Oct
26

Waccamaw Starts To Wake Up

By

Developers ready for rebound

October 26, 2008

By Jessica Foster – The Sun News

Construction has subsided along the Waccamaw Neck since the housing market took a dip, but people in Litchfield Plantation will notice at least one new structure.

A two-story wooden tower has been built that potential buyers can climb to see the 47 vacant lots developer Scott Trotter is selling to raise money to buy the remainder of the development.

“I’ve been trying to buy it since I moved here in 2005,” Trotter said, so when the opportunity arose, he didn’t stop when he ran into trouble getting a bank loan.

Trotter is not the only one moving forward with real estate investment and development plans on the Neck despite troubles in the housing and financial realms.

Lured by the exclusivity of the market where little developable land is unclaimed, people are buying and building in that area though at a slower pace than in previous years.

About 323 homes were sold January through September this year on the stretch of land from Murrells Inlet to Pawleys Island, according to the Coastal Carolinas Association of Realtors Multiple Listing Service. That’s less than the 892 sales during the same period in 2005’s hot real estate market and also less than the 455 sold during the first nine months of 2007. At $343,500, the median selling price for a single-family house is actually $9,000 higher than it was at this time in 2005 but lower than during the first nine months of 2007, when it was about $394,625. The median price is where half sell for more and half sell for less.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.myrtlebeachonline.com/business/story/644788.html

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