Myrtle Beach Real Estate

7% Withholding in South Carolina

A number of our clients have asked us about the 7% withholding tax that South Carolina does for non-residents. We figured it would be beneficial to our clients to cover this topic for others (non-residents) considering selling their property here in South Carolina. Yes there is a 7% withholding tax on the net gain of the sale. This only applies for non-residents though. Many people don't understand that when they are a non-resident of South Carolina and they sell a property here there is a 7% withholding tax. The amount (your net gain) is given to your attorney by you at closing. Then, at the end of the year you can file a South Carolina tax return, and any excess that was withheld will be refunded to you. If you would like more information on this we would suggest that you speak with your accountant or attorney about this.

Now is the Time to Buy!

I am sure you think I am crazy with this statement, especially if you are reading the headlines that the media is putting out, but you have to think about what they are really saying. If you wait until the media starts saying yes, buy now, it will be too late. With interest rates at two year lows and plenty of homes on the market now would be the best time to find the deals. We can already see the phone calls are coming in more frequently, walk in traffic has increased, and there are more showings on property than there has been in a while, and the best part is contracts are coming in and being negotiated. One of the things we are seeing is that the offers are low, but at least we have something to start with and negotiate out. If you wait it could be too late and the best deals will be gone. We are not sending this to push anyone out of there comfort level, we are not here to push, but wanted you to know about some of the great deals that are available along the Grand Strand. So if you have been thinking of buying, and have not looked lately, now might be a great time to surf the net and see what you can find.

Start 2008 off right by teaming up with The Willis Team!

Moving Forward

Halloween has now come and gone once again. Now we need to start planning the next big holiday which is Thanksgiving. Wow, this year has gone by so quickly. We are looking for a turnaround in the Myrtle Beach real estate market around spring time so we are preparing for the shift. While we are waiting Larry is starting a new real estate radio talk show Sundays at 9:00 am on WRNN 99.5 FM, so please listen in and hear what he has to say about the current conditions. Also, from time to time we will have other professionals on air to discuss the real estate market from their industry's perspective.

Beach Scoop - October 31, 2007

Click here for this week's analysis update.

As you can see from the graphs, the closings were down from last year which could be caused from the negative outlook that the media portrays, or this could be from the mortgage problems that started showing up just a short while ago. There has been something in the paper everyday on how much the mortgage companies and the banks are writing off which has scared so many possible buyers, right out of the market. Donald Trump was recently interviewed by Larry King and when asked what he thought of the current real estate market he stated: "It's an amazing situation. There are tremendous opportunities. You know what's interesting; I was begging people not to buy real estate two years ago. And everybody was interested in buying. And now they are less interested, and this is the time they should be going out -- not buying, negotiating to buy. This is the time!" This information was obtained from the October 15, 2007 interview on CNN. Click here to view the clip or click here to view the transcript.

There are some great buys today in the Myrtle Beach real estate market, and they will only last a short time. If people continue waiting for the properties to go down in price they could miss a golden opportunity. The Money section of the Sun News had some interesting facts about Myrtle Beach last week. It was labeled Better Times coming in '08. I have outlined some of the positive news below:

	Employment	Tourism	Retail

2006	+ 6%	+ 5.0 %	+ 10.4%
2007	+ 4.1%	+ 3.3 %	+ 2.4%
2008	+ 4.6%	+ 4.0 %	+ 5.4%

We have a lot of positive things happening in our market and we feel we live in Paradise. If we can help you with anything at the beach, give us a call, we would be glad to help.

Have a great Week!

Carolina Forest Real Estate - Walkers Woods

Walkers Woods - CAROLINA FOREST REAL ESTATE

The summer is over and as we settle down for fall, and begin prepping for Halloween, we would like to bring you up to date on what is currently going on in Walkers Woods as reported through the CCAR MLS.

Through October 4, 2007 there have been 12 homes that have sold at an average price per heated square foot of $122.35. Last year during the same time there were 22 homes which sold at an average price per heated square foot of $134.53. In both 2007 and 2006, the homes sold at an average rate of 95.9% of asking price.

Walkers Woods has done quite well in comparison to some other neighborhoods around the beach. We feel this is the result of Walkers Woods being in a prime location and an award-winning school district. If you are considering selling your home be sure to choose a Realtor who will reflect the unique character and appeal of Walkers Woods in their marketing campaign. If you have any questions or would like more information please feel free to contact us.

North Myrtle Beach Real Estate Analysis - Tidewater Plantation - The Bluffs

Tidewater Plantation/The Bluffs

In an article entitled, Myrtle Beach Remains a Strong Golf & Real Estate Choice, on WorldGolf.com, William K Wolfrum writes that Myrtle Beach has become the ultimate destination for traveling golfers throughout the globe. This statement is well supported by the rapid and strong appreciation in golf communities like Tidewater Plantation/The Bluffs around the Strand. According to Wolfrum, Americans purchased about one million vacation homes and over one third cited golf as a deciding factor in their purchase. In fact, in this same article, Tidewater Golf Club Plantation is featured as one course that helps make Myrtle Beach shine! So it should come as no surprise to its residents that such praise and popularity have coupled to produce one of the most sought after and esteemed communities on the beach. As a resident, you are probably familiar with the dramatic increase in the price per square foot of the custom homes found in Tidewater Plantation/The Bluffs; however, if you aren't, we have included the following graph for your review.

As you can see, there has been a significant increase in the average price per square foot of homes from 2005 to 2006. In fact, from the close of the Second Quarter 2005 through the Second Quarter 2006, the average price per square foot increased by 23.9%! While this increase is noteworthy, what might reveal more about Tidewater Plantation's strength is that, while the rest of the country began experiencing a real estate slump in the Third Quarter of 2005, Tidewater Plantation/The Bluffs continue to appreciate throughout 2006. In addition, even in this nationwide 'leveling off' of real estate prices, homes in Tidewater Plantation/The Bluffs are not taking any longer to sell. In the Second Quarter 2005, homes in your community remained on the market for 140 days and this number only very slightly increased to 149 days in the Second Quarter 2006.

However, the reputation of your community isn't enough to sell your home. An established Real Estate Team, with a proven marketing system, can create the exposure, both locally and nationally, that your home needs. The Willis Team offers you 4 Real Estate professionals dedicated to honest advice and around-the-clock service. If you are interested in listing your home, or know someone who is interested in buying in your neighborhood, let us know. We are always available!

Carolina Forest Real Estate - Spring Lake

Spring Lake - Carolina Forest Real Estate

As heightened numbers of buyers express an interest in Carolina Forest, the homes in Spring Lake have experienced a dramatic price appreciation! Looking at what has happened in Spring Lake in the last year you can tell why it is one of the top communities to live in. According to the Multiple Listing Service, as of August 9th 2006, 35 homes have sold since July 1st 2005 from $199,900.00 - $355,500.00 and there are currently 3 homes pending contract that were listed from $244,900.00Â - $379,000.00. There are also 17 homes currently listed for sale, priced from $249,900.00Â - $399,000.00. On June 15, 2006 the Sun News wrote that there's no bubble in the Grand Strand real estate market.Â Â In fact analyzing the numbers, Spring Lake supports this statement with the average appreciation of 19.8% over the past year. To better understand the price activity in Spring Lake we are including the following graph, which illustrates the average sold prices in the past 12 months, by quarter.

Marketing property correctly is the most vital component in a successful transaction. We stay on the edge of technology while keeping afloat with the current market conditions. We advertise both locally and nationally in popular real estate magazines such as Homes and Land and Buyers Guide. We advertise on nationally recognized web sites such as Reatlor.com, Homes.com, and ColdwellBanker.com as well as our personal web site, www.SCBeachRealEstate.com. We take visual tours of each of our listings so potential buyers can have a dynamic view of the property.

If you have any questions on this or any other community in the area please feel free to contact us.

Carolina Forest Real Estate - Plantation Lakes

Plantation Lakes - CAROLINA FOREST REAL ESTATE

Hello from the Willis Team, there is a lot going on today with real estate in Myrtle Beach and we wanted to let you know what is going on in Plantation Lakes, according to the CCAR MLS.

Homes
Year to date through 9/30/2007 there have been 20 homes sold at an average price of $547,594. They sold at 91.79% of original price and were on the market for an average of 205 days. Last year for the same time period there were 17 homes that sold for an average of $592,124. They sold at 98% of asking price and were on the market for an average of 138 days.

Lots
There were 34 lots sold through 9/30/2007 versus 41 for the same time period last year. The lots sold for 88% of original price this year which was an average sold price of $173,128 versus 92% of original price last year with an average sold price of $179,340. The average days on market for lots has increased by 23 days this year going from 124 days to 147 days.

Even though this may not look good, Plantation Lakes has actually performed much better than other neighborhoods around the beach. I feel this is because Plantation Lakes is still a highly sought after community. With the recent drop in interest rates, and the banks getting more control on their credit losses, we should start seeing more progress. Since the interest rate decline we have already started to see more positive news which will have a positive impact on the real estate market.

Remember we live in the 5th fastest growing metroplex in the United States and the #1 beach in the US according to Yahoo Travel.

If you have any questions on this or any other community in the area please feel free to contact us.

Myrtle Beach Real Estate Analysis - Market Analysis

Analysis Completed August 30th, 2007

Comparing 5 Week Time Frame 2007 With Same Time 2006:

Â	Jul 23 - 29, 2007	Jul 30 - Aug 5, 2007	Aug 6 - 12, 2007	Aug 13 - 19, 2007	Aug 20 - 26, 2007
Land
New Active Listings	197	159	130	202	208
New Under Contract	6	8	4	15	8
Expired/Withdrawn	4	2	10	0	1
Closed	20	27	25	22	17

Residential
New Active Listings	216	219	246	233	245
New Under Contract	24	18	13	6	13
Expired/Withdrawn	17	8	3	2	9
Closed	95	112	72	74	57
?
Condominiums
New Active Listings	368	257	218	206	267
New Under Contract	28	17	7	14	65
Expired/Withdrawn	5	5	3	2	2
Closed	73	68	49	39	38

** Compiled from the Coastal Carolina Association of Realtors Multiple Listing Service ***

Â	Jul 23 - 29, 2006	Jul 30 - Aug 5, 2006	Aug 6 - 12, 2006	Aug 13 - 19, 2006	Aug 20 - 26, 2006
Land
New Active Listings	21	27	15	33	29
New Under Contract	2	3	3	3	11
Expired/Withdrawn	2	0	7	6	2
Closed	68	40	38	45	38

Residential
New Active Listings	9	17	12	10	10
New Under Contract	2	2	3	2	8
Expired/Withdrawn	3	7	4	5	3
Closed	137	133	72	102	108
?
Condominiums
New Active Listings	46	34	35	30	41
New Under Contract	116	27	3	0	1
Expired/Withdrawn	6	8	8	11	6
Closed	90	130	98	108	87

** Compiled from the Coastal Carolina Association of Realtors Multiple Listing Service ***

Longs SC Real Estate Analysis - Long Bay Club

The Long Bay Club

As autumn settles along the Grand Strand, dedicated golfers flock to the area. In fact, in an article entitled Myrtle Beach Remains a Strong Golf and Real Estate Choice, on WorldGolf.com, William K. Wolfrum says that Myrtle Beach is the ultimate destination for traveling golfers throughout the globe! As a resident of Long Bay, you probably understand the appeal of golf course communities well! However, your appreciation of world-class golf courses and perfectly manicured neighborhoods is a popular sentiment these days. In the same article, Wolfrum notes that of the one million Americans who purchased second homes, golf was a deciding factor in nearly 1/3 of the purchases! The amazing increase in the price per square foot of homes in Long Bay can be attributed to the boom in golf course communities appeal combined with Myrtle Beach's beautiful climate and low cost of living

In fact, the average price per square foot in Long Bay increased by 31% from the Third Quarter 2005 to the Third Quarter 2006! On average, in the Third Quarter 2006, homes sold for an astounding 98.6% of their asking price! Obviously, your community is in incredibly high demand at the moment! Perhaps what is most phenomenal about these statistics is that Long Bay continues to set unprecedented appreciation figures while the rest of the country experiences a leveling off of real estate prices. If you have any questions on this or any other community in the area please feel free to contact us.

Myrtle Beach Helpful Phone Numbers

Helpful Phone Numbers

UTILITIES

CABLE

Time Warner

HTC Cablevision

(843) 913-7941

(843) 365-2154

ELECTRIC

Carolina Power & Light

City of Georgetown Elec. Dept.

Horry County Electric Co.

Santee Cooper

Santee Electric Co

S.C. Electric & Gas

(800) 452-2777

(843) 545-4000

(843) 650-7530

(843) 369-2211

(843) 448-2411

(843) 546-4521

(843) 546-3541

TELEPHONE

HTC

Verizon

(843) 365-2154

(843) 651-2111

(800) 483-1000

GARBAGE COLLECTION

ADSÂ American Disposal Systems

Waste Management

Waste Industries

(843) 903-2733

(843) 397-7670

(843) 397-5586

WATER AND SEWER

City of Conway

City of Georgetown Water Dept.

City of Myrtle Beach

City of North Myrtle Beach Water/Sewer

Georgetown County Water/Sewer

Grand Strand Water/Sewer

Rural Community Water District

(843) 248-1780

(843) 545-4000
.

(843) 918-2000

(843) 280-5550
.

(843) 546-8408
.

(843) 347-4641

(843) 546-9003
.

Myrtle Beach Real Estate Analysis - Market Analysis

Myrtle Beach Real Estate Analysis for the Years 2003, 2004, 2005, 2006

After we released the YTD 10/31/2006 compared to 2005 numbers, we had a number of people to ask about the prior years. We have completed an analysis of those years and it is completed for you below.

LAND

	Units Sold	Average Price	% of Asking Price	Days on MLS
2003	1,170	$ 109,200	91%	219
2004	1,631	$ 141,886	92%	202
2005	2,531	$ 161,777	95%	180
10/31/06	2,020	$ 173,362	98%	156

RESIDENTIAL

	Units Sold	Average Price	% of Asking Price	Days on MLS
2003	3,979	$ 187,623	95%	113
2004	5,001?	$ 212,515	96%	101
2005	6,239	$ 254,003	97%	112
10/31/06	4,963	$ 271,941	98%	143

CONDOMINIUMS

	Units Sold	Average Price	% of Asking Price	Days on MLS
2003	4,347	$ 130,823	97%	128
2004	6,464	$ 149,851	98%	98
2005	9,361	$ 192,705?	98%	60
10/31/06	5,472	?$ 220,920	98%	198

OCEANFRONT CONDOS

	Units Sold	Average Price	% of Asking Price	Days on MLS
2003	1,417?	$ 186,751	97%	137
2004	1,722	$ 219,875	98%	81
2005	2,608	$ 276,804?	98%	58
10/31/06	1,441	$ 296,061	97%	223

This is the information as provided in our MLS for Horry County, as you can see the numbers are pretty impressive and show a continued trend in purchases of Real Estate in the Myrtle Beach market as well as a great increase in property values.

Carolina Forest Real Estate - Carolina Waterway Plantation

Hello from the Willis Team! We would like to give you our latest analysis through the Multiple Listing Service (MLS) for Carolina Waterway Plantation.

Carolina Waterway Homes

Currently there are 2 homes available on the Intracoastal Waterway with the list prices of $1,499,000 and $1,595,000. There are 15 homes available not on the intracoastal waterway with the highest list price of $750,000, the average price of $586,126, and a low price of $359,900.
As of September 19th, 2006, YTD there have been 14 non waterway homes sold through the MLS with an average price of $479,395. The average listing price of the homes were $202.23 per square foot of living space. The homes averaged 95% of asking price.

Carolina Waterway Land

There are 64 lots available that range in price from $132,000 to $499,000. Of the 64 lots available, 1 is under contract.
From January 1st, 2005 to September 19th, 2005, there were 117 lots sold at an average price of $132,202 and average days on the MLS were 154.
From January 1st, 2006 to September 19th, 2006 there were 20 lots sold at an average price of $195,060 and average days on MLS were 175. In 2006 the lots that were sold averaged 96% of asking price.

If you have any questions on this or any other community in the area please feel free to contact us.

Carolina Forest Real Estate - The Bluffs on the Waterway

The Bluffs on the Waterway

Homes

Currently there are 3 homes available on the Intracoastal Waterway with the highest list price of $1,699,000 and lowest price of $1,499,000. There are 14 homes available not on the intracoastal waterway with the highest list price of $1,095,900, the average price of $750,839, and a low price of $479,000.

As of August 23, 2006, YTD there have been 3 homes sold through the MLS with an average price of $412,967. The average listing price of the homes were $230.69 per square foot of living space non waterway, and $333.31 per square foot on the intracoastal waterway. The homes averaged 95% of asking price.

Land

There are 60 lots available that range in price from $139,900 to $624,900. Of the 60 lots available, 6 are under contract.
From January 1st, 2005 to August 23rd, 2005, there were 55 lots sold at an average price of $113,425.00 and average days on the MLS were 172.
From January 1st, 2006 to August 23rd, 2006 there were 27 lots sold at an average price of $216,565.00 and average days on MLS were 148. In 2006 the lots that were sold averaged 95% of asking price.

If you have any questions on this or any other community in the area please feel free to contact us.

North Myrtle Beach Real Estate Analysis - Barefoot Resort

As Barefoot Resort gains the deserved credit of being one of the premier communities of the Grand Strand we wanted to bring you up to date on what is going on in this community as reported through the CCAR MLS.

Year to date through October 1st, 2007 there have been 13 homes that have sold with an average price of $303,277. They were on the MLS for an average of 162 days and sold for an average of 89% of the original listing price.

In 2006 for the same time period, there were 8 homes sold at an average price of $349,087 and were on the MLS for an average of 123 days and sold for an average of 94% of the original listing price.

Barefoot Resort has actually performed much better than many other neighborhoods around the beach, and?we feel this is because Barefoot Resort is still a highly sought after community.Â If you have any questions on this or any other community in the area please feel free to contact us.