General Area in Myrtle Beach>Question Details

Gemma, Home Buyer in California

For investment properties, which is better?

Asked by Gemma, California Thu Sep 20, 2007

Shall I buy properties in
A) Charlotte, NC or
B) Myrtle Beach, SC.
I live in CA and looking for investment properties. The above two areas were recommended to me.

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Answers

14
Gemma,

If Myrtle Beach is still a choice, I would suggets getting several differing opinions from different agents in differing agencies. You can do this by visiting the Myrtle Beach City Site linke below.

Good Luck
Web Reference: http://www.myrtle-beach.com
0 votes Thank Flag Link Sat Jan 31, 2009
Myrtle Beach has a lot of properties, good rental rates and cash flows, and steady appreciation. I personally know of a condotell property for sale that comes with a 30 month lease program and high rents. The price points are high, but they are getting people in for only 10% down, so its the same amount of equity to get into the deal as if it where a standard 300k deal.
0 votes Thank Flag Link Thu Nov 6, 2008
Myrtle Beach as we do have the best possiblity of long term appreciation. Great buys here right now and looks like will be throughout this year!
0 votes Thank Flag Link Wed Apr 30, 2008
If you are looking to buy as long term investor, both markets have the good long term upside potential.

Many people ask me about investing in real estate & what is the right thing to do. It's all about upside potential. When it comes down to it, its all about just doing it. Like Nike, just do it.

No way to time a market.

We only know how good a deal was, after the fact. When its gone.... the opportunity is lost

No one has a crystal ball to see into the future, but.....

If you do your research, put your best foot forward, a long term investment most areas that are close to water or the beach, should be very good.

Just let me know if you have any questions.

I'm glad to assist you in any way.
Web Reference: http://www.mbcondopro.com/
0 votes Thank Flag Link Wed Mar 12, 2008
Myrtle Beach is the place for deals. Whether you want a condo on the ocean front or a mega house in the Grand Dunes, there is fore-closure property.
Web Reference: http://www.KimmieHauver.com
0 votes Thank Flag Link Tue Mar 4, 2008
I would say N. Myrtle Beach, Right now you can get ocean front for a great price, I found a one bedroom at Baywatch resort for 189,900 ocean front with tons of amenities. 2 years ago the same type of Condo's were selling for $240,000 and up. Same goes for 2 bedrooms, they too have come down. This is the time to buy. Interest rates are great, lots of inventory, low prices. A couple of years ago we all were saying if I only bought 2 years ago, well here is your chance...

Eric Zink
0 votes Thank Flag Link Thu Jan 10, 2008
I have to say Myrtle Beach , due to pricing!!!
Web Reference: http://www.soldthebeach.com
0 votes Thank Flag Link Wed Jan 9, 2008
I'm from California and I settled here in Myrtle Beach in 1995. I have helped a ton of Californians relocate here. It's a culture shock at first (it took me a year to fully comprehend that I did not need to lock, put my car alarm on AND the anti theft bar when parking my car). People are genuinely nice (too nice I thought, when I first got here - as in, why are they bringing me baked goods, just because I just moved in?). The ocean is amazing, the water is warm, you will love it here. Call me and I'll give you the scoop! 843-251-2378
0 votes Thank Flag Link Sat Dec 29, 2007
As an investor myself I would say buy in Both! There are so many things to say about the East Coast and when you are looking at Older Historical Areas of the USA, or Beautiful Beaches there are no bad area. Your friend was right you cannot go wrong here. I would encourage you to come and visit, the flights and the condo's are at great rates now.
Web Reference: http://www.Sailnhome.com
0 votes Thank Flag Link Tue Oct 9, 2007
Hello from Myrtle Beach! I think the recommendations made to you were done so by an insightful investor. Myrtle Beach and Charlotte offer great opportunities going forward- However, I will speak to the prospects of Myrtle Beach. One great thing about investments at the beach is that you can enjoy them as well. Oceanfront condos/ and beachside houses bring in 70% of their rental income in the summer- leaving time in the off season to enjoy your investment property as a vacation getaway.

Regarding the market- Prices are back down to where they were a few years ago- offering a great opportunity for price appreciation going forward. MB is set to explode over the next 5 years as a vacation destination and as baby boomers look to retire to the beach (or own 2nd homes). You almost have to be "on the ground" in Myrtle to see the transformation and redevelopment occurring & what many have called the "up scaling of Myrtle Beach.”

Just to name a few-
1) New Hard Rock Theme Park, under construction which is expected to bring 30,000 visitors a day in the summer & is the largest theme park built in the US in over 10 years.

2) Market Common- the redevelopment of the former air base...Market Common will feature a live/ work/ play community located a short bike ride to the beach. Market Common will feature upscale shops, dining, and entertainment venues in a town center atmosphere. Also the area will have live/ work town homes and Row homes styled similar to areas such as Alexandria, VA and Charleston, SC. Set to open in 2008- row homes and live/ work phases currently for sale and under construction.

3) Two large redevelopment sites located in the heart of Myrtle Beach are vacant and awaiting decisions of new plans- both are sure to have a great positive impact on the area. (Former Myrtle Beach Pavilion site & a former shopping mall site close to the pavilion site).

4) North Beach Plantation- Atlantis styled Oceanfront Condo resort Currently under construction and nearly 80% pre-sold, price range from the mid-$500,000s to over $2 million.

The list could continue…Myrtle Beach is considered the Golf Capital of the World, etc. If you would like more information about oceanfront condos and/ or beach houses that currently offer good investment opportunities, feel free to contact me via my website below. Best of Luck going forward! -Seaton Womble
Web Reference: http://www.SeatonWomble.com
0 votes Thank Flag Link Sat Oct 6, 2007
As an investor and a Realtor, my first question is why are you buying out of State? It's tough to own properties on the other side of the country, unless you have a family member or someone you trust 100% to help manage them.

Have you looked in the Desert? Palm Springs? Palm Desert? Prices are down, there's a ton of inventory on the market, and it's possible to have positive cash flow...especially if you invest in homes that that the "snow birds" will flock to in season.

Just a though. Good luck.

(I am not a Desert area Realtor.)
Web Reference: http://www.cindihagley.com
0 votes Thank Flag Link Sat Sep 22, 2007
Cindi Hagley…, Real Estate Pro in San Ramon, CA
MVP'08
Contact
It's always tricky buying out of state. You need to make certain you perform a great deal of due dilligence (if you are not engaging a company, that is.)

To thoroughly understand a market’s potential takes time and expertise. There are a number of factors to be considered to determine the future economic viability of a market, including:
• Population growth – short term and trends
• An upward trend in job growth
• The presence of large, sound, industry-diverse corporations (Fortune 500 in particular)
• Future plans for additional corporate entities
• Availability of State and Local government jobs
• The presence of cultural activities – music, art and nightlife
• Leisure interest and recreational activities, such as golf, hiking and athletics
• The development of retail outlets and restaurants
• The quality of local school systems
• The natural path of growth within the metro
• Social and political issues that impact supply and demand, i.e. urban growth boundaries

If you aren't married to Charlotte or Myrtle Beach, we recommend Austin, Atlanta, Portland, Raleigh and Albuquerque.

I'm also in California and have bought in Austin, Atlanta and Albuquerque in the last year. I'm seeing good appreciation and my quality of rentals and rents have been strong.

Hope that helps!
0 votes Thank Flag Link Fri Sep 21, 2007
I would have to agree with Marshall Walker in that the Charleston market has very strong fundamentals with an excess of 1000 people monthly moving into the Tri County area. That said Myrtle Beach has seen a 30% decline over last year and is the most challenged of the SC Coastal markets with that measure. Charlotte would seem to be the best opportunity from a cashflow perspective as home prices are still severely depressed although heading up now.

Please let me know if I can help you in any way in Charleston or Beaufort area or need a referral in Myrtle Beach or Charlotte.
0 votes Thank Flag Link Fri Sep 21, 2007
I feel that with the deprtessed market here in Charleston that there are great values to be had. I think you will find that the market has been going up in Charlotte ...that brings the old adage to mind..buy low - sell high. Let me know if I can be of any assistance here in Charleston. (BTW- I relocated to Charleston from Santa Barbara CA.

Marshall
0 votes Thank Flag Link Fri Sep 21, 2007
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