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.

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.

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

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
By Jessica Foster - 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.

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.

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.

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.