CANA Corporation blog from the president
December, 2008
This past year (especially the last few weeks) has been a rough one financially for many people in the US and elsewhere, but in the midst of strife there is opportunity so what better time to get started with CANA’s blog of the week.
Speaking from the perspective of someone who has been developing residential real estate in Myrtle Beach for over 31 years, one thing we know is that we have been through tough financial times before and yet the beach always rebounds well. While each downturn has its own characteristics (a condo crunch in the 70’s, tax reform in the 80’s, hurricane and market downturn in the 90’s, and today’s money crunch), the slow times were always followed by a time of expansion and rising prices. The only question is when, not if. Are we at the bottom now? Are inventories back to a reasonable level yet? Will real estate prices start moving back up the first of 2009? Later in 2009? In 2010? Of course, the next question after “when� is a big “Did�---did you take advantage of the market and buy a bargain in 2008 or 2009 when buyers were scooping up bargains? Did you just watch what was going on or did you take action? Did you give up on your dreams and let your property go to pot and lose its value, or did you take care of your property and do what was necessary to keep and increase value or at least to sell it at the best possible price.
Give us your opinion about all of the these questions if you like, but here is some of my input: Bottom? Early 2009 to mid-2009 (at least for Myrtle Beach). Inventories? Home inventory seems to get better each day, especially for the big builders. Homesites and oceanfront condos are still a little weaker. Prices? About as low as they are going to get for the individual buyers, maybe not for a 20+ unit buyer. Look for increases in prices to start by 2010, even though it will be a long, slow recovery.
Hey, no matter what is going on in the world outside of Myrtle Beach, it is always a good time to introduce something NEW: the specialized model “Showcase Home� of Forestbrook Reserve is complete. Be on the lookout for more info on this home and other new homes in Forestbrook Reserve!
That’s it for today. Check out our website for the more info or call one our Development Consultants (Kay, Carol, Ken or John) for more answers or info.
Randy Wallace, President of CANA Corporation
Hopefully everyone saw the Easter Sunday (April 12th) article in the Sun News titled "Spring Spurs Housing Market." The front page article featured pictures on our Forestbrook Reserve "Showcase Home", which received awards, high praises, and loads of impressed visitors during the New Home Parade a couple of weeks ago. The article talked about sales picking up and good prices and low financing rates making homes more affordable. All the pictures in the article were of the Forestbrook Reserve model as Builder Derrick Blanton (right) and CANA Sales Agent John Williams showed the home to prospective buyers. If you're a local looking for a new home, or if you're looking to move to Myrtle Beach, be sure to check out this new "Showcase Home", featuring the latest in Universal "Lifelong" Design and Green Construction and materials. Come see us!
