Listing Updates

***Just Reduced***

The seller of 6804 North Ocean Blvd., Unit 1107, Myrtle Beach (the Monterey Bay Resort) has reduced his asking price to $155,000. This condo is a one bedroom with an angled ocean front view. The seller is very motivated. Call today for details if you are interested in owning a condo in Myrtle Beach.

Alexis Drive, Longs (Polo Farms Community)

The three bedroom, two bathroom home located on Alexis Drive in Polo Farms has been taken off the market.

November MLS Stats

I defined residential homes as single family detached homes and single family new construction as these are the most popular residential properties.

Total Active SFH - 5,065
Average Listing Price - $496,498
High Price - $26,500,000
Low Price - $15,000

Total Pending SFH - 545
Average Listing Price - $291,779
High Price - $3,195,000
Low Price - $32,500

Total Sold SFH - 279
Average Sold Price - $281,954
Average List Price - $303,474
High Price - $1,900,000
Low Price - $5,000

New SFH Listings Added in November - 740

As you can see with the number of sold listings versus total listings, the Myrtle Beach market is a Buyers' Market. Currently, we have over a year supply of single family homes to sell. However, when you compare the sold price versus the list price, homes are selling for an average of 93% of the listings price. This percentage is slightly lower than in months past.

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The condo and townhouse category includes condos, townhouses, 1/2 duplexes and new construction projects.

Total Active Condos/Townhouses - 7,246
Average Listing Price - $284,619
High Price - $2,900,000
Low Price - $48,000

Total Pending Condos/Townhouses - 1,245
Average Listing Price - $298,922
High Price - $849,900
Low Price - $49,000

Total Sold Condos/Townhouses - 38
Average Sold Price - $340,715
Average List Price - $342,223
High Price - $710,000
Low Price - $78,500

New Condos/Townhouses Listings Added in November - 755

The condo market is similar to the single family home market in that we currently have a high level of inventory. Our sale price versus list price is holding high. Sellers are receiving, on average, 99.5% of their listing price. While our listing inventory has skyrocketed, Sellers are receiving a higher percentage of their listing price.

Listing Update - The Landmark Resort

My listing, Unit 514, at The Landmark Resort has had a price adjustment. The asking price has increased to $82,000. If you have any questions about this property or any other property, please call me at (843) 267-2710 or email me at Kathy@KathyRukat.com.

Search the Grand Strand MLS for the most up-to-date properties for sale. From this link, you can search by MLS number, Area, Subdivision, Address, Property Type, Property Features and more. Register a unique username and password on the site and save your searches and your favorite properties. Easily communicate with me your favorite properties, and I can "Help You Find the Sandcastle of Your Dreams" even faster!

Be the first to receive the hottest listings in the Myrtle Beach area email.

Listing Update

The price on Unit 621 at The Caravelle Resort has been lowered to $144,900. If you have any questions about this condo, please give me a call at (843) 267-2710 or send an email to Kathy@KathyRukat.com.

2007 Market Compared to 2006 Market

Many people ask, "How is this market compared to the market last year?" The short answer is the market is down from last year. More specifically, the Single Family Home market is down by 25% and the Condo market is down 65%. Keep in mind that our market does have some foreclosures and short sales. Those two factors can skew the numbers.

Listing Update - Monterey Bay

***MOTIVATED SELLER - SHORT SALE***

The seller of this one bedroom, ocean view condo suite at the Monterey Bay resort has lowered his price to $170,000. This price is the lowest in the building. If you are interested in owning a condo in the Golden Mile section of Myrtle Beach, call (843-267-2710) or email (Kathy@KathyRukat.com) today!

Back on the Market!!

Unit 514 at the Landmark Resort is back on the market! The first contract fell through so we are looking for a new buyer. If you are interested, this condo is listed for $70,000. The seller is motivated and this is a short sale!!! All offers must be approved by the sellers' lender. View the pictures, more information and the visual tour on my website.

For Sale - Ocean Front One Bedroom Condo

Oceans One is a new condo complex currently under construction. This complex is conveniently located on the south end of Myrtle Beach at 100 S. Ocean Blvd. Follow Highway 501 right to "The Sandcastle of Your Dreams!" View complete details. This contract is assignable. Call today for details. Be the first to receive the hottest listings in the Myrtle Beach area. Complete this form to recieve instant notification of new listings by email.

Search the Grand Strand MLS for the most up-to-date properties for sale. From this link, you can search by MLS number, Area, Subdivision, Address, Property Type, Property Features and more. Register a unique username and password on the site and save your searches and your favorite properties. Easily communicate with me your favorite properties, and I can "Help You Find the Sandcastle of Your Dreams" even faster!

If you have any questions about a property you see, please call me at (843) 267-2710 or email me at Kathy@KathyRukat.com.

For Sale - Single Family Home at Polo Farms

***MOTIVATED SELLER***

No HOA!! Enjoy the country setting of this 3 bedroom, 2 bathroom home sitting on a corner lot. Conveniently located off Highway 905, near Highway 22. This house is located about a 20 minute drive to the beaches at North Myrtle Beach. View the complete details, more pictures and the visual tour of 760 Alexis Drive.

Be the first to receive the hottest listings in the Myrtle Beach area. Complete this form to recieve instant notification of new listings by email.

Search the Grand Strand MLS

Search the Grand Strand MLS for the most up-to-date properties for sale. From this link, you can search by MLS number, Area, Subdivision, Address, Property Type, Property Features and more. Register a unique username and password on the site and save your searches and your favorite properties. Easily communicate with me your favorite properties, and I can "Help You Find the Sandcastle of Your Dreams" even faster!

If you have any questions about a property you see, please call me at (843) 267-2710 or email me at Kathy@KathyRukat.com.

Buyer and Seller Instant Notification

Do you want to be INSTANTLY notified when a home in the area you like is for sale? It could be the "Sandcastle of Your Dreams"! Complete this form.

Do you currently have your home listed for sale and you would like to know when you have more competition? Knowledge is key! Complete this form.

Market Commons Progress

Thursday, October 11, 2007 marked the one-year anniversary of work beginning at The Market Commons on the old Air Force Base. Construction on the townhouses and the store fronts has begun. To read the complete story written Friday in the Sun News, click here. You can also view a video of the construction. Three companies announced on Thursday they would open stores at The Market Commons. Those stores include Victoria's Secret, Bath and Body Works and Travinia Italian Kitchen. Other planned tenants are listed in the Sun News article.

The Market Commons remains a large undertaking for all involved. If you have any questions about the progress or purchase opportunities, let me know.

Bank of America Chief Economist: "No Recession in Sight"

12 Oct 2007

In a featured op-ed piece published in Tuesday's The Wall Street Journal, Bank of America chief economist Mickey Levy provided a thought-provoking and informative outlook on the United States economy, and articulated his view that despite some near-term challenges, the economy remains fundamentally sound and is unlikely to go into recession. The full text of his article is included below.

Levy also was a featured guest on CNBC's "Squawk Box" program Oct. 11, discussing his editorial.


No Recession in Sight

Despite recent financial turmoil and a dismal housing market, there are key reasons why the economy will continue to expand, albeit at a modest pace, and not go into recession. Businesses are well poised to absorb a period of weaker product demand and are unlikely to significantly alter their hiring and investment behavior. Consumer spending is supported by rising incomes. Exports are strong. And monetary policy is consistent with sustained growth in domestic demand. Next year, we will look back and once again marvel at the flexibility and resilience of the economy.

To be sure, there is bad news. Housing construction and prices will continue to fall at least through 2008. There is an 18-year high in the inventory of unsold homes and soft sales that are constrained by several factors, including expectations that home prices have further to fall.
The surge in home ownership, which rose dramatically to nearly 70% in 2005 from 64% in 1994, has proved just as unsustainable as the reliance on subprime mortgages. That surge has begun to recede, and lower prices and onerous adjustable-rate mortgage resets point toward a modest further decline — each one percentage point represents about one million homes. That decline, along with foreclosures, will elongate the housing inventory adjustment, exert downward pressure on prices, keep builders on the sidelines, and shrink employment in construction and the home finance sector.

The good news is that other factors will provide an offset. First is international trade.
Strong U.S. exports and less reliance on imports, reflecting healthy economies overseas and the weaker U.S. dollar, are boosting production and job creation here. During the housing boom years 2002-2005, residential construction added an average 0.4 percentage points per year to real GDP as the widening trade deficit subtracted 0.6 percent. That's now reversing. Since mid-2006, while the decline in residential construction has subtracted 0.9 percentage points from GDP growth, the narrowing trade deficit has added 0.5 percentage points. Expect more of the same.

Second, U.S. businesses are poised to withstand contraction.

During the late stages of prior economic expansions, as product demand slumped in response to excessive monetary restriction, firms tended to maintain production and employment growth, resulting in large inventory overhangs. Business capital spending also tended to grow too rapidly — witness the late 1990s investment boom. Consequently, most of the decline in real GDP during prior recessions was attributable to inventory liquidation, which meant cutbacks in production and jobs, and sharp reductions in capital spending. Presently, those conditions don't exist.

Businesses in a wide range of industries outside of the housing sector have nimbly adjusted their production processes, and inventories are very lean. That significantly reduces the potential impact of any slowdown in demand on production and employment. Similarly, firms have constrained investment spending while maintaining high cash balances. Following the capital spending boom of the 1990s, the unwinding of the capital stock, net of depreciation, also lowers the probability of a jarring reduction in business investment spending.

Third, Fed monetary policy points toward sustained growth in nominal spending. Despite the financial turmoil, credit remains available to basic businesses and the vast majority of households, and a general "credit crunch" is highly unlikely to unfold.

Historically, real disposable personal income has been the dominant factor driving consumer spending. As long as businesses maintain employment, and wages continue to rise, reflecting tight labor markets, rising personal income will outweigh the negative impacts of declining home prices, declines in mortgage refinancing, and even the recent increase in energy prices, on consumption.

This assessment presumes that businesses will not cut net jobs. No doubt, jobs will be lost in some industries — real estate, mortgage brokers and related finance, to name a few. But that's minor in the context of 138 million U.S. workers.

Fourth, my discussions with a wide array of business executives in an assortment of non-financial industries suggest that they have not materially altered their hiring plans, despite heightened concerns about general economic conditions. The majority plan to maintain employment levels or increase them in the next year, with most of the planned increases in export and international-related activities. September's reported rise in employment, covering the period of maximum financial crisis, is encouraging.

Once again, turmoil on Wall Street doesn't necessarily translate to contraction on Main Street.
Remember, following both the stock market crash of 1987 (which involved a cumulative 35% decline in equity valuations) and the 1998 financial crisis, the economy continued to expand. In both cases the Fed eased, financial markets absorbed the shock, and the economy proved resilient. The same will unfold this time; recession is not in the cards.

Myrtle Beach Highlights

Myrtle Beach Highlights

Live Shows
Alabama Theatre, Carolina Opry, Dixie Stampede Dinner and Show, The House of Blues, Legends in Concert, Medieval Times Dinner and Tournament, Palace Theatre and the Tribute in Concert

Beaches
Over 60 miles of pristine beaches in the Grand Strand

120 Championship Golf Courses
Myrtle Beach is the Seaside Golf Capital. Over 4.2 million rounds are played annually

1,800 Full Service Restaurants
If you would eat at a different Myrtle Beach area restaurant for every meal, it would take you over 1.5 years to cover all of them. That is, unless you’re like us and have more than 3 meals per day!

Fitness
There are dozens of fitness centers in the Myrtle Beach area including two Gold’s Gyms. There are more than 200 tennis courts with a variety of surfaces in Myrtle Beach.

Over 300 Outlet Stores
Coach, Polo Ralph Lauren, J. Crew, Liz Claiborne, Nike, Eddie Bauer, Guess, Jones New York, Tommy Bahama, Tommy Hilfiger, Cole Haan, Timberland, Rockport, Johnston & Murphy, Columbia Sportswear, Aeropostale, Brooks Brothers, Nautica, Rue 21, Nine West Perry Ellis, Fossil, Movado, Ann Taylor, Banana Republic and the list keeps going…

Coastal Grand Mall
The largest mall in South Carolina and still growing. Featuring numerous specialty shops, restaurants and a 12 screen movie theatre.

Myrtle Beach Pelicans
An Atlanta Braves Carolina League Class-A team

Grand Dunes
A 1 billion 500 million subdivision stretching front the Atlantic Ocean to the ICW. Offering a marina and planned upscale shopping and dining.

Hospitals
*Grand Strand Regional Medical Center – 1 of the state’s top rated heart centers, located on 82nd Avenue North
*Conway Medical Center – located 6 miles West in Conway, SC
*Wacammaw Medical Center – located 8 miles south in Murrells Inlet, SC. The area’s newest facility with the most modern equipment.

Town Centre
1000 acres in the heart of Carolina Forest with house mixed retail and professional offices (doctor’s offices, shopping, possible eateries)

Myrtle Beach Speedway
Professional and Amateur racing sanctioned by NASCAR. There are also other attractions for the racing enthusiast including NASCAR Speedpark.

Fishing
Freshwater, Inshore and Offshore fishing is available in Myrtle Beach. There are also eight ocean fishing piers, head boats and charter boats that can be utilized! Everything from Bream to Swordfish can be taken.

Water Activities
Sailboats, Jet Ski, Pontoon Boats, Canoe and Kayak rentals are available. Scuba Diving, Parasailing, Surfing, Boogie Boarding and Windsurfing are popular as well.

Kids and Family Activities
Family Kingdom Amusement Park, Myrtle Waves Water Park, Ripley’s Aquarium, Ripley’s Believe It or Not, IMAX Theater, Children’s Museum of South Carolina, Huntington Beach State Park, Brookgreen Gardens, Ghosts and Legends, Magiquest, Wild Water and Race Theme Park, Lazer FX, Build a Bear, Great American Riverboat Tours, Alligator Adventure and much more!


Broadway at the Beach
South Carolina’s most visited attraction. It is a collection of shops, restaurants and entertainment options. A must see!

Barefoot Landing
Very similar to Broadway at the Beach but located on the Intracoastal Waterway with free dockage! Alabama Theater and the House of Blues are there. If you’re longing to see an alligator, go there to visit Alligator Adventure.

Colonial Mall
Featuring the largest Bass Pro Shops in the US!

Ripkin Experience
Cal Ripkin’s baseball and training facility. Just Opened!

Hard Rock Café Theme Park
It’s official…the only one in the world… will be in Myrtle Beach, SC. Look at Disney!


There is much more, but I will get Carpal Tunnel Syndrome if I type all of the Myrtle Beach Highlights. Here are some of Myrtle Beach’s Accolades:

One of America’s Best Beaches Travel Channel

Best Family Beach Travel Channel

One of Best of America Reader’s Digest

No. 1 Golf-Home Community Golf Digest

Best of the South Meetings South

Great Places to go Coastal with your Kids USA Today

No. 2 of Top 10 Beaches Yahoo Travel & Nat’l
Geographic Magazine

A Favorite Travel Destination Southern Living

Top 10 Winner Southern Accents

Favorite Southern City Southern Accents

Favorite Golf/Spa Destination Southern Accents

Favorite Beach Destination Southern Accents

No. 1 of 10 Most Desirable 2nd Homes www.escapehomes.com

One of the Top 5 Most Popular Drive Destinations AAA

SPORTSTOWN USA Sports Illustrated

One of 10 Great Retirement Towns Travel 50 & Beyond
No. 1 in United States for Growth Potential Restaurant Business

One of 100 Best Retirement Towns in America Where to Retire

No. 29 of 200 Best Places for Business & Careers Forbes

For Sale - Ocean Front Efficiency at the Caravelle Resort

***MOTIVATED SELLER***

Recently renovated ocean front efficiency at the Caravelle Resort. This high rise building is located in the highly sought after "Golden Mile" section of Myrtle Beach. See the pristine beaches from your private balcony.

To view more pictures, a virtual tour and more details on this condo, please visit http://621CaravelleResort.KathyRukat.com.

"The Only Market That Matters Is Yours"

For months now, the national media has been bombarding watchers of the news and readers of the newspapers with "real estate experts" stating that the housing bubble has burst nation wide. Many of these experts are not real estate agents or in the field working with buyers and sellers daily. Also, real estate markets are local, not national. Any questions you may have about your real estate market should be directed to a real estate expert in your hometown.

Here’s what Gary Keller, co-founder and chairman of Keller Williams Realty has to say about waiting out the current market:

First, residential real estate is not a national market product — it is a local one. To say from a national position that this is either a good time or a bad time to buy real estate is like saying the national forecast for the U.S. today is 92 degrees — it is a useless and irrelevant perspective. What is happening in your local market is all that matters.

Second, trying to predict when it is a good time to buy, or not, means you’re trying to time the market. Staying on the sidelines is the surest way for most people to never time anything correctly.

Last, and maybe most important — there are always two markets in every market. There is the market of properties that are good buys and there is the market of properties that are not a good buys. Interestingly enough, this is true in either buyer or seller markets. To categorically say that this is the time to buy or not is absolutely ignoring the fact that every market really has two markets inside it.

If you have any questions about the condition of the Myrtle Beach area real estate market, I am your local real estate expert, and you can ask me. I will be happy to help you with any real estate questions - whether you are a buyer or a seller!

Curb Appeal

It's official...Fall is here and temperatures are cooling! ("Cool" for Myrtle Beach is currently in the 80s!) Now is a great time to take advantage of cooler temperatures and the changing season to update your flower gardens and yards and create eye-catching curb appeal for your home!

If you are selling or planning to sell your home this Fall or Winter, know that first impressions count. Take some time to increase your curb appeal and make your home stand out among all other homes for sale. To help you, Lowe's gives you some ideas in "9 Fall Tips to Make Your Landscape Shine."

Curb appeal is especially important for condo and townhouse owners. Even though you have a smaller space, you can update your curb appeal with container gardens! To make your condo or townhouse "pop," check out the container garden section on the Lowe's website. You will find tips, tools, designs and plants great for container gardens.

Tax Consequences of Short Sales and Foreclosures

What are the tax consequences of a short sale or a foreclosure for a property owner? The IRS has provided some answers in "Questions and Answers on Home Foreclosure and Debt Cancellation". While short sales and foreclosures can have tax consequences, special rules can lessen the tax burden to the homeowner. Every situation is different though. Please consult a tax professional to discuss your specific situation if you may be effected by a short sale or foreclosure.

Fed Lowers Fed Fund Rate

Sept. 18 (Bloomberg) -- The following is the full text of the statement released today by the FederalReserve:The Federal Open Market Committee decided today to lower its target for the federal funds rate 50 basis points to 4 3/4 percent.Economic growth was moderate during the first half of the year, but the tightening of credit conditions has the potential to intensify the housing correction and to restrain economic growth more generally. Today’s action is intended to help forestall some of the adverse effects on the broader economy that might otherwise arise from the disruptions in financial markets and to promote moderate growth over time.Readings on core inflation have improved modestly this year. However, the Committee judges that some inflation risks remain, and it will continue to monitor inflation developments carefully. Developments in financial markets since the Committee’s last regular meeting have increased the uncertainty surrounding the economic outlook. The Committee will continue to assess the effects of these and other developments on economic prospects and will act as needed to foster price stability and sustainable economic growth.Voting for the FOMC monetary policy action were: Ben S. Bemanke, Chairman; Timothy F. Geithner, Vice Chairman; Thomas M. Hoenig; Donald L. Kobn; Randall S. Kroszner; Frederic S. Mishkin; Charles L. Evans; William Poole; Eric S. Rosengren; and Kevin M. Warsh.In a related action, the Board of Governors unanimously approved a 50 basis point decrease in the discount rate to 5 1/4 percent. In taking this action, the Board approved the requests submitted by the Boards of Directors of the Federal Reserve banks of Boston, New York, Cleveland, St. Louis, Minneapolis, Kansas City and San Francisco.Last UpdatecJ’ September 18, 2007 14:15 EDT
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What will happen to mortgage interest rates? I do not believe rates will change immediately. However, I do believe the stock market will see an increase based on the news from the Fed. A long-term stock market gain could mean lower bond prices.

Regardless of interest rates, Myrtle Beach is in a full-fledged Buyer's market. If you have been thinking of purchasing a home or investment property, now is a great time. Many sellers are offering great incentives, and many are willing to negotiate their prices. Call or email me if you have any questions.

For Sale - Two Bedroom Condo at Sweetwater

Two bedroom, two bathroom condo located in the Sweetwater complex for sale. Great investment opportunity - tenant in place! Call for details.

The Basics of Home Owership

Homeownership is a critical part of The America Dream. Many potential buyers are worried about the current mortgage industry and where they stand in their goal of homeownership. Lenders are “getting back to the basics,” and potential buyers should “get back to the basics as well.

BASICS OF HOMEOWNERSHIP

• Create a Budget – As tough as it may be, create a budget and stick to it! To own a home, you will need to save money for a down payment. Know where every dollar comes from and where it goes. Staying on a budget is not always fun, but keep your long-term goal in mind – homeownership. Owning your own home will be well worth the sacrifices.
• Save, Save, Save – The more you can put down on a home, the better. Avoid having to pay Private Mortgage Insurance (PMI) by putting down 20%. Look over your budget and see where you can cut costs to save more money. Lenders like to see money for a down payment plus money for unexpected expenses. Top financial advisers recommend having 3-6 months of expenses saved in an emergency fund.
• Read Your Credit Report – Get your free credit report at www.AnnualCreditReport.com. Federal law states that you can check your credit report each year for free. Other sites claim to be free, but www.AnnualCreditReport.com is the only federally approved site. If you find any discrepancies within your report, follow the directions to correct the report. Having a good credit score can save you money when it comes time to apply for a loan.
• Lending Basics – Fixed rate loans are safer than adjustable rate mortgages. With a fixed rate interest rate, you will be protected from shifts in the market and world events affecting interest rates. Depending on your loan, a 15-year mortgage can save you thousands versus a 30-year mortgage.
  
  If you need help with any of these basics, consult a financial advisor, a loan officer, your real estate agent or a friend of family member. May books and online resources are available as well.

Under Contract

Good news! This efficiency condo in the Landmark Resort (an ocean front building) in Myrtle Beach is under contract. Check back later to get the "sold" details. Information about this condo can be found at http://514landmarkresort.kathyrukat.com/

August 2007 MLS Stats

I defined residential homes as single family detached homes and single family new construction as these are the most popular residential properties.

Total Active SFH - 5,016
Average Listing Price - $511,177
High Price - $26,500,000
Low Price - $15,000

Total Pending SFH - 781
Average Listing Price - $295,058
High Price - $3,800,000
Low Price - $6,000

Total Sold SFH - 337
Average Sold Price - $290,175
Average List Price - $304,641
High Price - $1,700,000
Low Price - $1,900

New SFH Listings Added in June - 1,011

As you can see with the number of sold listings versus total listings, the Myrtle Beach market is a Buyers' Market. Currently, we have over a year supply of single family homes to sell. However, when you compare the sold price versus the list price, homes are selling for an average of 95% of the listings price. This percentage has held over the last few years.

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The condo and townhouse category includes condos, townhouses, 1/2 duplexes and new construction projects.

Total Active Condos/Townhouses - 7,932
Average Listing Price - $290,565
High Price - $2,995,000
Low Price - $44,900

Total Pending Condos/Townhouses - 1,514
Average Listing Price - $285,957
High Price - $1,675,000
Low Price - $56,900

Total Sold Condos/Townhouses - 227
Average Sold Price - $214,352
Average List Price - $226,650
High Price - $1,495,000
Low Price - $40,000

New Condos/Townhouses Listings Added in June - 1,151

The condo market is similar to the single family home market in that we currently have a high level of inventory. Specifically, we have about a 35 month inventory based on current sales. Our sale price versus list price is holding high. Sellers are receiving, on average, 95% of their listing price.

Labor Day Factoids

I hope everyone enjoyed an extra day off this week! I know I did. Here are some interesting facts about Labor Day...

• The first Labor Day observance is believed to have been September 5, 1882. A parade of 10,000 workers in New York City marked the occasion. The parade was organized by Peter J. McGuire the secretary of the Carpenters and Joiners Union
• By 1893, more than half of the states were observing Labor Day in some way or another. Celebrations took place on different days.
• In 1894, Congress passed a bill to establish a federal holiday and designated the first Monday in September as the official Labor Day. President Glover Cleveland signed the bill into law.

For other Labor Day facts, go to http://realtytimes.com/rtapages/20070903_laborday.htm.

Remodeling 101

As you look around your current home, you may dream of a new kitchen or bathroom. You may even think about an addition. Some remodeling projects are for personal enjoyment while you look to other projects to increase the value of your home. Which projects make the most sense for you? Take a moment to look over 10 Projects with the Biggest Payback to determine the Return on Investment of your project. The 2006 Cost vs. Value Report (a combined effort by Remodeling magazine and REALTOR® Magazine) explains which home improvements pay off when you sell your home - and which do not.

National Association of REALTORs Numbers Say Home Prices Improve; Sales Still Slow in Most States

The latest quarterly survey by the National Association of REALTORS® shows that home price trends are improving in metropolitan areas. But existing-home sales are below where they were a year ago in most states.

In the second quarter, NAR reported 97 of 149 metropolitan statistical areas showed year-over-year increases in median existing single-family home prices.
Total state existing-home sales are down 10.8 percent from a 6.63 million-unit pace in the second quarter of 2006.

The largest singe-family home price increases were seen in the Salt Lake City area, Binghamton, N.Y. and Salem, Ore. The best total sales performance on existing home sales were seen in: Wyoming, Iowa, North Dakota, Oklahoma, Indiana and Nebraska. read the complete press release

For Sale - Ocean View Condo at Monterey Bay

***MOTIVATED SELLER. BRING ALL OFFERS!!***

The Monterey Bay Resort has recently undergone extensive renovations. Room upgrades include tile flooring, granite counter tops, new furnishings and custom upholstery. This condos is an angled ocean front one bedroom with an ocean view. This sale is a short sale and a great opportunity for any investor.

Just Sold

Good news! This single family home located at 1021 Autumn Drive in the Pines of St. James has closed. The house went under contract on June 19, 2007 and the buyers and seller successfully closed on July 13, 2007. This home has three bedroom and two bathrooms. The sale price was $151,500. Additional information about this home can be found at http://1021autumndrive.kathyrukat.com/.

If you currently have a home in the Myrtle Beach area that you would like to sell or you are looking to move to Myrtle Beach or purchase an investment property in Myrtle Beach, please give me a call!

Just Sold

Good news! Houses are selling in Myrtle Beach! A buyer client of mine recently purchased this three bedroom, 2 bathroom home for $174,900. If you are interested in purchasing a home in the Myrtle Beach area, please give me a call!

Foreclosure Information

Headlines about foreclosure and the growing problem cover newspapers both on a local and national level. What can you do if you are facing foreclosure, think foreclosure is in your future or are in the middle of the foreclosure process?

REALTORS can help with the problem. Depending on where you are in the foreclosure process, you may be able to sell your home and avoid foreclosure all together. A REALTOR can help you price your home for a faster sale and help stage your home to attract homebuyers. If you are behind on your payments, a REALTOR can work with your bank on a short sale.

If you think foreclosure is in your future or you are having trouble making your payments, talking to your lender is the biggest piece of advice I have for you. Making that call and admitting you have a problem can be tough, but most lenders will work with you to come up with a payment plan that you can afford. Lenders are in the lending business, not the real estate business.

The National Association of REALTORS has several informative brochures on foreclosure and predatory lending. The best way to avoid foreclosure is to get into the right kind of loan for your financial needs. Read through the attached brochures to inform yourself, and let me know if you have any questions or if I can help you with a foreclosure or pre-foreclosure situation.

How to Avoid Foreclosure and Keep Your Home
How to Avoid Predatory Lending

My motto is "Helping You Build the Sandcastle of Your Dreams!" Homeownership can help you build long-term wealth, but foreclosure can hurt your credit, your future and your community. If you need help, call me today and let's work together to find the best way out of a bad situation.

Homeowners' Insurance Bill Signed into Law

As any coastal homeowner can tell you, homeowners' insurance premiums were a hot topic of conversation over the last year. Many policies were not renewed and those that were renewed carried higher premiums. Most hard hit were condo complexes between Business 17 (Kings Highway) and the Intracoastal Waterway. State Legislature worked hard to remedy the situation. A temporary fix was put into place in March 2007. The wind pool line was expanded to the Intracoastal Waterway.

Recently, the House and Senate agreed on amendments to H.3820, the Omnibus Coastal Property Insurance Reform Act, making insurance reform permanent. The passage of this bill was a big "win" for the citizens of South Carolina's coast. Among other things, the bill would create catastrophe savings accounts, establish incentives for insurance companies to write additional policies in the wind and hail zone, expand the cancellation notice period and force insurers to reveal catastrophe models to the Department of Insurance. The Senate made the wind pool expansion that took place in March 2007 permanent. The bill was signed into law on Monday, June 11, 2007 by Governor Mark Sanford. Bill signing ceremonies were held in Myrtle Beach and Charleston.

June 2007 MLS Stats

At the end of each month, I am going to post the end of the month MLS stats. I am a member of the Coastal Carolina Association of REALTORS that serves Horry and Georgetown counties plus a few surrounding areas.

I defined residential homes as single family detached homes and single family new construction as these are the most popular residential properties.

Total Active SFH - 4,906
Average Listing Price - $508,403
High Price - $26,500,000
Low Price - $6,000

Total Pending SFH - 944
Average Listing Price - $290,174
High Price - $3,800,000
Low Price - $234,900

Total Sold SFH - 301
Average Sold Price - $297,509
Average List Price - $310,663
High Price - $4,350,000
Low Price - $36,500

New SFH Listings Added in June - 1,009

As you can see with the number of sold listings versus total listings, the Myrtle Beach market is a Buyers' Market. However, when you compare the sold price versus the list price, homes are selling for an average of 96% of the listings price. This percentage has held over the last few years.

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The condo and townhouse category includes condos, townhouses, 1/2 duplexes and new construction projects.

Total Active Condos/Townhouses - 7,880
Average Listing Price - $285,259
High Price - $2,995,000
Low Price - $46,500

Total Pending Condos/Townhouses - 1,603
Average Listing Price - $281,925
High Price - $2,300,000
Low Price - $45,000

Total Sold Condos/Townhouses - 325
Average Sold Price - $377,189
Average List Price - $383,682
High Price - $875,000
Low Price - $46,000

New Condos/Townhouses Listings Added in June - 1,008

The condo market is similar to the single family home market in that we currently have a high level of inventory. Specifically, we have about a 24 month inventory based on current sales. Our sale price versus list price is holding high. Sellers are receiving, on average, 98% of their listing price.

Time Saving Moving Tips

The summer months are popular times to move. Families like to get settled before kids start school in the Fall. Moving can be a stressful time in a family's life. Lowes put together a list of 9 Time Saving Moving Tips to make your move less stressful.

If you have any questions or would like to move to Myrtle Beach, please contact me.

Is Your Work Beneath You?

St. James Square is an exciting new community located in the heart of Myrtle Beach at the corner of 38th Avenue North and Robert Grissom Parkway. This pedestrian-oriented mixed use lifestyle center offers Carriage Homes featuring detached garages from $225,000 and Live/Work Townhomes from $310,000.

Features include:

• All brick exterior carriage style and live/work townhomes
• Granite countertops in kitchen and baths
• Private courtyards
• 2 hour fire wall
• Deluxe interior trim package
• 9' ceilings
• Stainless steel appliances

The site plan and floor plans of each model available at St. James Square are available on my website, www.KathyRukat.com. Then, click on New Projects. If you have any questions about this new and exciting community, contact me at (843) 267-2710 or Kathy@KathyRukat.com.

Under Contract

Good news! This single family home in the Pines of St. James in Murrells Inlet is under contract. Check back later to get the "sold" details. Information about this house can be found at http://1021autumndrive.kathyrukat.com/.

It's Summer in Myrtle Beach

Summer time is almost here!!! Myrtle Beach comes alive in the summer with family reunions, family vacations, college students coming to town for summer jobs and countless visitors looking for sun, fun and relaxations.

As the temperature starts to heat up, so does the threat of hurricanes. Today, Highway 501 will be busy as the State Department of Public Safety holds its annual hurricane evacuation drill. In the event of a hurricane and an evacuation, the inbound lanes to Myrtle Beach are reversed. Traffic in all lanes of Highway 501 will be headed out of town should the Governor issue a mandatory evacuation. To keep up-to-date on approaching hurricanes, visit the Horry County Hurricane Information Center.

For Sale - Single Family Home in Murrells Inlet

Mature landscaping dot the front and back yards of this home located on a cul-de-sac. The large backyard is completely fenced. Kings Grant is centrally located in Murrells Inlet. Immediately when walking in the living room, you will notice the vaulted ceilings and open floor plan in this neat as a pin 3 bedroom, 2 bathroom home. The living room, kitchen and dining room occupy the front of the home while all bedrooms are located in the back of the home. Flooring in the foyer, kitchen, dining area and bathrooms has been upgraded to tile. The master bathroom features a garden tub and solid surface countertop. Large closets complete all bedrooms, and the master bedroom has two walk-in closets. The seller is providing a home warranty.

Deal on home in the Avenues

Have you ever wanted to own a home within walking distance to the beach? If so, now is a good opportunity for you. This house located in the Avenues section of Myrtle Beach is a short walk to the beach...about 4 blocks. The price on this house was lowered yesterday to $399,900! The price was originally $670,000. I do not think this property will last long. If you are interested, please call me. I can get more details from the listing agent. Tenants are currently in place until July 31, but the lease does contain a 30 day kickout clause.

What is the temperature of the Myrtle Beach market?

I get asked this questions a lot. Other forms of the question are "Is Myrtle Beach a buyer's market?" or "Are prices depreciating in Myrtle Beach?"

I would say the Myrtle Beach market is "lukewarm" now. Lukewarm is great for buyers. Buyers who have ever considered purchasing a second home or investment property should seriously consider the Myrtle Beach, SC market now! Sellers, especially of ocean front condos, are offering their condos for sale at lower prices and they are offering great incentives. Incentives include paying for closing costs, buying down your interest rate and paying for the HOA for a specific time. Now is also a great time to buy a property off the beach.

Because Myrtle Beach is a resort town, it will always be a popular place to visit and own real estate. As with all real estate markets, the Myrtle Beach market will experience ups and downs. I believe in the long run, "ups" will outnumber "downs." To be in a position to take advantage of future price appreciation, now is the time to buy!

For Sale - Ocean Front Condo for Sale at The Caravelle Resort

Own a piece of a Myrtle Beach landmark! Over the past year, eight million dollars have been spent renovating the guest rooms and suites at the Caravelle Hotel. Condo ownership at the Caravelle Resort, located in the Golden Mile, the coveted northern section of Myrtle Beach, can now be yours! Upgraded details include cermaic tile, custom upholstery, window treatments and bed coverings, plasma TVs and crown molding.

You will enjoy magnificent views of the Atlantic Ocean from the ocean front balcony stretching off the living room. The "kiddie" pool was completed in May 2007 and new elevators were installed in February 2007. Other amenities include indoor and outdoor pools, a lazy river, hot tubs, restaurants, a game room and ice cream shop and a poolside grill. Come see this beautiful condo today!

Sun Fun Follow Up

Tropical Storm Barry prevented me from attending any of the weekend festivities associatied with the Sun Fun Festival. I planned to take lots of pictures and post them here. Hopefully, the sandcastle got built, and I can stop by to snap a shot of the final masterpiece! Feel free to check out the Sun Fun Festival website at http://www.sunfunfestival.com/.

TS Barry did bring some much needed rain to the Myrtle Beach area. By the time the weather hit our shores, Barry had been downgraded to a Tropical Depression. We were glad to get the rain without the damage!

Sun Fun Festival

It's time for Myrtle Beach's Annual Sun Fun Festival. The Festival kicks off today (May 31, 2007) and continues through June 4, 2007. Last year, Myrtle Beach competed for the World's Tallest Sandcastle. We won, but the victory was short-lived. We're competing again this year for the title of World's Tallest Sandcastle! The Festival includes concerts, beach parties, air shows and pageants. If you will be in town this weekend, stop by one of the Sun Fun Festival events. Several celebrities will be in town...maybe you will get to meet one of them! More information on the Sun Fun Festival can be found at http://www.sunfunfestival.com/.

For Sale - Sands Ocean Club Efficiency

For visitors familar with the north end of Myrtle Beach, Ocean Annie's is a favorite spot for good times and good music. Why not own a condo steps from Ocean Annie's? Now you can! I recently listed an ocean view efficiency condo at the Sands Ocean Club. With numerous on-site amenities plus close proximity to Ocean Annie's, the Sands Ocean Club is a fun place to stay on your vacation. Get the best of both worlds... use the condo for personal vacations plus have the flexibility of on-site rentals. Have someone else help pay your mortgage! Contact me today for details on this condo - by phone at 1-800-814-2712, ext. 4101 or by email at Kathy@KathyRukat.com.