The Bluffs on the Waterway: Pros & Cons Buyers Should Know

In the last 12 months, homes behind the gate at The Bluffs on the Waterway sold for anywhere from $540,000 to $1.725 million. When buyers ask me about this Carolina Forest community, I tell them the same thing: it's a great neighborhood, but there are a few things that never show up in the listing photos.
Below I'll walk you through where it is, what you actually get for your HOA dues, the costs and rules buyers miss, and what homes are selling for right now.

• The Bluffs on the Waterway is a gated Intracoastal Waterway community off River Oaks Drive in Carolina Forest.
• Every owner, including interior lots, can use the boat ramp, day docks and fenced boat storage.
• 2026 HOA dues are $1,845.75 a year, about $154 a month.
• Buyers pay a one-time reserve fee at closing of roughly $1,800.
• Short-term rentals aren't allowed. Rentals must be 6 months or longer.
• The median sale price over the last 12 months was $858,500.

The Bluffs sits right off River Oaks Drive in Carolina Forest. You come in on Royal Bluff Drive through the main gate.
The location is one of the best things about it. From here, you're about:
• 6 minutes to the beach
• 15 minutes to the airport
• 12 minutes to the nearest hospital
(These are my drive-time estimates with light traffic.)

It's bigger than most people think. The HOA's 2026 budget bills dues on 423 lots, so this isn't a tiny enclave. It's a real neighborhood with homes built from the mid-2000s right up to brand-new custom builds going up today.
The look is mostly Mediterranean: stucco, tile roofs and big custom floor plans. The HOA sets minimum home sizes:
• 1,800 heated square feet on interior lots
• 2,400 heated square feet on lots directly on the Intracoastal Waterway
In practice, the homes that sold this past year were mostly in the 2,400 to 5,700 square foot range.

Pro #1: You Can Use the Intracoastal Without Buying on the Water
This is the big one. You don't have to buy a waterfront lot to use the Intracoastal Waterway here. You can buy an interior lot, store your boat in the community's fenced-in storage area, and launch it down the community boat ramp.
That's a huge advantage if you don't want to spend the kind of money it takes to be directly on the water. Over the last 12 months, the median interior home sold for about $850,000, while the median waterfront home sold for about $1.675 million. Interior owners still have access to the boat ramp, the day docks and the boat storage.

Pro #2: Amenities That Actually Get Used
There are two clubhouses. The main one up front has the community pool, a playground, pickleball and tennis courts, and a walking trail.
The second is a waterfront boathouse with a patio and sundeck right on the Intracoastal. It's a great spot to sit out, watch the boats go by and enjoy the water.
Golf carts are allowed on the streets too. You just follow county traffic rules and have working lights if you're out after dark.

Pro #3: The HOA's Finances Look Solid Right Now
Dues for 2026 are $1,845.75 a year, which comes out to about $154 a month. That covers the gated entry, both clubhouses, the pool, the courts, the ponds and landscaping, and the boat ramp area.
I read the HOA budgets because that's where you find out whether a community is healthy. Here's what stood out:
• In 2025, the HOA paid off a bank loan of about $336,000.
• For 2026, they're putting $275,000 into reserves.
• They project about $620,000 in reserves by the end of the year.
In plain English, they're saving for the big stuff instead of waiting and hitting owners with a surprise bill.

Pro #4: Custom Homes, Still Being Built Today
When you buy in The Bluffs, you're not getting the same floor plan as everyone down the street. These are custom homes, built to exactly how the owners wanted them, and new ones are still going up.
Right now there's a new custom home under construction across from the Intracoastal Waterway priced at $1.475 million. Some of the newer custom homes are priced in the $1.275 million to $1.475 million range today.

Con #1: Dues Jumped 15%, and There Was a Special Assessment
Those healthy reserves came at a cost. The HOA board raised dues 15% for 2026. Under the covenants, 15% is the most the board can raise dues in a year without a vote of the owners, so they hit the max.
Before that, in 2024, owners paid a special assessment of $430,800 for a drainage project. Spread across 423 lots, that works out to roughly $1,000 per home.
To be fair, I'd rather buy into an HOA that fixed its drainage and paid off its loan than one that keeps putting things off. But you should know the history before you buy.

Con #2: A Reserve Fee of About $1,800 at Closing
When you buy in The Bluffs, you pay a one-time reserve fund assessment at closing. It started at $1,000 back in 2017, and the HOA can raise it up to 10% a year. Recent listings put it at roughly $1,800 to $1,850.
It's not a dealbreaker, but it's real cash at closing, so plan for it.

Con #3: Boat Storage Comes With Rules
To store your boat in the community lot, there's an annual fee of $250 for a storage space, or $75 a year if you only want to use the ramp. Applications are due by January 31st.
A few other rules to know:
• No boats over 28 feet in the storage area.
• Boats and trailers can't be kept in your driveway. They go in your garage or in boat storage.
• The community dock is for loading and unloading only. You can't tie up and leave your boat there overnight.
If you have a bigger boat, an interior lot here probably won't work for you.

Con #4: Waterfront Owners Take On the Water
If you buy directly on the Intracoastal Waterway in The Bluffs, seawall and bulkhead maintenance falls on you, not the HOA.
And if you plan to build or add a boat lift or dock, you'll need approval from both the HOA and the Army Corps of Engineers before you install it.

Con #5: No Short-Term Rentals
If you're thinking about renting your home out, rentals have to be 6 months or longer. If you're making this your primary residence, that may suit you just fine. But if you're an investor looking at short-term rentals, the HOA rules won't allow it.

Con #6: Getting In and Out on River Oaks Drive
The Bluffs sits on River Oaks Drive, so turning left out of the neighborhood can be a challenge with traffic coming from Carolina Forest and the beach. Turning right is easier. During the summer, it can get a little congested.

Here's what the market has been doing in this neighborhood:
• 22 homes sold in the last 12 months.
• The median sale price was $858,500.
• 10 of those 22 buyers paid cash.
• Prices ranged from $540,000 to $1.725 million.
• 14 homes are for sale right now, with a median list price of about $907,000.
• Homes are averaging about 120 days on market.
This is the part I want buyers to hear. Sellers are getting about 96% of their current asking price, but that works out to only about 91% of their original asking price. And 9 of the 14 homes for sale have already cut their price.
That tells me buyers have room to negotiate in The Bluffs right now.
(Source: Coastal Carolinas MLS, detached single-family homes, as of November 2026.)

One of the listings in The Bluffs, priced at $800,000, came with a property tax estimate:
• About $3,217 a year if it's your primary residence and you've filed for the 4% legal residence rate
• About $10,553 a year if you haven't, because it's taxed at the 6% rate
That's over $7,000 a year, every year, for not filing one form. If you're moving here full-time, file your legal residence application with Horry County as soon as you close.

LINK: Moving to Myrtle Beach? Don't Make This $3,000 Property Tax Mistake

What are the HOA fees in The Bluffs on the Waterway?
2026 dues are $1,845.75 a year, about $154 a month. They cover the gated entry, both clubhouses, the pool, the courts, the ponds and landscaping, and the boat ramp area.

Can I keep a boat in The Bluffs if I don't live on the water?
Yes. Interior owners can use the boat ramp and day docks and rent a space in the fenced boat storage lot for $250 a year. Boats over 28 feet aren't allowed in storage.

Can I rent out my home in The Bluffs?
Only long-term. Rentals must be 6 months or longer, so short-term rentals aren't allowed.

How much do you pay at closing when buying in The Bluffs?
On top of your normal closing costs, buyers pay a one-time reserve fund assessment. Recent listings put it at roughly $1,800 to $1,850.

What are homes selling for in The Bluffs?
Over the last 12 months, the median sale price was $858,500, with sales ranging from $540,000 to $1.725 million.

Is The Bluffs on the Waterway Right for You?
If you want Intracoastal access, real amenities and a custom home in a gated community close to the beach, The Bluffs checks a lot of boxes. Just go in knowing about the 15% dues increase, the reserve fee at closing, the boat storage rules, and the extra costs if you buy right on the water. And with 9 of 14 listings already reduced, there's room to negotiate right now.

If The Bluffs or any of the waterway communities is on your list, I'd love to set up a quick 15-minute call so we can go over what you're looking for. I'll pull the HOA documents and the current listings so you know exactly what you're buying. Call or text me at 843-907-0355, or book a time at calendly.com/mikefiebernitz/30min.
— Mike Fiebernitz, Mike Fiebernitz & Associates | RE/MAX Executive