Joel Barber Realtor discusses Myrtle Beach real estate news
Joel Barber has been a practicing Realtor in Myrtle Beach, SC since 2007. In the following article, Joel Barber provides insight into how the Myrtle Beach housing and vacation property market has never been hotter. .
It was a Myrtle Beach institution for over 60 years. Soon it will be full of new houses and shops.
SC’s Joel Barber reports that the sale of Myrtle Beach Speedway is the end of an era for many in the city’s Carolina Forest area. The racecourse, which opened in 1958 and held races until August, is set to be redeveloped into a mix of retail storefronts and residential units.
The preliminary plan foresees the development of 45 acres on the site, 43 for housing and 2 for commerce. Speedway owner Bob Lutz completed the sale of the property in April for $7.85 million to a South Carolina LLC, Speedway Villas Holdings, which formed in March.
Realtor Joel Barber said the new owner’s original plan called for 400 multi-family homes in addition to commercial elements.
The speedway was a Myrtle Beach landmark, a family venue that hosted early NASCAR Cup Series races and NASCAR’s former Busch Series. Early in his career, Dale Earnhardt was a notable name who made the racetrack his home. Jr.
SC’s Joel Barber says those who live near the venue say they’ve never been bothered by noise, and the thought of a brand new development doesn’t make some happy. It attracted visitors and residents from all walks of life, one said. It was, as another said, a simple pleasure.
Joel Barber says no surprise: Myrtle Beach real estate market is skyrocketing
SC’s Joel Barber reports that, mirroring much of the country, Myrtle Beach’s housing market is booming.
Single-family home prices rose 17.6% at the end of 2021 from a year earlier, according to the Coastal Carolinas Association of Realtors. Inventory levels at record highs (the number of available single-family homes fell 39.6%) brought the average home price in the Myrtle Beach area to $297,500.
The number of completed sales increased by 14.6%, with 12,633 single-family home sales completed.
What powers Myrtle Beach’s hot market? CCAR says there is demand from many retired baby boomers who appear to be moving to Myrtle Beach sooner than expected due to the COVID-19 pandemic. Low interest rates and rising property values are also motivating buyers and sellers.
Realtors like Joel Barber in the area say the Myrtle Beach area is increasingly seen as more desirable than Florida because it’s not as hot, not as developed, and not as remote.
Also watch this video for more information on what real estate agents like Joel Barber are doing for the homeless in Myrtle Beach.
Opening of a new beachfront complex in 2024
Holiday Inn Club Vacations, Inc. is developing 16 acres on Myrtle Beach’s south goal for a new beachfront resort slated to open in 2024.
Joel Barber of Myrtle Beach explains that the property is directly across from Holiday Inn’s South Beach Resort. The proposal calls for a 300-unit, six-story structure on the land to be completed in phases. The first phase will include more than 150 one- to four-bedroom villas with ocean views and direct beach access.
Other amenities will include hot tubs, fitness center, swimming pool, and fire pit. There will also be outdoor and indoor dining and activity center options.
Holiday Inn Club Vacations is one of the leading real estate and resort companies in the United States, with 28 resorts, nearly 8,000 villas and more than 365,000 timeshare owners in 14 states.
Myrtle Beach Named to Top 10 List for Vacation Homes
Joel Barber says Myrtle Beach’s tourism industry is booming, but it’s now seen as a particularly desirable — and affordable — place to buy a vacation home. According to Realtor.com, it is among the top 10 places in the United States to buy a second home right now.
It’s the only town in South Carolina to make the list according to Joel Barber of Myrtle Beach, though others in the top 10 are known as solid retirement areas, including The Villages, Florida; Lake Havasu, Arizona; and Branson Missouri.
The list also includes East Stroudsburg, Pennsylvania (near the Poconos); Whitewater, Wisconsin (home to a popular lake); Salisbury, Maryland (near the east coast); and Cullowhee, North Carolina (near Blue Ridge Parkway and the Great Smoky Mountains).
Rounding out the top 10 are Claremont, New Hampshire, and Sevierville, Tennessee. While demand for vacation homes plummeted earlier this year, it was still 35% higher than before the COVID-19 pandemic.
SC’s Joel Barber notes cash buyers would dominate the second home market, and experts say rising interest rates won’t have a big impact on the vacation market. Zachary Staruch, an agent in Southwest Florida, says sales in his area are about 65% cash transactions.
Many also see their vacation homes as a significant lucrative investment. Brokers note that average cash returns from second homes are around 10% per year as short-term rentals.