The Week in Review Wilmington NC February 15, 2009

The Week in Review ….your Wilmington Connection February 15, 2009 Currently in Wilmington there are 2736 homes on the market and 279 of those are under contract which is 10%. The price range $250,000 and under you are seeing roughly worth a months inventory. The worse price range is the 1 million and above where there is 85 months worth of inventory. The range from 700,000 to 800,000 is looking at 47 months worth of inventory. If you are selling your home you either have to be patient or price it very, I mean very aggressive. In the last six months there has been 968 homes sold. Buyers are not looking in particular areas anymore they are looking across the board to see what is the best offer out there. If you are thinking of selling lets talk and see where you stand. Lawmakers and Real estate Well in their collective infinite wisdom, the lawmakers of this Country have decided that the housing market isn’t in all that bad of a shape and decided to yank the tax credit from the bill. Yep, no tax credit for buyers. Unless of course they are of the first time home buyer variety. This means the market for short sales has gotten even more lucrative. You see the banks were counting on this as well as a way that they felt was going to help them not to have to take as many losses as they have been. Now, it’s going to be even easier to get your short sale approved. Banks and LM’s are going to be even MORE aggressive in settling these non-performing assets.  Raleigh Builder with local Projects Files for Chapter 11 The Raleigh-based builer firm, which also has operations in Charlotte and Cincinnati, has taken a toll in the residential construction and real estate markets in its filing earlier this month in U.S. Bankruptcy Court for the Eastern District of North Carolina. Under Chapter 11, companies seek temporary protection from creditors as they seek to reorganize into profitable concerns. It does not mean the company has shut down or has stopped doing normal business. Just scaling back. Locals Help Shape Port Project The N.C. State Ports Authority says the future terminal in Brunswick County will be similar in size and technology to the APM Terminal in Portsmouth, Va. From a getting a sound wall built to having the rail line that runs through several neighborhoods relocated, residents here made clear from the beginning what they wanted.   ...until next week in The Week in Review                     Tina

The Week in Review Wilmington NC, February 8, 2009

The Week in Review

.….your Wilmington Connection

Febuary 8, 2009

Wilmington Weather…Wow is all I can say. Today in te 70’s the beach was just stunning…how could you not want to live here? Let me know if you are planning on making the move I can help make it an uneventful move. This is a great time to buy with interest rates extremely low and home prices the best they have been in 4 years.

 

The nine changes new city Residents can expect: Monkey Junction Annexation

Property taxes

The most painful change. City residents and businesses pay city and county property taxes. City’s current tax rate is 33.25 cents per $100 of property value. That means the owner of a $250,000 property would pay an additional $831.25 a year in property taxes.

Sewer and water

Those without public sewer and water would be required to get it. Costs vary based on the size of lines. The charge for a regular 5/8-inch water connection is $1,295. New water customers also must pay a $179 meter installation fee. A 4-inch sewer connection costs $900. The charges can be financed over five years.

Fire service

The city is exploring whether to contract with the Myrtle Grove Volunteer Fire Department, which serves the area now, with backup from the city fire department, or build and staff a new fire station. Public water service installed throughout the area should increase water capacity to fight fires. New city residents would no longer pay the county fire district tax, which currently is 5 cents per $100 of property value, or $125 a year for a $250,000 house.

Police service

The Wilmington Police Department would take over patrol of the area from the New Hanover County Sheriff’s Department. There is a need for six additional officers to ensure adequate response times.

Stormwater

Single-family residences pay $5 a month, or $60 a year, for stormwater service. Commercial areas pay a fee based on the amount of impervious surface on the property. The annexation area would be studied for drainage problems and improvements would be made as funding becomes available. Street sweeping would be provided on public streets with curbs and bike lanes.

Trash

The cost for city trash service is $23.50 a month for a large trash cart and $19.40 for a small one. Residents of private streets would maintain existing arrangements with their haulers and wouldn’t have to pay the city fees.

Smaller businesses might be able to petition the city for city trash service, but the city wouldn’t provide Dumpster service.

Property insurance

Policies vary, so check with your insurance provider. Better fire protection doesn’t necessarily mean lower homeowners’ insurance rates, but commercial insurance rates are likely to go down, according to the city’s draft annexation service plan.

Voting

City residents are eligible to vote in city elections, held in October of odd-numbered years. They are also eligible to serve on city boards and commissions.

Golf course fees

City residents pay less to play at the Municipal Golf Course. During the week, rates for 18 holes and a cart are $26 for city residents and $34 for non-residents.

Foreclosure Grant for New Hanover County?

Be Prepared

The Neighborhood Stabilization Program is a $3.92 billion pool created by the federal government last fall.

The purpose to provid funds to purchase foreclosed or abandoned homes and to rehabilitate, resell, or redevelop them.

It can help stabilize property values in areas that are hit by foreclosures as the economy tanks.

North Carolina received $52 million of that federal funding pie, which it will then distribute to local governments that apply.

Mortgage Rates – should you really play the Waiting Game

Borrowers are holding out for lower rates, but this waiting game will be costly when rates suddenly increase as they did this week. Last week when the average 30-year fixed mortgage rate was 5.48%, a $200,000 loan would have carried a monthly payment of $1,133.07. The average rate now 5.70%, the monthly payment for the same size loan would be $1,160.80, a difference of nearly $28 per month. So dont keep waiting.

 

…until next week in The Week in Review

Tina

The Week in Review Wilmington NC February 1, 2009

 

The Week in Review

…..your Wilmington Connection

February 1, 2009

Well its February, one month closer to warmer weather. Currently in the Wilmington real estate market there are 2673 on the market and 238 are under contract thats 9%. The best price range to be in if you are selling a home now is that $300,000 and under range you looking at anywhere from 8-13 months worth of inventory. The price ranges with the most inventory? $700,000 – $800,000 has 47 months worth of inventory and the 1 million and above???well 74 months worth of inventory…whew! Homes are still going for an average of 94% of their list price, so keep that in mind buyers if you are making offers.Drop me an email if you have questions about the real estate market here in Wilmington.

Lowes in Porters Neck?

Will it happen? Developers are saying it will take close to two years. The Developer Jimmy Black of Alliance Commercial Properties in Greensboro ran into some holdups with the residents complaining that there would not be enough exits from the faciliity. The devleopment will take place in 3 phases, the second to be completed by the third quarter and no time line as yet for the final phase.

A boost in home sales in Leland.

Brunswick counties association reporteed a higher value of home sales in 2008 than the year before. Compared to the Wilmington-area sales reported by the WRAR fell 30 percent and the total dollar volume sales fell 25 percent.Thirty-three percent of the Brunswick County market is in the Leland area and home values have not dropped there. But on the not so positive side….Brunswick county seen a 85 percent increase in foreclosures. Foreclosure hearings are booked through March. The Brunswick Clerk of courts are averaging 10-12 hearings a day.

Reccomendations by REALTORS & NAR

 

The letter sent to Congress earlier this week, NAR begged I mean pleaded to Congress to make the loan limit increases permanent so that secure, affordable, safe financing is available for American families regardless of where they live. NAR is also putting pressure on to expand the tax credit to all home buyers and extend the expiration date to December 31, 2009.

Other items under consideration in the bill will help communities: the expansion of the tax-exempt housing bonds, increased funding for rural housing loan programs, additional funding for neighborhood stabilization activities, more grants for low-income housing and rehabilitation, more energy efficiency incentives for housing. Will this all come into play….we can only wait and see.

 

until next week in The Week in Review

Tina