Wilmington NC Real Estate Blog

The term multiple offers can be bitter-sweet. It’s a term to get familiar with because the situation is more common than ever. Interestingly enough, the last two offers I have written this past week were both in multiple offer situations and ironically, both were bank-owned properties. So as a buyer....you may ask what exactly does it mean when you are in multiple offers? Actually, the words mean what they say. It is when more than one offer has been submitted on a property. Typically, this occurs when a property is newly listed at a better than fair market value price. Educated buyers that have been searching in the market place realize this and it feels like that everybody wants the same home that you want. You finally find that special place to call home and decide to submit an offer to the seller and in the meantime at least one or more other offers have also been submitted. Keep in mind that the number of offers do not have to be disclosed. The terms of the other offers are not disclosed because all offers are confidential. It can be frustrating, but it is fair. The buyers are all notified of the multiple offer situations and are asked to submit their “highest & best” offer immediately. There are times when the buyer will know ahead of time of the multiple offer situation and in this case, the buyer must go in with the highest & best offer initially as there may not be another opportunity to revise your offer.

The advice I give my clients is to put your best offer in and be willing to walk away with no regrets if it doesn’t work out. Keep in mind that in multiple offers, the offer that wins out will typically be over list price. Sometimes that is uncomfortable to the buyer because naturally everybody wants the best deal possible. This is what you have to remember. The home was likely priced well below value initially and so having to pay over list price is still likely a good deal. It really comes down to this....how bad do you want the home? It will still have to appraise if you are getting a mortgage loan on it, so that gives you a piece of mind that you are not overpaying.

I want to you leave with this thought. Don’t be afraid of multiple offers. Instead, embrace it and be excited! You have a chance to get a great home at an awesome price. Just be prepared for that diamond in the ruff. They are out there. Being prepared means having your finances in order with preapproval and/or proof of funds accessible.

Just an update on my two multiple offers from this week: We just found out that our “highest & best” offer was accepted by the seller and yes, we did go well over list price....but my clients got it! On the second offer, we were still patiently waiting and late today got word that the seller accepted the price, but countered the earnest money and closing date. So in essence, we got that one too! My second set of clients have decided not to accept the sellers counteroffer because as they were patiently awaiting a response, they found something else they like better so it has all worked out in the end. Patience has to become one of your best virtues when dealing in multiple offers. But it certainly can be worth the wait. I’ve been successful many times in these situations as well as helping my clients buy foreclosures.

I welcome any questions/comments you may have and I would be honored to help you find your next new home. Thanks for taking the time to read this and I hope it has helped you gain knowledge that you didn’t have before. Renee Britt at renee@bluecoastrealestate.com 910-262-1921.

The days are getting longer and the music is getting sweeter at the Airlie Gardens Summer Concert Series!   Whether you are into rock-n-roll or oldies, jazz or beach music there is something to be heard by all the first and third Friday nights beginning in May and running through September.  This year the schedule is as follows:

May 4th                       L Shape Lot

May 18th                     Da Howlies

June 1st                       The 360 Degrees

June 15th                     Grenoldo Frazier

July 6th `                     The Imitations

July 20th                      Bibis with The Band

August 3rd                   The Mako Band

August 17th                  Shine

September 7th              Stardust

September 21st            The Imitations

Bring your friends, a chair, a cooler, and some snacks and enjoy this family friendly atmosphere where there is sure to be a nice breeze and fun for all!  For more information on Airlie Gardens click here.

Written By:  Trish Shuford

Buying a new home can be one of the most exciting events in our lives, and it can also be one of the most nerve wracking!  There are many things to consider when buying a new home.  How many bedrooms, square footage, storage space, garage or no garage, yard or patio, old or new?!  There is no right or wrong answer to this debate; it is all a matter of personal preference. The first things to consider are characteristics that are important to the individual.  So before you get all bent out of shape and decide to put off buying until next year, here is some food for thought to help you decide what’s important to you. 

After deciding the basic needs of your home purchase it is time to look at the characteristics and style of a home that you are looking for.  If you are looking for a home with craftsman style detail, old hardwood floors, fireplaces, crown molding etc, resale is probably the avenue for you.  Older homes in older neighborhoods also offer a certain individuality and uniqueness that newer construction lacks.  If you are the handy do it yourself type, you should also consider resale home because of the opportunity of putting "sweat equity" into the home by doing some of the re-modeling and upgrades yourself.  The disadvantages of buying older resale that you may want to consider are older insulation, the windows and doors may be drafty, and the appliances may not be as efficient as newer appliances.  On the contrary, new construction will deliver all of the bells and whistles of modern technology along with that "new home smell".  The layouts of newer construction also tend to be more geared towards today’s lifestyles where we like to combine living and dining space and have the master bedroom a little farther away from other living quarters.  If these things are more important to you than big old fireplaces and hundred year old hardwoods you should consider new construction.  The downside of a lot but not all of new construction tends to be smaller lots and homes that look almost identical. 

There are so many questions to ask yourself when purchasing a property.  Hopefully asking some of the above questions will help you get a better feel for exactly what you are looking for in your next purchase!

Kathryn Jeffreys,  BlueCoast agent

We started coming to Topsail Island in the early 70's and heard about the visiting sea turtles, but had never seen one. The week we moved to Topsail permanently in 1997, we called Jean Beasley at the Karen Beasley Turtle Hospital to volunteer. We were asked to walk the north end of the Island, as that's where we lived and no one was watching that stretch of beach regularly.

The very first morning we walked, not a hundred yards from our house, I asked "what in the world is THAT?"......looked like a small bulldozer had driven up from the ocean to the dune! We had just seen our first set of turtle tracks! We had been coming here for 20 years and never seen tracks before....was this a "sign" for us??

Once a nest was found, we would mark it with 3ft dowels, rope it off and code it......a date when it would be expected to hatch. A few days before the due date, we would smooth a path to the ocean with berms on either side to guide the babies to the ocean. There were usually 75 to 125 eggs per nest and they would all come bubbling out of the sand at the same time during the night. Someone was always in the water with a lantern to attract the baby turtles on a safe path and usually there were spectators there for the big event and to keep away the birds a crabs and other predators.

Our area to patrol was 4 1/2 miles and every morning was different. One morning starfish would be plentiful, the next morning would be Scotch Bonnet shells, and maybe conchs. Always different and the storms brought up all kinds of treasures.....sharks teeth were always a favorite.

From humble beginnings as a small plastic kids wading pool, through tents, a small crowded building, to a new state of the art hospital just off Hwy 50 in Surf City, Karen Beasley SeaTurtle Rescue and Rehabilitation Center receives patients from all over the East Coast and works closely with the Veterinary School at N.C.State University.

When you visit Topsail Island, be sure to tour this facility and learn about these amazing sea animals.......you will be glad you did!

Written by:  BlueCoast agent Janeise Collins

Now's a good time to start building wealth through real estate.

 If you've been thinking about buying a home or rental property, experts at bankrate.com say low prices combined with low interest rates make this a good time to do it. As one real-estate specialist puts it, "When money is cheap to borrow and houses are cheap to buy, it's absolutely the best time to invest."

 While the timing is right, these tips below can help you take advantage of what might be the opportunity of a lifetime, say Bankrate advisors.

  * Find a rental property in your area. Your BlueCoast Real Estate agent can help identify good properties and will work with you and share investment knowledge. If you have the time and inclination, you can search foreclosure listings, read the newspaper ads, walk or drive through neighborhoods, and seek recommendations and do a lot of reading.

  * Look for the right location. The right location is one based on your criteria and you doing your homework. The Properties in highly populated areas can draw from a larger pool of potential renters. Renters are generally looking for properties with multiple bedrooms and bathrooms that are located in low crime areas. They want to feel safe and send their kids to good schools. There are many tools on the web to help.

  * At MSN Money, they ask, "Why buy a rental?" Their answer: "To get richer." In today's market, you may be able to buy a property for $35,000 less than its actual value. Over time, you will realize most or all of that value.

  * In the meantime, you can generate a reliable cash flow from the property.

  * Because of depreciation and other deductions, you may not pay federal or state tax on the income.

  * Some prospective investors worry about the work involved in owning a rental house or duplex. You won't have to worry about it if you hire a property manager to do the job for you. You'll still have income. If you buy a three-bedroom, two-bath rental home for example: It rents for $1,200 a month. The mortgage payment, taxes and insurance is $980, and the property manager gets $120 a month. The investor still has income of $100 a month and in this case, if the home was bought for less than market value, you could actually have equity right from the start. When investing in property, that is the goal, equity and cash flow. Do your homework and contact a BlueCoast Agent today.

Written By:  David Dougherty

Pender County is located along coastal North Carolina.  It is easily accessible from Interstate I-40.  It is known for its beautiful beaches, rivers, woodlands and historical sites.  It is a County that people love to visit for its relaxed lifestyle and often decide to relocate to, as well.  Whether you enjoy exploring nature, dining on fresh seafood, camping, boating or exploring the history you are sure to enjoy a visit to this area. 

Topsail Beach and Surf City are two popular spots that stay very active in the summer months.   Surf City is one of three townships on Topsail Island, which is a 26 mile barrier island.  When visiting here you can enjoy the true meaning of beach living. 

Surf City’s beaches are the main attraction with the ocean on one side and the Intracoastal Waterway on the other.  Boating and water sports are the most popular events on this island.  There are boat excursions which will include a Kid’s Cruise, sightseeing cruises and pirate trips.  Enjoy the Missiles and Museum at Topsail Beach to enjoy viewing artifacts and exhibits relating to the island’s history.  The Karen Beasley Sea Turtle Rescue Center is another popular spot to visit while vacationing here. 

One of Pender County’s most popular festivals is the Hampstead Spot Festival.  It was created 48 years ago to help the Community Fire Department today it has grown and able to not only help the fire department but help the local schools.  It takes place in the fall of the year.  You can stop in to enjoy the most popular fish “The Spot Fish”.  Enjoy home cooked southern food, spot fish, arts and crafts, kids play area with amusement rides and lots of great bands. 

If you are looking for great history come and enjoy Poplar Grove Plantation which has events year round for families.  This plantation was purchased in 1795.  It was opened as a museum in 1980.  Today the plantation preserves the homestead of a successful farming family.  The outbuildings still express the crafts typical of a 1800s era working community.  Your family will enjoy touring this plantation.  You will be able to view the 4200 sq foot home and tenant farmer’s cabin, spend some time visiting the craft shops and learn about basket making and weaving, and the blacksmith’s shop.  Today the Plantation is used for a variety of events such as weddings, farmer’s market on Wednesdays, Easter Egg hunts, Halloween Festival and Christmas events. 

Another spectacular historical site in Pender County is Moore’s Creek National Battlefield.  Over 88 acres located 20 miles northwest of Wilmington, NC.  The battle took place on February 27, 1776 between NC Patriots and Loyalists.  The Patriot victory notably advanced the revolutionary cause in the South.  Activities this Battlefield holds is a annual observance and commemoration of the battle.  The event is held on the last full weekend of February and features living history of encampment, tactical demonstrations, folk singing, and a formal commemoration program including a speaker, military band and wreath laying ceremony.  During summer months various afternoon program, talks, walks and demonstrations are held on the weekends. 

While I have only touched on just a tidbit of what this County has to offer you should plan a trip to vacation here.  You may find you never want to leave.  I have obtained many clients from just a family vacation that decided they must live here.  If you have any interest of moving to Pender County once you visit I believe you will be planning your next move. 

Written By:  Cami Marley

Memorial Day is here and it’s time to welcome summer!  It’s time to go to the beach! It’s time to enjoy living on or close to the water and appreciate the beautiful weather coastal NC has to offer in late May and June!  Let’s make the most of summer!

Whether you are a long-time local or returning vacationer, when trying to make plans in Wilmington, NC, www.What’sOnWilmington.com is a great resource for local events!  You can visit their events calendar to see what’s happening in Wilmington and surrounding coastal communities with a wide range in pricing and events offered.  Here is a link for June 2012:  http://www.whatsonwilmington.com/calendar.php?start_date=06/1/2012 

When thinking of ways to create a lasting and memorable summer for your children, there are so many camps and programs to consider in Wilmington and coastal NC!  In fact, there are limitless day and overnight camps to think about and Wilmington Parent March 2012 Issue did a great job of summarizing these.  Click on this informative link to access information on camps and programs offered this season: http://issuu.com/wilmingtonparent/docs/wp_march_2012_web

Surfing is a very popular sport in coastal communities.  In fact, if you take a trip to Wrightsville Beach’s South End, it’s always a lot of fun to watch the kite surfers catch a thermal through the sky over the waves!  With the water temperatures staying mild this past winter, surfers are keeping their fingers crossed to have some big waves to ride this summer and fall!  For last minute supplies and gear that you may need to pick up at the beach, you can always count on Sweetwater Board Shop on Wrightsville Beach to have anything you need http://www.sweetwatersurfshop.com/links.asp.

Fishing is another fun way to spend the day in coastal NC.  Whether exploring the hundreds of miles through inland waterways or taking your boat many miles off shore to the Gulf Stream, it’s always good to know about the ebb and flow of the tides.  Thanks to NOAA, you can access this information by clicking here:  http://www.wblivesurf.com/upload/2012WBtides.pdf.  Also, it’s good to know about the seasons and any rules and regulations that the NC Wildlife Commission enforces in regards to fishing.  Click here for more info. http://www.ncwildlife.org/Fishing/SeasonsLimits.aspx.  Last reminder is to make sure you have your required NC Fisherman’s License.  You can pick one of these up at any local vendor or visit licenses@ncwildlife.org

Happy summer everyone!

Wow, that’s what I’m talking about.....I’m tired of shivering and shaking.

Everyone wants to know if the bottom of the real estate market has finally been reached...everyone’s asking if prices are going up?...are interests going down?...Whatis going on in our market?

Well, based on several indicators, such as MLS statistics, discussions with activebrokers, builders and lenders, and my personal experience, it would appear thateveryone’s getting the feeling back in their collective hearts. Yes, people, the numbness is starting to wear off and our toes are wiggling, there’s a bounce in our step andmaybe, just maybe, we are going to make it through. Yes, we’re all a little beat up, butthis too will pass.

Researching the latest sales information, it does appear the inventory of single family properties is being absorbed. With the foreclosure market shrinking and short sales taking over the market, it’s tough finding a “sweetheart” deal anymore.

Another observation: seller’s are either throwing in the towel or their realtors are gettingthrough to them; asking prices are becoming more realistic. Relatively high list to sellratios-96% of list price, is typical nowadays. And of course, when the seller lists his/her property at a marketable price, the days on the market are shrinking. HALLELUJAH!

On the buyer’s side, this news has created a greater sense of urgency. Many times onmy property tours, I have shown a house in the morning and by the afternoon the listingagent calls to say it’s under contract. No joke! The rush to buy will be upon us this summer and buyer’s are going to be buying in record numbers. As buyer’s agent, itmeans we will have to be diligent in satisfying the needs of our clients. Yes, our work is still cut out for us. With list prices becoming closer to sell prices, there is less room for negotiation and seller’s are going to know it.

Now don’t misunderstand and think it will be a walk in the park! We will never see the“glory days” in financing again. The mortgage companies are the “party poopers” withtheir stringent lending practices. I’m not suggesting we go back to “no doc” loans, butcome on,,,,,it takes a village to bring a deal to closing.

To sum it up, a competitive real estate market is returning and things are going to startmaking sense again.

-Dee Pearce

Located approximately 10 minutes from Historic Downtown Wilmington on US Hwy 17 South is Brunswick Forest, a Brunswick County treasure.  Founded by local North Carolina natives and funded by Lord Baltimore Capital Corporation, Brunswick Forest is an up and coming sought after neighborhood in coastal North Carolina. 

There are several different neighborhoods and boroughs to consider when thinking about calling Brunswick Forest home.  Click here for an overview of the Master Plan. If you are planning to build a new home, there are many builders/developers to consider including Bill Clark Homes, Fogleman Associates, Inc., Hearthside Builders, Inc., Jerigan Homes, J.C. Reynolds Builders, Kent Homes, MDS Construction, Inc., Penton New Homes, Plantation Building Corp., TFT&Co., Inc. and Trusst Builders, Inc.

Here is a list of the various communities within Brunswick Forest:

• Ashwood – townhomes from $239,500
• Belshaw – luxury homes from $349,500
• Cape Fear National  Golf Course - homesites from $165,000
• Evangeline – homesites from $75,000 and homes from $299,900
• Gardenwood – prices from $260,000
• Jefferson Landing – prices starting at $239,500
• Parkview – prices from $359,500
• Shelmore – homes from $298,900 and lots from $75,000
• Villamar – elegant living from $389,500
• Walden – homesites from $100,000

Some of Brunswick Forest’s many desirable amenities include the Cape Fear National 18-hole golf course, 7,000 sq. ft. clubhouse, a variety of retail shops, restaurants, parks, and businesses including a Wellness Center, Health Center, Veterinary Hospital and much more.  In fact, Brunswick Forest is growing at such a rapid pace, they recently announced the expansion of the gym at the Fitness and Wellness Center that now includes additional cardio equipment, water fountain and large floor space for mat and core workout sessions completed by mid-May 2012.

The Villages at Brunswick Forest is a 160-acre town center made up of retail and professional establishments including CVS Pharmacy, Lowes Foods grocery store, BB&T Bank, Hampton Inn hotel, Port City Java and future cinema complex.  There is also a medical center – the New Hanover Regional Medical Center where a wide range of services is provided.

Concerts and special events in Brunswick Forest are abundant for residents and visiting guests.  In fact, the 3^rd annual summer concert series kicks off right around the corner where you can enjoy live music outdoors in Annsdale Park.  Summer concert dates are June 10, July 8 and August 12 from 6 pm to 9 pm.  The lineup is still to be announced but can guarantee some serious family fun!

-Steve Gaconnier

The North Carolina Aquarium is located at Fort Fisher in Kure Beach about fifteen miles south of the Wilmington city limits.  It’s a great place to take the kids for a day of learning and fun! The Aquarium was established to promote an awareness, understanding, appreciation, and conservation of the diverse natural and cultural resources associated with North Carolina’s ocean, estuaries, rivers, streams. The drive to the aquarium takes you on a road that runs parallel to the ocean’s shore, through the town of Carolina Beach, and past all the shops and restaurants of the quaint beach town.  

The aquarium features a 235,000-gallon saltwater tank and the theme of the aquarium is The Waters of the Cape Fear.  Showcased are both fresh water and salt water aquatic life including sharks, starfish, stingrays, grouper, sea snakes, lionfish, cuttlefish, sea horses, jellyfish alligators, and much more!  The Coquina Outcrop Touch Pool in the Coastal Waters Gallery allows visitors to reach out and touch whelks, sea urchins, horseshoe crabs and other sea critters.  At feeding time divers in full gear feed the sharks and other fish while answering questions from under water!  The aquarium is also home to Luna, an extremely rare albino alligator.  You can also meet a prehistoric shark at the Megalodon Exhibit.  There is something to interest everyone here.  On the way out you can visit the gift shop to take home a stuffed alligator or shark of your own.  Visit the snack shop outside for a popsicle or cool refreshment for the walk along the trail alongside Venus flytraps and other rare and exotic plants. 

The aquarium is open 362 days a year, 9 a.m. to 5 p.m. daily, it is closed Thanksgiving, Christmas and New Year’s Day.  Tickets are $6 per child, $8 per adults, and $7 for senior citizens. 

-Kathryn Jeffreys