Market Common seeing building boom in single family homes
Fri, 20 Jun 2014 21:34:09 GMT —
There's a building boom going on in Myrtle Beach's Market Common area. It's one sign of a larger trend for the Grand Strand real estate market.
The Dock Street Community in Market Common is on track to sell 62 of their Charleston-style single family homes this year.
That's a huge improvement over just a couple of years ago.
Realtors say people are finally feeling more confident about buying.
"I think people postponed their decisions to retire or move South and finally have come to a point where they feel comfortable enough to do so," said David Wilkes, vice president of operations for the Dock Street communities at Market Common.
At the same time that single family homes are booming, Wilkes said his company plans to sell only a few multi-family townhomes this year.
That's why Dock Street wants the city to change the Market Common master plan to give them more space to build single families.
Wilkes said interest rates are still low, people are getting more for their money today and prefer having their own four walls to sharing walls with other families.
He said the same is happening all over the Grand Strand.
"Everybody seems to be having a really strong year, so I would think that we're in a good place as far as the single family market goes, overall."
Another factor driving new home sales is that the number of foreclosed properties is down from previous years.
"Our area is experiencing a resurgence because we have depleted so many of the distressed properties," said Coastal Carolinas Association of Realtors CEO Laura Crowther.
Crowther said the sales numbers so far this year actually appear to be flat compared to last year, but that's partly the market is still recovering after a cold winter kept buyers away.
"So we are getting back to a normal point with the market as well as we're starting to see a lot of our 100 days of summer shoppers coming in."
Wilkes said the building boom is strong enough that contractors are having a hard time finding skilled construction workers.
Though Dock Street is asking to build more single family homes, Wilkes said they have no intention of changing Market Common's urban village concept.