Coastal NC, SC, & GA - You've got $750k to drop on a boat & weekend vacation home...what, where, and why?

[jdlev]

You've got a $750k budget for a boat and investment property on the southeast coast from New Bern to Savannah.

Pick your favorites or add your own:
1) On the water w/ Canal | ICW | Near River Outlet or near the water Row House & 5 minutes to the marina/launch
2) Pure business, pure pleasure, or break even - lease the peak season.
3) 30 minutes from everything or 30 minutes to WTF am I or both?!
4) Island hopping, near shore fishing, or wicked tuna?
5) 242 Limited, AR210/220/230/240 or the big daddy 250? (bonus: Carolina Skiff!)
6) Best state and why? SC - loved it. Grew up there before falling in w/ the NC crowd. Even after 25 years in NC...still miss SC. Cheap taxes (outside Charleston at least) and best gas prices around.
7) Best city and why? Tough choice - Love the colonial & low country charm of Wilmington, Charleston, & Savannah, but hate the prices. New Bern's river area is beautiful - though you'd get the double whammy from inland hurricanes flooding the river and coastal hurricanes...so maybe not the safest bet without some serious stilts.
8) Most reasonable real estate prices: Reasonable? They still use that & real estate in the same sentence?

Make your picks!

As for me, I got bit by the coastal bug when I was a kid and my grandfather had a beautiful house on a canal near Pine Island, FL (which took the full force of Hurricane Ian last fall ). We just started looking and are planning on visiting New Bern and a few other NC coastal towns over Memorial Day Weekend to start narrowing down towns/areas to find an ideal situation (hopefully) in late '23-'24. Any advice, horror stories, deals of the century, or other suggestions...fill me in!

 

[Hoyt]

If it was us we would go Hilton Head, SC. Then get a 24-26' Key West center console to be able to fish the ocean. Hilton head is normally always calm, but the ocean is the ocean. So Yamaha boat would not be a consideration for us.

 

[jlcj7]

Same. Wouldn’t do a Yamaha for open ocean. Some type of center console or something similar (although don’t fish). I would live in the Emerald Isle NC area (sound-side). Lots to explore within an hour or so.

 

[suke]

Hate the beach, grew up on the coast of NC. Been to all of the NC and SC beaches. They're meh at best to me. If it isn't clear ocean water and the finest/whitest sand....no thanks. I'd rather buy a lake house.

 

[Neutron]

I am a little biased since I live 1/2 mile from the Trent River in New Bern.
I have lived in Palm Bay FL for a while many years ago and on the Bay in Rhode Island. I have been in New Bern for over 7 years and still in love with it. 750k can put you on the river with a deep water lift for sure.
Downtown has been going nuts with a boom since covid settled down. Many new restaurants and music venues

 

[Lpennington]

That's what we did. The coast wasn't as enjoyable for us as the lake. Among the options mentioned, I'd choose New Bern. Good boating and your $$$ would go farther IMO. Congrats on having the choice tho!

I'd rather buy a lake house.

 

[Neutron]

That's what we did. The coast wasn't as enjoyable for us as the lake. Among the options mentioned, I'd choose New Bern. Good boating and your $$$ would go farther IMO. Congrats on having the choice tho!

House prices here in New Bern have just about doubled since i moved here in 2016.
A customer of mine bought a 4200 square foot beautiful waterfront home with covered lift in 16 for 440k now its valued at 770k so your money doesn't go as far here anymore.

 

[Lpennington]

Wow, so your secret's out! LOL ... prices are up at the lake too. prolly on the coast as well. OP may have to up his budget.

House prices here in New Bern have just about doubled since i moved here in 2016.
A customer of mine bought a 4200 square foot beautiful waterfront home with covered lift in 16 for 440k now its valued at 770k so your money doesn't go as far here anymore.

 

[suke]

Wow, so your secret's out! LOL ... prices are up at the lake too. prolly on the coast as well. OP may have to up his budget.

All the secrets are out. My favorite place Lake Gaston you used to be able to get a waterfront home, with a decent boat house (multi lift/double decker) for around 450k. Now those houses are being listed for $1mill+.

 

[jdlev]

House prices here in New Bern have just about doubled since i moved here in 2016.
A customer of mine bought a 4200 square foot beautiful waterfront home with covered lift in 16 for 440k now its valued at 770k so your money doesn't go as far here anymore.

For sure...it's like that all over...well, except CA/NY....
Found the perfect house near Beaufort, butlike Neut mentioned...price increase last 3 years is insane. That, and the prospects as a short-term rental seem somewhat muted since it's in a remote area. Last sale was listed in '19 at $575, and it's in the low 9's now. We'll probably hold off through the summer to take advantage of the seasonal savings available in the fall/winter.

I think the RE market is going to mirror most other markets. Everything is still ridiculously overpriced. I think if we give interest rates a few more months, we'll see prices start to come down. Of course...this chart doesn't support any of those assumptions outside of the seasonal dips...