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And why isn't it a more popular place? I know it gets cold there in the winter, but still, it's the beach. Lots to do there, I would think ...
I'm thinking of buying investment property in N. Myrtle/Cherry Grove area. Is it overdeveloped (what I'd heard)? I'm out of state, so I can't check it out that often.
It is a very popular place, so not sure what you mean by that. Probably most people that choose not to live there year round is because of the job market but it's still very popular.
NMB & Cherry Grove is really nice and a great place to buy something for an investment. Especially if you golf or plan to rent to golfers.
Thanks for the info. By type of people that live there year-round, I meant is it retirees, young professionals, blue-collar, etc.... I imagine a combination of all three and then some.
I vacationed there regularly in the summer, didn't spend much time there in the off-season.
I've not followed Carolina investment trends much since 2006 but at that time investment properties: 50+ unit (B-class) apartment complexes were selling at true 8.5% cap rates (when rates were lower), office properties (higher vacancies) in MB at 9 caps, and retail plazas and shopping centers about the same.
I'm told there are a few REITS dumping portfolios in SC, Alabama, etc.. I think MB is a great place to buy and down the line (maybe 15+ years from now) you can always condo the apartment complex...
MB hasn't gotten the Euro chasing properties like in NY, LA, PHX, etc because the deals aren't large enough so us American's can still compete for properties with our own money in the smaller markets.
I reread your post and to answer the question on why more people don't live in NMB is simply because there "isnt enough yet".. Meaning Grande Dunes is the only development people can live in that offers anything.
I'm hoping long term MB attracts more adequate housing, high end retail, hotels, restaurants, etc. It would be great to see thousands of yachts, exotic cars, etc.
In the meantime there are few other places in the USA where you can buy a beautiful new construction 7,000sf plus home for under $2.5M on or near the ocean with a place to dock your vessel and enjoy like mided people, etc.
Close personal observation of the MB market has convinced me that it is way too early in the real estate meltdown to buy now. If you're buying stuff off the courthouse steps then maybe that's different but if you're buying the usual way at retail then prices have a long way south to go IMHO. And don't believe the realtor puffery that you'll see here and elsewhere that "NOW is the time to buy". Prices are presently back at July 2004 levels and before this is all in, all done they'll have travelled back in time a ways more.
North Myrtle has the same type folks that any other town in America has.. a good, diverse mix of blue & white collar folks.. young families, retirees, and everyone in between.
acstr-
Love the fact that you want to see higher end progress here but there has to be a decent balance as well. If the working class are priced out, what happens?
NCBND-
Believe what you will, but RE is very localized, regardless of locale. Oceanfront condos are at or near 2003 prices in many areas along the beach. This is at the point prices started to jump. I can't see them going much lower. If they do, great for a buyer, not so great for the seller. That's just RE in general. It's going to be one of two markets and someone is always going to have a slight advantage, be it the buyer or seller.
In today's market, one thing few are considering is the fact that lenders are out there with relatively cheap money. Say prices drop another 10-15% in the next 12-18 months. Interest rates, historically, have risen during these crunch times. If the rates rose marginally, say 1 point, your 10% savings has essentially been negated and you may, or may not, be able to purchase the home you are/were looking for.
I appreciate your comments and always enjoy a lively exchange of ideas whether I agree with them or not. Diverse viewpoints are intellectually stimulating and most welcome.
All real estate is indeed local but the factors presently afflicting it are universal - too much of a runup too fast all fueled by dumb, easy money.
One of the interesting aspects of the MB market is that it appears to be nearly as bad as some of the notorious examples that are always in the news yet the small size of the MB metro area has spared it much of the bad publicity that CA, FL and NV receive. It is noteworthy, and I'm sure coincidental, that the local MB paper, which used to feature a monthly real estate column trumpeting the latest bad real estate news from the Grand Strand, has stopped running that column in recent months.
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that the local MB paper, which used to feature a monthly real estate column trumpeting the latest bad real estate news from the Grand Strand, has stopped running that column in recent months.
