AboutSharon Wilkerson Expertise I can answer questions on residential real estate whether they concern buying or selling, 1031 exchanges, or investment property/vacation property. I can answer some questions on South Carolina law concerning the aforementioned property type sales. I cannot answer questions concerning commercial property.
Experience I am a realtor in the Charleston, SC, area which is an historic seaport town on the coast located between Myrtle Beach and Hilton Head. I have serviced both buyers and sellers from those looking to purchase their very first home to those looking for a place to retire. I have a network of realtors around the South Carolina area with whom I am in touch concerning the South Carolina real estate market.
Organizations The Charleston Tri-county Association of Realtors; The South Carolina Association of Realtors, The National Association of Realtors; Women at Work; The National Conservancy; Daughters of the American Revolution
Education/Credentials BA degree in Business and BA degree in Theatre Arts
Question Is now a good time to invest in a condo in Myrtle Beach? My husband and I live in New England, where real estate is still very expensive, and we would like to own some rental properties as an investment for our retirement. We were considering property in Myrtle Beach. How is the rental market there right now, either for vacation condos or if we rent to a long term tenant who lives and works in the area?
Answer Sorry to take so long in getting back to you but I had to do some research first in the Myrtle Beach market. Now is a GREAT time to buy. With a buyers market going strong, you can certainly find a good deal in a condo for rental purposes. Myrtle Beach continues to be a great vacation destination and keeping a condo rented pretty much year round as a vacation rental is not out of the question. When you are factoring in costs, please consider that although our property taxes are not nearly as high as the New England states, our property insurance on the coast is out the roof. Make sure that your realtor writes up the offer to purchase with the contingency that you can find affordable insurance. With a condo, that will certainly be easier than with a rental house as the exterior insurance will already be covered in your regime fees. Get your realtor to ask the property owners association if they have had a recent change in the price of insurance because if you choose a condo with low regime fees, odds are they have not; and when that occurs (and it will!), regime fees will spike. Long term tenants usually do not move into vacation rentals because of the expense; however, it may not be difficult to rent for the short term, say for two or three months during the off season (Dec., Jan., Feb) as the rates will be substantially lower.
Good luck to you in your search. I hope this has helped!
