Buy a 120 acre Island in the Town of Sullivans Island for Under 200K?

Posted by Mike Ciucci on Tuesday, May 11th, 2010 at 4:48am.

0 Intracoastal Waterway IslandWell this listing is definitely intriguing.  It is an Island for sale on the Intracoastal Waterway (ICW) only a stone’s throw from Sullivans Island and the Isle of Palms.  It is 120 total acres, and it is only listed for $199,000.  Yes, you can own your own island for under 200K, with 1,800 feet of deepwater frontage on the ICW.  A one minute boat ride to the Atlantic Ocean.  After all, when buying real estate- it’s all about the location, right?

But before you start faxing me offers within the next 3 minutes, let me give you an explanation for the low price.

For one, it is 120 total acres- but it is 4 acres of high ground.  Anyone purchasing real estate knows that the “high ground” number is what is very important.  Because this is the area that one would build on.  But yes, 4 acres of high ground on the ICW for under a million dollars is a no-brainer, but read on…

The second reason for the low price…zoning.  This island is currently not buildable.  The property must be rezoned before one could even think about building.

But this is where it gets interesting…What if you purchase the island as an investment, and in the future (say 15 years) you would be able to rezone and sell for a few million?  A good investment indeed if that were the case.  I’ve also thought about accretion.  What if the shifting sandbars caused this island to grow?

It’s almost worth purchasing just to say you own your own island in Charleston.

See more pictures and the full listing for this Island for Sale near Sullivans Island.

 

  Mike Ciucci Realtor

Mike Ciucci specializes in the Charleston SC real estate market.  He has been a Charleston realtor for over 15 years, focusing on quality and attention to detail his clients have come to expect.

Mike Ciucci
Carolina One Real Estate

Phone: 843.608.8378
Email: mike@buyingcharlestonrealestate.com

www.BuyingCharlestonRealEstate.com

Leave a Comment