The year 2016 has flown by and we are once again at the annual Most Expensive Homes Sold along The Grand Strand. This is my third installment of the most expensive homes sold in Myrtle Beach. If you want, you can check out 2014 here and 2015 here. Below you will find listed the 10 most expensive homes to sell during 2016 along The Grand Strand from least expensive to most expensive.
10. 110 Parker Drive Pawleys Island, SC 29585- $1,825,000 This 5BR/4BA oceanfront beauty in the southern end of the beach was said to be on one of the largest lots in North Litchfield Beach measuring 85′ x 397′. It also featured a Viking stainless steel appliances and has potential for over $120,000 in gross rental income per year. This home sold for list price in only 64 days.
9. 1210 Parker Drive Pawleys Island, SC 29585- $1,875,000 Staying on the same street, this 5BR/5BA home sold for the same price. This oceanfront home was built in 1998 and had over 8,500 square feet under roof with all of the porches & decks it possessed.
8. 95 Inlet Creek Ln Georgetown, SC 29440- $2,000,000 This 4 BR/4.5 BA home was located in DeBordieu Colony featured 270 degrees of marsh views from this almost 7,000 square foot home with copper roof, and garage for your golf cart as well.
7. 4803 S. Ocean Blvd Myrtle Beach, SC 29575- $2,000,000 Located in Myrtle Beach was this 8 BR/ 8.5 BA oceanfront home that was built in 2013. Some of the highlights of this home include three oceanfront master suites and a private heated pool.
6. 5003 S. Ocean Blvd Myrtle Beach, SC 29575- $2,000,000 Staying oceanfront in Myrtle Beach is our next home, a 7 BR/ 7.5 BA home with close to 6,000 heat square feet. This home was a rental machine bringing in excess of $225,000 annually.
5. 178 Sea Oats Circle Pawleys Island, SC 29585- $2,010,000 This 4BR/ 4.5 BA home located in Litchfield By The Sea’s Charlestowne Grant offered large living rooms, and an oceanfront master suite. This home also features a spiral staircase leading to a rooftop deck overlooking the ocean.
4. 2602 N Ocean Blvd North Myrtle Beach, SC 29582- $2,140,000 Our only home making the list this year from the northern end of the beach is this oceanfront 8 BR/ 8.5 BA property. This home built in 2012 features three living levels and can sleep 26.
3. 1701 S. Waccamaw Drive Garden City Beach, SC 29576 $2,195,000 An oceanfront entertainers delight is probably the best way to describe this home wth it’s over 5,000 square feet of entertainment area inside. Features outdoor pool & hot tub.
2. 1065 Norris Drive Pawleys Island, SC 29585 $3,000,000 Get the best of Both worlds at this 6 bedroom home in The Penninsula at Inlet Point featuring creek and marsh views on one side of the house while the other side features phenomenal oceanfront views.
1. 500 Myrtle Avenue Pawleys Island, SC 29585 $3,000,000 There were two homes this year that tied for the most expensive properties sold in Myrtle Beach at 3 million. This beauty has over 145 feet of Atlantic Ocean frontage and 50 feet of wraparound covered porches. There’s no wonder this home was one of the most expensive homes sold in Myrtle Beach during 2016.
So now that I’ve share the most expensive homes sold, what does this mean for the Myrtle Beach Luxury Homes market in 2017?
Myrtle Beach Luxury Market Stronger Than Ever
In 2016, more homes over one million dollars have sold in Myrtle Beach than in 2014 and 2015. In 2014, there were 49 Million dollar homes that sold for a total of $77 million in inventory. In 2015, there were 64 million dollar properties that sold for a total inventory of over 95 million. While these numbers are impressive, 2016 was even more. 2016 saw 72 luxury homes in Myrtle Beach sell, setting the highest number sold at 72 homes. This equated to over 101 million dollars in inventory sold, marking the highest amount in the past several years.
While the number of Myrtle Beach Luxury homes being sold is trending up, the property prices seem to be trending down. Both of the highest priced homes sold in 2014 & 2015 had a 4 million+ price whereas the highest price home in 2016 was much less money at an even 3 million. The most expensive home sold in 2016 was over 25% less money that the two previous years. While price is less, the size and quality of home remained the same. What this means to me is that the luxury market here in Myrtle Beach is becoming even more affordable than in previous years. What my research also showed me is that more and and more people are realizing just how affordable real estate is in Myrtle Beach compared to other parts of the country.
Breaking the Sales Down
When you break down the 72 sales of homes over 1 million dollars in Myrtle Beach, you can do it in several ways. The first way I like to look at these is how these properties were sold. Thirty-Four of the sales were made by cash while thirty-six were financed. It’s interesting to see that almost half of this big purchases were made by cash.
When you break down the sections of the beach, more luxury homes were sold in Pawleys Island than any other section of the beach with 29 homes. Myrtle Beach zip codes came in second with 21 properties sold, Garden City with 12, North Myrtle Beach with 7, and Little River had one home sell for over a million dollars. So, if you are looking for a luxury property, your best bet is to look either in Pawleys Island or Myrtle Beach it would seem.
What’s Available For Sale Now?
Below you will find all current luxury homes for sale in Myrtle Beach that are over one million.
Here are the Million dollar properties in Pawleys Island.
If you are interested in learning more about our luxury home market on The Grand Strand, give me a call at 843-222-9402 or contact me today.