What's happening with house prices in NMB, LONGS? (Myrtle Beach, North Myrtle Beach: for sale, real estate market) - Horry County - City-Data Forum

Marylandsailor · 01-02-2009, 06:18 AM

Hello, I'll be moving soon to the North Myrtle Beach/ Longs area and was wondering if anyone had any info on what the housing situation is doing. Are prices dropping and numbers of houses for sale increasing like here in Maryland? I was looking for a smaller house to live. Leaning to the Longs area as I don't need or want to be so close to the ocean. I did some looking on the various real estate sites but I think first hand knowledge is always better.

Thank You,

Brad

dlcamp · 01-02-2009, 11:43 PM

It is definitely a buyer's market. I built a house in a subdivision in Longs a little over 4 years ago.

I saw my 183K investment go up to 265K over 3 years and since late last year has plunged to about 215K.

There are plenty of nice houses in both NMB and Longs just sitting on the market for months. What is happening is "owner's shock" or "price-drop denial". When they let them sit for 6 months or more then the owner get's their heart right and lowers the price to "present market reality" and then a sale.

Some can't find buyers at all so are renting them or trying to.

David

NCBND · 01-03-2009, 05:29 AM

There are scads of foreclosures in MB, both in houses and condos, and the local real estate market has a multiple-year oversupply of properties for sale. That screams "buyers market" except that it simply seems too soon to buy. Common sense would dictate a significant price drop before some stability is regained between supply and demand.

I have a realtor there who emails me any new foreclosure listings or price drops in existing ones and I must get 15 emails a day. And these aren't the places that you see on TV where the departing occupants have a wreck-the-house party before they mail in the keys - they are nice and habitable. MB is still high on the NCB list of overpriced US housing markets but it appears that the high foreclosure rate there will deflate prices to a more realistic level. If you don't need to buy immediately why not rent something and take some time to find a jewel amid the wreckage? It's probably a renter's market also.

Marylandsailor · 01-03-2009, 10:06 AM

Thanks, that's just the kind of info I was looking for.

Brad

gmonaco · 01-06-2009, 05:22 AM

Quote:

Originally Posted by Marylandsailor

Hello, I'll be moving soon to the North Myrtle Beach/ Longs area and was wondering if anyone had any info on what the housing situation is doing. Are prices dropping and numbers of houses for sale increasing like here in Maryland? I was looking for a smaller house to live. Leaning to the Longs area as I don't need or want to be so close to the ocean. I did some looking on the various real estate sites but I think first hand knowledge is always better.

Thank You,

Brad

Prices are definitely depressed and inventories are high. If you've got the money, it's a great time to buy...especially in the Longs area....but caveat emptor.......the Highway 9 corridor will be the next big growth area. It's not like it was even 5 years ago and 10 years from now, it'll be a lot different...hopefully not the 501 nightmare but only time will tell.
Take a look at some of the homes in our area....Sun Colony. We own one of the condos there and the single family homes are really lovely and it's a wonderful little community, although GROWING! When we bought there were about a dozen homes next door......can't even count them now and more coming. Lots more development planned farther up Highway 9 out toward Longs, Loris, Tabor City, etc.