| One of the fastest growing communities in the | | | | investment. Conventional wisdom says to batten |
| US is the "Strand" - the stretch of cities starting | | | | down the hatches during a recession, and focus |
| at Myrtle Beach and extending north along the | | | | on savings and keeping your assets liquid. |
| South Carolina coast to North Myrtle Beach. | | | | However, with current trends in banking, the |
| Geographically, all of these cities are build around | | | | weak dollar, and the specter of inflation, a solidly |
| the high water table and the pine bluffs in from | | | | diversified portfolio should contain several real |
| the coast, and present beautiful beach walks and | | | | estate investments, or investments in tangibles. |
| lovely scenic vistas for houses. Myrtle Beach is | | | | Here's why: |
| commonly referred to as the "Golf capital of the | | | | For the first, nationwide, real estate prices are |
| World", and was re-founded in the middle of last | | | | down; there are foreclosure properties on the |
| century as a resort community. | | | | market that are further driving down real estate |
| Myrtle Beach has a median family income of | | | | prices. While foreclosure rates are higher than |
| around $28,000 per year, and has had stable | | | | normal, they're much lower than was initially |
| home prices for the last three years, with most | | | | expected when the housing bubble burst. What |
| homes on the market running around $225,000 or | | | | this means is that picking real estate, in the right |
| so, and new construction homes at $230,000 or | | | | markets, can give you significant rates of return |
| so. While Myrtle Beach wasn't immune to the | | | | as the economy eventually recovers. |
| credit crunch of 2007, and the resulting flattening | | | | In Myrtle Beach, there are several indicators that |
| of the US housing market, it was insulated by the | | | | properties purchased there will appreciate in value. |
| strong local economy (much the same way Las | | | | The first is the demographic growth rate - Myrtle |
| Vegas was). While Myrtle Beach's properties didn't | | | | Beach is growing by almost 6% per year. That |
| decline in price as rapidly as several other parts of | | | | growth rate means that several types of real |
| the country have, they did drop a small amount. | | | | estate are worth investing in, from second homes |
| Myrtle Beach's primary business sector revolves | | | | to office complexes, as the economy diversifies |
| around tourism and visiting, with a secondary | | | | from its current tourism-driven base. |
| sector built around high tech (mostly | | | | Myrtle Beach's other tangibles are its quality of life |
| programming) businesses. With an average tourist | | | | - it consistently ranks in the top five among |
| influx of over 12 million visitors per year (most of | | | | surveys of the best communities to live in for the |
| them in the spring through fall), there's been a | | | | United States - and its solid tax base, which |
| building boom, both for people wanting to provide | | | | keeps city infrastructure expanding and well |
| rental condos and time shares to visitors, and for | | | | maintained. Myrtle Beach's resort pedigree is built |
| people looking to buy summer homes. A side | | | | in part around its accessibility, which stems from |
| effect of this housing boom is that existing | | | | US 17 running north/south on the Carolinas coast |
| properties are appreciating in value, particularly as | | | | to a passenger train line, which makes it easy to |
| the community grows its own professional | | | | get to from anywhere on the eastern seaboard. |
| economy. | | | | That same rail connectivity also helps keep costs |
| So, what's the investment strategy for buying at | | | | down in other ways for residents, which in turn |
| this point in time? Like any investor, you're looking | | | | helps foster business growth in the community. |
| to maximize your rate of return. Myrtle Beach's | | | | Myrtle Beach is a lovely community with plenty to |
| strong local economy means that any building built | | | | offer a forward looking real estate investor. |
| here or bought here has a solid return on | | | | |