Myrtle Beach/Surfside Beach/North Myrtle

[Brandon M.]

Hello all,

I am currently just doing research into STR for the Myrtle Beach and surrouding areas. I don't currently own any properties, but I am looking to start by next year. I am located in New York, but have family in Surfside Beach one of which is a real estate agent.

We have been talking about the market there and I am curious to talk to anyone who has more experience in the area. She is stating that the market is a bit saturated with some really good deals, with properties that have been sitting on the market for some time (30,40,60 days +).

My questions are as follows:

1. Why is the market such a buyers market atm there? Is the area showing signs of decline?

2. What are the insurance rates like?  Condo specifically, but the general area as well.

3. I looked at one studio condo and the HOA covers primary insurance, but what other insurance would I need?

My plan is to build a porfolio over the next 10 years, so looking to start out at lower budget then work my way up to a bigger/better beachfront condo in the future. I am looking to invest in multiple states, but Myrtle Beach area is just of a personal interest to start. Also helps having family in the area to guide us.

Thanks,

Brandon