One of the fastest growing communities in the US is the "Strand" ? the stretch of cities starting at Myrtle Beach and extending north along the South Carolina coast to North Myrtle Beach. Geographically, all of these cities are build around the high water table and the pine bluffs in from the coast, and present beautiful beach walks and lovely scenic vistas for houses. Myrtle Beach is commonly referred to as the "Golf capital of the World", and was re-founded in the middle of last century as a resort community.
Myrtle Beach has a median family income of around $28,000 per year, and has had stable home prices for the last three years, with most homes on the market running around $225,000 or so, and new construction homes at $230,000 or so. While Myrtle Beach wasn't immune to the credit crunch of 2007, and the resulting flattening of the US housing market, it was insulated by the strong local economy (much the same way Las Vegas was). While Myrtle Beach's properties didn't decline in price as rapidly as several other parts of the country have, they did drop a small amount. Myrtle Beach's primary business sector revolves around tourism and visiting, with a secondary sector built around high tech (mostly programming) businesses. With an average tourist influx of over 12 million visitors per year (most of them in the spring through fall), there's been a building boom, both for people wanting to provide rental condos and time shares to visitors, and for people looking to buy summer homes. A side effect of this housing boom is that existing properties are appreciating in value, particularly as the community grows its own professional economy.
So, what's the investment strategy for buying at this point in time? Like any investor, you're looking to maximize your rate of return. Myrtle Beach's strong local economy means that any building built here or bought here has a solid return on investment. Conventional wisdom says to batten down the hatches during a recession, and focus on savings and keeping your assets liquid. However, with current trends in banking, the weak dollar, and the specter of inflation, a solidly diversified portfolio should contain several real estate investments, or investments in tangibles.
Here's why: For the first, nationwide, real estate prices are down; there are foreclosure properties on the market that are further driving down real estate prices. While foreclosure rates are higher than normal, they're much lower than was initially expected when the housing bubble burst. What this means is that picking real estate, in the right markets, can give you significant rates of return as the economy eventually recovers. In Myrtle Beach, there are several indicators that properties purchased there will appreciate in value. The first is the demographic growth rate - Myrtle Beach is growing by almost 6% per year.
That growth rate means that several types of real estate are worth investing in, from second homes to office complexes, as the economy diversifies from its current tourism-driven base. Myrtle Beach's other tangibles are its quality of life - it consistently ranks in the top five among surveys of the best communities to live in for the United States - and its solid tax base, which keeps city infrastructure expanding and well maintained. Myrtle Beach's resort pedigree is built in part around its accessibility, which stems from US 17 running north/south on the Carolinas coast to a passenger train line, which makes it easy to get to from anywhere on the eastern seaboard.
That same rail connectivity also helps keep costs down in other ways for residents, which in turn helps foster business growth in the community. Myrtle Beach is a lovely community with plenty to offer a forward looking real estate investor.
The Hoffman Group, Myrtle Beach Real Estate is a Company Specializing in Preconstruction Condo Sales and oceanfront resort second home condo for more than 25 Years. You can access all the Myrtle Beach Real Estate properties available in the Coastal Carolina through the Board of Realtors Multiple Listing Service.