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Old 02-15-2009, 07:24 AM
 
214 posts, read 736,968 times
Reputation: 128

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Quote:
Originally Posted by giffman View Post
I wouldn't go so far as saying real estate is not a good investment. I've got two rental properties that each net me $300 positive cash flow per month. Speculative real estate is what you are referring to. For the most part, this is what beach real estate is. Run the numbers on any beach property. If you keep the thing fully rented over the summer, you might get away with a 10k LOSS per year.............if your lucky. I've run the numbers on dozens of beach properties and I usually find that losses are closer to 20k per year. Over the past 8 years, people have lost touch with simple fundamentals.

I've posted this on this board before and I'll say it again. If any realtor can find me a property at the beach that can net me positive cash flow, I'll buy it now. Heck, I may even settle for a break even proposition. So far, no one has taken me up on this offer.
Dear Readers, take heed as to what giffman, is trying to tell you. He owns, he rents some of his properties, and he is in it for the long haul, and I believe he purchased before the boom. Properties at the beach are an investment for the lucky few. If this is your dream it is still a possibility, however, if you are looking to purchase a property valued at $500,000. for $200,000. it ain't gonna happen unless that property is in foreclosure.
In order to purchase foreclosed property there are two requirements, proof of funds if you are paying cash, pre-qual letter from a lender if you plan to mortgage.
Those of you seeking to retire here, and consider your property a home and not an investment, there are many homes to chose from, but please readjust your expectations, the market is what the market is. Heck I've got clients who are purchasing now, see the opportunity, and will purchase and hold for a future return on their investment now, some not planning to relocate for another 15 years.
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Old 07-13-2010, 10:16 PM
 
35 posts, read 131,417 times
Reputation: 62
Quote:
Originally Posted by NCBND View Post
Forget about coastal NC and head a few miles south to Myrtle Beach. No one there, including even the realtors, will insult your intelligence by pretending that the real estate market is anywhere near stability. I get all of the foreclosure listings from the MB MLS and can barely keep up with them. Prices there are in a free fall as this stuff keeps on cascading onto the market. I've posed the question before on this forum as to why driving 10 miles north and crossing the NC/SC state line suddenly changes the entire supply/demand/pricing equation. Although I've heard some interesting and creative rationalizations I've yet to hear a logical one.

Giffman is right. Be patient and the Invisible Hand will come to visit even coastal NC.
I would just as soon stab a fork in my eye as to consider buying any property anywhere within 30 miles of Myrtle Beach. It's like buying something in Jersey City because you enjoy visiting New York City.

Myrtle Beach provided many wonderful memories for my youth in the 70's. Now - it is a hugely congested traffic nightmare of a town where everything dwells around cliched franchise restaurants and overpriced stores. It would be like living on the grounds of DisneyWorld. I vacation in Holden Beach every year (for the last two decades) and you couldn't force me at gunpoint to get closer than Little River. And then only to buy fireworks for the July 4th festivities at home. Otherwise, Calabash is my southern limit.

Myrtle Beach is the most horrible of horrible tourist trap/cliches.

I don't mean to go off on a rant about Myrtle, but seriously, it is a horrible suggestion to offer anyone who doesn't know better. Stay in Brunswick county, NC and choose one of the low key resorts as a destination. I love Holden, others may not. Regardless, Holden Beach, Oak Island, Sunset Beach, Ocean Isle, etc. are all very nice low key places to be.
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Old 07-13-2010, 10:43 PM
 
29,784 posts, read 34,885,423 times
Reputation: 11710
Due to go to settlement soon on property at the beach. Is not for rental but as a second home to live in when ever we want. Be careful hoping prices go to low you could get screwed with defaults in home owners associations etc. There is a natural floor to how low things can go and we are probably close to it. Now is a good time to jump in with interest rates real low etc. Find the right property and have a good buyers agent. Last in usually gets the least desirable and that can make it more difficult to sell. There is a balance. I have been through selling as I am a transplant of a couple of years.
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Old 07-14-2010, 01:30 PM
 
22,769 posts, read 26,229,736 times
Reputation: 14558
Quote:
Originally Posted by abdnva View Post
I would just as soon stab a fork in my eye as to consider buying any property anywhere within 30 miles of Myrtle Beach. It's like buying something in Jersey City because you enjoy visiting New York City.

Myrtle Beach provided many wonderful memories for my youth in the 70's. Now - it is a hugely congested traffic nightmare of a town where everything dwells around cliched franchise restaurants and overpriced stores. It would be like living on the grounds of DisneyWorld. I vacation in Holden Beach every year (for the last two decades) and you couldn't force me at gunpoint to get closer than Little River. And then only to buy fireworks for the July 4th festivities at home. Otherwise, Calabash is my southern limit.

Myrtle Beach is the most horrible of horrible tourist trap/cliches.

I don't mean to go off on a rant about Myrtle, but seriously, it is a horrible suggestion to offer anyone who doesn't know better. Stay in Brunswick county, NC and choose one of the low key resorts as a destination. I love Holden, others may not. Regardless, Holden Beach, Oak Island, Sunset Beach, Ocean Isle, etc. are all very nice low key places to be.
Myrtle, and everything north of Myrtle to the state line, is as horrible as you describe.

south of Myrtle is nice. Pawley's Island, Litchfield, and Debordieu are nothing like you describe.

i agree about one thing, though, the areas of Myrtle Beach that are cheap right now, are cheap for a reason.
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Old 07-14-2010, 01:32 PM
 
Location: NC
128 posts, read 432,789 times
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Quote:
Originally Posted by raleighkc View Post
I've been researching towns like Oak Island, Carolina beach, and Holden Beach for the past year looking for a 2nd home. I can't believe Holden Beach still doesn't have any single family homes (not duplexes/condos) for under $300,000. I drive up and down its streets and it seems every 4th house is for sale. What do you think about its real estate outlook?

This thread is full of bad information. First of all you can definately buy a home on Holden Beach Island for less than $300,000. There aren't many at that price but right now there are five in the local MLS. Second, prices are definately dropping. The coastal region always gets a modest bump in demand in the spring and summer and it always evaporates in the fall. However overall prices have been dropping steadily for about three years and are likely to continue to drop because there is an enormous amount of homes for sale and few buyers and that is not likely to change for at least another year. Banks are adding to the housing inventory with foreclosures which increases supply and further decreases property values.

No one can predict the future of the real estate market but personally I think values will continue to decrease until they reach 2004 (pre-bubble) prices and if that's accurate then the islands will end up giving back another 20% in value over the next 12 to 18 months.
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Old 07-15-2010, 07:58 AM
 
71 posts, read 282,302 times
Reputation: 79
Default SC vs NC

"I've posed the question before on this forum as to why driving 10 miles north and crossing the NC/SC state line suddenly changes the entire supply/demand/pricing equation. Although I've heard some interesting and creative rationalizations I've yet to hear a logical one."

Property taxes in SC can be as much as twice as much as NC. Non-resident property in SC owners pay 100% of the Education Operating Expenses in their property taxes. Resident property owners pay zero for this expense in their property taxes.

Last edited by JN5147; 07-15-2010 at 07:59 AM.. Reason: Make it shorter
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Old 07-18-2010, 08:23 AM
 
29,784 posts, read 34,885,423 times
Reputation: 11710
Quote:
Originally Posted by seashellbelle View Post
Dear Readers, take heed as to what giffman, is trying to tell you. He owns, he rents some of his properties, and he is in it for the long haul, and I believe he purchased before the boom. Properties at the beach are an investment for the lucky few. If this is your dream it is still a possibility, however, if you are looking to purchase a property valued at $500,000. for $200,000. it ain't gonna happen unless that property is in foreclosure.
In order to purchase foreclosed property there are two requirements, proof of funds if you are paying cash, pre-qual letter from a lender if you plan to mortgage.
Those of you seeking to retire here, and consider your property a home and not an investment, there are many homes to chose from, but please readjust your expectations, the market is what the market is. Heck I've got clients who are purchasing now, see the opportunity, and will purchase and hold for a future return on their investment now, some not planning to relocate for another 15 years.
Just purchased on the Carolina Coast a second home not to be rented but to be used as just that, a beach home. Opportunity is there but not a quick killing. There are limits on how low new construction can go and those limits have pretty much been reached. A foreclosed beach home may be buy at your own risk and if it is multiple unit one buy at your co-owners risk also. Real Estate and stocks share one major thing is common when you own them. You only lose money if you sell and you only make money when you sell. Holding them doesn't make you anything other than on paper. Sold up north near market peak and my old neighbors are holding and their houses are worth less on paper but they haven't sold so their current valuation is only on paper.
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Old 07-28-2010, 12:57 PM
 
35 posts, read 131,417 times
Reputation: 62
le roi,

I will agree, Pawley's and points south are pretty nice. The overriding factor, though, is this - if you have to travel even into the fringe of Myrtle or North Myrtle for ANY reason, it is just simply awful. Tourists gawking and looking sideways while driving, SLAMMING on their brakes at every single entry to a parking lot, people tailgating incessantly, folks swerving from a middle lane to an outside lane so they can jam on their brakes to get into the parking lot of a Wings T-shirt shop that is exactly like the one they passed one block ago, and on & on.

The south side of Myrtle doesn't have quite as many self-sustaining activities as the NC border towns do, in my opinion. Not to mention, the Brunswick county, NC towns are even further away from the madness. I think we both agree that the outlying resorts are superior to Myrtle, we just have our own favorites, and that's a great thing.

I'll reiterate this - I loved Myrtle Beach when I was a teen in the 70's. Some of the best summer memories that could be had. It was about 1/10th as crowded as now, and my parents probably showed a lot of patience even back then. Unfortunately, now it has become such a parody of itself that it is horrible. We cross the NC/SC border to buy fireworks, and for no other reason. We won't even go play golf at any of the wonderful courses in North Myrtle. Why? Because there are almost three dozen equally great courses just across the border in NC, and we stay there, where the rates are less, and the tee times are not spaced 8 minutes apart.
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Old 07-30-2010, 08:43 PM
 
197 posts, read 415,481 times
Reputation: 195
Right now it's a buyers market. Don't listen to what a real estate agent is telling you. They'll tell you anything to make a sale now. The bottom line is......it's dead everywhere, including Holden beach. Watch the market and set your own price. Just about anything on the market is negotiable. If you can't negotiate down from the asking price, you're doing it wrong.
Everything from Condos, to cars, and everything in between can be had for a great price. If you have money, take advantage.
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Old 07-31-2010, 06:27 AM
LLN
 
Location: Upstairs closet
4,981 posts, read 8,753,876 times
Reputation: 6451
I'd wait for a CAT III or CAT IV to come ashore, then prices will really fall. Hope that doesn't happen, but that will knock prices down. Fast. Seen it before.

Unfortunately, you will eat some of that reduction in ever increasing insurance...if you can get it.
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