Dargan Real Estate - Myrtle Beach, SC

Office: (843) 712-2585 Fax: (888) 712-1027 Email Us

Archives for August 2013

Market Value VS. Appraised Value

by

What is the difference between market value and appraised value?

If you are planning to sell your home in the near future, you might be curious about the difference between a market value and an appraised value.

An appraised value is the home value (or the estimated dollar amount your home is worth) in its current state at a given point in time, and its value is estimated by a certified appraiser. The appraised value is required by lenders as part of the loan application process. The fee to have your home appraised ranges between $200 to $300.

A market value is the price your home is estimated to sell for based on the current market. The analysis of the market or estimation of your home’s market value is comprised from sales of comparable properties and is usually performed by a real estate agent or broker.

Both values are accurate ways to determine the worth of your property.

Myrtle Beach, South Carolina

by

We promised to dig into each of our local areas in greater detail, and we take our promises very seriously. We’ve already discussed a few of the subdivisions located in Myrtle Beach, South Carolina (e.g. Pine Lakes, The Grande Dunes, Dunes Cove) but we also want to discuss our great city itself.

—

Myrtle Beach, South Carolina is a coastal city at the center of a stretch of beach referred to as the Grand Strand. It’s a favorite tourist destination for much of the United States because of its subtropical climate and white, sandy beaches.

Dunes

Location: the East Coast of South Carolina
County: Horry
Land Area: 23.5 miles
Estimated Annual Visitors: 14 million
Resident Population: 27,000

 

FUN FACT: Did you know that Myrtle Beach is essentially a man-made island? It has been separated from the continental United States by the Intracoastal Waterway since 1936.

CLIMATE

Spring: mild temperatures in the mid-70’s

Summer: hot and humid; highs between 83° to 91°F (with indexes breaking 100°) & lows around 70°F; ocean temp is around 80°F or higher; afternoon thunderstorms are common

Fall: temps average around 75°F; hurricane season peaks in September (entire season lasts from June thru November)

Winter: mild; low precipitation and humidity levels; average temps around 56°F; overnight lows in the mid-30’s; average number of days with frost is 33; snow is rare.

Average days of sunshine: 215 days per year
Wettest Months: July and August
Driest Months: October and November 
Last Major Hurricane: Hurricane Hugo (1989)
Most Severe Hurricane: Hurricane Hazel (1954)

 

DEMOGRAPHICS

Ethnicities

81{8a4f45d74d514e6dd6794b8c6dd875260e3343c96bf403696e21fc128bbedf7b} European-American
13{8a4f45d74d514e6dd6794b8c6dd875260e3343c96bf403696e21fc128bbedf7b} African-American
5{8a4f45d74d514e6dd6794b8c6dd875260e3343c96bf403696e21fc128bbedf7b} Latino or Hispanic
1{8a4f45d74d514e6dd6794b8c6dd875260e3343c96bf403696e21fc128bbedf7b} Other

 

Age Groups

Under 17: 18{8a4f45d74d514e6dd6794b8c6dd875260e3343c96bf403696e21fc128bbedf7b}
18 – 24 years old: 11{8a4f45d74d514e6dd6794b8c6dd875260e3343c96bf403696e21fc128bbedf7b}
25 – 44 years old: 33.6{8a4f45d74d514e6dd6794b8c6dd875260e3343c96bf403696e21fc128bbedf7b}
45-64 years old: 22.5{8a4f45d74d514e6dd6794b8c6dd875260e3343c96bf403696e21fc128bbedf7b}
65+: 15{8a4f45d74d514e6dd6794b8c6dd875260e3343c96bf403696e21fc128bbedf7b}
 
Median Age: 37

 

INCOME

Median Household Income: $35,498
Median Family Income: $43,900
 

 EDUCATION

Post-secondary Schools: Cathedral Bible College, Coastal Carolina University, Golf Academy of America, Horry-Georgetown Technical College, ITT Technical College, Miller-Motte Technical College, Webster University

Public Schools: Myrtle Beach Primary School, Myrtle Beach Elementary School, Myrtle Beach Intermediate School, Myrtle Beach Middle School, Myrtle Beach High School

Private Schools: St. Andrew’s Catholic School, Christian Academy of Myrtle Beach, Carolina Bays Academy, Chabad Academy, Calvary Christian School, Bridgewater Academy, Cathedral Hall High School, Christian Academy, Life Christian Academy & Child, Socastee Montessori School, Palmetto Academy of Learning and Success

TOURISM

Tourism is the bread and butter of our economy in Myrtle Beach. And, because tourism is so important to our city… there are many attractions in the area. Along with its beaches, Myrtle Beach is home to a large number of golf courses, shopping centers, theaters, amusement parks, and over 1,900 restaurants! The following attractions are just a few of the thousands available.

Theaters: The Carolina Opry, The Palace, Legends in Concert

Dinner Theaters: Pirate’s Voyage, Medieval Times

Amusement Parks: Myrtle Waves, Ripley’s Aquarium, The Family Kingdom

Shopping & Dining: Broadway at the Beach, Market Commons, Tanger Outlets, Coastal Grand Mall

SPORTS

Baseball: Myrtle Beach Pelicans – a Carolina League baseball team and franchise of the Texas Rangers

Soccer: Myrtle Beach FC – professional soccer team that competes in the National Premier Soccer League

Racing: Myrtle Beach Speedway – NASCAR-sanctioned stock car racing

 

AN AWARD WINNING MYRTLE BEACH…

#3 – National Geographic’s Top 10 U.S. Boardwalks

Top East Coast Beaches – Flipkey.com

#12 – USA Today’s Best Boardwalks for Food in the USA

#5 – US News & World Report Best Affordable Vacations in the US, #3 Best Family Beach Vacations in the US & #9 Best Beaches in the US

Top 10 Vacation Spots – The Travel Channel

#6 (IN THE WORLD) – 2011 TripAdvisor’s Traveler’s Choice Beach Award (#1 beach in the United States)

 

Myrtle Beach Subdivisions: Dunes Cove

by

We talked about one of Myrtle Beach’s most prestigious neighborhoods last week–The Grande Dunes. It seems only fitting to talk about its neighbor this week–Dunes Cove.

Dunes Cove Entrance
Dunes Cove is nestled between Highway 17 and the Atlantic Ocean on the northern end of Myrtle Beach. The community is an older one and bears a name synonymous with prestige and luxury. It’s also situated in an area that is convenient and highly sought after because the beach is easily accessible by foot, bicycle, or golf cart.

The properties located within Dunes Cove offer large wooded estates with lush greens, beautiful oak trees, and lake views. The selection of homes will satisfy the taste palettes of every prospective buyer because it provides a mix of traditional and modern architecture. In addition to a convenient location and attractive landscaping, the high level of security offered to the community is attractive and reassuring. Homeowners and guests enjoy  an organized “Community Watch” program, partnered with the City of Myrtle Beach, which features 24-hour surveillance at each of the five entrances.

The list of available homes within Dunes Cove range in price from $395,000 to $6.9 million. Browse the list of available homes HERE.

Please contact us at Dargan Real Estate (843-712-2585) if you find a home you are interested in viewing!

What do mortgage lenders look for on loan applications?

by

One of the best ways of staying ahead of the game is to know the expectations of your opponent. The same holds true for staying ahead of the “lending game.” By knowing what types of things lenders look for when determining creditworthiness, you can presume the outcome and plan accordingly.

Payment History

Some experts suggest that previous payment history can account for nearly 35% of your total creditworthiness. That’s HUGE! Lenders want to know you not only have the ability to pay off your loan but that you will. Experts also suggest that having a favorable payment history can offset other negatives elsewhere.

Length of Credit History

Although there isn’t much you can do about your age, you can begin borrowing at an earlier one. You should never borrow money you don’t need. However–if it makes sense to take out a small car loan or credit card, you can greatly increase your credit score in two years by making loyal payments.

How Much Credit You’re Using

In the eyes of a lender, nearing your maximum credit limit is always a big no-no. Some experts suggest only utilizing 30% of your available limit. In other words, it’s more favorable to utilize three separate credit cards at 30% than to have one completely maxed out.

Proof of Income

If you have a personal freelance or contracting business but don’t file a 1040 at tax time, expect to have a short conversation with lenders. These types of businesses are widely accepted today, but being conservative and having a “W-2” pay-stub will appear more favorable than self-employed.

Mix of Credit

Having a mix of credit (car loan, credit cards, personal lines of credit, etc.) is also pleasing to lenders. It’s indicative of someone with a long and stable credit history.

Collateral

Assets significantly offset a lender’s fear of risk. Having a cushioned 401(k) helps too. Even if they can’t pursue the money, they know it gives you options other than defaulting on your loan.

Recent Credit Efforts

A huge red flag goes up when you’ve recently taken out several different lines of credit. Lenders will question if you can realistically make the mortgage payment if you just financed a new and expensive sports car too.

Myrtle Beach Subdivisions: Grande Dunes

by

Grande Dunes

The Grande Dunes community is one of the most upscale and prestigious communities in Myrtle Beach, South Carolina. It’s located on the northern end of Myrtle Beach and stretches from the oceanfront to the Intracoastal Waterway. Each subdivision within Grande Dunes offers unique and luxurious quality and style. However… there are a few great things that can be found in all of them–privacy and security with gated entrances and memberships into its exclusive clubs.

Intracoastal Waterway

The communities within close proximity of the Intracoastal Waterway are either located along the Grande Dunes award-winning golf course or next to Marina Village. The communities located along the golf course include Riviera, Tuscany, Capri, Villa Firenze, Cadiz, Villa Venezia, Milano, and Palermo; the neighborhoods closest to the marina are Villa Marbella and Bal Harbor.

Riviera, Tuscany, Palermo, Cadiz, Milano, Capri – gorgeous, upscale communities featuring large homes and/or lots with beautiful pond and fountain views; resale homes are available in some areas or choose to have your home custom built on one of the available lots

Villa Firenze – spacious villas offering views of the Intracoastal Waterway or golf course fairways

Villa Marbella – located directly on the Intracoastal Waterway with spectacular views; also conveniently situated next to the Grande Dunes huge tennis and swimming complex

Bal Harbor – gated community with full access to the Intracoastal Waterway; resale homes, lots directly on the waterway, and lots on the second row are available

Between 17 Business and 17 Bypass

Seville – single family homes with sites backing up to our local lakes and natural preserves; conveniently located less than one mile from both the Intracoastal Waterway and the Atlantic Ocean

Siena Park – luxury homes located in a quiet, tranquil setting and completely surrounded by nature trails and beautiful gardens

East of 17 Business/Oceanfront

Castillo del Mar – Mediterranean styled homes within walking distance of the beach and less than one mile from Grande Dunes Ocean Club

Calais – homes similar to those of Castillo del Mar and located alongside the Ocean Club

Vista del Mar – spacious oceanfront condominiums with breathtaking views and private elevators

The Grande Dunes community offers a wide and luxurious selection of homes with properties perfect for any style or preference. Click HERE for a list of available properties.

If you have any questions or would like to schedule a showing, please contact us at 843-712-2585!