Nov. 27, 2018

7 Simple Steps to Get Your Home Ready For Holiday Guests

Hosting friends or family for the Holidays can cause a little anxiety during an already potentially stressful time. You want your home to be welcoming and you want your guests to feel comfortable...but you also want time to relax yourself!

These 7 tips will help you focus on what's necessary to get your home ready:

#1 Declutter

The day before guests arrive is not the time to try to organize junk drawers and clean out linen closets.

Declutter your guest rooms and main areas of your home — foyer, kitchen, living room, den, and dining room. Remove unnecessary items from countertops, coffee tables, and ottomans; if it's out of sight, keep it out of mind, for now.

If you run short of time, bag up the clutter and store it in car trunks, basements, and out-of-the-way closets. Don't get caught up in sorting through everything now...sort and arrange after your guests leave.

#2 Add Night Lights

Even though you can navigate your home blindfolded, your guests can't. Make sure outside lights are working so they don't trip on the way to your door. Put motion-activated night lights in hallways, bathrooms, and bedrooms to ensure safe passage after the sun sets.

#3 Make Space in the Entryway

Your home's foyer is the first place guests see, so make a good first impression.

Place a small rug or welcome mat at the entrance to protect floors from mud and snow. 

Clear out shoes, umbrellas, and other clutter.

Free up room in your coat closet, or add extra hooks to walls or a coat tree so guests can hang coats and hats.

Add a bench where guests can remove boots and shoes.

#4 Add a Coffee Station and Extra Stools

Your kitchen is command central during the holidays, so make sure it's clean and ready for guests and extra helpers.

If possible, move your coffee station into the dining room or a family room so guests don't crowd the kitchen when you're trying to fix meals.

If you like to visit while you're cooking, place extra stools and chairs around the perimeter of your kitchen so guests can set a spell.

#5 Create Extra Sleeping Space

If you've got a guest room, make sure guests have a fan...either a ceiling fan or a standalone so they can customize their room temperature without fiddling with the thermostat for the entire house. 

To carve sleeping space out of public areas, buy a folding screen or rolling bookcase, which will provide privacy for sleepers. Fold or roll it away in the morning.

#6 Make Extra Bathroom Supplies Easy to Find

Bring toilet paper, towels, and toiletries out of hiding, and place them on open shelves so guests can find them easily.

If you don't have enough wall space for shelves, place these items in open baskets around the bathroom.

Also, outfit each toilet with a plunger (to avoid embarrassment).

#7 Have Extra Wrapping Supplies on Hand

There's always a last minute gift that pops up and guests usually don't travel with wrapping paper. Have a few supplies on hand so your guests can easily access and use it if needed!

If you're in the market for a new home for the holidays, take a look at our BRG Featured Listings! We've definitely got something for everyone!












Nov. 19, 2018

3 Great Kitchens for Cooking A Holiday Meal!

They say the kitchen is the heart of the home and whether your perfect holiday meal includes days of prepping and cooking, or heating up take-out, we've got a kitchen that fits the bill! Take a look at these 3 favorites and let us know what your perfect kitchen would look like.



The kitchen in this Tidewater Plantation was built for entertaining. Warm cabinetry and countertops, lots of storage space,  and a beautiful island all open to the family room complete with shiplap and space for a large tv so you don't miss a minute of football...or parades!

1225 Tidewater Dr. Unit 2511, North Myrtle Beach | 3 BD 3 BA | Listed by Jim Hullihen



Who wouldn't enjoy cooking in this beautiful, all white custom kitchen with huge granite bar and upgraded appliances? This home has a beautiful open floor plan perfect for family time and entertaining, gorgeous, modern colors, beautiful fixtures, and those coffered it's brand new! 

605 Carsten Court, Myrtle Beach | 4 BD 3 BA | Listed by Chris Koppel



We're not gonna lie, this kitchen might seem a little small for a huge, full course, traditional holiday meal...but with these views, is anyone going to really notice? Stainless appliances, granite countertops and panoramic views make this a dream no matter what you're cooking!

107 S Ocean Blvd. Unit 908, Myrtle Beach | 2 BD 2 BA | Listed by Jeff Casterline

Everybody's idea of the perfect kitchen looks different! Whatever your dream holiday kitchen entails, we can help you find it. Call us and let us help make your dreams come true! 843.883.6600


Nov. 18, 2018

BRG Gratitude Project

BRG Gratitude Project - Day 1


BRG Gratitude Project - Day 2



BRG Gratitude Project - Day 3



BRG Gratitude Project - Day 4



BRG Gratitude Project - Day 5



BRG Gratitude Project - Bloopers


Oct. 31, 2018

Buying an Oceanfront Condo - Part 4

Important Questions to ask the HOA when buying an Oceanfront Condo:

1.  What are the monthly HOA dues? What do they include? Are they charged monthly or quarterly?

NOTE: Many rental machine buildings have started including the HO6 (contents and liability) insurance in the HOA dues.  If not included, HO6 usually runs around $400-450/year for basic coverage (which is $10,000 in furnishings, fixtures, and appliances replacement and $300,000 in liability coverage, which is usually what most rental management companies want you to have).    

Also, landline telephone service is usually an extra charge on top of the HOA fee since the telephone is operated by an outside carrier. The charge is static each month and has long-distance and 1-900 call blocks on them. This service is only for local calls and to the front desk. Charges range between $20-28/month for most resorts.     

2.  Are there any special assessments in place? If so, what is the assessment paying for, how long does it last, and what is the dollar amount of the assessment?       

NOTE: Associations typically charge special assessments only when absolutely needed, such as for building repairs, hurricane damage, or if there is a shortage for the building’s insurance coverage.   These assessments are typically charged over a span of time in installment payments so the burden is as light as possible for each condo owner. You'll need to take into account the amount of the assessment and use that during negotiations when your are making an offer.

3.  Are there are any lawsuits in place? Occasionally there are lawsuits between the HOA and another party(ies). Typically, it's construction-defect litigation between an HOA and the original developer. You have to ask about lawsuits since construction-defect CAN have an effect with obtaining financing.  Not all lenders will lend on a project with construction-defect litigation in place as they see that as taking on too much risk.  However, some of your local lenders here in Myrtle Beach, such as CresCom Bank and South State Bank among others, will still finance in a project with construction-defect litigation as long as the lender knows about the litigation and feels it's not a serious threat. For example, at Magnolia Pointe condos built from 2000-2006, they had construction defect litigation but it was for all minor issues so local lenders had no problem providing financing for buyers in this complex.

4.  Are pets allowed for owners, their guests, or renters?  This is a big one since many buyers want to be able to bring their pets with them when they buy an Oceanfront Condo.   Unfortunately, there is no universal list of buildings that do and do not allow pets.  You have to call the property management company and ask them if owners, guests, and/or renters are allowed to have pets.   If they say "yes," then you have to ask if there are any BREED or WEIGHT restrictions.  Some buildings will allow owners to have pets but only under 40 pounds.  Or they might say "no vicious breeds such as Pit Bulls, Rottweilers, or Dobermans." Some HOA's say owners are allowed pets "with Board of Director's approval." And while some Oceanfront buildings, including some rental machine buildings, DO allow owners to have pets. Almost ALL Oceanfront buildings do NOT allow renters to have pets.  A few, such as Sea Mist Resort, have a couple of buildings designated as "pet-friendly" for renters, but these types of buildings are few-and-far between.   

5.  Are motorcycles allowed on the property? Another important question since many owners want to be able to bring or ride their motorcycle to their Oceanfront resort here in Myrtle Beach. Some buildings allow them, others do not. Again, it's a "building-specific" question so you have to ask the property management company and make certain you have clarification if this is important to you.  If in doubt regarding motorcycles OR pets, you can also check the Master Deed or Rules and Regulations for the building.  

6.  Is the building a "Right of First Refusal" building?  You typically only see this in the newer Oceanfront Resorts built from 1997-2009.   During that time-frame, many developers put language in their master deeds stating that the developer has the "right of first refusal" on all sales in a building.   So, when you decide to sell your condo in one of these buildings, either you or your closing attorney will need to get this form from the property management company, fill it out, and send it to the developer.  It will state the purchase price and unit # being sold along with the closing date.  The developer then has 10 days to exercise their "right" or not.  If they DO exercise their right, then the developer steps in and purchases the condo for the same price as your contract. The only person who loses out is the buyer, who then has to go find another condo to buy.  This option was being exercised during the boom years of 2004-2006 by developers who wanted to purchase the condos and keep them on their rental program and/or "flip" them since market prices were going up so quickly.  In today's market, it's mainly being used sparingly to keep the condos on the onsite rental program since the original developers in many resorts still own the front desk rental program.   We've seen "right of first refusal" exercised recently in Grande Shores and Camelot By The Sea.  However, if your buyer is planning on keeping the condo with the onsite rental program, the developer may waive their "right" and allow the buyer to purchase it as long as the buyer signs a rental agreement for “X” number of years (typically 1-3 years). 

Some of the buildings with Right of First Refusal include:   Anderson Ocean Club; Avista; Camelot By The Sea; Grand Atlantic; Grand Shores; Ocean Reef Resort; Prince Resort; Roxanne Towers;  and Sands Beach Club.  There are others so always call the property management company to confirm.


Oct. 24, 2018

Buying a Myrtle Beach Oceanfront Condo - Part 3

In Part 3 of our Oceanfront Condo series, we're going to breakdown the different floorplans available in the Myrtle Beach area. There are a lot of options and a lot of things to consider as you move forward. Mark Loomis, one of our BRG Oceanfront Condo experts has broken them down for you here: 


For the most part, you have two different styles of 1 bedroom condos here, you have either the "Shotgun" style floor plan OR the Deluxe floor plan.   Approx. 90% of all Oceanfront 1 BR condos in the myrtle beach area are the "shotgun" style floor plan, which is where you enter the condo, walk into the bedroom, then there's a hallway with a galley kitchen on one side and a full bathroom opposite. The living room is normally the portion of the condo that is Oceanfront.   Most living rooms have either a sleeper sofa or a murphy bed.  Most shotgun 1 Bedroom units have 2 double beds and then either the murphy bed or sleeper sofa giving you space to sleep 4-6 people in a 1 Bedroom.  Some shotgun 1 Bedroom units feature a king bed instead of 2 double beds.  If you are looking at your Oceanfront Condo as an investment, the "king bed suites" typically rent for slightly more money than the double bed suites since most 1 Bedroom units are rented by couples or small families. 

For example, at Caribbean I resort, the king bed suites grossed around $34-35K onsite in 2017 while the double bed suites grossed approximately $29-31K onsite in 2017.    

Deluxe 1 Bedroom condos are typically only found in the newer buildings such as Anderson Ocean ClubRoxanne Towers, Avista, Prince Resort, Bayview Resort, Oceans One, and Sandy Beach Resort II; however, some older buildings DO have them, such as Patricia Grand and Breakers Boutique.    

As we've mentioned in previous series, the decision is truly based on how much personal usage you truly want.   Are you more concerned with finding a vacation home to suit you and your family's needs?  Or are you more concerned with the rental income?  Typically, renters don't care about the shotgun versus deluxe floor plan. They just want to vacation at the beach!at is simply a feature that a buyer might want.  

Finally, keep in mind that regardless of the style, most 1 bedroom condos do not have an oceanfront bedroom. There are only a few in the area that that feature an oceanfront bedroom in a 1 Bedroom condo...Patricia Grand and Breakers Boutique are one of the few that have this feature. So if your dream condo includes lying in bed and looking at the ocean, you may need to look at the larger condos. 


Once again, there are basically 2 layouts for 2 Bedroom Oceanfront condos, the "single bay" layout and the "double bay" layout. Single-bay means that only the living room bay is the OCEANFRONT part of the condo with both bedrooms in the rear of the condo.  This floor plan will look like an inverted "T" on paper.  Double-bay means that the living room AND the master bedroom both face the ocean with only the 2nd bedroom in the rear of the condo. Many buildings in the Myrtle Beach area feature both floor plans. 

Avista Resort in NMB; Atlantica I, II, and III;  The Horizon on 77th; Caribbean II; Dunes Village Resort II; Ocean Creek Tower North; and Sandy Beach II all have both single bay and double bay floorplans.  

One interesting thing to note is that although double-bay 2 bedrooms typically sell for a bit more money in any resort, the actual rental income doesn't vary that much. So again, if you're primarily looking for a rental unit, this is something to keep in mind. 

Additionally, there are a few buildings with 2 BR / 2 BA lockout condos, which is where you have a large 1 BR / 1 BA condo with an adjoining door to an efficiency / 1 BA condo.  It can be rented together as a 2/2 condo or separately.  Owners who rent out this type of unit will receive 2 rental checks per month – 1 for each unit.   

         Some notable buildings with 2 bedroom lock-out units include:  Bayview Resort, Breakers Boutique, Sands Ocean Club, Seawatch North Tower.


One of the main things to remember in regards to 3 bedroom oceanfront condos in Myrtle Beach is that some of the older buildings will have all 3 bedrooms in the rear of the condo with no oceanfront master suite.  These buildings include: Arcadian I and II (certain floor plans); Ocean Sails; and a few buildings near the Cherry Grove point.   Other than thee, almost all 3 Bedroom Oceanfront Condos along the Grand Strand will have at least the master suite facing the ocean.  There are also a couple of buildings that have 2 or more bedrooms in a 3 bedroom floorplan that will face the ocean, notably Prince Resort I and Breakers Boutique.   

Just like with 2 bedroom units, there are also 3 bedroom lockout condos available. In this case, you have doors separating the condos so they can be rented either together as one large 3 bedroom or oftentimes as a 1 Bedroom Unit with 2 Efficiency Units. 

Bayview Resort has a 3/3 lockout that consist of a 2/2 with an efficiency / 1 BA condo.  Breakers Boutique has a 3/3 lockout that is a large 1 BR/1 BA with 2 efficiencies and 2 baths.  


These are your typical "Hotel rooms."  You enter into the condo and you're right in the kitchen area that is open to the bedroom / living area.  The only area with a door is the bathroom.  Some efficiencies will have a small kitchenette (mini-fridge, microwave, and sink) while others will not.    


Most of your 4 bedroom or larger Oceanfront Condos will be found in North Myrtle Beach and they are typically in your more PRIMARY HOME or 2ND HOME style buildings.  Most "rental machine" buildings don't have these larger condos.  However, a few do, such as Ocean Reef Resort, Caribbean II, Beach Colony, Dunes Village, Grand Atlantic, North Beach Plantation, and Paradise Resort (4/3 lockout). 

As you can see, there are a ton of options for Oceanfront Condos along the beautiful beaches of the Grand Strand!

Call us to speak with an Oceanfront Expert and let's find the perfect property for your needs. 843.883.6600






Oct. 16, 2018

Buying a Fixer Upper: 5 Things To Check Before You Buy

Real estate has long been considered one of the best investments you can make. And, even after the housing market ups and downs in the last several years along with rising interest rates, real estate can still be one of the best ways for investors to make money.

Of course, some of the largest profit margins come in the form of "fixer-uppers." The key is to be able to identify a viable fixer-upper rather than a money pit. A fixer-upper needs to be profitable after the cost of the home and all of the repairs are deducted. This isn't always easy to determine in advance, but there are some things you can do to improve your odds of finding a literal diamond in the rough. Because of the number of people constantly moving to our area, along with the number of vacationers, the Myrtle Beach area offers a number of homes and condos for sale that make excellent real estate investments.

According to, here are five major things that you need to inspect before you make a deal.

#1:  Roof

A standard shingle roof only lasts about 15 to 20 years. With a roof replacement on a standard-sized ranch home costing as high as $8,400, this is a substantial expense if the property you purchase needs a new roof. In fact, barring any structural problems, a new roof is most likely going to be the most expensive project you’ll have to take on if you want to be able to flip your fixer-upper.

#2: Heating, Ventilation, and Air Conditioning

Next to the roof, replacing a home’s HVAC system is the single most expensive item you’ll have to deal with. Depending on the size of the system and the type of equipment you purchase, you could be easily looking at $8,000 to replace an HVAC system.

Most fixer-uppers are either going to need their systems replaced or overhauled to some degree to make them safe and up-to-code. In older homes with no previous heating and cooling systems, entirely new systems including duct-work will need to be installed if you have any hopes of being able to sell.

#3: Foundation

The foundation is what the home stands on, so it's essential for it to be checked, and checked thoroughly. If the foundation has cracks or looks like it is sinking, then you're looking at major repair investments. But not all foundation problems are found outside the home. Other signs include uneven floors, gaps around window frames or doors, doors that stick or won't close properly, and cracks in the basement walls.

#4: Electrical System

If you want to sell your fixer-upper of an investment property for a profit, then it needs to be able to handle the electrical demand of a modern family. Any old or outdated equipment will need to be replaced, and everything will need to be brought up to code. In many cases, the panel box will need to be updated and extra circuits added throughout the home to bring it up-to-date with today's technology needs.

#5: Plumbing

If the investment property you're interested in has been sitting empty for some time, then there will no doubt be problems with its plumbing system. Plumbing pipes last longer when they’re being used, and when they aren't used for a lengthy amount of time, they can become dry, brittle, and more likely to develop leaks. In some cases, the only option is to tear open the walls and replace all the pipes and fixtures to ensure a safe, water-tight system.

Additional Concerns and Considerations

There are a lot of things that might be wrong with a home that can increase the financial commitment just to get it in shape for selling. Other things you should look for or consider when planning to invest include:

Insect or pest infestations, Property Location, Water Damage, Mold, Dry Rot, and Asbestos.

While it's every investor's goal to sell an investment property after fixing it up, there are instances where a home still won't sell. So, if you want to be a real estate investor, you need to have a plan B, in case your plan A, selling the property, doesn't work out.

You'll want to ensure that the home you invest in can still turn an eventual profit if you are forced to rent it out, instead of selling it quickly. Your profit will take longer to accrue this way, but at least you won't be sidelined with a second mortgage if you can get a renter in at the right price.

At BRG, we have several Agents who are also experienced Property Investors. These experts can guide you and help you make informed decisions as you step into the world of Real Estate Investor.

Call us for more information! 843.883.6600





Oct. 11, 2018

Financing Your OCEANFRONT Condo Purchase

Welcome back to our Series on Oceanfront Condos! Last week, we discussed some important information to help you determine what type of property investment might be best suited to your needs. CLICK HERE TO READ THAT ARTICLE

At BRG, we're lucky to have some of the most knowledgeable Oceanfront Condo Specialists in the Myrtle Beach area. This week, one of our experts, Mark Loomis has shared some information about financing your oceanfront condo purchase. 

Since almost all oceanfront condo buildings in the Myrtle Beach area are "condo-tels," buyers cannot obtain conventional, 30-yr fixed rate loans.   It is also quite likely that you won't be able to use your local hometown lender either because most lenders are not familiar with condo-tel loans.   A condo-tel loan requires a certain lender with experience in these particular types of loans. Knowing this upfront will save you and your REALTOR a lot of time and disappointment. It's awful to find the perfect oceanfront getaway and start dreaming of family beach vacations only to find out you're not going to be able to get the loan terms you were imagining! 

A large majority of lenders sell their loans to Fannie Mae. Since Fannie does not purchase condo-tel loans, many lenders cannot make the loan.  You may be an immensely qualified buyer, but the property may not be! If you have a particular lender that you have used in the past and really want to use, contact them and ask if they actually do "condo-tel" loans.  Be sure to clarify that these loans are not purchased by Fannie Mae and that In order to do a condo-tel loan, the lender will need to keep the loan on their books for the length of the loan since they can not sell it unless they sell it to a private investor.  Make sure you have this information sorted out with your preferred lender. If they determine they cannot make this type of loan, there are local lenders in the Myrtle Beach area who are familiar with these types of loans and have the experience and the ability to work with you on them.

A couple of the top lenders for condo-tel loans in the Myrtle Beach area are: 

CresCom Bank   

CresCom will finance 1 BR or larger condo-tels. They do not finance efficiency units.   

For a 1 BR condo (under 750 heated sq. ft), you should expect to pay 25% down payment for a 15-yr amortization, 30% down payment for a 20-yr amortization, and 35% down payment for a 30-yr amortization.  They have 5/1, 7/1, 10/1 ARMs as well as 10-yr, 15-yr, 20-yr, and 30-yr fixed rate. Rates will be approx. 5.25% - 6.375% with no point. You can pay 1 point and lower rate by 0.50%.  

For 2 BR or larger condos (over 750 h.s.f.), you should expect to pay 25% down payment.  

NOTE: Very important:  CresCom does NOT charge a higher down payment or a higher interest rate for a buyer's 2nd condo or condo-tel purchase in this area.    Their 1st purchase will be classified as a 2nd home and next one as an Investment.  Most lenders will charge higher down payments and higher interest rates for the Investment purchase, but right now CresCom does not.  So, if you are interested in buying 2 condos at the same time, then CresCom will give you the same rate/terms for both loans as long as you qualify for the loans.  

SandHills Bank

Sandhills is the only lender who can finance an efficiency as long as the loan amount is $50,000 or higher.  

Sandhills will ONLY do 2nd home loans, not Investor loans for condo-tels.  

For a condo-tel loan with SandHills Bank, you can expect to pay a 25% down payment, up to 25-yr loan term.  Efficiencies are limited to 15-yr loan term.  Only ARM's offered.  1% origination fee.   

In addition, you must maintain a deposit account with SandHills Bank and have the loan payment auto-drafted from that account.   Rates are usually a little higher than CresCom.   

Other lenders include: 

CCNB (Coastal Carolina National Bank) 

CCNB will loan on condo-tels but they have limitations.  For example, they won't loan on conversion properties which are those oceanfront buildings that used to be hotels and then were converted to privately-owned condos during 2004-2006 (Landmark, Coral Beach, Compass Cove Pinnacle, Monterey Bay, Caribbean phase I, Sandcastle South, Breakers Boutique, Patricia Grand). You can learn more about these conversion properties in our previous article: CLICK HERE

South Atlantic Bank  

South Atlantic Bank typically sells their loans to a private investor so the terms may not be as favorable as those lenders that keep their loans in-house.  

The following OCEANFRONT condos are currently available for sale in the Myrtle Beach area.

Please call us at 843.883.6600 and ask to speak with one of our Oceanfront Condo Experts.

Myrtle Beach Oceanfront Condos

Myrtle Beach Oceanfront Condos - 3 Bedrooms

Myrtle Beach Oceanfront Condos - 4+ Bedrooms

Oct. 3, 2018

Buying an Oceanfront Condo - Part 1

Oceanfront condos in the Myrtle Beach Area are legendary! They come in all shapes and sizes, from high-rises with full-on resort style waterparks, to low-key, low-rise buildings tucked away on quiet stretches of sand. 

Whatever your style, two things are certain: 

1. The Myrtle Beach area has what you're looking for and 

2. Nothing beats a morning cup of coffee on an oceanfront balcony.

With that being said, the vast amount of options along the Grand Strand can be overwhelming. At BRG, we're lucky to have some of the most knowledgeable Oceanfront Condo Specialists in the Myrtle Beach area. Mark Loomis is one of the best and he's put together some valuable information to help you in your search.


The first thing you'll need to determine is whether this will be your primary residence or your 2nd home or investment property.

If you are in the market for a primary residence, then of course, any building will work but many primary residents want to be in a quieter building rather than in the high traffic tourist area of downtown Myrtle Beach.


If you are in the market for a 2nd home, then, again, every building will work. So you'll need to start to narrow it down by some additional wants such as the number of bedrooms wanted, approximate square footage, and price. 

Then, you'll need to determine the type of building that fits your needs. Along the Oceanfront, there are a number of smaller, typically wood-frame buildings built in the late 1970's and early 1980's. Almost all Oceanfront buildings 3 stories or less will NOT have an elevator, so you'll need to determine whether stairs will be an issue for you. Even 1st-floor condos in wood-frame buildings typically have a few stairs leading to 1st floor units. These types of buildings typically only have an outdoor pool and maybe a hot tub. Many will NOT have washer/dryers inside the condo but may have a laundry facility somewhere on premises. 

Then, there are mid-rise buildings (4-6 stories) that were built around the same time frames. You'll find a number of these types of buildings in the Surfside / Garden City Areas. These buildings will usually have an elevator and typically only a pool and/or a hot tub. 

And last, there are the concrete/steel high-rises (7+ stories). These tend to be the more "resort-style" properties like you find in Myrtle Beacn, North Myrtle Beach, and a few in Surfside / Garden City (like Water's Edge and Royal Garden).  These buildings have elevators, many will have on-site check-in desks, and most have multiple water amenities including indoor and outdoor pools, hot tubs, and possibly lazy rivers. These buildings operate more like a "hotel” and are commonly referred to as "condo-tels” (a hybrid word combining "condominium" with "hotel"). The term "condo-tel" comes from Fannie Mae and in short, if the property can be rented daily/weekly (regardless of whether there's an onsite front desk), then it is most likely a "condotel".  (Even some non-oceanfront condos can be classified as "condo-tels".  If the lender can google the property and see that rental companies and/or individual owners are renting the property daily or weekly via anything like AirBnB, HomeAway,, etc., then they will likely be classified as a "condotel" for lending purposes.)


Finally, we have the high-grossing "rental machines". If you are an Investor looking for the highest ROI (return-on-investment, which equals the net income after all expenses divided by the purchase price), then you will want to look at the concrete/steel high-rise "condo-tel" buildings and almost all of them are in the Myrtle Beach city limits. There are also a few options for these types of condos in North Myrtle Beach, such as Avista, Prince Resort, Beach Cove, and the luxurious North Beach Plantation.

The age of the building is an important factor. Most concrete/steel high-rises were built from 1980-1986. After the changes in tax laws in 1986, developers stopped building new resorts. 

From Wikipedia: 

"After the lengthy peacetime expansion of the 1980s, inflation began to increase and the Federal Reserve responded by raising interest rates from 1986 to 1989. This weakened but did not stop growth, but some combination of the subsequent 1990 oil price shock, the debt accumulation of the 1980s, and growing consumer pessimism combined with the weakened economy to produce a brief recession.” 

The recession referenced was from July 1990-March 1991. So, from 1986-1996, you saw no new Oceanfront resorts built along the Grand Strand other than a few smaller, boutique-style buildings like Emerald Cove and Beach Club I, II, and III. A few existing buildings DID add a tower to their already-existing resorts (Beach Cove added Tower II with 2 and 3 bedroom units in 1996; Beach Colony added the ocean view tower in 1995; Sands Ocean Club added the "Executive Tower" in 1994; Landmark Resort added the south side ocean view tower in 1996). 

Then, another wave of Oceanfront high-rises were built with Long Bay Resort opening in June 1997. From 1997 – 2009, we had at least 2 dozen new resorts built and completed. The last new building to open was North Beach Plantation, which opened in January 2009.

Most Myrtle Beach area Oceanfront high-rises were built either in the last 21 years or 32-38 years ago, roughly. The newer resorts tend to have better amenities onsite including lazy rivers. Some feature onsite restaurants, golf stores, sundry stores, tiki bars, etc. Dunes Village even built two indoor water parks that are 15,000 square feet each. As an investor, you will typically want the newest building with the best ROI. These newer buildings are the ones that are currently seeing rental incomes increase more dramatically than older buildings, thus increasing their resale value. The higher the rental income, the higher the resale price. There are other variables that help with price increases, of course, but increasing rental income is one of the strongest drivers of price.


NOTE: Investors should plan on an ROI on an Oceanfront condo in the 5-6% range max. This assumes, however, that the buyer is using the onsite front desk. In this day and age where owners can more easily rent their condos on their own, then the ROI could increase a bit by cutting out the onsite rental management fees to some extent. Not all buyers will want to rent it out on their own, but, for those who can, this is the way to go for the highest ROI. The 2nd highest ROI will be to use the onsite front desk. Most Oceanfront condo buildings will charge somewhere between 35-45% rental management fees. You have to add another 5-8% on top of that to account for miscellaneous charges such as travel agent commissions, annual maintenance agreement, annual business license fee, replacement fee (typically 1% of the monthly gross rental income), repairs, carpet cleanings, etc. But the NET income an owner will receive from on-site management is almost always higher than what they will receive if they use an off-site rental agency. Off-site rental agencies will typically charge around 15-20% but there are usually extra fees such as the cost of cleaning the condo after each renter, etc.  When you add up the "extra" fees from these off-site rental agencies, you may end up closer to 30-40% of the gross income. 

The added benefits of using onsite: Need more towels, just call downstairs. Get locked out of your room, just go to the front desk. If you use an off-site company, and you need more towels or get locked out of your room at 2 AM, you have to call the rental companies emergency number and wait for someone to come assist you. It can be more of a hassle to your renter when you use off-site rental companies.


NOTE: If you are interested in both a 2nd home AND high rental income, you will need to assess your priorities: How long do you plan to use the condo: 1-2 weeks per year, 4-6 weeks per year, or much more often? In other words, what is MOST important to you...personal usage OR high rental income? If you only plan to use your condo personally for just a few weeks per year, then it sounds like you really want the most rental income possible, correct? If so,  then you're probably looking for more of a "rental machine." If rental income is your 2nd priority and perhaps you're just looking for enough to offset the taxes and HOA dues, then you may be happier with a 2nd home style building.


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May 14, 2018

Harley Week 2018

Harley week is here and the attendance levels are returning back to historic levels. It is great to see this group returning to Myrtle Beach city and to the surrounding areas of Murrells Inlet and North Myrtle Beach. The area is full of entertaining events this week from drag racing and bikini contests at the North Myrtle Beach Drag Strip to the Beaver Bar and Suck Bank Blow in Murrells Inlet. Old Chicago Pizza and Taproom are also offering entertainment and great food. Diversity, one of our personal favorites is playing this Wednesday at Calli Bakers in North Myrtle Beach from 3-6pm. The Grand Strand will be enjoying great weather all week, so get out and enjoy a little piece of sunshine.

May 8, 2018

More Entertainment Broadway at the Beach

Broadway at the Beach has done it again and we are not talking about Top Golf, soon to come to corner of 29th Avenue and Grissom. We are talking about the addition of even more restaurants, stores and rides to make this area even more of a destination for vacationers.

Kentucky Mist Distillery with moonshine and other liquors made from fruit is now open. Grumpy Monk, a local favorite for craft beers and food will be open soon. Pavilion Parks of Broadway are expanding and undergoing renovations, and the Broadway 360 Observation Wheel will soon offer guests an amazing view of this area of Myrtle Beach that we have all come to enjoy.

Broadway at the Beach ties in very well with vacationers, second homeowners and locals looking for a great night out. If you are searching for a home that is a close ride or walk to the shops and restaurants of Broadway at the Beach, we have a few options. Plantation Point is a great neighborhood with access to the Intracoastal Waterway. These homes start in the mid to high $400s. Then you the condos of Magnolia Place, Magnolia North and Magnolia Pointe for a 2nd home starting in the low $100s. Then there are several blocks on the north side of Broadway at the Beach that have homes starting in the $200s that are not in subdivisions. Make sure you check our Advance MLS search for homes near Broadway at the Beach and other Myrtle Beach areas.

Posted in Myrtle Beach