There is an unconfirmed report circulating around the grapevine that there may be a new jewelry store headed for the Georgia coast. Rumor has it that an investment firm has purchased some property on a few of Georgia’s barrier islands and may opening a jewelry store on one sometime in the near future.
There is a group of real estate investors that has been purchasing properties along the eastern seaboard with the intent of opening small retail shops in various beach communities. According to an undisclosed source; there is a small real estate investment firm that attends government tax sales throughout the country and purchases properties at auction for investment purposes. The firm purchases tax certificates or tax deeds from the local counties with the hope of possibly ending up with a piece of real estate.
Apparently, when an individual or business fails to pay their property tax the local government can issue a tax lien against the property. Then, after a specific amount of time passes the country has the right to sell either a tax lien certificate or tax deed (which one is sold is determined by the state and county) to private investors in order to obtain the funding they require to run the local government. The original property owner then has a specific amount of time (that varies from state to state) to pay the investors the back due taxes, interest, penalties and all associated costs or risk losing the property.
It is rumored that the investment firm recently traveled to Georgia to attend the monthly tax sale in Chatham County and purchased tax deeds to properties on some of Georgia’s barrier islands. One of the properties that the firm supposedly acquired a deed to is reported to be located on the northern end of Tybee Island.
According to our source, the investment firm feels that Tybee Island would be an ideal location for a retail store dealing with fashion jewelry and clothing. Although Tybee is a small island with a relatively small number of full time local residents, studies indicated that Tybee’s attraction as an oceanfront resort would bring enough visitors throughout the summer season to make the venture worthwhile. In addition, Tybee is home to many parades and other special events that will draw visitors to the island throughout the year, specifically the annual Pirate fest held in October.
If everything works as planned, the store will offer more than your typical fashion jewelry. It will also carry fine jewelry, diamond rings, gold and silver bracelets and earrings and even wedding bands for the individuals that want a spur of the moment wedding on the beach or in Tybee’s wedding chapel. In addition the store will offer some higher end designer clothing, fitness clothing and beachwear that’s required for a beach vacation resort location. The store is hoping to keep visitors on the island for their jewelry and clothing needs rather than traveling to Savannah to the shops and malls for the items they forgot to bring along.
At this point in time there is still much uncertainty as to what will transpire. The original owners still have time to repay their debt to the investors and keep their property. However, it is possible that in the future a new jewelry store may locate to the sunny beaches of Tybee Island Georgia.