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Real estate condo sales in coastal areas like Myrtle Beach have been hit hard not just by the economy but what has become a term we hear too often, "condotel". Lenders basically stopped making mortgage loans for any condo they considered a "condotel" and each lender had their own definition.There have been some lenders who will make a loan on a particular condo building today but not tomorrow which has been a challenge for those of us who have people who want to buy a condo. During the past year we had seen a few lenders return to offer mortgages to qualified buyers of what was considered a "condotel" so we say thank you to those lenders.
In the beginning of the "condotel" saga primarily high-rise condo buildings that had a Front Desk check-in and allowed rentals for a week or less were branded. The criteria expanded in so many directions that I won't take up your time trying to list what some lenders used to turn down a loan. One national lender didn't care that there was no front desk, no daily cleaning service, no on site restaurants, or any of the other criteria many had listed for a "condotel". Also the fact the entire complex was primarily occupied by residents and second-home owners did not seem to make a difference because someone in the lender's underwriting department Googled the name of the complex and they felt that if the By-Laws of a condo building or complex do not restrict short-term rentals and if even one person uses the internet to rent their unit themselves or has a rental company with a website handle their rental offering their condo for rent on a short-term basis the entire complex is a "condotel" because it showed up when Googled.
There are some fantastic low priced coastal condos presently for sale in the Myrtle Beach area and the problems with condo lending seems to be focused on properties within a few blocks of the ocean. If your dream is to own an oceanfront or even second-row condo check with several lenders in the area where you want to purchase to see if they are able to lend for a condo that may be considered a "condotel" or try what many of my clients have done, even in this economy, by getting a home equity loan on their primary residence and paying cash for their condo in the Myrtle Beach area.
On September 30, 2011 there were 3,855 condos listed for sale in Myrtle Beach and the surrounding areas, February 27, 2011 there were 3,935 condos listed for sale, November 2010 there were approximately 4,200 condos for sale, but in September 2010 there were just over 5,000 condos for sale in the Myrtle Beach area so the supply (as in supply and demand) is beginning to decrease . The number of condos includes foreclosures, short-sales and regular real estate listed for sale in the Coastal Carolina Association of Realtors (CCAR) official MLS system that covers Myrtle Beach, North Myrtle Beach, Surfside Beach, Garden City, Murrells Inlet, Georgetown, Pawleys Island, Conway, Longs, Loris, the area of Carolina Forest, and some listings from the southeastern section of North Carolina.
See Condo buildings by name: Condos in North Myrtle Beach Longs, SC Condos
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