Joel Barber is a realtor practicing in Myrtle Beach, SC since 2007. In the article that follows, Joel Barber gives some insight into how the housing and vacation property market in Myrtle Beach has never been hotter.
It was a Myrtle Beach institution for over 60 years. Soon it will be full of new houses and stores.
Joel Barber of SC reports that the Myrtle Beach Speedway’s sale is the end of an era for many in the Carolina Forest area of the city. The racetrack, which opened in 1958 and held races until August, is set to be redeveloped as a mix of commercial storefronts and residential units.
The preliminary plan calls for the development of 45 acres on the site, 43 for housing and 2 for commercial. Speedway owner Bob Lutz finalized the property’s sale in April for $7.85 million to a South Carolina LLC, Speedway Villas Holdings, which formed in March.
Realtor Joel Barber says the new owner’s early plan calls for 400 multifamily homes in addition to commercial elements.
The speedway was a Myrtle Beach landmark, a family-friendly venue that hosted early NASCAR Cup series races and NASCAR’s former Busch Series. A notable name once called the racetrack home early in his career: Dale Earnhardt. Jr.
Joel Barber of SC says those who live near the venue say they never minded the noise, and the thought of a brand-new development doesn’t make some happy. It attracted visitors and residents alike from all walks of life, one said. It was, as another put it, a simple pleasure.
Joel Barber Says No Surprise: Myrtle Beach Real Estate Market Soars
Joel Barber of SC reports that mirroring much of the country, Myrtle Beach’s housing market is roaring hot.
Home prices for single-family homes increased by 17.6% in late 2021 compared to the previous year, according to the Coastal Carolinas Association of Realtors. Inventory levels at record-low levels (the number of single-family homes available was down 39.6%) brought the average home price in the Myrtle Beach area to $297,500.
The number of completed sales was up 14.6%, with 12,633 single-family home closed sales.
What’s fueling the hot Myrtle Beach market? The CCAR says there is demand from many retiring baby boomers who seem to be moving down to Myrtle Beach earlier than expected because of the COVID-19 pandemic. Low interest rates and increased property values are also motivating buyers and sellers.
Real estate brokers like Joel Barber in the area say the Myrtle Beach area is increasingly being viewed as more desirable than Florida because it is not as hot, not as developed, and not as remote.
Also check out this video for information on what realtors like Joel Barber are doing for the homeless in Myrtle Beach.
New Oceanfront Resort to Open in 2024
Holiday Inn Club Vacations, Inc. is developing 16 acres on Myrtle Beach’s south goal for a new beachfront resort estimated to open in 2024.
Joel Barber of Myrtle Beach explains that the property is right across the road from Holiday Inn’s South Beach Resort. The proposal calls for a 300-unit, six-story structure on the land to be completed in multiple phases. The first phase will include over 150 one-to-four-bedroom villas with ocean views and direct beach access.
Other amenities will include hot tubs, a fitness center, a pool, and an outdoor fire pit. There will also be outdoor and indoor dining and activity center options.
Holiday Inn Club Vacations is one of the premier real estate and resort companies in the United States, with 28 resorts, nearly 8,000 villas and over 365,000 owners of timeshares spread out over 14 states.
Myrtle Beach Named in List of Top 10 Best Cities for a Vacation Home
Joel Barber says Myrtle Beach’s tourism industry is booming, but it’s also now being seen as a particularly desirable – and affordable – place to buy a vacation home. According to Realtor.com, is among the 10 best places in the United States to buy a second home right now.
It’s the only city in South Carolina to make the list according to Joel Barber of Myrtle Beach, though others in the top 10 are known as strong retirement areas, including The Villages, Florida; Lake Havasu, Arizona; and Branson Missouri.
The list also includes East Stroudsburg, Pennsylvania (close to the Poconos); Whitewater, Wisconsin (home to a popular lake); Salisbury, Maryland (near the Eastern Shore); and Cullowhee, North Carolina (near the Blue Ridge Parkway and the Great Smoky Mountains).
Claremont, New Hampshire, and Sevierville, Tennessee, round out the top 10. While vacation home demand fell earlier this year, it was still 35% higher than it was before the COVID-19 pandemic.
Joel Barber of SC notes that cash buyers reportedly rule the market for second homes, and experts say that rising interest rates won’t have a big impact on the vacation market. Zachary Staruch, an agent in Southwest Florida says that sales in his area are about 65% cash transactions.
Many are also seeing their vacation homes as an important lucrative investment. Brokers note that the average cash returns for second homes are about 10% yearly as short-term rentals.