I may be looking into buying a piece of property in North Carolina. A guy I know is involved in the developement of the new communities going in down there. He has bought a few lots and another friend of mine has already bought 2 lots as well. It's on the Eastern Shore near Pamlico sound and the Neuse River near the town of Oriental, fairly close to Hatteras and 89 miles north of Wilmington. They have interior lots from $50,000, water view lots and then waterfront lots for around $260,000+. All the lots are 1 acre or more. The good thing is ther'es no time restrictions on when you have to build. So I can buy it now, and sit on it for a few years before I build on it.

I'm sure the area is not all built up and ther'es not much around it yet, but like anywhere else, I'm sure it will be built up enough in a few years. So I'm wondering if anyone has been to this area or is from there that could give me a little more info about the surrounding area and all. If it sounds good, I may take a trip down to check it out.


BREW

 

You're not leaving Jersey, are you?

(Say...."No, it's an investment property LT.")

 

r u really thinking on moving since I will be coming to NJ in 3 weeks?

 

Well investment kinda maybe way down the road retirement / vacation place




BREW

 

That's a lotta flippin' cash for a LOT. You can find cheaper land elsewhere... investment is one thing (ie, buy, build cheap & sell) but your like a millions years from retirement and I'd bet a paycheck if you bought now you'll sell LONG before you actually retire. Tastes change, crap happens and like I said, retirement is a LONG way off. Better do your homework on this one, kiddo!

 

Yeh I hear ya about the retirement thing. But even if I buy it and sell it in 5 years..property values never go down. There are homes in Oriental going for $400,000+ right now, so I'm sure this place will increase in value in a few years. And as far as you thinking thats a lot of ching for a lot...huh,,,you aint seen nothing 'til you looked at Jersey. If I could find a buildable lot here for $50,000-$60,000 Ide be all over it.

But I hear ya man..its not like I have the checkbook out ready to lay out the cash. Its just an option because I'm not very happy where I am right now and need to do something about it. Living wise and job wise.


Oh yeh....the land is on or only blocks away from the water...that means a lot to me!


BREW

 

Brew, I'm not saying buy it by any means, but I have spent years in that area(grew up around there) and I can tell you that land has been more and more valuable year after year. Take a look at the Southern Outer Banks for example (Frisco, Avon, NC....etc). That is some really desireable land and they get a really high price year after year for it. I personally don't think you could go wrong buying it at all, but that's my opnion. Like I said, I am not saying do or don't buy, that's totally up to you. Good luck man.

 

North Carolina...WTF??

Ill sell you some lake front property in Iowa at Okaboji....there is only a few lots left but they are going for a million or more. Your better off buying a lot with an old house and just knocking it down and starting over.

 

I don't know that area well, but I have a friend who bought some acreage along the Nuese near Oriental two winters ago. He went down this summer, hung around long enough to get covered up with mosquitos, and found a broker to unload the property. Maybe that's why the water front lots are selling for such a premium over the inland lots.

 

$50K is nothing for a lot. My lot in what was once nowhere GA was that much.

Beach property never decreases in value, except for the couple days before a hurricane

 

Don't forget about hurricane season and insurance for that.