‘One of the largest’ pieces of land in Bluffton is for sale. What will it mean?
Three tracts, including Graves Trailer Park, that make up about 11.5 acres of land within walking distance from Old Town Bluffton, are pending sale or under contract, according to their RE/MAX Island Realty listings.
About 40 mobile homes sit on the parcels off Old Burnt Church Road and near Michael C. Riley Elementary School. Development and population are booming in Bluffton, and this land’s sale could make way for more residential or commercial properties. The appraised values and listing prices also signal the steep increase in Bluffton real estate prices. The most recent appraisal values come from a 2018 report and the 2023 reassessment numbers will likely be higher.
Bluffton’s population increased by over 150% from 2010 until the last U.S. Census report in 2021. It moved from 12,530 to 31,191. The listing bills the land as an “incredible development property opportunity.”
Just because they’re pending sale or under contract doesn’t mean the deals will go through, according to Realtor Nickey Maxey, who is listing all three and said they’ve been on the market for about three years. He said those living in the trailer park have been aware of the land up for sale.
“There’s a lot of different contingencies with different things,” he said. “You know, trying to iron out zoning just like we went through (at Cherry Point).”
At the proposed Cherry Point development, on land also listed by Maxey, the county council struck down a zoning change that would allow higher-density dwellings last month. The Okatie parcel is along an already over-crowded section of S.C Highway 170. Zoning consideration was tabled for at least another year, giving the county more time to prepare to support the around 400 new homes it would bring.
Land, price and zoning
Graves Trailer Park at 171 Burnt Church Road is 6.53 acres and zoned as “Hamlet Center,” according to the Beaufort County Assessor’s Office. The zoning is “intended to integrate appropriate, medium-density residential building types, such as duplexes, townhouses, small courtyard housing, and mansion apartments in an environment conducive to walking and bicycling,” according to county code. In 2013 solely the land was appraised at $600,000, then $1 million in 2018. It’s now on the market at $3.5 million.
Appraised value and market value aren’t the same. While the Beaufort County Assessor’s Office determines appraised value and it’s what is used for the homeowner’s tax bill. The market price is what a real estate agent believes buyers will be willing to pay for the home.
However, in this case the land hasn’t been sold on the market since the deed originated in 1776. Using the 2013 appraised land value to the current market value, it’s a 483% increase.
The smaller of the other two parcels, both directly next to Graves Trailer Park, is also zoned as “Hamlet Center,” 1 acre and on the market for $1 million. Its land was appraised at $41,600 in 2013, then $76,800 in 2018. There is also no record of this land being sold on the market previously. From 2013 land value to potential sale value is an over 2,000% increase.
The other parcel is 5.04 acres, on the market for $2.5 million and zoned as “Hamlet Neighborhood,” meaning that it “is intended to reinforce established neighborhoods, to maintain neighborhood stability and provide a transition between the walkable neighborhood and rural areas,” according to county code. The land was last sold in 1984 for $30,185. In 2013 the land was appraised at $163,700, in 2018 it was appraised at $302,300. That’s a 1,427% increase from the 2013 appraised value to potential sale price.
“It’s a phenomenal location and is probably one of the largest tracts of land in the area,” Maxey said. “Bluffton has turned out to be really a hot spot.”
