Building Right Now in North Myrtle Beach, SC?

[Joshua Morton]

I have a plot of land willed to my sister and me in the North Myrtle Beach, SC area.  It is .17 acres and is appraised for $220,000.   It is in a great location and would rent well once something was built on it.   Building is around $250 a square foot in that area currently.  So after buying my sibling out for $110,000 it would take $500k to build a 2000 sq foot house there.  (Just an example).  

I have multiple people interested in buying the property, but I'm wondering if I would be selling a potential real money maker by selling.  It would cost a lot up front to build and I'm not sure if it's worth the money at this time.  I could also buy out her half and sit on the property until construction prices fall, if that ever happens.  

Any advice is greatly appreciated!

[Myrtle Mike Thompson]

As Alex just mentioned, the location of the lot is a big factor.  I just came across a recent sale of a 3 bed 2 bath home in North Myrtle Beach that went for $339/sqft.  Nothing super fancy or special, but it was east of 17 in a decent part of town.  Oh, and the house is almost 30 years old.  So if you can build a brand new one for $250-$275/sqft, you'll have some great options.  Short-term rent that sucker and if you're not seeing the returns you want then look to sell it for a profit.