The Motley Fool Discussion Boards

Previous Page

Investing/Strategies / Real Estate Investing


Subject:  Re: Myrtle Beach property Date:  1/29/2002  1:54 AM
Author:  solentgreen Number:  1083 of 14284


I lived in MB for a long time and I would be surprised if you were lucky enough to pick up a deal anywhere on the Grand Strand. You would be surprised at how many times what property there is turns over there.

The problem comes from the majority of the area originally being held by two major landowners. A partnership of old landowners families (farmers) called Burroughs & Chapin Co. were the ones most responsible for what Myrtle Beach is today and International Paper Company who holds vast tracts of land for timber production. Almost all of the land (90%) east of the intracoastal waterway was owned by Burroughs & Chapin and the rest, all the way to Conway, was held by IP. Practically every lot developed from the waters edge to about 10 miles inland has been calculated for the maximum profit by Burroughs & Chapin and IP, and then by the developers who bought from these two landowners on down to todays market. Burroughs & Chapin was famous for never selling land, but leasing for 5 or 10 years, so they still own most of MB proper. IP had began selling tracts off about 5 years ago so the prices are probably still pretty high since most of the construction is relatively new.

Sometimes a deal can be had around Garden City or Murrells Inlet if you can catch a pressured seller but you generally have to act fast. As a rule of thumb, the closer you get to the ocean, the more you will pay. Also, after a hurricane blows through, the property values seem to drop a little for a while.
Copyright 1996-2019 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us