He goes on to say that prices in Cape Cod and Hamptons up north have seen little change. The wealthy in these northern beach areas are SO wealthy that their real estate prices are insignificant. It seems to be that true luxury property everywhere is unaffected by the whims and pricing of regular homes.
Myrtle Beach real estate has certainly seen prices drop somewhat, but taking into consideration how much they increased several years ago, the overall picture is not as bad as one might think.
Traditionally, condos for sale in Myrtle Beach have been several hundred thousand dollars cheaper than a comparable Florida beachfront condominium. Where their averages were usually a half million or more, ours are about $350,000.00. Now there are quite a few available for right around $300,000… Baywatch Resort in North Myrtle Beach comes to mind. They have come down a bit, but are still holding their value, due to their overall popularity as vacation rentals.
Likewise our new resorts such as Bayview Resort, Prince Resort, and the recent condo-conversions such as Coral Beach Resort are holding their prices fairly well.
Our insurance is lower than Florida. Our property taxes are definately lower than Florida.
Our cost of living is low, and our winters mild. If you are dead-set on permanent warm weather and miserable summers, then perhaps Florida is worth the extra several hundred thousand.
I do think that more and more of the northern retirees are looking at homes in the Carolina’s instead.
Hi Grace,
BalasHapusMy name is Jane and I'm with Dwellable.
I was looking for blogs about the Prince Resort to share on our site and I came across your post...If you're open to it, shoot me an email at jane(at)dwellable(dot)com.
Hope to hear from you!
Jane