Building permits are reaching pre-housing crisis levels in Horry County, SC and the Grand Strand area of Myrtle Beach, according to Myrtle Beach Online. The pace of building has been rising since 2012, according to Rob Salvino, assistant professor of economics at Coastal Carolina University, and the current pace points to a complete recovery.
Most of this new development consists of single family homes, with retirees and second-home owners constituting the majority of buyers. Single-family homes cost less to insure, don’t bring problems that might be common in a Homeowner’s Association and attract a more realistic buyer, says Carol Coleman, director of planning for the city of Myrtle Beach.
CalAtlantic opened its Withers Preserve development of 42 single family homes in the area in May, and also owns the Wilderness Point development, which opened six months ago. “We’re looking to put more lots on the ground,” says Don McDonough, CalAtlantic division president.