Myrtle Beach slowing economy (Conway: sales, real estate, rentals)

[nomccainforme]

I have relitives living in myrtle beach, They tell me that the economy is slowing, condos are not renting. He works in plumbing service and says that he is getting let go at 3 each day instead of over time. his boss said he has never seen this before. How bad do you think the economy will get before it turns around?

[Tommy1981]

Myrtle Beach is probably feeling it much worse than the rest of the state and country because of the dependence on Tourism. As gas prices and other every day expenses rise, Families cut down on non-essential things like vacations.

Most economist think the 2nd half of the year will bring an up turn in the general economy with the impact of the interest rate cuts and tax rebate checks start landing on Main Street America. As people feel more confidence in their personal economic situation, they'll spend their money more freely, hopefully for Myrtle Beach that will mean vacations instead of Big Screen TVs. That should coincide with the prime season in the summer. Unfortuately, its going to be a bit of a catch 22 because as more people decide to travel, the demand and prices for gas go up, and the fragile consumer confidence goes down.

I'm not sure how bad it will get locally in Myrtle Beach, but I'd say it will only last a few more months. At least If things hold the same, I'd say the prime season will increase the tourism some over the current levels.

[Jammie]

That surprises me especially with the new park there. Where do all the new employees from the park live? Isn't there an increase in tourism because MB has something new?

I really agree with you, Tommy. It may have a bit to do with the money crunch people are feeling right now. It'd be hard to believe that MB would go through the tourist season without doing well though. Guess we'll know next autumn.

Many areas and businesses are in a slump right now, but remember that it's not the entire country. There are several states with an unemployment rate 3% or lower and they offer fulltime permanent employment with benies.

[Frankie117]

Myrtle Beach is getting hit for the reason mentioned: tourism. Of course, most of the South is experiencing a 'rebound' - as jobs that were once plentiful get filled, and with the recent economic situation slowing new industry, things are starting to level off a bit (which is why as of late, newcomers are finding it increasingly difficult to find work). Only time will tell the extent of the damage, whether they be long term or shorty term effects.

[Rapture]

I didn't realize MB has slowed down. If you drive on 501 it doesn't seem that way, in fact I think it's worse then last year. I know every real estate agent I speak with says business has picked up since March.

[g-man430]

Originally Posted by Rapture

I didn't realize MB has slowed down. If you drive on 501 it doesn't seem that way, in fact I think it's worse then last year. I know every real estate agent I speak with says business has picked up since March.

Yeah then drive by all the condo highrises that have stopped construction. Myrtle Beach's economy has fallen flat on its face for the most part. Home sales are down over 20% in the area.

[Frankie117]

Originally Posted by g-man430

Yeah then drive by all the condo highrises that have stopped construction. Myrtle Beach's economy has fallen flat on its face for the most part. Home sales are down over 20% in the area.

The same scene can be witnessed in other coastal areas, Florida has radically come to a stop as far as high-rises go - developers running out of money to finish their projects. I believe Myrtle Beach foreshadows the future of the state's economy, hopefully the downward spiral will clear out later this year.

Any one else notice that newer massive strip malls are still being developed? I've noticed that doing so has caused them to cannibalize each other's sales. Starting to happen all over though, not just the Myrtle Beach area...

[Rapture]

Originally Posted by g-man430

Yeah then drive by all the condo highrises that have stopped construction. Myrtle Beach's economy has fallen flat on its face for the most part. Home sales are down over 20% in the area.

I didn't think the conversation was about just condos. The condo issue is due to many reasons and as Frankie117 said that's the same in most coastal towns, especially in the SE. Also, home sales are down almost everywhere compared to a couple years ago, not just MB.

The OP is obviously talking about the overall economy of the area, inc. the affect on rentals. Maybe someone on here that handles rentals can give their opinion or recent experience? My only experience is everywhere I seem to go around here in the last month has been crowded.

[sheena]

Originally Posted by nomccainforme

I have relitives living in myrtle beach, They tell me that the economy is slowing, condos are not renting. He works in plumbing service and says that he is getting let go at 3 each day instead of over time. his boss said he has never seen this before. How bad do you think the economy will get before it turns around?

I don't know but we cut out in December before we went through all of our money. Very slowwwwwww.

[Rapture]

sheena - things have picked up since then, wish you could have stayed. I just sold a house from a local builder that has sold almost all of his inventory in MB and is moving onto property he bought in Conway to build anther sub-division. The other day I was told Centex is down to only 20% of their inventory. Again, condos are a different story, there are just way too many of them. What I don't know about is how rentals are going.