No. of Recommendations: 0
Solentgreen:


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.


Rhill0123:



I recently stayed in a beachfront house in Surfside beach. The house I stayed in was for sale. Nice place. I called the listing agent to see what it was listed at.

Unfortunately, I do not recall the specifics and therefore will not (perhaps erroneously) state them here. However, I did a "back of the envelope calculation" and deemed that there was no way I could see a neutral cash flow on that property.

I didn't persue further. Good luck. Thats a great area down there for vacationing. I wonder if you can find good investment properties, though. Please post your experiences.



It looks like rhill and solentgreen have confirmed what I keep finding - MB is great place to visit but not necessarily to invest in. At least at the beach. I have done the back of the envelope like rhill but it always came up cash flow negative. Solent verifies why that is, especially on beach property. I was told that the golf course townhomes and condos may be able to break even and I have talked with people we have met on the golf courses who have indicated this. But with 3 elementary age kids we are (or were) looking for a beach property at this time.

Thanks for the responses.

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