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Old 11-11-2009, 07:16 AM
 
Location: E. Amherst
47 posts, read 130,776 times
Reputation: 44

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This question relates to recent condominium development in the Southeastern coastal area. My understanding is that between 2005-2008, many new condo projects were constructed and delivered. When the economy tanked, many unsold units went to rental status to cover some of the fixed costs - mortgage, taxes, fees, insurance, etc. Units which were purchased by individuals, under the assumption that real estate goes up forever, also went to the rental market, again to cover the purchasers' mortgage and carrying cost.

What are the outcomes?

Is the new supply of rentals driving down monthly rents at traditional apartment complexes?

Are there many condo projects in bankruptcy or now in the hands of their construction lenders?

Is there a source for statistical information in this market, which is not covered by the "national" real estate periodicals?

Is Myrtle Beach similarly impacted by the oversupply of condos, pulling potential buyers away from the SE coast of NC with declining prices and more developed resort areas?

Also looking for contacts/names of seasoned brokers and investors in the area having insight into the current situation and comparisons to previous business cycles.

If you would like to write to me directly, please email to iiifdst at yahoo.com
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Old 11-11-2009, 09:12 AM
 
Location: Morehead City, NC
1,676 posts, read 5,364,138 times
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Is there a source for statistical information in this market, which is not covered by the "national" real estate periodicals?

It's what I do. I generate market trend and statistical analysis for the
Crystal Coast MLS & Neuse River MLS area

Here's a small sampling of info I generate:

(Copyrighted material. Used with permission)
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Old 11-11-2009, 05:26 PM
 
22,769 posts, read 26,264,477 times
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The Myrtle Beach metro is worse off than the wilmington metro in terms of high supply and low demand. Wilmington had moratoriums on building, I think from 07-08, because of sewer line issues. they pretty much went crazy building down in Myrtle Beach, even had a theme park go bankrupt.
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