Myrtle Beach listed as hot second home market

MYRTLE BEACH, SC (WMBF) – MSN.com lists Myrtle Beach as one of the ten hottest vacation real estate markets. Based on sales figures from assessment company Clear Capital, the website says Myrtle Beach is one of the best places to find a deal on a vacation home.

Real estate researcher Tom Maeser in Myrtle Beach said the coastal city is a good place to find those low prices.

"People are coming in and saying we don't want a deal. We want a steal," he commented.

He is not surprised to hear Myrtle Beach is considered one of the best places to buy a vacation home my MSN.com.

"[Visitors] see what a wonderful place it is," he said. "They buy an investment property, put it in a rental program. So it's a good investment."

MSN.com used figures from Clear Capital to figure out how much prices have fallen in popular vacation spots.

In Myrtle Beach, prices have dropped 34.5 percent since the peak in 2006. However, since 2009, prices have only dropped one percent, which shows prices have steadied. That price drop, the stabilization, and the potential for prices to rise again were major factors that helped land Myrtle Beach on the list.

"It's pretty much as low as I think it's going to get," said realtor Jay Bonnoitt. "I think we're going to see a slow rebound over the next several months."

The website featured a home listed by Bonnoitt, and since then he has gotten interest in that home and other homes. He said that interest shows buyers are looking at Myrtle Beach.

"I've gotten several inquiries off of Realty.com in the last six hours," he explained. "I think I have 15 to 20 in my inbox on email [also]."

Having buyers interested in the area can provide hope for people trying to sell their homes, but Maeser warns prices really are not going to increase until more foreclosures are off the market.

"They just drive the market down and we don't know how long that will last," Maeser said. "We don't know how much inventory is being held by banks."

One obstacle facing lots of second home buyers right now is getting a loan because credit is tight.

On a positive note, Maeser and Bonnoitt said once people do get a vacation home in the area, many of them eventually move full-time.