The Week in Review Wilmington NC May 17, 2008

The Week in Review

….your Wilmington Connection

May 17, 2008

 

North Carolina seems to always be on the top relocation lists. With Wilmington voted 7th best place to live last year by CNN its no wonder we are still at the top. Our housing market has slowed but has not experienced the downfall of many other markets you hear about. With areas like Florida and Michigan where some home prices have dropped almost 50%.

Plenty of sunshine this week in the cape fear region. Many cars topped up with boats, jet skis, canoes and kayaks and why not with todays weather peaking 75 degrees who could resist.

Wilmington-area home sales inch higher

April figures better than March, but are still nearly 30% below a year earlier

Wilmington-area home sales rose in April from March levels, but remained much lower than in April 2007, according to data from the Wilmington Regional Association of Realtors.

Sales of single-family homes — defined as houses, townhouses and condominiums — rose to 415 in April from 399 in March, but were down 29.5 percent from the 589 homes closed in April 2007.

But that represented a year-over-year improvement from March, when sales were down 39.5 percent compared with a year earlier.

The sales are for homes that closed in the period. Contracts on those homes might have been signed one to two months or more before closing, and therefore represent buying activity in early spring or late winter.

Additionally, the Wilmington-area multiple listing service — which covers New Hanover, Pender and parts of Bruswick and other area counties — includes new construction housing in its figures. The national Realtor data includes only resales.

Real estate agents say they have seen a pickup in the local market, with more buyers out looking.

UNCW begins clearing land for Housing

Workers begin clearing land at the University of North Carolina Wilmington Thursday, May 15, 2008. The estimated $55 million project to construct new student housing and a parking deck on this 13-acre parcel of the school’s on-campus forest is scheduled to be finished before the start of the fall 2009 semester.

Memorial Bridge faces months of night closures

On Monday, April 28, Raleigh-based inspectors atop the Cape Fear Memorial Bridge discovered a serious problem.

Hundreds of connector plates that hold together steel beams that support the bridge deck were cracking under years of weight and stress from traffic and the slight sway of the structure.

That left state officials to answer an important question: Could they quickly devise a temporary fix for the worst connectors or should they close the bridge indefinitely?

Local bridge maintenance workers came up with a plan and strengthened eight of the 616 connectors, and state officials felt confident traffic could continue to cross the bridge safely.

Had one or more of the connector plates fractured completely, the beams underneath would no longer support the bridge’s metal-grate deck. The deck would eventually break apart and collapse under the weight of vehicles.

GE Hitachi plans to build plant to enrich uranium

If someone asks you what GE Hitachi is planning to do in Castle Hayne with $900 million of its own money plus millions in state and local incentives, tell him it’ll be squeezing oranges.

The analogy is the easiest way to describe GE Hitachi Nuclear Energy’s plan to build and operate a commercial plant to enrich uranium, says Tammy Orr, president and CEO of Global Laser Enrichment, a unit of GE Hitachi. GLE will be using laser technology to enrich uranium to produce fuel for nuclear power plants.

GLE on Tuesday got the go-ahead from the U.S. Nuclear Regulatory Commission to test the process, a prerequisite for GE Hitachi to build its plant.

GE Hitachi expects to file for a license to build and operate the commercial facility before testing of the process begins.

……until next week in the Week in Review

Tina

 

 

The difference between a real estate agent and a REALTOR

The main difference between a realtor and a real estate agent is credentials. Often time’s people use the works real estate agent and realtor interchangeably. However, there is a rather important difference between the two.

 

A realtor has more training and experience in the real estate market than does a real estate agent. Where both a realtor and real estate agent have licenses, the realtor has gone the extra mile in obtaining a further level of expertise in their professions.

 

Realtors are members of the National Association of Realtors. This means that a realtor follows the strict realtor code of ethics. You can read this code of ethics from a download at this site. http://www.realtor.org/mempolweb.nsf/pages/Code?OpenDocument

 

The standards and rules that are in the realtor code of ethics is more than just a few people saying they will do what is right. The code is a way of providing a higher level of ethical practice that is nationally recognized.

 

There are many real estate agents that are great at what they do; they also follow ethical practices, however there are no real restrictions that monitor their business matters.

 

The basic prerequisite to selling real estate is a license through the state that the realtor or real estate agent will be working in. There is a minimum standard of education, examination, and experience must be met. These requirements are decided state by state and then set as regulations.

 

Agents are bound to a certain amount of legal obligations. The basic of these obligations are:

 

• Obey the rules of confidentiality
• Obey the lawful instructions of the property
• Maintain the clients interests above yours or anyone else where their transaction is concerned.
• Report any issues with the property or the contract
• Report any money conversations discussed.

 

A realtor follows all of these listed obligations; however also follow a higher level of code of ethics form the NAR. These ethics and obligations have recently been formed into state laws that govern that at different levels of real estate licensing, there are different levels of expectations and laws.

 

Depending on what you are looking for, both a realtor and a real estate agent might be able to help you with your purchase or sell. There is also many times that a realtor will hire a real estate agent to help with some of their company responsibilities. Therefore that real estate agent will likely follow the ethics from the guidance of the more experienced licensed realtor.

 

Also, whichever option you go with, you will find the good and the bad with both. There are some questions you can ask to help make sure you are getting the best person to help you get the best deal.

 

• First find out if they are licensed.
• Next you will need to know if they are full time or part time
• You can ask them what options they have available for helping you sale your home, or what listing options they have for helping you find a home.
• It is also a good idea to cover commission prices and any other costs, or fees that would be involved.
• When you cover the contract you can ask for anything that does not look good to you, to see if it can be negotiated. Even if it is already typed up, it can be changed. This would be anything from the commission to the length of time of the contract.

 

The expertise you are looking for is all in the questions. Trust what ever option you choose, communicate any questions or concerns you may have and follow through with the steps it take to get your real estate transaction completed. The differences in realtor and real estate agent can be significant, however removing these common factors can decrease the success in any situation, regardless of who is doing the work.

 

The Week in Review Wilmington NC May 10, 2008

The Week in Review

…..your Wilmington Connection

May 11, 2008

We wish all the Mothers a Happy and Healthy Mother’s Day From all of us

 

The big house

What has the floor space of a shopping center, is more than twice as tall as the PPD building and costs nearly as much as the U.S.S. North CarolinaForbes. Mukesh Ambani, the fifth richest man in the world, his wife Nita and their three children will live in the 400,000-square-foot, 27-story home with nine elevators, a ballroom and an ice room where guests can escape the heat of Mumbai (once called Bombay) and “be dusted by man-made snow flurries,” Matt Woolsey wrote in Forbes. Cost: $2 billion, with a B – which equals 2,000 $1 million houses nuclear submarine? Why, a house for a petrochemical mogul in Mumbai, India. The world’s largest and most expensive home will be completed in January.

Plans for Marina Project Withdrawn.

The contentious and convoluted project goes back until at least 1971, when Homer Ward received a special use permit for a marina project on Burnett Road near the Intracoastal Waterway.

Tim Ward, who now owns the property, wants to amend that permit and expand the scope of the project. His plans for the Carolina Marina & Yacht Club include about 200 dry-stack boat slips, fueling services, a club house and a restaurant.

His problem is that David Ward, a distant cousin who owns property next door, has tried to stop the project at every opportunity.

He says the large marina and dry-storage facility would negatively affect the residential neighborhood, plus it could cause pollution in an area teeming with wildlife.

Before Tim Ward’s permit modification request could be heard by the commissioners Monday, his attorney asked the commissioners to send the matter back to the planning board.

 

New Hanover to break ground at treatment plant

 

 

The New Hanover County Board of Commissioners will officially break ground on the county’s new 6 million gallon per day water treatment plant and well field project at 10 a.m. on Monday.

The $48 million project is a state-of-the-art treatment facility, using membrane technology or “nano-filtration” to treat the water by pumping it through extremely fine plastic membranes. The technology can be up-fitted in the future with “reverse osmosis,” if necessary, to filter out salt.

The newly formed Cape Fear Public Utility Authority will assume responsibility for completing this project after July 1. The treatment plant is expected to be completed in September 2009.

All five county commissioners and other officials will be on hand for the groundbreaking. The event will be held at a neighboring subdivision, Garlington Heights, currently under construction in the West Bay Estates area of northern New Hanover County. The new subdivision directly overlooks the water treatment plant.

Bush’s attempt at helping the Housing Market

 

The Bush Administration, has stepped forward and pro-actively implemented workouts to help homeowners avoid foreclosure, but there is still more work to do. With more subprime loan interest rate resets expected, Bernardi urged the industry to have “a strong and effective response that will quickly help to stabilize housing prices.” Yesterday, the HOPE NOW Alliance announced that mortgage servicers have provided nearly 1.4 million loan workouts since July 2007 for homeowners with prime and subprime mortgages. This includes 503,000 homeowners in the first quarter of 2008.

“I believe that Congress and the Administration can forge a strong working partnership on housing. There is some common ground which should be explored and extended. I will continue to try to convince our lawmakers that we need wisdom, not over-reaction.

Universal Healthcare of Brunswick Breaks Ground

 

 

 

Sunday, May 4^th at 2:00pm a group gathered on Old Ocean Highway to break ground for the latest development in Brunswick county health care. Don Beaver, Owner, Carol Prater-Webb, VP of Operations, COO Vickie Carroll-Beaver, Representative Dewey Hill and Western Regional Director of Operations Alan Beaver broke ground on what will be central Brunswick County’s newest skilled rehab and nursing center. Other company officials include Maria Yane, Regional Clinical Nurse Consultant, Terri Gibson, Corporate Director of Marketing,, Architect David Polston and Becky Gibbons, CFO. The location of this premier living center is 1008 Old Ocean Highway close to Brunswick County Academy. This facility will be owned and operated by Choice Health Management based in Conover, NC. Choice currently operates 19 facilities of which all but two are in NC.

…….until next Week in the Week in Review

Tina

Five REASONS to use a buyer agent.

Real estate transactions come with risks, competition, and expenses. With your financial and family future on the line, there are five reasons to use a buyer’s agent in order to give you a fighting chance.

 

The buyer’s agent is a realtor that has gone through special training with the National Board of Realtors. The training authorizes the realtor to use the specialized sub-title in addition to the realtor title they already carry. The realtor is a real estate specialist. Therefore when you attain the help of a buyer’s agent, you are also getting the experience and training of a realtor.

 

A buyer’s agent does many things that decrease the risk of purchasing a home for their clients. They also increase the overall satisfaction of the sale, because they look for specific qualifications and amenities. Here are some of the steps a buyer’s agent will take to give you the highest level of happiness with your new home.

 

1. The buyer’s agent will make sure that there are the correct inspections, appraisals, and market analysis complete to ensure that your purchase is made with a full understanding of what to expect after the completion of the purchase. The buyer’s agent or realtor will make good recommendations to let you know whether the home is safe for your family.

 

1. A realtor, or buyer’s agent knows the market. They will also know if the price the sellers are asking for is the price you should be paying. They will also know how to negotiate a better price for your benefit. Therefore, you will be making your purchase for the best deal possible.

 

1. A realtor, or buyer’s agent will know what the newest listings are. They pay for listing information that keeps them up to date on the newest and the best. This is why the realtor or buyer’s agent will be able to help you find a home easier and give you a much broader set options to look at. Realtors also work close with each other to help meet the needs of their clients. Since the majority of homes for sale are exclusively listed with a realtor or real estate agent, some times the only way you will get this information is through a realtor. Also a realtor will use all their tools to gain the best list of homes for you. This would be the use of the MLS or nationwide multiple listing service, their company listing service, and many other options.

 

1. A realtor will likely know a home is for sale, before it ever hits the Internet. An MLS listing of a home can take between one and ten days to show up. By that time the home could already be sold. Word of mouth just like in any other business works for you. You need to find the right home, so your realtor will tell other realtors about you, and then that realtor will look at what he has. It is just like having a personal liaison in your corner doing all the work for you.

 

1. Realtors or buyer’s agents understand the contracts, legal documents and the complexity of the overall closing process. Your realtor will know how to complete the consumer-mandated seller’s disclosure, the environmental and structural reports, among all the many other legal reports. Your agent will also interpret the information in the transaction that may be more difficult to understand.

 

There are many reasons to use a buyer’s agent. The biggest thing to remember is that in most cases the buyer’s agent is paid from the commission from the sale of the house. Therefore, you really would not be paying anything extra. So having the security of having someone on your side is more logical than any other move you will make when purchasing a home.

 

The Week in Review Wilmington NC May 3, 2008

The Week in Review

….your Wilmington Connection

May 3, 2008

 

The Fed’s… aka Ben Bernanke, FOMC, whatever you want to call them, have dropped the Federal Funds Rate and the Discount Rate a 1/4 of a percent.This in turn has dropped the Prime Rate 1/4 percent.

Remember, this effects the SHORT TERM Interest RatesLONG TERM Interest Rates rely on what is going on in the Mortgage Backed Securities.

But you already knew that right?

Wilmington this week felt like summer. It is close on our heels. Perfect time for moving house, a change of scenery. Now is a great time to buy with home prices having dropped and Wilmington is still considered a safe place to buy. Take at look at Wilmington Real Estate market.

Carolina Beach to show off its New Board Walk

After months of work, Carolina Beach is ready to unveil the new and improved Boardwalk during a celebration this weekend. The events begin at 11 a.m. Saturday with a parade on Lake Park Boulevard, according to a town news release. A ribbon-cutting ceremony to formally rededicate the Boardwalk will be held at noon at the Boardwalk Gazebo. Following the ceremony will be a day full of activities, including live music, a Britt’s Donut eating contest, face painting for the kids and programs offered by the Fort Fisher aquarium. The event will be capped by a fireworks show over the ocean sponsored by the Pleasure Island Chamber of Commerce. The fireworks are expected to begin at 9 p.m. Boardwalk Makeover, an all-volunteer group, has been working for months to renovate, landscape and improve the town’s historic Boardwalk. Volunteers raised more than $75,000 for the effort. For more information, go to www.boardwalkmakeover.org.

Wilmington NC Real Estate Market

The Wilmington NC Real Estate market has continued to strengthen despite the continued real estate slump in the rest of the country. At the same time, real estate and homes for sale in Wilmington, NC remains comfortably affordable when compared to some other coastal real estate markets outside of Wilmington. CNN Money Magazine listed the Wilmington, NC real estate market as the #7 City to Invest.

Leland Approves plan to supply Water

 

The town has now officially entered the water business.

The Leland Town Council voted 4-1 on Wednesday to approve Town Manager Bill Farris’ plan to supply water to Brunswick Forest, its biggest development. The plan estimates the town will start providing water next year to 694 customers and add an estimated 300 a year, possibly taking on future developments sprouting up on U.S. 17.

Wednesday’s dissenting vote came from council member Tommy Wallace.

“I don’t think that we need to duplicate service when we already have the service from the sanitary district,” Wallace said in an interview, referring to the development’s current water provider, the North Brunswick Sanitary District.

Mayor Walter Futch, who previously opposed the town’s supplying water, changed his mind and said on Wednesday that the town should honor the agreement it had made with Brunswick Forest to provide water in 2004.

Leland began to discuss providing water to Brunswick Forest on U.S. 17 after the sanitary district’s commissioners voted on March 6 to deny the development’s subdivisions new water connection permits. But in a sudden move Tuesday, the evening before Leland’s water vote, the district’s commissioners voted unanimously to revoke their past decision and once again allow the new connections.

 www.tinaabraham.com

.....until next week in the Week in Review

Tina