Myrtle condo prices (Windsor: for sale, foreclosures, renting)

[kone]

We are very interested in purchasing a 2 br condo in MB for 2nd home use; we will not be "officially" renting. We've been watching prices closely for the last 14 months or so and they seem to be going up some. Is this true? If I'm right, the economic outlook certainly has not improved so is this because of summer? Any opinions on what the outlook will be for the remainder of 2008? We weren't prepared to do anything before Fall; have we missed the boat? We especially like two developments, Windsor Green and Riverwalk in CF.

FWIW, I've read many threads on here questioning MB (SC) southern hospitality vs northerners and I can say that in the many trips we've made to MB we've never encountered anyone that wasn't (maybe overly) pleasant. Now, I will add that we treat everyone similarly and are not your typical "high strung" northerners. We enjoy a little chit chat. Thank you!

[Rapture]

There are still a lot of condos for sale here, so there's still room for negotiating. I sent you a DM with more info. about the two condo developments you were asking about.

[NCBND]

MB condo prices are falling due to the effect of foreclosures and the nearly 8,000 units sitting on the MLS (+FSBOs) right now. Several complexes in MB interest me and I keep careful track of what's for sale there. In the last several weeks it looks like some seller capitulation is taking place - asking prices on units cut by $20K, one by $30K. These were units priced in the high $200s so that's quite a haircut. Although the realtors proclaim otherwise I don't think that the market has bottomed yet. There are still a bunch of foreclosures, bank problems and stubborn sellers out there. This fall and winter should bring some interesting opportunities for the patient.

[kone]

Originally Posted by NCBND

There are still a bunch of foreclosures, bank problems and stubborn sellers out there. This fall and winter should bring some interesting opportunities for the patient.

thanks NCBND. while I'm certainly not an expert, I have to agree with you. there's a lot more bad news still to come.

[Jammie]

Check out CNN. They said that many areas of the country have just dropped by up to 28%. They named Miami as one of them. Of course, it doesn't mean they dropped that much all over, but they sounded pretty confident that prices were still not leveling off. It should still be on their website because it's very recent. (maybe yesterday?)