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Wilmington, NC Real Estate News

By Tina Abraham, Broker, SRS, Realtor, Wilmington NC Luxury Real Estate
(Coldwell Banker Seacoast Realty)
The Week in Review ....your Wilmington Connnection November 15, 2008 Currently their are 2809 homes on the market with 243 under contract and a total of 1401 solds in the last 6 months. Interest rates are still low so its still an optimal chance to buy. Why wager on the stock market that appears to be so unreliable. If you would like any info regarding what your home may be worth please feel free to fill out the CMA form here and I will give you an up to date market analaysis.   Construction halted on two Brunswick County developments  One of the state's largest community developers has stalled construction on two developments in southwestern Brunswick County, leaving municipal officials wondering if they'll ever see the tax base there grow. Wakefield Development Co. has stopped buildin...
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By Diane Parker
(Coldwell Banker Sea Coast Realty)
Cape Fear Public Utility Authority is offering residents of Wilmington and New Hanover County an opportunity to focus on using water wisely. I was surprised to learn that residents of Wilmington and New Hanover County use approximately 138 gallons of water per person per day and generate over 80 gallons of wastewater per person per day. If each resident used 5 gallons less of water each day (equivalent to about 2 toilet flushes), almost 1,000,000 gallons of water could be saved. You have the opportunity to Pledge 2 and Save 5 by completing and returning the pledge form to C.F.P.U.A.'s Water Conservation Office.  There will also be a monthly drawing for a home water conservation kit.  You'll learn just how easy saving water can be. If you have any questions or would like more information...
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By J.D. Terry, IHaveMoney2Lend
(East Carolina Bank Mortgage)
Today the US govt. announced more sweeping changes in the mortgage industry.  Together with Fannie Mae, Freddie Mac, and the Federal Housing Finance Agency (which oversees Fannie and Freddie now) have put in place provisions to help troubled homeowners.  This new policy is the most aggressive yet. The plan is to help current homeowners who cannot afford to make their monthly mortgage payments and curb the steep rise in foreclosures nationwide.  The ways that were announced are as follows: Modify the borrowers loan into a fixed product from an ARM Extend re-payment terms out to and up to 40 years at most Reduce the interest rate on their mortgage as low as 3% Possibly allow a lump sum principal reduction of the balance of the loan in areas where housing values have plummeted Portions of ...
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By Tina Abraham, Broker, SRS, Realtor, Wilmington NC Luxury Real Estate
(Coldwell Banker Seacoast Realty)
The Week in Review ....your Wilmington Connection November 9, 2008 Hooray! The Elections are over....Now we can all get back to making plans for the upcoming year. Thinking of buying? Waiting for....? the bottom to drop out? Don't wait too long house price are hovering about the same they were 5 years ago....that's right 2003 prices. Dont even think of waiting....spring is around the corner...and prices will start bumping up again. Have a look at what is out there. Home borrowing limit stops climbing amid slump As housing prices climbed over the first half of the decade, so did the amount a buyer could finance and still get the best mortgage rates. That borrowing limit, for a so-called conforming loan, rose from $252,700 in 2000 to $417,000 this year. Now, because home prices have stopp...
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By Tina Abraham, Broker, SRS, Realtor, Wilmington NC Luxury Real Estate
(Coldwell Banker Seacoast Realty)
The Week in Review ...your Wilmington Connection November 2, 2008   Wow! Halloween is gone and Thanksgiving is on the way. The air is cooler and so is the real estate market. But never fear, a turn around is near. If you are planning on buying better take advantage soon, no matter what kind of market we are in prices always tend to hold strong or inch up more towards the spring which is the start the busiest time for real estate. Let me know if you are considering on purchasing and lets get you started. Half of U.S. Homeowners Still Do Not Think Their Home's Value Has Decreased Months of government bailouts and stock market volatility brought Americans' perception of the values of their own homes closer to reality than it was last quarter, but surprisingly half of U.S. homeowners still ...
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By J.D. Terry, IHaveMoney2Lend
(East Carolina Bank Mortgage)
On Halloween I got a treat instead of a trick at work.  Yes, I am going all the way back to Oct. 31st.  I wish I had a chance to write since then, but this last week has been very busy.  I have received 3 purchase contacts for Nov!!!!  Not too bad for this market and it only being the start of the second week of the month. Sorry, I digressed there for a moment.  Let me get on topic here.  As I mentioned, the 31st was a great day for me, one of my clients and one of my Realtor referral partners.  We all got a treat instead of a trick.  On this day we would go to the closing table to finalize a 7 month home shopping extravaganza.  That is right, I said 7 MONTHS!  My client was referred to me way back in March of this year.  He is a first time buyer and a very cautious one at that.  Needle...
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By J.D. Terry, IHaveMoney2Lend
(East Carolina Bank Mortgage)
Today we received news that the conforming loan limit will remain at $417,000 throughout 2008.  Now, there are some areas whose conforming loan amounts will be larger than the national $417,000 benchmark.  In most areas the conforming loan limit is determined by 125% of the median sales price.  For those areas where $417,000 in not reached by this calculation the expressed limit is imposed.  To backtrack real quick, any loan amount over $417,000 is classified as a Jumbo loan.  For the last year Jumbo loan money has gotten pretty expensive, to the tune of around 8% vs. around 6% (avg.) for loans at the $417,000 limit and under. It is vital that clients understand this limit and the increased rate for exceeding $417,000. Despite all of the other wild news in the banking and mortgage indus...
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By Diane Parker
(Coldwell Banker Sea Coast Realty)
The City of Wilmington and the 1898 Foundation will dedicate the 1898 Monument and Memorial Park on Saturday, November 8, 2008 at 10 a.m. The park is located at 1018 N. Third Street at the intersection of Third and Davis streets. A reception honoring the sculptor who designed and installed the monument, noted artist Ayokunle Odeleye of Atlanta, Georgia, will be held at City Hall, at 102 N. Third Street, immediately following the dedication. According to the mission statement of the 1898 Foundation, the 1898 Memorial Park is intended to "tell the story" of 1898 and its legacy; "honor the memory" of those harmed by the violence of 1898 and those who have worked for racial progress since those times. Transportation between City Hall and the 1898 Memorial Park will be provided.  Both events...
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By Diane Parker
(Coldwell Banker Sea Coast Realty)
Mark your calendars for Saturday, November 15th, 10 am to 4 pm.  The city of Wilmington will be hosting a Fall Nature Festival at Halyburton Park. Enjoy nature exhibitors, a live birds of prey presentation, live reptiles, music, hayrides and more! A $4 registration fee for the Birds of Prey and the Reptiles Live is required.  Hayrides are $2 per person. The park and all other exhibits are free and open to the public. Visit www.halyburtonpark.com for more information.  For Wilmington area information visit www.TheKeytoWilmington.com   Diane Parker, Broker/Realtor/e-PRO/CMS/CNMS/CNRS/CNAS Coldwell Banker Sea Coast Realty 910-617-5244 or 910-202-3767
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By Diane Parker
(Coldwell Banker Sea Coast Realty)
Third quarter 2008 data as reported by the MLS is showing the following for the 28405 area. 3rd Quarter 2008 Average Selling Price - $305,700 - Down 13.0% over 2007 Year End Average Selling Price of $351,466 3rd Quarter 2008 Average List Price - $318,503 - Down 13.1% over 2007 Year End Average List Price of $366,588 3rd Quarter 2008 Average Days on the Market - 105 days 3rd Quarter 2008 List to Sales Price Ratio - 95.9%, up from 95.8% at 2007 Year End With the amount of housing inventory available, it's a very desireable time to purchase real estate.  To view homes for sale in Wilmington, visit www.thekeytowilmington.com
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By Diane Parker
(Coldwell Banker Sea Coast Realty)
Third quarter 2008 data as reported by the MLS is showing the following for the 28409 area. 3rd Quarter 2008 Average Selling Price - $329,576 - Up 1.4% over 2007 Year End Average Selling Price of $325,071 3rd Quarter 2008 Average List Price - $347,507 - Up 2.9% over 2007 Year End Average List Price of $337,633 3rd Quarter 2008 Average Days on the Market - 124 days 3rd Quarter 2008 List to Sales Price Ratio - 94.8%, down from 96.2% at 2007 Year End With the amount of housing inventory available, it's a very desireable time to purchase real estate.  To view homes for sale in Wilmington, visit www.thekeytowilmington.com
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By J.D. Terry, IHaveMoney2Lend
(East Carolina Bank Mortgage)
Another successful closing, yea!! Yesterday I went to the closing for a young couple who had re-located from the Charlotte area to Wilmington. These folks came into my office 60 days ago.  They were buying their second home, so they had some experience but were looking for some good advice on what product would best compliment their current financial goals.  After a very informative meeting, together we decided on an FHA loan.  They had about $10,000 in cash from the sale of their home but did not want to spend it all.  I totally agreed with them and I too wanted to help keep a cash cushion in savings for those rainy days that may pop up.  With the FHA loan they put down only 3.5%, and along with their Realtor we negotiated with the seller to pay $5,000 in closing costs.  My clients wer...
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By J.D. Terry, IHaveMoney2Lend
(East Carolina Bank Mortgage)
How do you get the word out about your open houses, seminars, or any other event you are doing???  The most common answer is postcards or just an email to my database.  I have a suggestion that works great and has tracking ability of who will be coming to your event....E-vite.  That is right!  I am sure most of us have used it for Super Bowl parties, birthday parties, ect.  It is a great, FREE tool that will allow your guest to RSVP and post comments.  I had a Realtor that used this technique for an open house and she got great feedback.  I think you might get more people to show up if they actually have to write back that they are going or not.  Also, everybody can see what other folks replied with and what they said.  Peer pressure can be a good thing sometimes. Give it a try and let ...
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By J.D. Terry, IHaveMoney2Lend
(East Carolina Bank Mortgage)
The Federal is scheduled to Wednesday (tomorrow) and announce its new Policy Statement and Interest Rate Decision...it is expected that they will cut rates again from .50% - .75%. This does not come as a surprise as the Fed has cut the Fed Funds and Discount rates several times this year.  As we know however, cuts in these interest rates do not translate into lower home loan rates. In fact, they typically move in the exact opposite direction. The reason I wanted to share this information with you now is so that you and your clients can lock in and take advantage of the rates before this announcement tomorrow. My advice is not to wait until Wednesday.  Whether you're considering buying a home or refinancing your existing property today is the day to act. Also don't believe all you hear i...
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By Tina Abraham, Broker, SRS, Realtor, Wilmington NC Luxury Real Estate
(Coldwell Banker Seacoast Realty)
The Week in Review ...your Wilmington Connection October 26, 2008     Spooky....Happy Halloween.!....Homes still selling under Economic cloud... understand while there are 27  states that are considered to be in a recesssion North Carolina is not one of them. People are still buying in Wilmington. This week in Wilmington there has been some movement in the housing market, currently there are 2845 homes on the market and 285 are currently under contract. In the last six months there have been 1161 homes sold and on average selling at 95% of their list price.  Of course homes with the price range of 300 are selling quicker with an average of 100 days on the market.  Thinking of selling your home? Email me and I can get you a no obligatory market analysis. A Wall Street Alternative: 5 Time...
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By J.D. Terry, IHaveMoney2Lend
(East Carolina Bank Mortgage)
Everyone has heard about the so called Credit Freeze that our country is currently in.  Personally I think a lot of it is blown out of proportion and it is more on a macro level than a micro level.  However, the end of this week brought some welcome news that might point to a thawing out! N.A.R. reported that existing home sales were up 5.5% over the last month that is a 13 month high.  It sounds like someone is starting to buy houses and be approved for loans (not that loans were not being made before now J) The short term LIBOR rate also fell to it's lowest point in the past month or so.  This will free up some money for other banks to start lending each other money. Retail mortgage interest rates finished the week down an average of .625% from their highest point last Tuesday.  Last ...
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By Diane Parker
(Coldwell Banker Sea Coast Realty)
The Blue Point community offers a combination of patio homes and custom built homes.  The neighborhood features a large pool, clubhouse, and tennis facilities.   The patio homes range in size from approximately 1800-2700 square feet.  All offer brick exterios and two car garages.  The association dues cover lawn care and use of all facilities. Many of the custom homes back up to Pages Creek which offers exceptional views of the marsh and  wildlife ranging from heron to deer. These homes are various in size and style, ranging from approximately 2600 square feet to over 4000 square feet.Blue Point is located off of US 17N in the Porters Neck Area.  Easy access to I-140, shopping, and beaches. Let me know if I can assist you with your home buying or selling needs in Blue Point. Cordially, ...
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By Diane Parker
(Coldwell Banker Sea Coast Realty)
Hello Friends, Here's an update of current listings and homes sold in the past 90 days in the Bayshore community.  For more information on Wilmington, NC real estate visit www.thekeytowilmington.com  Let me know if I can provide more information on this or other Wilmington NC neighborhoods. Area Market Survey Listings as of 10/24/08 at 7:26pm Property Type  Single Family    Property Subtype  Stick Built    Community  Bayshore Estates Statuses  Active, Active Cont Sale Add, Active Alternative 2, Active Temp Off Mkt, Pending (9/24/2008 or after) , Sold (7/24/2008 or after) , Expired (9/24/2008 or after)     Bayshore Estates Active Listing Price Range  Quantity      Average DOM   $200,000 thru $249,999 3 72   $250,000 thru $299,999 3 72   $300,000 thru $349,999 2 36   $450,000 thru $499,99...
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By Diane Parker
(Coldwell Banker Sea Coast Realty)
  Hello Friends and Neighbors, Below is a market update for homes listed, pending, and sold within the past 90 days in Porters Neck Plantation.  Even in tough economic times, we are so fortunate to live in an area that many across the country desire to call home.  If I can provide additional information on real estate market conditions, create your personal market analysis, or help with any of your real estate needs, please let me know. Area Market Survey Listings as of 10/24/08 at 5:36pm Property Type  Single Family    Property Subtype  Stick Built    Community  Porters Neck Planta Statuses  Active, Active Cont Sale Add, Active Alternative 2, Active Temp Off Mkt, Pending (9/1/2008 or after) , Sold (7/24/2008 or after) , Expired (9/24/2008 or after)     Porters Neck Plantation Active Li...
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By Diane Parker
(Coldwell Banker Sea Coast Realty)
Area Market Survey Listings as of 10/24/08 at 5:12pm Property Type  Single Family    Property Subtype  Stick Built    Community  Marsh Oaks Statuses  Active, Active Cont Sale Add, Active Alternative 2, Active Temp Off Mkt, Pending (9/1/2008 or after) , Sold (7/24/2008 or after) , Expired (9/24/2008 or after)   Hello Friends and Neighbors, The information below is a market update of properties currently listed, pending and sold in the Marsh Oaks Community.  Marsh Oaks is a popular community with amenities including pool and tennis.  The location in the Porters Neck area makes it convenient to General Electric, area beaches, and shopping. If I can provide additional information on the Marsh Oaks community, please feel free to contact me at 910-617-5244 or by email at dianeparker@seacoast...
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