that. I have a Mormon realtor friend there and that is some kind of a beautiful place to live...even for a non-Mormon...:-)

Raleigh, North Carolina is the biggie for the south. I have been hearing this for months now. There must be something there that wasn't there 15 years ago when I went through it. Like Greensboro and other Triad areas, all I saw was ugly factories and industry...and a lot of Kudzu growing everywhere. I was born and raised in High Point and Greensboro. No thanks to that now!

Gainesville, Georgia is next at 4.5%. Not sure about that area, but I think it's very cheap to live there. Could be wrong. It's relatively close to Atlanta, too.

Austin Texas is next. Si Senor'. Wonder how much of their growth is in Mexicans...legal or illegal? It's big, though. I've got a couple of realtor friends there and they are slammed to the walls in business right now.

MYRTLE BEACH is number 6 on the fastest growing cities in the US!!! We come in at 4.2%. We're attracting a nice selection of retirees from up north who recognize our value compared to the inflated Florida prices. We've always gotten a large amount of residents from North Carolina and oddly, West Virginia. We have bars here that are gathering places for W. Virginians. Half the people I know and have worked with are from there. I'm not sure why...except that I would not want to live in West Virginia...:-)

Next up is Charlotte, NC. I think they are on a slight decline. This time last year their real estate was as hot as Raleigh, but it's dwindling just a tad now, so my friends there tell me. They are the same as Myrtle Beach at 4.2%.

New Orleans and nearby Metairie are growing due to rebuilding after the wrath of Katrina. At 4% growth, let's hope somebody is doing something to protect from that happening again. Whatever goes up there now is your (and my) tax money at work to replace.

Grand Junction, CO is next. I know nothing about that area. It's at 3.7%. Too high up and cold for me!

Clarksville, Tennessee is last at 3.7%. Take the last train to Clarksville, my Monkee boys used to sing. I got a smile out of this one!

I am looking forward to our Myrtle Beach real estate market returning to normal. This place to too close to paradise to be suffering from slow sales and buyers putting off owning something that they will enjoy forever. Foreclosures in Myrtle Beach are starting to increase, and with short-sales, this is the best time ever to find the oceanfront condo for sale that you can get for a song! Cheap oceanfront property abounds everywhere!

See our other Real Estate Blog !

Myrtle Beach Real Estate News

Welcome to Myrtle Beach Real Estate News. This blog will be mostly about new developments and MLS listings that I find to talk about. I'll try to keep it light and interesting!