NC Beach Bargains!
WOW …. our real estate market … especially on the beaches … has heated back up! When Warren (Buffett) and Suzie (Orman) say “Buy real estate.” … people listen. Carolina Beach and Kure Beach are Red Hot right now … bargains abound … there are even some 1/2 price deals out there.
We are in the process of compiling a list of these bargains … soon to be posted at NCBeachBargains.com.
Fed Cut is Good News for Those Who Act Fast
October 31, 2007
Today the Fed announced its second consecutive decrease in rates, cutting another 0.25% from the Fed Funds Rate. This change could directly impact millions of American borrowers. If you’re looking to invest in real estate in the next six to twelve months, and recent rate cuts have inspired you to start taking action, now is the time to prepare yourself for intense credit scrutiny. There are a lot of great real estate deals to be had today. But if your credit doesn’t stand up in today’s tight-fisted credit environment, then you could easily miss out on an exceptional opportunity.Get pre-approved now and know exactly what you can afford. And with WilmingtonForSale on your side, you can have incredible negotiating power in a buyers’ market!
The Top Ten Reasons It’s a Great Time To Buy Real Estate!
by Paul Pastore
- Selection, selection, selection. There are about 57,000 resale homes on the market in Maricopa county(Phoenix). Regardless of the price range a buyer desires, there are plenty of houses from which to choose. Just a few years ago the resale inventory dropped below 5,000 units. A buyer was forced to make compromises if they were going to locate the home of their dreams. There is a great selection of attached homes, condos, and townhouses. You can find large lots, small lots, and a lot that will accommodate your boat or RV. There are lots of options in this market.
- No Bidding Wars. In 2005 we had one client that made an offer on ten homes. They lost the first nine to the ‘feeding frenzy’ that existed. Other buyers bid the properties up substantially from the original listing price. There were escalation clauses where buyers authorized their agents to outbid other offers by thousands of dollars. There is no competitive bidding in this buyer’s market.
- You can make an offer. A few years ago when you made an offer, the only question was how high above the list price could the buyer reach in hopes of being the best offer on the table. Today the sell price list vs. price ration is about 96%. A seller will not be insulted if you ‘make them an offer they can’t refuse’.
- Patience is tolerated. In the hot seller’s market that existed everything was rushed. Find a house before other buyers did. Hurry up and make the offer. Today a buyer can take their time. Look at several homes and think about your decision for a few hours.
- Due diligence is welcomed. In this market a buyer is encouraged to obtain a home inspection, termite inspection, and appraisal. In 2005 many buyers waived these contingencies in order gain an advantage with multiple offers.
- There are plenty of specs. In the not too distant past buyer had to ‘play games’ if they wanted a new home. There were lotteries and waiting lists in order to obtain new construction. Some buyers slept in their cars in order to get to the head of the lines. R.L. Brown estimates that builders have thousands of specs ready for immediate occupancy.
- Repair requests are welcomed. After a buyer completes a home inspection, they are allowed to submit a repair request to the seller. In the past a seller might insist the home was sold ‘as is’. Many times, there were back-up buyers waiting for a primary buyer to upset the seller whose home was increasing in value almost daily.
- Few, if any investors. It is estimated that one third of all sales in 2005 were to investors. These non-owner occupied buyer caused the market to inflate and affordability to decline. Mortgage fraud became commonplace. It’s a great time to buy without having to compete with hundreds of prospective landlords.
- Location, location, location. Today’s buyers can find homes closer to work. In the past buyers flocked to Maricopa and Queen Creek in order to find affordable homes. In this market, reasonably priced homes are within biking or walking distance to schools, rapid transit lines, and relatives.
- Real Financing is available. The ‘wink, wink’ zero down, no doc, adjustable, sub-prime loans are gone. Fixed rates are back. FHA financing, first time homeowner bond programs, special loans for teachers, and police officers are back in business. It’s a great time to buy real estate!
Port leads city to high job-creation ranking
By Wayne Faulkner
Business Editor
wayne.faulkner@starnewsonline.com You might say that Wilmington’s ship has come in.Port-related activity and communications services have put the city No. 2 in the nation for job creation and retention in a report by the Milken Institute, an economic think tank based in Santa Monica, Calif.
In Wilmington, “port-related activity contributed to growth in other sectors, such as business services and construction,” the report said.
“Investments in port infrastructure have led to improvements in cargo capacity, creating more opportunities for trade linkages and port-related business.”
Based on 2006 data, the full study, “2007 Best-Performing Cities Index,” is to be released today. Wilmington moved up from 59th place in last year’s survey.
Ocala, Fla., ranked No. 1.
The institute, which describes itself as nonprofit, nonpartisan and publicly funded, has been doing the study for nearly a decade.
“The tremendous growth we’ve seen at the Port of Wilmington over the past several years results from the channel-deepening project completed in 2004,” said Tom Eagar, chief executive officer of the N.C. State Ports Authority. “To have our contributions to the Wilmington area’s tremendous progress recognized by the experts at the Milken Institute validates the ports’ economic-development initiatives and deepens our commitment to the expansion of the Port of Wilmington and our plans for the new port in Brunswick County,” Eagar said.
Wilmington’s performance goes beyond the port, according to Connie Majure-Rhett, president and CEO of the Greater Wilmington Chamber of Commerce.
“We’re a complete package here in terms of job development,” Majure-Rhett said Tuesday, commenting on the Milken Institute report. “People want to live here; companies want to locate here. The cost of living is relatively low.”
Looking ahead, though, she worries that “we have to have people to fill those jobs. We’re already seeing shortages in some areas. That’s why we think Cape Fear Future is so important,” she said, referring to an area initiative to attract highly skilled “knowledge workers.”
“Because as companies want to relocate to great places, we’ll lose our momentum if we don’t have the work force to supply those companies.”
Southern cities comprised 15 of the top 25 in the Milken report. The study said “it was no coincidence” that the top locations show “entrepreneurial strength, lower business costs and favorable business climates.”
Can You Afford A Second Home?
By Vivian Marino
Published: July 15, 2007 (Parade Magazine) Owning just one home isn’t enough for a growing number of families. From rustic cabins to beachfront manses, second homes accounted for 36% of all residential property sold in the U.S. last year, according to the National Association of Realtors. Fueling the market are recreation-minded baby boomers, awash in savings or equity from their primary homes. Some are buying with an eye toward retirement or as an investment, while others want a vacation getaway to enjoy now and pass on to their children later. Finding a suitable place, however, can be daunting given the myriad options. And while prices are retreating—which could mean better deals this year—you’ll still need to consider your budget if you have your heart set on being near the water. The median vacation home price is $200,000, while shorefront properties typically sell at a 50% premium and water-view homes at a 25% premium, real estate experts say.
Evaluate Your Finances
Can you handle the mortgage (if there will be one) or the property taxes and other expenses? Will you need to rent it out to offset these costs (and then hire a property manager)?“Make sure you can handle the carrying costs,” says John T. Reed, publisher of the Real Estate Investor’s Monthly newsletter, who prefers renting vacation homes to owning one himself.Christine H. Karpinski, the author of Profit From Your Vacation Home Dream, suggests buying in areas where renting your home for income is not restricted. Just in case your finances change, “I always recommend buying where you can have that as a fallback,” says Karpinski.
Pinpoint an Area
Are you more partial to hilltops than seashores, or do you covet a pied-à-terre under the city lights? If you can’t decide on a locale, you might opt for more than one through time-shares or fractional ownerships in condo-hotels. They offer amenities without the housekeeping and maintenance responsibilities.Most buyers prefer to travel within 200 miles of their primary residences, says David Hehman, president of EscapeHomes.com, a Web site with vacation-home listings. Most also prefer a place that is accessible to their sports or hobbies, like skiing or antiquing.
Look for “Hidden Gems”
The best deals may be found in lesser-known places on the periphery of the so-called hot spots.
“A lot of places are brand names, but just because they’re more expensive doesn’t mean they’re the best investment,” says Andrew Schiller, president of Location Inc., which runs the search site NeighborhoodScout.com. “People have heard of Hilton Head—it’s very famous and expensive—but just a town away is Bluffton , S.C. , where home prices are 20% to 25% less. You want to find places that are in the best position to run up in value and, of course, that you love.”
Watch Supply and Demand
Another way to increase value, or at least maintain it, is to own something in short supply. Areas that restrict building or that have little land left for development will often command the highest home prices, experts say.
When Christine Karpinski bought her first condo in Destin , Fla. , in 1997, she chose the largest unit she could afford. “The demand for a three-bedroom was high, but supply was pretty low,” she says.
Work With a Good Broker
While Internet sites allow buyers to browse and compare regionally and nationally, local real estate agents can pinpoint specific properties based on desired home type, price range and amenities.
“You may not always know what you want, but a really good agent could extract that from you,” says David Hehman, who also suggests talking to local home owners about an area and spending some time there yourself.
Shop Around For Loans
Local lenders might offer better deals than national institutions. Oftentimes, though, lenders will charge a higher interest rate or require a bigger down payment for a second home. “When you’re not occupying it as your primary residence, lenders are going to be a bit more cautious,” says Stuart Hoffman, chief economist at the PNC Financial Services Group in Pittsburgh .
Christine Karpinski warns buyers to be wary of adjustable-rate mortgages with low “teaser” rates. You may be able to afford the initial payments, but not after rates rise.
Consider Taxes
You usually can deduct the interest and taxes on a second home. If you use the home for less than 15 days a year and rent it out the rest of the time, you must report all income, though you also may claim deductions for advertising, maintenance, depreciation and other expenses. In some cases, you even can claim a loss. But there are restrictions: If, for example, you live in the home part of the time, vacation there yourself or allow friends or relatives to use it at a bargain price, different rules apply to reporting rental income, and deductions usually are limited.
UNCW moves up in U.S.News 2008 rankings-August 20, 2007
| For the tenth consecutive year, the University of North Carolina Wilmington is one of the top 10 public master’s universities in the South in annual college rankings by U.S.News & World Report. UNCW ranks sixth in the 2008 edition, moving up from its seventh place ranking last year. Among the 119 public and private universities in the South ranked by U.S.News that provide a full range of undergraduate and master’s level programs, UNCW improved its overall ranking to 14th this year, up from 20th in the 2007 list. UNCW’s ranking resulted from improving or maintaining performance in the following categories: -Peer assessment -Retention, which includes six-year graduation and freshman retention rates -Faculty resources, which includes class size, faculty salaries, proportion of faculty with highest degrees in their fields, student-faculty ratio and proportion of full-time faculty -Student selectivity, which includes student SAT/ACT scores and proportion of enrolled freshmen in the top 25 percent their of high school class and ratio of students admitted to applicants -Financial resources, average spending per student on instruction, research, student services and related educational expenditures -Alumni giving rate “I am pleased that we continue to be recognized by U.S.News & World Report as one of the top master’s universities in the South, and that we have improved upon last year’s strong ranking,” said Chancellor Rosemary DePaolo. “Our community of highly qualified faculty and dedicated staff truly cares about the academic and personal success of our students, which shows in their achievements. With continued strong support from the state of North Carolina as well as our alumni, friends and donors, UNC Wilmington is poised to soar even higher in the future.” UNCW continues to be the first-choice university for a growing number of high-achieving high school students. UNCW’s total enrollment for fall 2007 is expected to exceed 11,900 students. The university’s freshman class of more than 1,900 students has an average SAT score of 1160 and an average high school grade point average of 3.74. A complete report of the rankings can be viewed online at www.usnews.com or in the August 27 issue of U.S News & World Report and the newsstand book America’s Best Colleges, both of which go on sale today. |
10 Bargain Beach Towns
10 Bargain Beach TownsFind that perfect vacation home thanks to a cooling housing marketBy Joel Cone / June 22, 2007 The smell of the salt water. The feel of a cool ocean breeze. The sight of the marine layer hanging like a blanket overhead. The feel of the hot sand beneath your feet. And let’s not forget . . . the view. All these amenities come included with a vacation home near the beach, a luxury that many dream of, but few think they can afford.But bargain beach homes are available in many idyllic coastal communities, and bargains could become more common thanks to a cooling housing market. Although vacation home sales rose 4.7 percent last year, the median price dropped 2 percent, to $200,000, according to the 2006 National Association of Realtors Investment and Vacation Home Buyers Survey. And with foreclosures up 90 percent nationally in May on a yearly basis, according to RealtyTrac, more homeowners and lenders will be motivated to sell at discounted prices - even in vacation hot spots.Here are the top 10 Bargain Beach Towns. These communities are potential treasure troves of great deals on wonderful vacation homes:
| Beach Town County |
Avg. Foreclosure Sales Price (Countywide) |
Avg. Savings off Market (Countywide) |
| Clinton, CT Middlesex |
$291,625 | 17.4% |
| Rocky Point, NY Suffolk |
$404,174 | 16.8% |
| Somers Point, NJ Atlantic |
$292,069 | 22.5% |
| Carolina Beach, NC New Hanover |
$238,719 | 37.5% |
| Mount Pleasant, SC Charleston |
$360,693 | 16% |
| Melbourne Beach, FL Brevard |
$224,340 | 26.8% |
| Englewood, FL Sarasota |
$313,274 | 35.2% |
| Oak Harbor, WA Island |
$179,371 | 20.4% |
| McKinleyville, CA Humboldt |
$285,751 | 22.5% |
| Cambria, CA San Luis Obispo |
$442,402 | 18% |
4. Carolina Beach, North CarolinaSituated between the Cape Fear River and the Atlantic Ocean, the City of Carolina Beach is located 13 miles south of Wilmington and 133 miles southeast of Raleigh. Settled long before the Revolutionary War, the surrounding area is famous for its plantations and their gardens, as well as being infamous as a former base of operation for pirates.The 2000 Census shows a population of 4,700 people with almost 4,100 households in Carolina Beach. This survey suggests that more than 37 percent below the full market value on average can be saved on the purchase of a vacation home in Carolina Beach this summer.
