The Week in Review April 19th 2008 Wilmington NC

The Week in Review

….your Wilmington Connection

April 19, 2008

Spring has sprung and the real estate market has picked up. “Home sales decline and prices are falling” this is what the media would like you to think is happening nationally, however real estate is a local market. What may be happening in your area of the country can be completely different just 50 miles around the corner. The Wilmington real estate market has seen less homes selling but, House prices are still holding strong. Homes are still selling for 95% of their list price, homes listed at 1 million and over are seeing 90% of their list price. So this area is a great place to invest in. With more iventory on the market you may be able to get that deal of the century if the seller is looking to move fast and has been brain washed by the not so positive media outlook. Let me know if you woud like me to help you get started in find your next home or your next investment property.

Fire Department asking for new Pier at Wrightsville Beach

Residents in Wrightsville Beach may see the Wilmington Fire Department boat traveling the waterways around the town. The Wilmington Fire Department has asked the town if they can create a joint-use pier that would house Wilmington’s fire boat. If the pier is approved by the Board of Alderman, the Wrightsville Beach Police boat would be docked there as well. In addition, the Wrightsville Beach Fire Department would have access to the city’s boat.The Board of Alderman will vote on the proposal April 24. If approved the City of Wilmington and Wrightsville Beach will pay for the pier.

Increase in FHA loan limits

 

The US Department of Housing and Urban Development (HUD) recently announced an increase in FHA loan limits, which were mandated by the Economic Stimulus Act. The new limits are based on median home prices throughout the United States.

These new changes create a lot of opportunity for home owners and home buyers, and promotes access to lower cost loans. To find out what the limit is in your county, visit http://www.fhaoutreach.com/

Kure Beach Park- theres Hope

NEW HANOVER COUNTY -A $500 thousand grant with the State Division of Coastal Management is in the final stages.If it goes through, the money would fund an oceanfront park in Kure Beach, located on the former site of the Rolling Surf Motel.Town officials bought that property in December, and the motel was torn down last month.They should find out if the grant is approved in May.With the $500 thousand, the town would have nearly $2 million for the park.The total price tag is more than $3 million.

Rental Investment here in Wilmington

Living in a college town poses many advantages for homeowners, including a skilled labor force, rich culture and job opportunities. However, homeowners can further benefit from town-gown relationships by purchasing rental property. Wilmington has the perfect rental market. With UNCW, Cape Fear Community College and of course the Vacation rental market why not go this avenue. Let me know if this is something you are considering.

…..until next week in The Week in Review

Tina