Monday, December 7, 2009

Listing Update


Lot 126 Brighton Lakes
Myrtle Beach, SC
_________

My listing at Lot 126 Brighton Lakes in Myrtle Beach is now under contract. This lot is located in the Carolina Forest area. Check back in about 30 days for an update on the final closing price.

If you have any questions about this lot or the Myrtle Beach market, please contact Kathy Rukat at (843) 267-2710 or Kathy@KathyRukat.com. Details about the Myrtle Beach market can be found on my website.

Wednesday, November 18, 2009

Tax Credit Extended and Expanded

Congress has extended and expanded the homebuyer tax credit. The modifications in the column labeled “December 1 – April 30, 2010” become effective when President Obama signs the bill. All changes made to the current credit become effective on that date, as well.

First-time home buyers will continue to receive up to an $8,000 tax credit through April 30, 2010. Current homeowners who are "moving up" to another home can receive a tax credit of up to $6,500 if they meet certain criteria. For both the expansion and extension, the sales contract needs to be fully accepted by April 30, 2010 and must be closed by June 30, 2010.

If you have any questions about the extension or expansion, please give me a call.

Wednesday, October 14, 2009

Extending the $8,000 Tax Credit?

The current $8,000 tax credit for first-time home buyers will expire on November 30, 2009. To take advantage of this credit, closing must occur by November 30.

The credit has boosted home sales during 2009, and lawmakers are discussing extending the tax credit. Several options are on the table including extending the credit as it stands now and opening a tax credit up to all home buyers.

Click the link below to go to CNNMoney.com to view an article giving the pros and cons of different options.


Lawmakers may expand the $8,000 homebuyer tax credit - Oct. 14, 2009*

Monday, October 5, 2009

$8,000 Tax Credit - Time is Running Out

Are you currently renting and thinking about purchasing your first home?

If your financial position makes sense for you to buy your first home, think about purchasing a home prior to the November 30th deadline on the $8,000 tax credit.

Property Taxes

Property tax bills for property owners in Horry County have been mailed by the Horry County Assessor's Office. I received mine last week. Real estate property taxes are due on or before January 15, 2010 to avoid a penalty.

A Few Things to Remember:
  • If your property taxes are escrowed into your monthly mortgage payment, you will receive a copy of your tax bill. The original will go to your mortgage company. The mortgage company will pay your taxes out of your escrow account. However, it is always best to check with your mortgage company to make sure the tax bill has been paid.
  • The tax bill is sent to the owner of record as of January 1, 2009. If you purchased your property during 2009, the taxes were prorated at your closing. However, check with the Assessor's Office to make sure the taxes have been paid properly.
  • Permanent residents qualify for their property to be assessed at 4% versus 6%. If your tax bill shows your property was assessed at 6%, you can apply for the permanent resident tax break at the Assessor's Office.
  • Certain taxpayers may qualify for the South Carolina Homestead Exemption. The Assessor's Office can provide more information.

Changes to the tax law changed how properties are assessed. If you feel your property is assessed too high, you can appeal the assessment.

Important Phone Numbers and Websites:
  • Horry County Assessor's Office (843) 915-5040, (843) 756-2121, (843) 205-5040 and (843) 915-5043
  • Horry County Auditor's Office (843) 915-5050
  • Horry County Treasurer's Office (843) 915-5470
  • Horry County Website - www.horrycounty.org

Monday, September 14, 2009

Forestbrook Reserve (Lot 56) Residential Lot For Sale


328 Vintage Circle
Lot 87
Myrtle Beach, SC 29588
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Forestbrook Reserve

Auction on this property will occur online effective immediately at www.intlrealtyauction.com.

Charming home site in Forestbrook Reserve. This community has all there is to offer with a 10 acre lake with walking trails and an open meadow to enjoy a picnic. Amenities include a clubhouse, tennis courts, pool and playground. Adjacent to a 60 acre conservation preserve give you the idealistic setting to enjoy a quiet lifestyle. Convenient to golf, entertainment, shopping, dining and the beach.


If you are interested in this property or the Myrtle Beach area in general, please contact Kathy Rukat at (843) 267-2710 or Kathy@KathyRukat.com.

Brighton Woods Single Family Home For Sale

325 Winslow Avenue
Myrtle Beach, SC 29588
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Brighton Woods

Two-story, four bedroom home in Brighton Woods subdivision. Home is immaculate with upgraded paint colors. Spacious living room with a wood burning fireplace. Open floor plan. Built-in desk in the kitchen area. Two eating areas – dining room and a breakfast nook. Laundry room, ½ bath, kitchen, breakfast nook, living room, dining room and foyer occupy the downstairs. All bedrooms are located upstairs. Master bedroom features a large walk-in closet, double sinks plus a separate shower and garden tub in the master bathroom. 4th bedroom could be used as a home office. A fence surrounding the backyard was added in 2008. Large backyard provides endless opportunities. Brighton Woods is located off Highway 707 and conveniently located to all the south end of Myrtle Beach has to offer.


First-time home buyers may qualify for the $8,000 tax credit. The deadline for the credit is November 30, 2009.

If you are interested in this home or the Myrtle Beach area in general, please contact Kathy at (843) 267-2710 or Kathy@KathyRukat.com.

Wednesday, September 2, 2009

Forestbrook Reserve (Lot 87) Residential Lot For Sale


313 Vintage Circle
Lot 87
Myrtle Beach, SC 29588
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Forestbrook Reserve

Auction on this property will occur online effective immediately at www.intlrealtyauction.com.

Charming home site in Forestbrook Reserve. This community has all there is to offer with a 10 acre lake with walking trails and an open meadow to enjoy a picnic. Amenities include a clubhouse, tennis courts, pool and playground. Adjacent to a 60 acre conservation preserve give you the idealistic setting to enjoy a quiet lifestyle. Convenient to golf, entertainment, shopping, dining and the beach.


If you are interested in this property or the Myrtle Beach area in general, please contact Kathy Rukat at (843) 267-2710 or Kathy@KathyRukat.com.

Thursday, August 13, 2009

Woodland Valley Residential Lot For Sale


Lot 130 Timber Creek Drive
Loris, SC 29569
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Woodland Valley

Auction on this property will occur online effective immediately at www.intlrealtyauction.com.

Great lot in Woodland Valley, a championship, semi-private Par 72 golf course community (formerly Diamond Back golf course). This community offers a 10,000 square foot clubhouse, pool, fitness center, gated entrance and more. Nature trails throughout the community's 100 acres of conservation area keeps you in touch with nature. No time frame to build and choose your own builder. Located 20 minutes from North Myrtle Beach.


If you are interested in this property or the Myrtle Beach area in general, please contact Kathy Rukat at (843) 267-2710 or Kathy@KathyRukat.com.


Wednesday, August 12, 2009

Brighton Lakes Residential Lot For Sale


Lot 126 Brighton Lakes
Myrtle Beach, SC 29579
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Brighton Lakes

Auction on this property will occur online effective immediately at www.intlrealtyauction.com.

Great lot on the lake in Brighton Lakes at Carolina Forest, the Grand Strand's newest luxury homesites. Award-winning Carolina Forest school districts, the finest gated community that includes a private owner's club and borders beautiful lakes. Brighton Lakes is the perfect location for a great lifestyle. Close ot shopping, entertainment and the beach.

If you are interested in this property or the Myrtle Beach area in general, please contact Kathy Rukat at (843) 267-2710 or Kathy@KathyRukat.com.

Thursday, August 6, 2009

North Myrtle Beach Condo For Sale


2701 S. Ocean Blvd., Unit 1206
North Myrtle Beach, SC
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Bay Watch Resort

Start your beach getaway at the Bay Watch Resort located in the Crescent Beach section of North Myrtle Beach. Unit 1206 has undergone some recent renovations including a new dining table and chairs, paint throughout, a new stove and bathroom updates. This ocean front condo comes fully furnished and it is a true one bedroom. You can sleep 8 in this condo with a sleeper sofa, Murphy bed and 2 Double beds in the bedroom. Not only will you be steps away from the majestic Atlantic but you can also take advantage of the vast amenities on-site at the Bay Watch Resort. Those amenities include indoor and outdoor pools, kiddie pools, whirlpools, indoor and outdoor lazy rivers, The Blue Room Cafe ocean front restaurant, Fishtails Beach Bar located on the ocean front pool deck, Sandtrap Sports Bar and Cocktail Lounge, game room, fitness room and convenience store.

If you are interested in this home or the Myrtle Beach area in general, please contact Kathy at (843) 267-2710 or Kathy@KathyRukat.com.

Monday, July 27, 2009

Garden City Beach Home For Sale


780 Hidden Lake Drive
Garden City Beach, SC
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Garden Lakes Village

Enjoy all that Garden City Beach has to offer!

This double wide manufactured home is located on a corner lot in Garden Lakes Village off Business 17 about a mile to the beach. You will own your own land at this beach getaway! The exterior of the home features outside detached storage and a view of the pond. The interior features a large screened porch, ample storage and large bedrooms. A large storage area and/or pantry is located off the kitchen. A walk-in closet and double vanity complete the master suite. On a rare cool night, relax in the living room beside the fireplace.

First-time home buyers may qualify for the $8,000 tax credit. The deadline for the credit is November 30, 2009.

If you are interested in this home or the Myrtle Beach area in general, please contact Kathy at (843) 267-2710 or Kathy@KathyRukat.com.

Monday, July 20, 2009

Investment Opportunity at The Palace


The Palace Resort
1605 S. Ocean Blvd., Unit 112 and Unit 1114
Myrtle Beach, SC

My newest listing is a great investment opportunity. Unit 1114, a two bedroom, two bathroom condo, and Unit 112, a one bedroom, one bathroom condo, will be sold together as a package deal. The list price for both condos is $285,000. Both condos have an excellent rental history that includes both summer and winter rentals. The condos are currently producing income for the Sellers. Both condos have been renovated to include tile flooring throughout, new paint, furnishings, decorations and appliances. The Palace amenities include an outdoor pool which is covered during the winter months, jacuzzi, exercise room, sauna and putting green.

If you are interested in these condos or other property in the Myrtle Beach area, please contact Kathy Rukat at Kathy@KathyRukat.com or (843) 267-2710.

Friday, June 26, 2009

Listing Update


602 Renaissance Tower

Unit 602 at The Renaissance Tower at Myrtle Beach Resort is for sale and the price has been reduced to $138,000. This condo was renovated by the current owner and turned into a one bedroom condo from an efficiency.

If you are interested in this condo or any other property in the Myrtle Beach area, please contact Kathy Rukat at (843) 267-2710 or Kathy@KathyRukat.com. Additional information about this condo, the Myrtle Beach area and the first-time home buyer tax credit can be found at www.KathyRukat.com.





Thursday, May 21, 2009

RED Day Update

The Myrtle Beach and Pawleys Island RED Day events held last week were a success! Our combined offices collected pounds and pounds of food for the Low Country Food Bank. The conference room is covered with food! The Myrtle Beach office also collected money for an agent who's son is battling cancer. Thank you to everyone who came out to the Myrtle Beach office's cookout and dropped out food for the food bank.

Wednesday, May 20, 2009

Listing Update - SOLD

9651Kings Grant Drive
Murrells Inlet, SC




My listing at 9651 Kings Grant Drive in Murrells Inlet closed Friday, May 15th. This 3 bedroom, 2 bathroom home sold for $143,500.


If you have any questions about this house or the Myrtle Beach market, please contact Kathy Rukat at (843) 267-2710 or Kat@KathyRukat.com. Details about the Myrtle Beach market can be found on my website.

Monday, May 18, 2009

Price Reductions


The Renaissance Tower
Myrtle Beach Resort

I have two listings at The Renaissance Tower in the Myrtle Beach Resort. Both condos have recently had the asking price reduced.

Unit 708 is an efficiency condo. The condo has an ocean view, kitchen, dining area, double bed and bathroom. The price was adjusted to $94,000.

Unit 602 is a one bedroom condo. The condo has an ocean front view. The condo also has a private bedroom. The price was reduced to $148,000.

The current owner has renovated both condos. For more information and pictures of the condos, please visit my website at www.KathyRukat.com. I can also be reached at (843) 267-2710 or Kathy@KathyRukat.com if you have any questions.

Monday, May 4, 2009

For Sale - Condo at The Renaissance Tower


One Bedroom, One Bathroom Condo
The Renaissance Tower

This one bedroom, one bathroom condo is located in The Renaissance Tower at Myrtle Beach Resort. The condo has been renovated and turned into a one bedroom from an efficiency. The condo also has a full kitchen and a large storage closet. Tile flooring has been laid throughout the condo. The balcony off the living area has a direct view of the Atlantic Ocean.

The resort is a 33-acre complex with several styles of buildings and many amenities including pools, Bocce ball, tennis courts, a playground and the Oceanfront Snack Shop.

RED Day


If you are in town on Thursday, May 14th, come join Myrtle Beach Keller Williams Realty agents as we celebrate RED Day. This year is the first annual RED Day (Renew, Energize and Donate). Keller Williams Realty agents were challenged to do something on May 14th that would help our community. Ideas ranged from helping with a Habitat for Humanity build to volunteering at local community events.

The Myrtle Beach Keller Williams Realty office has decided to host a hot dog cookout at noon. We are asking for everyone to bring 5 or more canned goods that we will donate to the Low Country Food Bank. Come join us for food and fun on the 14th!

Friday, May 1, 2009

Blessing of the Inlet

2009 T-Shirts design.

BlessingInletFinalLogo09

See you Saturday, May 2, at the Blessing of the Inlet. This annual event in Murrells Inlet, now it its 13th year, is held at Belin Methodist Church will kick off at 9:00 a.m. The day will be filled with entertainment, arts and crafts, activities for children and the Blessing Ceremony at 11:30 a.m. No admission fee is charged for the event, and it will take place rain or shine. T-shirts can be purchased for $10.00. If you need more information about the Blessing of the Inlet, visit their website.


Tuesday, April 28, 2009

For Sale - Condo in Magnolia North



Three Bedroom, Two Bathroom Condo Magnolia North

This three bedroom, two bathroom condo is located in Magnolia North on the Myrtlewood golf course. The condo has easy access to both 38th Avenue North and 48th Avenue North off of Bypass 17 in the heart of Myrtle Beach. From the balcony of this immaculate condo, you can see a lake, the pool and the golf course. Because the condo is on the 3rd floor, the ceilings are vaulted. The condo is also an end unit and has extra windows. This condo is being sold with a garage so you have your own private parking and storage. You also have outside storage accessible from the balcony.

First-time home buyers may qualify for the $8,000 tax credit. If you would like to receive more information about this home or other homes in the Myrtle Beach area, please contact Kathy Rukat at (843) 267-2710 or Kathy@KathyRukat.com. Information about the Myrtle Beach area real estate market can also be found on my website at www.KathyRukat.com.

Myrtle Beach Wildfire Update

According to South Carolina Forestry officials, the wildfire is 100% contained but it is not 100% out. Firefighters are still keeping an eye on areas affected by the fire and watching for flare ups. Smoke will continue to be a problem in the late evening and early morning hours until the area sees some rain. Roads in the area of the fire may continue to close in the morning hours due to heavy smoke. In recent days. Hwy. 31, Hwy. 22, Hwy. 90 and some of Hwy. 17 have been closed. Also, some area schools will operate on a 2-hour delay tomorrow.

Friday, April 24, 2009

Myrtle Beach Fire Update

The fire is about 50% contained. About 19,600 acres have been burned, 100 houses have been damaged and 69 homes have been completely destroyed. No fatalities have occurred.

Last night, the fire did not spread to the Carolina Forest. Firefighters were able to make progress on the fire last night and put out several hot spots.

Residents of Barefoot Resort will be allowed back into their homes today after 10 am. You must show your ID and come in the front entrance.

The winds are expected to pick up today to 10-15 miles per hour. The fire may gain strength throughout the day. Firefighters are also monitoring any shifts the fire may take. They are keeping an eye on the Poplar community and believe hot spots may pop up in that area.

Kathy Rukat
Keller Williams Realty
Myrtle Beach South
Direct (843) 267-2710
Website www.KathyRukat.com
Sent from my Treo

Thursday, April 23, 2009

Myrtle Beach Wildfire

The Myrtle Beach wildfire started yesterday morning. I believe it started sometime around 10:oo. I got a text message stating a fire had started off of Highway 90 in Conway. The fire continued to burn through the afternoon. I received another text from our local news channel that a fire was spotted off of Highway 31. At that time, I thought two fires were burning. I learned this morning that, in fact, it was one fire. Hwy. 90 and Hwy. 31 do run almost parallel to one another with a lot of acreage between the two. Last night, the fire was moving north and getting close to Highway 22.

Around 1:00 this morning, officials were watching the fire and the firefighters progress from the Water Tower Road bridge. The fire jumped Hwy. 22 and started burning near homes in Barefoot Resort. The men on Water Tower Road quickly jumped in their cars and drove to Barefoot Resort. They started knocking on doors and getting residents to evacuate. Because some homes at Barefoot Resort are used as 2nd homes, they took extra time to make sure all the homes were evacuated.

The fire continued through the night and into Thursday. The latest report I heard stated that 100 homes were damaged and 69 were destroyed. About 15,000 acres of land have been burned.

The winds did shift a bit this afternoon and residents of Carolina Forest communities were told they could voluntarily evacuate. I talked to several friends in that area. Most are staying at their homes for now, but they have packed bags to be prepared if something should change.

Many roads in the area are closed. If you are traveling to the area or already in the area, check local news for details on the latest closing. Carolina Forest area and North Myrtle Beach area schools are also closed on Friday. You can check The Sun News, WMBF (TV Channel 10) or WBTW (TV Channel 13)for the latest details.

Many other communities have sent their equipment and personnel to help fight the fires. The National Guard have been called in to help, and Governor Sanford declared a state of emergency. Four Blackhawk helicopters have been called in from NC to drop water on the fire. Shelters have been set up across the county for both people and their animals that have been affected by the fires. Several local hotels are providing rooms for free for residents displaced by the fire. Thank you everyone helping with this very difficult situation.





This morning, I had an appointment on the north end of Myrtle Beach. While I was still far away from the center of the fire, the smoke could be seen. I took these pictures around 82nd Avenue North near the Grand Strand Hospital. The smoke is actually on the west side of the Waterway, but it looks much closer. The last couple of pictures were taken from 38th Avenue North.

Friday, April 17, 2009

Listing Update

9651 Kings Grant Drive
Murrells Inlet

My listing at 9651 Kings Grant in Murrells Inlet is now under contract. This house has three bedrooms and two bathrooms. Check back in about 30 days for an update on the final closing price.

If you have any questions about this house or the Myrtle Beach market, please contact Kathy Rukat at (843) 267-2710 or Kathy@KathyRukat.com. Details about the Myrtle Beach market can be found on my website.

Thursday, April 9, 2009

Hard Rock Park Update

The former Hard Rock Theme Park has a new name. The park will now be called Freestyle Music Park. The new owners of the park had wanted to keep the Hard Rock name, but they were unable to reach an agreement with Hard Rock International.

Owners still hope to have the park opened by Memorial Day weekend. The park will not be limited to a rock theme, instead it will now incorporate rock n' roll, country, R&B, reggae, beach music, pop, alternative, Christian and disco.

Wednesday, April 1, 2009

March 2009 MLS Stats

March 2009 was an interesting month in real estate for Myrtle Beach. First-time home buyers started showing interest in the market mainly because of the $8,000 tax credit. We have a long way to go but some signs are showing a pick up in the market. It is still a Buyers' Market in Myrtle Beach so jump off the fence if you are in the financial position to purchase a home. Below are the end-of-the-month stats for March 2009. If you have any questions, please add a comment to my blog.

The Residential category includes new construction, single family detached homes, single family semi-detached homes, single family home with HPR, modular homes, manufactured homes on leased land and manufactured homes with land. The Condo/Townhouse category includes new construction, 1/2 duplexes, condos and townhouses.

Total Active Residential - 5,698
Average Listing Price - $431,458
High Price - $7,900,900
Low Price - $13,900

Total Pending Residential - 588
Average Listing Price - $220,028
High Price - $1,249,999
Low Price - $14,500

Total Sold Residential - 223
Average Sold Price - $221,930
Average Listing Price - $239,306
High Sold Price - $1,699,900
Low Sold Price - $19,400

New Residential Listings Added in March 2009 - 796
***********************************************************************************
Total Active Condo/Townhouse - 6,567

Average Listing Price - $242,376
High Price - $4,469,000
Low Price - $29,900

Total Pending Condo/Townhouse - 602
Average Listing Price - $258,828
High Price - $786,300
Low Price - $19,900

Total Sold Condo/Townhouse - 160
Average Sold Price - $172,409
Average List Price - $189,700
High Sold Price - $900,000
Low Sold Price - $21,000

Total Condo/Townhouse Listings added in March 2009 - 801

Monday, March 30, 2009

Market Common Comes of Age

Below is an excerpt from The Sun News published on March 29, 2009

Market Common Comes of Age

A year on, buildings are full, shoppers abound
- jfoster@thesunnews.com

Unless he's going to work, Taft Corbett rarely has to get in his car.

The shopping, the parks, the dining and festivals are all right in his backyard in what many residents of The Market Common district have nicknamed "the bubble."

"Really most of what I do outside of work is here in this little area," he said.

This time a year ago, Myrtle Beach's first urban village was getting its finishing touches and only a few residents lived nearby.

Now, it is becoming the walkable community that planners envisioned and a bustling hub for recreation and community events.

To view the complete article, click here.
**********************************************************************************
The Market Common will celebrate its First Anniversary on April 4, 2009. Activities will start at 4 p.m. and fireworks begin at 8:30 p.m.

Thursday, March 26, 2009

Hard Rock Park Update

Some background information... Hard Rock Park located off of Highway 501 in Myrtle Beach opened in April 2008. The park hoped to attract locals and tourists alike. However, when the park did not draw the expects crowds, it closed in bankruptcy in September 2008. Hard Rock Park was purchased in February 2009 by FPI MB Entertainment. FPI MB Entertainment was able to purchase the park out of bankruptcy for $25 million.

Hard Rock International and FPI MB Entertainment are in discussions now about keeping the Hard Rock brand. Because of the name recognition of Hard Rock, officials with FPI MB Entertainment are hoping to be able to keep the name and use it in their marketing. Will keeping the Hard Rock name help or hurt the park? No one knows. On one hand, name recognition might draw visitors to the park. On the other hand, changing the name could eliminate negative publicity created by the bankruptcy proceedings.

One thing is certain ~ officials want to attract a more visitors and a wider range of visitors. Past visitors to the park complained about the high ticket price and lack of rides for children. Officials have previously stated that ticket prices would be lowered to $35-$40 from $50 and more rides for children would be added.

The park is expected to re-open by Memorial Day Weekend. Will you visit the park this season? Leave a comment about your experiences with the park last year and whether or not you plan to visit the park once it reopens.

Tuesday, March 24, 2009

Price Reductions


9651 Kings Grant Drive
Murrells Inlet

The price on this listing was reduced by $35,000 today to $145,000. The three bedroom, two bathroom house is located in Murrells Inlet, SC near restaurants, entertainment and the beach. The large backyard is completely fenced and the Sellers replaced the heat pump in August 2008. The front door, master bedroom and shutters were painted in 2008. The wallpaper in the kitchen was removed.





103 Paula Court
Conway


The price on this listing was reduced by $10,000 to $199,900. This house is also a three bedroom, two bathroom home in Conway, SC. The large backyard is also fenced. The seller replaced all the carpet in the house, painted the house and replaced the vinyl. The refrigerator was replaced in 2009. This house is located conveniently between Highway 544 and Highway 501 near the Conway Medical Center and Coastal Carolina University.




If you are a first-time home buyer, you may qualify for the recently passed $8,000 tax credit.
Contact Kathy Rukat at (843) 267-2710 or Kathy@KathyRukat.com.

Friday, March 20, 2009

For Sale - 2 Condos at The Palace


The Palace, Myrtle Beach, SC

I listed two condos at The Palace this week. The Palace is located at 1605 South Ocean Blvd., Myrtle Beach. Both condos are ocean view and have been recently renovated by the owners. One condo is a one bedroom/one bathroom while the other condo is a two bedroom/two bathroom. Both condos have an excellent history that includes both summer and winter rentals. Both condos are producing income for the current owners. More information and additional pictures will be listed on my website, www.KathyRukat.com, under Featured Properties.

If you have any questions about these condos or other Myrtle Beach property, please let me know. I can be reached at (843) 267-2710 or at Kathy@KathyRukat.com.

Friday, February 27, 2009

Sale Update

775 Plantation Drive, Unit 38

A buyer client of mine successfully closed on the property located at 775 Plantation Drive, Unit 38, Little River, SC. The list price for the property was $108,900 and the property sold for $92,000. This townhouse has 2 bedrooms and 2 1/2 bathrooms.

If you have any questions about Myrtle Beach real estate, please email Kathy Rukat at Kathy@KathyRukat.com or call Kathy at (843) 267-2710.

Wednesday, February 18, 2009

Obama's Housing Plan

Today in Mesa, Arizona, President Obama announced his $75 billion plan to help the housing market. He outlined the three-part plan that would help up to 9 million borrowers. Obama pointed out that his plan "will not rescue the unscrupulous or irresponsible by throwing good taxpayer money after bad loans" and he urged Americans to “learn to live within our means again.”

Obama explained that the high foreclosure rates seen recently in many American towns does not only effect the homeowners losing their homes but also effects neighbors not facing foreclosure. Foreclosures lower the value of surrounding homes making the homes of homeowners current on their mortgages harder to sell, refinance or obtain home equity loans.

Homeowner Stability Initiative
The Homeowner Stability Initiative would help up to 4 million homeowners that are considered "at risk." The government would provide incentives to mortgage lenders if the lender worked with these borrowers to modify their current loan. The goal is to get the mortgage loan under 31% of the homeowners' income.

Upside Down Mortgages
Many Americans now see their home worth less in the current market than they currently owe of their mortgage. Part of Obama's plan is to help these homeowners refinance their mortgage. In the past, regulations would not allow homeowners to refinance if they owed more than 80% of the current market value of their home. The plan would removed the 80% loan-to-value guideline if the mortgage is owned or guaranteed by Fannie Mae or Freddie Mac. The homeowner must be current with their current mortgage and the new mortgage (including refinancing costs) cannot be higher than 105% of the current property value. The homeowner would need to refinance into a 15-year or 30-year fixed rate mortgage.

New Mortgages
The third prong of Obama's plan focuses on keeping interest rates low for new home buyers. Obama plans to add more money to Fannie Mae and Freddie Mac so the companies can continue to buy mortgages from other companies.

More on the $8,000 Tax Credit

President Obama signed the stimulus package yesterday in Denver, CO. Part of the package included an $8,000 tax credit for first-time home buyers. The National Association of Home Builders credited a website to explain the tax credit - not a tax deduction. The website explains this part of the stimulus package as "A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid."

From the front page, click on the blue box to gain more information. From there, you will find information such as the Tax Credit at a Glance, FAQs, The Law's Other Provisions and Home Buyer Resources.

Today at 12:15 p.m. EST President Obama will be speaking about his housing plan in Mesa, Arizona. The plan is expected to help homeowners that owe more on their homes than they are worth and also help homeowners getting close to foreclosure. Watch the news conference and feel free to leave a comment.

Tuesday, February 17, 2009

2009 Stimulus Package

Today, President Barack Obama will sign the 2009 stimulus package in Denver, CO. Below is a brief synopsis of the credits available for first-time home buyers.

2009 Home Buyer Tax Credit

1) Must buy a primary residence home between January 1, 2009 through December 31, 2009

2) Must owner occupy the home for 3 years otherwise credit must be paid back

3) Income must be less than $75,000 for individuals ($150,000 for couples)

4) Cannot have owned a home for the past three years

5) Tax credit is 10% of homes sale price up to $8,000 maximum credit

6) Tax credit claimed on 2009 tax return (year home purchase occurred)

Thursday, February 12, 2009

For Sale - Ocean View Condo at The Renaissance Tower


5905 S. Kings Hwy., Unit 708
Myrtle Beach, SC 29575


Ocean view efficiency condo located in the Renaissance Tower at Myrtle Beach Resort. The current owner renovated the condo. Renovations include knocking out 1/2 a wall to expand the kitchen to accommodate conventional-sized appliances, new cabinets, new HVAC system, addition of ceramic tile throughout, new bedding, new sleeper sofa, new appliances and new vanity. Myrtle Beach Resort is a 33-acre ocean front resort. Amenities at the resort include a lazy river, 4 outdoor pools, 2 indoor pools, 3 health spas, tennis courts, a basketball court, Bocce ball area, playground and the Oceanfront Snack Shop.

For additional information on this condo, please visit www.KathyRukat.com, call (843) 267-2710 or email Kathy@KathyRukat.com.


Monday, February 9, 2009

Fannie Mae Guideline Changes

Fannie Mae announced that they will now allow investors to finance up to 10 properties (the former limit was 4 properties). Fannie Mae added some strict qualifications standards, but they are acknowledging this market needs help. The servicing banks will still need to change their regulations, but change is happening in the investor financing market.

If you have questions about this new policy, please give me a call or send an email.

January 2009 MLS Stats

Welcome to 2009! This year, I will add each month's end of the month stats to my blog so you can keep up-to-date with the Myrtle Beach area real estate market. If you have any questions, please add a comment to my blog.

The Residential category includes new construction, single family detached homes, single family semi-detached homes, single family home with HPR, modular homes, manufactured homes on leased land and manufactured homes with land. The Condo/Townhouse category includes new construction, 1/2 duplexes, condos and townhouses.

Total Active Residential - 5,713
Average Listing Price - $423,451
High Price - $8,000,000
Low Price - $14,500

Total Pending Residential - 52
Average Listing Price - $249,644
High Price - $625,000
Low Price - $29,900

Total Sold Residential - 165
Average Sold Price - $239,245
Average Listing Price - $259,549
High Sold Price - $1,780,000
Low Sold Price - $17,000

New Residential Listings Added in January 2009 - 827
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Total Active Condo/Townhouse - 6,499
Average Listing Price - $251,571
High Price - $4,469,000
Low Price - $19,900

Total Pending Condo/Townhouse - 545
Average Listing Price - $286,763
High Price - $865,000
Low Price - $29,900

Total Sold Condo/Townhouse - 102
Average Sold Price - $183,733
Average List Price - $204,450
High Sold Price - $975,000
Low Sold Price - $42,500

Wednesday, February 4, 2009

For Sale - Single Family Home in Murrells Inlet

9651 Kings Grant Drive, Murrells Inlet, South Carolina

This 3 bedroom, 2 bathroom home is for sale and currently listed at $180,000. The house is centrally located in Murrells Inlet. Mature landscaping dots the front and back yards of this home located on a cul-de-sac. The large backyard is completely fenced. Owners have recently painted the master bedroom, shutter and front door and replaced the wallpaper in the kitchen. Immediately when walking in the living room, you will notice the vaulted ceilings and open floor plan in the neat as a pin home. The living room, kitchen and dining room occupy the front of the home while all bedrooms are located in the back of the house. Flooring in the foyer, kitchen, dining area and bathrooms have been upgraded to tile. The master bedroom features a garden tub and solid surface countertops. Large closets complete all bedrooms and the master bedroom has two walk-in closets. The sellers are providing a home warranty.

For additional information on this home, contact Kathy Rukat at (843) 267-2710 or Kathy@KathyRukat.com.