Home Vol I  Issue 21         August 24, 2006

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Myrtle Beach, South Carolina Offers Retirees a Warm Climate, a Low Cost-of-Living and Unlimited Golf

Cost of Living:  Below the National Average

The Grand Strand on the eastern edge of South Carolina is a 60 mile stretch of real estate famous for its wide beaches, 120 public golf courses, trendy restaurants and shopping.  A dozen resort towns are located within the Strand, Myrtle Beach being the largest (27,000 people, but the county has 225,000 people) and most well-known, primarily as a tourist, golf and retirement destination.  Until about 1899 this area was open land; development began in the early 20th century and boomed during the 1970s and 1980s.   Today, 15% of Myrtle Beach's population is composed of those 65 and older, and seniors find plenty to do in this boisterous area situated between the Atlantic Ocean and the Intracoastal Waterway.

Myrtle Beach

 

A primary reason that Myrtle Beach (not to be confused with North Myrtle Beach, a separate town) is popular with retirees is the affordable cost-of-living; the town ranks 4% below the national average.  The average cost of a new home with 2,400 square feet, 3 bedrooms, 2 baths and a 2 car garage is $227,808, but condos and town homes are plentiful and can be found for less.   The average electric bill is $111 per month, and the average rent for a two bedroom apartment is $560 per month.  This is a fast-growing area, and all sorts of homes, including those in gated, golf course communities, beach houses, manufactured homes and ranch-style homes are for sale.    

Ocean Pines/Magnolia Grove is a very nice, 55+, manufactured home, retirement community (800-238-6565) located south of Myrtle Beach and offers new homes from the mid-$60,000s to the $90,000s (land is leased, not owned, by residents).  The Park at Long Bay is a pretty, gated retirement community (888-464-3700) with manufactured homes starting at $29,995 and including decks and complete set-up (these are "turnkey" homes).  Overall, Myrtle Beach has more than forty manufactured home communities.    

Myrtle Beach, South Carolina


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This area has seen a condo boom, including an increase in condo conversions, which are older hotels that have been completely renovated and modernized so that individual units can be sold to buyers.   There are also a lot of new oceanfront and ocean view condo buildings under construction around the area.   Barefoot Golf and Resort is a gated, golf community with condos and single-family homes starting from $120,000 for 2 bedrooms, 2 baths and 1,050 square feet (prices climb to the $500,000s).   Bluewater Resort is a waterfront condo complex with small one bedroom units from $125,000.   The Sands Ocean Club is a condo complex with 2 bedroom units from $189,000.   The three Myrtlewood Golf Communities are located in the center of Myrtle Beach and built around two golf courses at the Myrtlewood Golf Club.  The three communities, Magnolia Place, Magnolia North and Magnolia Pointe, have efficiencies from the $70,000s, one bedroom units from $120,000 and 2 bedroom units from $230,000 (3 bedroom units from $290,000).   There are dozens of similar condo buildings throughout the area, many along golf courses or on the water.

Beach cottages start at about $289,000 and climb considerably higher.   Areas of town to consider for single family homes include Briarcliff (homes from the mid-$300,000s), Arcadian (homes from $300,000s and some manufactured homes from $120,000) and Carolina Forest (homes from the high $100,00s and some manufactured homes from the $60,000s).  Berkshire Forest is a new community with single family homes, town homes/condos and amenities that include a 32-acre freshwater lake, which will feature a beach, a dock and paddle boats, a pool, a fitness center and tennis courts.  Condos and town homes are priced from the $160,000's, and single-family homes from the $200,000s.   Grande Dunes is a luxury condo/town home/single-family home, gated, luxury community with a golf course and water-front dwellings (a great deal of  Mediterranean architecture influence here), starting in the $250,000s.  Brunswick Plantation and Golf Resort is a 1,300-acre gated community that was voted one of the America's top 50 golf resort communities and is comprised of "theme village neighborhoods."   Prices begin in the $200,00s.  Check out affordable Lakeside Crossing, a retirement community for those 55+, on Great Retirement Communities.

Click here for Myrtle Beach foreclosures (advertisement).  The zip code is 29572.

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Here is a note about pricing for Myrtle Beach luxury golf homes.  Houses on the left side of the fairway often cost more than those on the right side because the most common error among golfers is slicing the ball to the right of the desired target.   Pricing is usually lower for homes near the 150 yard marker at each hole because that is where most drives land, and homes near the putting green cost 10% to 15% more than homes near the tee boxes because of noise and errant balls.
Property taxes are 4%-6% of a property's appraised market value.  Homeowners age 65 and older and who have lived in Myrtle Beach at least one year are eligible for a $20,000 homestead exemption.

Myrtle Beach, South Carolina, Continued....


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