Question: Anyone in the group investing in this area? I have heard some good things and some not so good things about Myrtle Beach. I live in the northeast and the ocean front property around here is pretty much cost prohibitive. Anyone have any tips or info on this market? Is it appreciating or is it flat? Where in Myrtle Beach is an area to invest and where isn’t? Any info would be greatly appreciated.
Sorry for the typos!!! :
I have become very interested in ocean front condos in Myrtle Beach area recently. They are a lot less expensive than Florida and the area is quite popular. In fact 14 million tourists visit there annually. I reserved two ocean front condos in a condohotel that will not be completed until next summer. Based on the new construction that are available for sale now, the same units are priced at $100K more. I’ve been really happy with my investment; the only unanswered question is whether I can sell it upon completion or if I choose not to sell, how much money I will make in the hotel rental program.
I live in the area. I can tell you one thing. Look into the expansion and growth rates of the residential and commercial properties in the county and what is also projected over the next three years for that county. It seems kind of dismal for a return on investments there by the oceanfront for the risk of capital you have to outlay on it. If you are going to risk that kind of money I would stay in FL or go to hilton head for the area or georgetown area. North Myrtle or Surfside is also nice BUT the prices are lower. The unemployment rate is high and off season is not too attractive for making huge money. The Peak season should be weighed into account as it will make maybe enough to carry for an OK average return in my opinion if longterm holding.
Now buying in other counties which are close to the ocean are less money and need to know the area for crime and social normalities of the community BUT the returns are better. Closer to the Metro areas is also better returns in my opinion. I just think Mrytle is too risky and unpredictable for capital risk needed in my opinion.
Take this for what it is worth some words on your screen and nothing more. Its your money and your decision in the end. This would not be my first choice to invest if I had that kind of money though. 8)