Vaction Condo Store Blog

Buying an Ocean front Condo

2009-03-14T13:29:00.000-07:00

Buying an oceanfront condo in Myrtle Beach can be a daunting task. There are a lot of beautiful ocean front resorts to choose from.

Especially since the real estate boom a lot of the old Myrtle Beach Hotels have been torn down to make way for beautiful world class resorts such as Dunes Village Resort and North Beach Plantation.

When these beautiful properties were first being built they were expensive, there were some going for as high as $600 a square foot. However now with all of the Myrtle Beach Condo Foreclosures prices have come down a lot. The market has slowed down and you have time to look around and make a decision to purchase exactly what you are looking for.

The thing about the ocean front real estate in Myrtle Beach that is good is if you are looking at a vacation condo, you can actually stay at the resort you are interested in buying in before you buy. There are always Ocean front condos for rent in Myrtle Beach.

So you can have the opportunity to stay in the resort, hang out by the swimming pool or eat at the restaurants on-site or close by.

Starting a Property management Company

2009-03-13T20:32:00.000-07:00

Starting a property management company

Starting a property management company can be an extremely rewarding adventure. Real Estate Property Management is something that is highly needed no matter what cycle of the market we are in.

Myrtle Beach Rentals are fairly challenging because being in a tourist area things are constantly changing. Myrtle Beach condos are very dependant on how well the economy is doing. The reason is because most of the area is highly dependant on tourist dollars to drive the retail industry, hotel industry and restaurants.

There are different kinds of Myrtle Beach rentals, the market has a lot of room for annual property rentals, but also vacation rentals are a huge business. Millions of people come to the Myrtle Beach area every year. Many of these people are interested in weekly rentals or nightly rentals. The difficult part of starting this business is it is very seasonal. During the summer months you will be extremely busy. Now the winter months can be difficult.

Vacation rentals can be extremely labor intensive. Every week you have to do check in and check outs, not to mention you have to deal with room cleaning, 24/7 guest complaints and a list of other issues.

The other option is doing annual rentals. Annual rentals are just what it sounds like. These people actually live in the area and plan to stay year round. This is the least labor intensive choice.

You also have some properties like Dunes Village Resort that has condos and time share. This even ads more challenges.

In the state of South Carolina you have to have a property management license or a real estate license to be able to manage real estate for other people. Most cities and counties will also require you to have a business license also.

Now property management is defiantly not a business for the faint of heart. Dealing with people and the place they live is always interested. We have said many times you don’t really know someone until you rent to them.

Starting a Myrtle Beach rentals business managing Myrtle Beach real estate is defiantly something that is needed no matter what cycle of the economy we are in.

We always recommend the follow things are must have items before you get started.

A Post Office Box – this can save a lot of time by requiring all tenants to mail rent in. Letting people come to your home or picking up rent from people can be dangerous, not to mention you don’t want someone coming in your home while you are trying to spend time with your family.

A Fax machine – A fax machine is a must, there are always things needing to be faxed to people and you don’t want to have to hunt one down every time you need one.

Internet connection – Most people find it easy to communicate through email. Email also gives you a paper trail if it is needed later on.

A cell Phone – You don’t want to miss a call from a potential renter – the quicker you can answer or call back the quicker you can show your property and get someone to move in.

That is the basics for starting a property management company. Of course when showing property you always want to remember to be safe.

You also will want to make sure you follow your state guideline for a liscense

Myrtle Beach Bike Week

2009-03-07T20:48:00.000-08:00

It looks like the Myrtle Beach Bike Weeks may be gone for forever. The city of Myrtle Beach has tightened many of its motorcycle laws in an attempt to deter the week that normally attracts over 300,000 tourist a year.

However according to Myrtle Beach Bike Week no events are being cancelled they are just going to be held outside of the Myrtle Beach city limits. It will be interesting to see how this effects the spring bookings for Myrtle Beach rentals.

With many of the newer Myrtle Beach Resorts like North Beach Plantation just starting to book reservations, it is sad to see many tourist may be turn off by the cities disregard for the areas biggest industry.

So you need a property management company?

2009-02-23T10:20:00.000-08:00

I made a post a while back about property management in Myrtle Beach. In it i talked about Myrtle Beach property management and what to look for when looking for someone to assist you with your Myrtle Beach rentals.

What I did want to point out is there seems to be a lot of property managers popping up in our market right now. Many of them were real estate agents that are giving up on sales or looking for an easy stream of income. A few years ago Myrtle Beach real estate was fairly easy to make a great living, most agents were not sales people, they were order takers. Now many of these agents are changing careers and becoming property managers. I'm not putting anyone down for wanting a career change, everyone wants a change of pace from time to time.

But when you have a vacancy you need filled today or a bad tenant you need out, you need a property management company that has the experience to do this quickly and knows how to correctly follow the state laws. you don't want to be your property managers first property.

Becareful picking a property manager in Myrtle Beach. Picking the wrong management company can turn your Myrtle Beach condos into nightmares that take all of your time and money.

Market Common Myrtle Beach

2009-02-22T19:49:00.000-08:00

If you havent been yet, Going to Market Commons in Myrtle Beach is a must while you are here on vacation. It is quickly becoming the center point for Myrtle Beach.

Market Common literally has everything. It is a true Live, Work, Play community. There are restaurants, Myrtle Beach apartments, vacation rentals, coffee shops and a movie theater. The place is one of the coolest places on the Grand Strand to go hang out. There is even a walking trail around the ponds.

Market commons have several options as far as living or vacationing there. Ther offer Myrtle Beach condos as well as town homes.

Anderson Ocean club - Myrtle Beach

2009-02-22T19:36:00.000-08:00

Anderson Ocean Club just opened up in 2008 and still has some great prices available. We went down to anderson ocean club to preview some of these condos. They are probably some of the nicest condos in the downtown ocean blvd area.

They feature granite counter tops, ceramic tile, countless amenities, an onsite spa and more. The parking garage is on the 3rd row. The ocean view from these Myrtle Beach condos are probably some of the best on the Grand Strand.

Even though these are brand new condos there are still some deal to be had.

Right now on MLS there are 38 condos available in the resort. Prices are starting at $199k for a studio and go up to $750,000 for a luxury 3 bed room condo

Right now there doesn't look to be any foreclosures but there is a possibility that some could be Myrtle Beach short sales.

Getting a Great Price on a Myrtle Beach Condo Rental

2009-02-22T07:53:00.000-08:00

We get asked this question all the time. Where can we get the best price on Myrtle Beach Condo Rentals?

Honestly that is a difficult question. There are so many ocean front condos in Myrtle Beach, during different times of the year they have different rent specials. Some resorts have walk in specials, where you basically just walk in the lobby and you can rent a condo cheaper than you can booking ahead. Other resorts have special where if you have booked your 2009 vacation in 2008, you would have gotten 2008 prices.

Myrtle Beach rentals are more popular during the summer months. June, July and August are the premium peak season months in Myrtle Beach.

The best advice we can give anyone looking to rent Myrtle Beach condos for vacation is to start early and shop around some.
If you are looking for something year round you might want to take a look at some Myrtle Beach apartments for rent.

Can you really get a deal on a foreclosure?

2009-02-06T07:41:00.000-08:00

We often get asked about Myrtle Beach Foreclosures. Right now with the media "foreclosure" is definatly the buzz word.

I guess because of late night infomercials there is an idea that foreclosures can be bought for pennies on the dollar.

Well in some cases this is true. Of course this depends on the bank. Right now there is a surge of foreclosures everywhere. Of course the bank does not want you property. So they are offering the oppurtunity to sell for less than what is owed. This is called the short sale process. Myrtle Beach Short sales have become a common term.

Many of the properties that are being foreclosed on are Myrtle Beach condos. The main reason is during the real estate boom Myrtle Beach condos were the hottest properties on the Market. Myrtle Beach homes were sold but it was a little easier to get loans on a home than on many of the condotel buildings located on the ocean front.

Myrtle Beach rentals

Myrtle Beach Condo Foreclosures

2009-02-03T19:02:00.001-08:00

Here lately we have saw a huge spike in Myrtle Beach foreclosures. Our market have been very suceptable to foreclosures due to the Fact Myrtle Beach is a big second home and vacation home market.

So when people have financial problems what are they going to let go of first, their primary residence or their Myrtle Beach rentals property that is 1000 miles away.

Myrtle Beach Condos have been a little more likely to be foreclosed on that Myrtle Beach Homes. The reason why is because so many condos were sold to investors. Many of the ocean front condos have large HOA fees that in some cases are equal to the mortgage payment.

Lets us find a Lease Option for your Vacation Condo?

2009-01-05T21:54:00.001-08:00

You have a Myrtle Beach condo and it has been sitting on the market for 9 months with little to no intrest?

Well this has become more common all over the country as credit markets have tightened and the real estate market has slowed down. Myrtle beach real estate has slowed definatly but it hasn't stoped. There are still people intrested in buying you just have to be a little more creative.

A lease option may be the answer. it is basically what it says, a Lease with an option to buy.

Normally as a seller you will get a little bigger deposit that is non-refunable and you will get a little more in rent than you normally would.

For both buyers and sellers a Lease option may be a win - win and assist you in getting your Myrtle beach condos sold

DeBordieu Colony

2009-01-02T23:31:00.000-08:00

DeBordieu Colony has been hidden to most people not familiair with the Myrtle Beach area, but DeBordieu Colony is one of the most exclusive gated communities on the east coast. There are several homes in DeBordieu that exceed several million dollars.

When looking at DeBordieu Colony you are not buying just a home you are buying a lifestyle. The relaxing atmosphere and the seclusion the community offers can't be reproduced anywhere on the Grand Strand.

The Private beach have been home to sea turtles laying their eggs for hundreds of years.

The community offers a golf course, swimming pools, tennis courts and more.

If you are looking for a truely luxury home in DeBordieu Colony Contact us Today

Myrtle Beach Webcams

2008-12-28T21:24:00.000-08:00

So you want to check out your vacation resort before getting there or take a look at the place you are buying?

Many of the resorts have webcams online.

Check out this link for Myrtle Beach webcams

Finding the best deals - Myrtle Beach foreclosures

2008-12-27T21:16:00.000-08:00

Many people believe that the best deals in real estate are foreclosures. Well the fact is they are some of the best deals. The secret is knowing which areas and properties to go after and which ones to stay away from.

When looking at Myrtle Beach Foreclosures there are often certain resorts and neighborhoods that it might be best to stay away from. In the past year we have saw many neighborhoods that appreciated quickly drop in value quickly.

Now to most people some of these homes look like great deals, but the truth is the neighborhood maybe continuing to decline.

The best thing to do is to educate yourself on the market and the neighborhoods you are interested in before making an offer. Of course there is a lot of information on the Internet, but the fact is without working with an experienced agent who has worked in the market, some of these anomalies could slip buy you.

for assistance in finding the best deals in Myrtle Beach call us at 843-455-7119 or visit Myrtle Beach foreclosures and sign up for our Myrtle beach deals newsletter.

Myrtle Beach Property Management

2008-12-22T09:07:00.000-08:00

Of course owning a Myrtle Beach condo includes very little outside maintenance and requires a lot less upkeep than owning a home.

But still if you are an out of state property owner or a local person that has very little property management experience, hiring a Myrtle Beach property management company can be your best option.

A great property management company should be able to help you correctly price your property.

They also are constantly advertising properties so they should have a constant stream of potential tenants.

Having an experienced person screen your tenants can save a lot of headaches in the future. There is no 100% sure way to screen tenants and no matter what screening process you use there is always the possibility you will rent to a bad tenant.

Where they will really pay off is when evicting those bad tenants if the situation comes up.

The most important purpose of hiring a property management company is they are experience navigating the sometimes complicated tenant-landlord laws and making sure they are followed.

Normally with Myrtle Beach apartments, homes or condos, if you are unfamiliar with the laws and dealing with renter, hire a licensed property management company.

Donal Trump is being sued? or Foreclosed on?

2008-12-21T22:46:00.000-08:00

According to the Financial Times, Donald Trump is being sued by Deutsche Bank over the 92 story Chicago Tower. The bank is demanding Trum pay a $40 million Guarantee relating to the construction loan to buil Trump International Hotel and Tower.

The suit follows one filed earlier by Trump again the bank which he states is wrongfully refusing to extend the loans maturity date.

I find it most intresting Trump is forcing the Force Majeure clause and stating the financial crisis is an extrordinary event.

This is the only problem the Trump Organization is currently facing, Trump Entertainment Resorts has missed a $53 million intrest payment.

source

Owning a Myrtle Beach Condo

2008-12-21T08:49:00.000-08:00

Owning a Myrtle Beach condo can be a great investment. However there are a lot of things you need to know before purchasing the ocean front condo of your dreams.

The first thing you need to do is make sure you have a real estate agent who has experience in the area of the beach you are looking. Ocean front condos often have a lot of unique features that only an experienced agent would know about.

Knowing about your home owners association dues. This is often missed by inexperienced agents and unknowing buyers. So association include insurance and some actually bill you separately for your insurance. Some resorts can include things like basic cable or interior electric where other may not include these things.

Knowing where the set backs are for your property. As part of the Coast tideland's and wetlands act each ocean front condo buyer should take a look at where there building sits and where the set backs are from the ocean. If your building is on the non-buildable site of the set back insurance may be more expensive. These setbacks are established by the army core of engineers and over the years have been moved considerably in some areas of the beach.

Knowing if you condo is in a popular resort. Some ocean front condos are in beautiful resorts and have great amenities but do not have great rental history. Your real estate agent should be able to provide this information for you to give you an idea of what to expect as far as rental income.

If you are buying a Myrtle Beach rental it is best to know what to expect before you buy. There are so many inconsistancies between resorts and condo projects for example:

Marcliffe at Blackmoor does not allow vacation rentals.

Camelot by the Sea is the only themed resort in Myrtle Beach

Southwind Resort is just a beautiful must see place!

World Tour Golf Villas are on a golf course that is designed to play like some of the most famous golf course holes in the world

of course in just one blog post it would be difficult to tell you every single thing you need to know about every single resort. If you are looking for an experience real estate agent contact us at info (at) vacationcondostore.com or call 843-455-7119

Golf Colony COndos Surfside, SC

2008-12-20T20:37:00.000-08:00

Imagine relaxing on your balcony looking over at your swimming pool. Tucked away on the old Deer Track golf course is where you will find Golf Colony. Built in the 1980s, these Surfside Condos offer many updated features.

The tennis courts are an add bonus, not many of the newer resorts feature tennis courts.
Golf Colony offers efficiency, one and two bedroom condos with spacious floor plans.
The convenient location is perfect for someone looking for a primary residence or just a second home to use on the occasional weekend. Located between Hwy 17 Business and Hwy 17 Bypass Golf Colony exits on both hwy 17s.

Restaurants are just minutes away and you can be at the beach in no time. Some of Myrtle Beach's most popular golf courses are right around the corner.

Golf Colony offers great amenities and fun things for you to do within a few miles. Not only are you just a few miles away from the sand and the Atlantic ocean but on-site and close by amenities are numerous and with the way Myrtle Beach is growing you can spend every day at Golf Colony and still not have time to see everything, play on all the golf courses and eat at all the nearby restaurants.

Take a look at this list of onsite and Nearby attractions

Golf

Tennis

Theme Park

Shopping

Sightseeing

Restaurants

Sailing

Boating

Waterskiing

Parasailing

jet Skiing

Shelling

Swimming

Snorkeling/Diving

Surfing

Windsurfing

Biking

Wildlife Viewing

Hiking

Fishing

Fitness Center

Basketball Court

Movie Theaters

Live Theatre

Museums

Miniature golf

Horseback Riding

All attractions and amenities are on-site or nearby, not all are guaranteed to be on-site and some may cost additional fees

Myrtle Beach Condo Buyer Guides

2008-08-23T21:37:00.000-07:00

Recently I wrote several articles dealing with the ins and outs of purchasing a Myrtle Beach Condo of for that matter a vacation Condo any where.

I tried to answer most commonly asked questions and raise questions and thing you will want to be sure you ask about when purchasing a Myrtle Beach Condo.

below are links to my articles

What is a Condo-Hotel?

Making Money With Your Myrtle Beach Condo
Where are Most Vacation Condos Located?

When is the best time to buy a Myrtle Beach Condo?

What Types of Financing is available for Myrtle Beach Condos?

What is the typical arrangement between a Myrtle Beach Condo owner and a Management Company?

What is the role of the Myrtle Beach Vacation Management Company?

What is a Vacation Condo Lease Back?

Other Options Besides On-site Management

Investing in Myrtle Beach Condos 5 things to remember when purchasing

Can Myrtle Beach Condo Owners book their own vacation renters?

Buying a Myrtle Beach Condo Pre-Construction

Myrtle Beach Real Estate Market Update - Ocean front condos

2008-08-16T09:02:00.000-07:00

Being a heavy second home market Myrtle Beach is volital to all of the financial market shifts. But things are still selling

In the month of July the Myrtle Beach MLS had 70 Ocean front condos to close for a total of $17,857,900 in Sales. Price ranged from $85,000 to $995,000.
Myrtle Beach Condos sold took an average of 10% less than the asking price.

Currently there are 2456 Myrtle Beach Ocean Front condos on the market.

In the Luxury Ocean front Myrtle Beach condo market (condos over $1 million)there are 63 condos on the market and 3 condos have closed this year over $1million.

If you are thinking of buying a Myrtle Beach Condo now could be a great time, with the amount of inventory available there are some great deals available in the Buyers Market.

Myrtle Beach Property Management

2008-08-16T07:57:00.000-07:00

Finding a property management Company in Myrtle Beach can be a difficult task no matter where you own an investment property.

Myrtle Beach property management adds a completly new challenge. Since Myrtle Beach is a seasonal tourist town, the area can be very transiate. People often will come to Myrtle Beach and work during the summer months and then they go back to where ever they come from.

However as the real estate market has slowed it has become more important to have a good reliable property management company to take care of your real estate needs.

Many of the properties in the area are not going to sell, but since the mortgage markets have tightened a lot of people who would have bought are now having to rent for a few years, while saving for a downpayment or building their credit.

When looking for a property management company you want to find a company who is reliable and manages similair properties to what you have, that are located close by yours. Many property management companies will spread themselves out over a very large area, this sometimes prevents them from being able to service all of their properties.

For More information go to Myrtle Beach Property Management

Meridian Plaza

2008-08-09T21:10:00.000-07:00

Meridian Plaza is one of Ocean BLVDs hidden gems. The resort was built in the mid 1980s and is all 1 bedroom condos.

There are 2 different floor plans, one is a direct ocean view and the other floor plan is a side ocean view. the side ocean view condos have big balconies that over look a public beach access onto the beach.

Located at 2310 Ocean Blvd, Meridian Plaza is one of the best values for your money. Currently prices are starting around $100k.

Meridian Plaza has an indoor and out door swimming pool. It is just minutes from the Myrtle Beach Airport and Broadway at the Beach.

Many of the older condos in this resort were remodeled at the top of the market. This is definatly one of the resorts that has a wide range of condos. Some having state of the art electronics and features, while others have the original furniture package that was sold with the Condo.

For more information on Meridian Plaza contact us at Myrtle Beach Condos

Correctly Pricing your Myrtle Beach Condo For Sale

2008-08-08T05:01:00.000-07:00

In a constantly changing market pricing your Myrtle Beach Condo can be a daunting task. However follow the next 5 steps and you are sure to be right where you need to be when you put your property on the market

1. Get a realistic CMA from a licensed Real Estate Agent. This will show you exactly what has sold and what is available on the market. In a changing market often times the active listings are much more important than the recent solds. of course you need the solds for the appraisal, but you need the see what is active so that you know what units and prices you are competing against

2. Be realistic. Just because your Myrtle Beach Condo is a floor higher or low floor it is not often important when all of the units are the same floor plan with the same furniture package. Many times the units shown first and the most are the lowest price units.

3. See what incentives are being offered. Incentives can be extremely important. For example you have 2 identical condos with the same price, one is offering $5,000 in closing costs, the other offers nothing. Which one would you be most int rested in first?

4. Decide on a time frame. The time frame your condo will sell in is directly related to the price you choose to offer it at. The lower the price the quicker it will sell. if you are looking to sell in 90 days and the average days on market is 200+. You will need to adjust your price in order to sell your condo in the desired time frame.

5. Choose an experienced agent. Not all agents are created equal or have the same past experience. In a constantly changing market you need an experienced agent to assist you in correctly pricing you Myrtle Beach Condo

For more information or to get a reliable CMA on your property Contact us at Myrtle beach Condos

Foreclosure is not your only option

2008-08-07T19:09:00.000-07:00

Two alternatives to Foreclosure

Almost 1 in every 171 homes was served with some sort of foreclosure notice this past quarter.

But just accepting it and letting your home or condo go into foreclosure is not your only option.

Two other options you have is a Deed In lieu of Foreclosure and a Short Sale.

Both of these options are a negotiation with the bank, however many banks would rather you go with one of these option rather than go the full length with a full foreclosure.

With a Deed in Lieu of foreclosure you are voluntarily giving your property back to the back. Of course every situation is different and every bank is different.

With a short sell you are actually selling your property but the bank is allowing you to sell the property for less than what is owed. A short sell can be time consuming and a lengthy process, so if this is the route you are looking to take you need to start the process as soon as possible.

For more information or if you are looking at selling your property go to Myrtle Beach Condos

Home Owners are not the only loosers in the foreclosure market

2008-08-05T17:23:00.000-07:00

With the whole “Mortgage Crisis” in full swing and the ARM Loans resetting home owners and real estate investors aren’t the only people loosing out.

The Foreclosure crisis is also hitting the renters that are occupying many of these homes that are going into foreclosure.

The reason for this is that renters can be forced to leave a property when it is being foreclosed on. Generally renters can be made to leave a home a lot earlier than a homeowner would need to.

If the renter has a limited income this could even cause a bigger problem, because not only will they have the expenses of moving, the new landlord will more than likely require a deposit and first months rent.

Each state has its own rules concerning tenant’s right in this situation.

With Myrtle Beach Condos this is becoming more common. Myrtle Beach Real estate as a whole has cooled off and prices have stabalized. As with much of the country the Myrtle Beach Foreclosure rate is up. The biggest reason is because many owner bought at the top of the market and now the market has cooled the amount their condo is rented for is not enough to cover their mortgage.

For More Information go to Myrtle Beach Condos or Myrtle Beach Condo Foreclosures

"Extreme Makeover: Home Edition" in Extreme Foreclosure

2008-08-04T14:00:00.000-07:00

I often wondered about the TV show "Extreme Makeover: Home Edition". It always seemed strange that this TV show would build a new home for some, give the $100,000 and never show them how to manage their finances.

Well here you go EXtreme Home Foreclosure. This Georgia home built just 3 1/2 years ago was paid off and given to a family along with $100,000 cash, now it is in foreclosure.