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Old 08-04-2010, 07:22 PM
 
236 posts, read 1,371,937 times
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The Western most thirteen miles of the Bogue Banks barrier island of the Southern Outer Banks was purchased in 1951 from Mrs. Anita Fort Maulik of Philadelphia. It was purchased by a group of investors from Southeastern North Carolina. The land not yet known as Emerald Isle, was purchased for $350,000, the largest amount in Carteret County history at the time. The seven investors then divided the land into 54 blocks, each a little more than 1,000 feet wide, and development was underway. What do you figure at even today's market, that land would be worth per 1,000 foot section. I imagine it goes all across to the sound, so therefore you have waterfront on both sides. I can't imagine some of the investments folks made back then and the return on the dollar they made. In the 50's and 60's, what do you think water property or timberland with waterfront sold for in places such as pamlico county. Does anyone know? Another place that became a gold mine was an investment in hilton head. My calculations are these... I figure per 150 foot wide section you have one ocean front lot, one sound front lot, and 4 interior lots. Don't know the current prices but that comes to a minimum of 360 ocean front lots, 360 sound front lots and 1,440 interior lots on 54,000 feet. That is 10.23 miles. Anyone want to shoot out a number what your 350,000 dollar investment would be worth??
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Old 08-05-2010, 09:27 AM
 
Location: NC
128 posts, read 433,129 times
Reputation: 104
Quote:
Originally Posted by ncguy444 View Post
The Western most thirteen miles of the Bogue Banks barrier island of the Southern Outer Banks was purchased in 1951 from Mrs. Anita Fort Maulik of Philadelphia. It was purchased by a group of investors from Southeastern North Carolina. The land not yet known as Emerald Isle, was purchased for $350,000, the largest amount in Carteret County history at the time. The seven investors then divided the land into 54 blocks, each a little more than 1,000 feet wide, and development was underway. What do you figure at even today's market, that land would be worth per 1,000 foot section. I imagine it goes all across to the sound, so therefore you have waterfront on both sides. I can't imagine some of the investments folks made back then and the return on the dollar they made. In the 50's and 60's, what do you think water property or timberland with waterfront sold for in places such as pamlico county. Does anyone know? Another place that became a gold mine was an investment in hilton head. My calculations are these... I figure per 150 foot wide section you have one ocean front lot, one sound front lot, and 4 interior lots. Don't know the current prices but that comes to a minimum of 360 ocean front lots, 360 sound front lots and 1,440 interior lots on 54,000 feet. That is 10.23 miles. Anyone want to shoot out a number what your 350,000 dollar investment would be worth??
About half of what it was worth 3-4 years ago. Sorry I just couldn't resist.


To answer your question specifically is impossible without a few months of research but generally speaking I'll assume the $350,000 purchase was at fair market value in 1951. Considering the costs of making improvements (permits, surveys, inspections) and infrastructure (water, sewer, roads, street lights) and then the carrying costs (interest on loans, property taxes, ect) and then figure holding the investment for 59 years one can start to see that it's probably not as lucrative as it initially appears.

But to answer your question, the initial $350,000 investment would certainly be worth somewhere in the 8 figure range.
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Old 08-05-2010, 10:44 AM
 
Location: Morehead City, NC
1,676 posts, read 5,361,785 times
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Great response Carolina Appraiser!
Bill
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Old 08-05-2010, 09:05 PM
 
236 posts, read 1,371,937 times
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That sounds about right..still better than the market eh?
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Old 08-06-2010, 06:05 AM
 
Location: Long Island NY
470 posts, read 488,581 times
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It sounds like a money maker for the government. The tax on the profit will be at least 3.8%!
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