Exciting Things In Store For Myrtle Beach

Myrtle Beach Real Estate

Myrtle Beach Real Estate

Myrtle Beach is already a pretty exciting place. With fantastic beaches and some of the country’s most amazing condo developments, Myrtle Beach combines great living with perfect scenery and amenities. Well get ready for another addition to the Myrtle Beach picture that will add a musical note to the city. In the Spring of 2008 The Hard Rock Park is set to open in Myrtle Beach. This is planned to be the world’s first rock ‘n roll theme park and will cover more than 140 acres and is the first major U.S. attraction to be constructed in the last decade. This is directed at bringing even more of a tourist trade to South Carolina.

The new park plans on having more than 40 attractions to engage visitors with, including roller coasters and live music stages. Also featured will be children’s areas, cafe’s and stores. Needless to say that people in Myrtle Beach are excited about this development as it stands to give Myrtle Beach more of a destination drawing feature. The park is looking to incorporate six different areas that are each dedicated to a different aspect of rock music. These will include the entry plaza, rock ‘n Roll Heaven, British Invasion, Lost in the 70’s, Born in the U.S.A. and Cool Country. These areas will cover the many different types and styles of music that has helped to define us as a culture.

This theme park is going to bode well for real estate in Myrtle Beach. With a major attraction now in close proximity it is taking up the same kind of reputation as areas like Orlando with the bonus that it lies right on the beach. There are going to be some really interesting things going on in Myrtle Beach in the coming year, it will be interesting to see what effect the theme park has on the town and on popularity of housing and condos. If history is any indication it will cause a boom in the Myrtle Beach housing industry. There truly are some exciting times ahead for Myrtle Beach, get in on things now while it is still possible! Before long this may be a difficult area to get into.

Preston Guyton is a professional Realtor® serving the Myrtle Beach real estate market. For more information on Myrtle Beach homes & properties, contact Preston today or visit http://www.prestonguyton.com


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Top Seven Signs That You’re A Real Estate Agent

7. You can make anniversary dinner reservations on your cell phone at your spouse’s favorite restaurant while filling out property

Top Seven Signs That You're A Real Estate Agent

Real Estate Agent

sale closing forms in a Seattle’s Best drive-thru line up.

6. Your cell phone chimes the Imperial March from Star Wars whenever “FSBO” is mentioned in a text message.

5. You learned everything you know about computers and the Internet while developing five different websites to attract leads away from the local FSBO website.

4. You have customized email replies for every type of client or lead, and several for social situations.

3. You and your spouse meet a nice couple from your area on a vacation in the Caribbean, and have a discussion about work back home. As soon as they find out you’re a real estate agent they want investment advice. It’s all they want to talk about when you see them the next day at the hotel pool bar, and it’s all they’re interested in later at dinner on the waterfront. Your spouse and them seem to hit it off, and you have to admit they’re pretty nice people with the potential to become great clients.

The thing is, you just came here to relax, work on your tan, and at least pretend to read a good crime novel. The next day in the middle of a snorkeling excursion with dolphins they start asking about foreclosure properties, and you casually tell them to just enjoy the water, and maybe ask you about it later, or preferably in your office back home. The couple responds with raised eyebrows, and the rest of the excursion is blissfully shop-talk free. Later that evening it’s just you and your spouse for dinner.

You ask what the other couple is up to, and your spouse tells you s/he isn’t sure, but wouldn’t be surprised if the four of you never spoke again after your rude outburst earlier that day. The last two days of your trip go well enough – you finish the crime novel and return home refreshed. The couple never calls, but months later one of your colleagues closes a multimillion dollar waterfront property with them, which happens to be just a couple blocks from your house. Sorry, personal rant, but you get the point.

2. Servers at all five of your favorite restaurants begin to chide you for wearing moderate variations the same outfit every time you come in with a big-time client or a valuable lead.

1. Three of your five favorite restaurants are Seattle’s Best outlets.

Prestonguyton.com can be the source for all your Myrtle Beach real estate needs. The site offers area information, tips for home buyers and sellers, and a comprehensive Myrtle Beach home for sale search.

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Myrtle Beach Cabana District

Myrtle Beach Cabana District

Myrtle Beach Cabana District

Imagine an exclusive beachfront home, only steps from the water for under $80,000! That’s what you’ll find in the cabana district in Myrtle Beach. About a dozen of these 200 square foot beach structures line the shore in this Ocean Boulevard area.

The cabanas have questionable origins; some believe they originally belonged to beach homes across the street that have since been destroyed and replaced with condos. Others say the structures belonged to the Ocean Forest Hotel that stood from 1930 to 1974, and later offered for sale after the hotel was torn down.

In any event these small buildings are among the hottest pieces of real estate in town; only two have come on the market in the last seven years. Generally local realtors maintain lists of prospective buyers, and if a unit or lot becomes available it usually sells within 30 minutes.

Myrtle Beach native, Steve Bailey, purchased his cabana lot after a five minute phone call with his real estate agent. Apparently the building codes were extremely restrictive, requiring numerous permits, installation of a septic system, and underground utility lines. He can’t have a driveway, park on his property, step on the dunes, touch the sea oats or move any of the sand on the lot. Bailey claimed that building the cabana had more restrictions than building a house, but it was worth the effort.

Most residents don’t bother with insurance, as the costs are so high, it’s cheaper to rebuild. However, don’t be fooled, these beach huts may be small, but they’re mighty. One in particular, owned by Kevin Warren and Dean Carroll, is estimated at over 20 years of age. Its solid structure has survived annual hurricanes for years.

Rod Scarborough, a retired bank executive, spent five years trying to obtain his $78,000 piece of the beach located from a 40-foot setback to the high tide mark. His beach home is in use frequently, with an open door policy extended to his friends and family.

These cherished little beach huts have provided an exclusive getaway that only a fortunate few have been able to acquire. Hopefully they will remain for years to come, handed down as heirlooms from generation to generation.

This article was submitted for Preston Guyton, professional Realtor in the Myrtle Beach real estate market. He can provide information and listings for all the neighboring areas including Garden City real estate

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Tax Benefits of Owning a Vacation Rental Property

Tax Benefits of Owning a Vacation Rental Property

Tax Benefits of Owning a Vacation Rental Property

Many families enjoy a yearly trip to a favorite ski resort or coastal paradise, and this leads to the eventual thought of whether or not it would be a smart investment to purchase a vacation property instead of renting each year. If you are considering the possibility of buying a second home or vacation rental, then it is important to understand the tax benefits of owning a vacation rental property.

Much of the taxes that you can deduct on your vacation home depend on the amount of time that you spend at the property for personal use. As a standard, property taxes and mortgage interest can be deducted on up to two homes totaling $1 million in mortgage debt. This is allowed whether or not you actually rent out the condo or home when you are not using it yourself, so you are guaranteed a tax break no matter how you use your vacation property.

From there, the tax rules become a little more complex, which is why speaking with your accountant to verify your personal tax situation and understand the exact ramifications for your personal time at the property is so important. Let’s take a quick look at some of the different options for tax deductions when you rent out your vacation property, so you can have a general idea of what to expect.

3 Tax Scenarios for Vacation Rental Homes

First, homeowners that spend a good deal of time at their vacation home (over 14 days) and rent it out a good portion as well (over 14 days) can deduct some of their utilities, maintenance, operating costs, HOA fees, insurance, and depreciation for that rental period. In this scenario the home has a time period where it is considered a private residence and a timeframe where it is treated as rental unit. The extra deductions can help you offset the rental income you have made up to the point where you zero out the income with tax deductions.

Second, a vacation rental investor who stays in the home less than 14 days or 10% of the rental period, whichever is greater, can treat the vacation home as a rental property. This allows the investor to deduct a far larger percentage of the utilities, maintenance, HOA dues, insurance, depreciation, and operating costs based off of the total days the home was used. In addition, if the rental income does not completely cover the cost of the rental timeframe, you might be eligible to write off up to $25,000 in rental losses. This is strictly for individuals who show an adjusted gross income of under $100,000 and gets progressively lower as the income approaches $150,000 and is phased out completely.

Third, property owners who rent their vacation home less than 15 days of each year do not have to pay any taxes whatsoever on the rental income. So, if you have the good fortune to have a vacation property or second home in an area with a big yearly event and you can rent it out for two weeks or less at a high rate, then you have the benefit of enjoying that income completely tax free.

Now that you have an idea of the many tax benefits associated with owning a vacation rental property, it is important that you speak with your accountant to confirm exactly what type of rental owner you are and how that might earn you even greater tax deductions from your second home.

Preston Guyton is a professional Realtor? serving the Myrtle Beach real estate market. For more information on Myrtle Beach homes, contact Preston today or visit http://www.prestonguyton.com.

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The Investment Potential Of Golf Homes

Golf Homes For Sale

Golf Homes For Sale

You can always get a solid return selling your golf course home, even if the market looks weak. That’s because golf course homes keep a stronger hold on their value than other types of real estate, and generally aren’t as affected by economic trends. As a seller of golf real estate, you won’t have to spend as much time watching the market and waiting for a time to sell, and as a buyer you can be more confident that you’re making a solid investment choice.

It may be no surprise that golf course homes perform so well, but now there’s data to support this common assumption. A Nov, 2007 study by the Longitudes Group found that golf course homes typically sell for 40 per cent more than comparable regular homes, and that they tend to rise in value even as property values around them are falling. Even when values fell for golf course areas in the study, they fell at a slower rate than in surrounding neighborhoods. The study largely found that golf course homes were affected by market trends, but not as much as other forms of real estate. The strongest golf real estate market in the study was Myrtle Beach, SC, where some properties appreciated as much as 56 per cent a year.

Golf course real estate is popular and valuable for the same reasons as always: beautiful home designs; access to amenities and game play; privacy; and immunity from encroaching development. Now these homes have the additional benefit of being a proven, studied performer in the real estate market.

The unique designs of golf course homes also helps put them in a category of their own. Golf course homes come in many styles, from estate-sized family homes to stylish single-story ranchers, villas, and bungalows. No matter what kind of home you’re searching for, there’s a golf property to suit your needs.

Whether you’re buying or selling a golf course home, you’ll find it’s easier to make the right investment choices with the help of a real estate agent. A real estate professional can help you determine the market potential of an entire golf development, as opposed to individual homes.

Prestonguyton.com can be the source for all your Myrtle Beach real estate needs. The site offers area information, tips for home buyers and sellers, and a comprehensive Myrtle Beach home for sale search.

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Condo Considerations

Condo Considerations

Condo Considerations

So you’re thinking of buying a condo? Owning a condo is a different world than owning a house, and comes with a whole different set of expectations and responsibilities. Maybe you’re looking to find a vacation property, get out of the suburbs or get away from some of the chores that come with a traditional house – whatever the reason, you’ll want to weigh the pros and cons of condo ownership before you make that final purchase.

It’s easy to list all the benefits of condo living, so let’s save those for last, as the saving goes. Let’s think drawbacks: first and foremost, purchasing a condo means purchasing the condo – that’s it. No yard, no land, no roof even (well, no individual roof anyway). Just the box itself. Now many people see this as a bonus. Who needs the headache of dragging out the lawn mower every weekend, or having to think about your gutters now that fall is setting in? Hey – I hear you, I’m just saying, it may be an issue for some people.

If you were used to the freedom of home ownership you may be a little taken aback by the fees and rules that come with a condo. Although, if you’re a former house owner, you may welcome the idea of having a set fee schedule instead of sudden surprises (additional expenses may come up from time to time, but these are usually shared between the units unless it’s your fault). Also, having rules (Covenants, Conditions & Restrictions) means you don’t have to worry about your neighbor deciding to decorate with old appliances instead of patio furniture. Just be sure you are clear on your financial commitment and that you can live with the the particular rules in your development.

Where it can get a little sticky is the shared walls. I mean, this all depends on your neighbors. I wouldn’t advocate moving in next to an amateur tuba enthusiast, for instance, but today’s condos often address sound-proofing. Obviously you want to spend some time in the building you are thinking about living in. It may be worthwhile to make the effort to knock at the suite next door to get a feel for the ‘hood. And if all else fails you can make use of the rules (see the point above).

As a unit owner you are automatically a member of your condo association. Condo associations deal with disputes between unit owners (you and the tuba player for instance) and enforce the bylaws, as well as taking care of maintenance and repairs. You may need to get permission from the association before renting or renovating your condo. Because the condo association also has an elected board, you can get involved in the governance of your development, if that’s your kind of thing.

Well, if you aren’t still aren’t sold on a condo here’s the upside: location, location… oh, you’ve heard this before? Many of today’s hottest developments are centrally located, in the middle of the action. Want to walk to the beach, the office, the golf course? There’s a condo for that. Throw in added amenities that are common selling points in many developments (fitness facilities, hot tubs, multimedia rooms, etc) and your life has become even more convenient. It’s all at your finger tips, with added security and a smaller price tag than your average home.

So put down your rake and your snow shovel and open the door to a new way of life. If you are looking for fewer responsibilities, or just a great vacation spot, condo living could be your solution.

Preston Guyton is a professional Myrtle Beach Area Realtor® dedicated to providing his clients with effective, personalized service. For more information on condos in the Myrtle Beach Area or for help with your real estate needs, visit Preston online at http://www.prestonguyton.com

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Tips In Real Estate – Short Sales Explained

Real Estate Tips

Real Estate Tips

One thing that buyers may come across in their search for a new home is the short sale. A short sale is a situation where the previous mortgage home owners have been foreclosed on and now the financial lender is looking to cut their losses and sell the home quickly and usually for less than it is worth. Basically you are trying to turn a bad situation into something that all sides can be happy with.

Arranging a short sale can be complex thing usually involving a lot of negotiation with the lender. You will be working with a certain department of the bank that’s sole purpose is to deal with loans that have gone into default. In a short sale you will have to convince the bank that there is not enough equity in the property for the current owners to get out of their debt and that their best course of action is to sell the home and cut their losses.

The bank has already taken their chance and lost out of not only the interest that they would be collecting but the property now becomes a drain on them costing them money every day that they possess the property. This is where the smart investor comes in and offers to take the property off their hands so that they can get on with business. In this kind of investment more than any other in real estate, an investor needs to know their business. Dealing with banks and lenders when THEIR profits are concerned is quite different than applying for a loan. You are now talking about their money and as such you have entered a completely different world.

In their ideal situation the original owner would be able to find a way to pay them the owed mortgage and get back onto their payment schedule, allowing the bank to start making money off the property again. Once this possibility is ruled out it then becomes a matter of the bank trying to recoup their losses and if you can make them an offer that makes sense to both you and them then you may just be able to arrange yourself a great deal on a home for less than what it is worth. This kind of property is tailor made for a home flipping situation as with time on your side, you should be able to fix up and resell the home for an excellent profit.

Preston Guyton is a professional Realtor® serving the Myrtle Beach real estate market. For more information on Myrtle Beach homes & properties, contact Preston today or visit http://www.prestonguyton.com

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