South Carolina communities such as Georgetown, Litchfield Beach, and Pawleys Island are showing growth in high-end properties, says a local Realtor.

Georgetown

"Georgetown is a pretty harbor town with shrimp boats and historic district," says Realtor Walter McElveen, "diverse for its history and industry. A wonderful port and pretty historic area with homes dating to early 1700s.

"It's also home to steel and paper production," he says. "Surrounded by rivers and bays it offers numerous salt and fresh water fishing and cruising opportunities. A nice stop on the Intercostal Waterway. Homes and condos in every price range. A 175 year-old home is now on market in the historic district for $599,000, also a circa 1737 home for $495,000. New condos are being built or are in the development stage."

Litchfield Beach

"A favorite ocean community of north and south Litchfield Beaches, is the resort of Litchfield by the Sea," says McElveen. "In the resort, prices have doubled in past four years and sales remain high. There are over 72 ocean-front/ocean-view condos in a range of $215,000 to $1,485,000. Ocean-front homes are limited to five and are now in a range from $2,000,000 to $3,900,000. On North and South Litchfield, second row and further back homes start at $300,000 and a good selection is available in the $500,000 to $600,000 range. These are suitable for year-round living."

Pawleys Island

"Pawleys Island is South Carolina's oldest beach resort with homes, condos and great golf too," says MeElveen. "Among new pendings is an ocean-front home in the middle of island asking $1,750,000. Latest sale was May for ocean-front north end at $3,100,000. Another ocean-front sold within three days at $1,200,000. Compare with only 3 ocean-front homes for sale. The lowest price ocean-front on Pawleys is now asking $1,785,000. It is a great old cottage on the north end."

Explains McElveen, "The Pawleys market is weaker for sellers. I expect to see it turn to a seller's market once the stock market climbs. Limited properties have increased demand. Historically the market had seen in a slow-down since a very hot period that began in 1997. Prices doubled from 1998 to 2001 but then stagnated resulting in many overpriced properties lowering their prices and adjusting to the market. These adjusted-priced properties have now been gobbled up, and we are back to the higher prices. I see strong buying now for even these higher-priced properties both in land and homes and from ocean-front to golf course locations."

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Published: June 23, 2003

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