Wilmington NC Real Estate Blog

What is Presidents Day?

Why do we celebrate it?

On February 20, our nation will celebrate what is now referred to as Presidents Day. It is meant to honor and remember the past presidents of the U.S. and their contributions to creating the country it is today.

To many states, the day remains Washington's Birthday. February 22 is President George Washington's actual birthday. Our first president was elected to that post by a unanimous vote in 1789. His birthday was made a national holiday in 1885.

Often referred to as the Father of Our Country, Washington inspired his group of ragtag troops to victory over the British, and later presided over the Constitutional Convention. Both Washington D.C. and the state of Washington are named after him. The monument bearing his name is one of the most recognizable tributes in our nation's capital. The U.S. Senate takes a moment to read his Farewell Address every year, a tradition that dates back to 1862.

Washington's Birthday is now celebrated on the third Monday of February each year, but to some states, it is known as Presidents Day. Advocates in the 1960s wanted to honor both Washington and President Abraham Lincoln, whose birthday is February 12, on a single federal holiday. Lincoln is known for his Civil War presidency during which he freed the slaves, but saw the nation break apart and begin the Civil War. His famous Gettysburg Address is considered one of the greatest speeches of all time. Contrary to popular belief, Washington's birthday has never been officially changed to Presidents Day.

Written By:  David Dougherty

Here we are starting a new year with renewed energy and focus for real estate in Wilmington, NC. As many of you know, there are some great values in properties out there! As it gets colder in many areas of the country, we
have been getting lots of calls and emails looking for the best deals in our area.

One of the very best values in my opinion might surprise you. It’s one of the premiere communities in the Wilmington/Wrightsville Beach area...Landfall!  Boasting two golf courses, designed by Jack Nicklaus and
Pete Dye (45 holes in all), the community draws the serious golfer as well as buyers that are interested in the other club and neighborhood amenities such as the pool, clubhouse, tennis and work out facility and more. One of
those amenities that attracts residents from within Wilmington or across the globe is the prime location near Wrightsville Beach. Bordered on two sides
by water--the Intracoastal Waterway and picturesque Howe Creek, many prospective buyers love the proximity to Wrightsville Beach and enjoying the water by fishing, boating, kayaking or paddle boarding. There are very few
places that a golfing community of this level is combined with a waterfront location a mile from the beach! The land lubbers will love that there are shops, restaurants, groceries and services out each of the three Landfall
gates. It is a gated community, so if security is a criteria when you are searching, look no more.

The homes are currently priced from $300,000 to several million. There are patio home communities as well condos within the gates for those looking for lower maintenance living. Landfall has always been a neighborhood driven by
views--golf, waterway, pond, marsh, conservation area for privacy. There are so many options. And in 2012, there are incredible Landfall deals! Homes that might have sold for over $500,000 a few years ago might now be
well within your budget in the low $400,000’s. Couldn’t afford that pond front condo for $675,000 in 2006? Now it might be within reach. At the time of this writing, there is even a 2 bedroom patio home on the golf
course priced at $295,000. Wow! And if your budget is $2 million and you prefer to see the boats go by on the Intracoastal Waterway? The high end homes have taken a significant price haircut as well--Landfall has it all.
Homesites are a great bargain, with half acre wooded or golf course lots starting in the low $100’s! Wow!

If you are considering selling a home in Wilmington or across the country but don’t want to take a big hit on your sales price, don’t worry; you could easily regain equity by purchasing a home in Landfall that has come down
significantly in price as well.  So as you think about real estate bargains in Wilmington, NC, don’t forget
the higher end neighborhoods. For location, amenities and price, it’s Landfall.

By BlueCoast Realtor Shannon Andrews

5 reasons it's time for a home in 2012

It's true that money can't buy happiness, but knowing that the value of your assets will grow over time does give you peace of mind.

Negative press is leaving some home buyers stuck on the fence, but here are a few reasons to climb down.

In the long run you come out ahead; in the short run you enjoy your home. The paper value of your home won't rise much in the next couple of years. But if you want a home where you can raise your children or retire for the rest of your life, the paper value will rise significantly, or probably double or triple during that time.

The recent survey by the Hartford/MIT Lab's Home for a Lifetime survey shows that half of all homeowners prefer their current home for retirement. Another 10 percent may choose to retire there, but aren't yet sure.

A home is like a savings account. Your initial costs of home buying will come back to you many times over during the life of your mortgage. Your stake in the home builds every month. You'll have more than rent receipts in the future.

Mortgage payments are fixed; rental payments rise. On a fixed-rate mortgage, you know what your payment will be each month for years to come. (As inflation rises, you'll be making those payments with less expensive dollars.)

Apartment rents through the third quarter of 2010 were up 2.4 percent nationwide for the year and up twice that amount in larger cities. Nice apartments were hard to find because the national vacancy rate is the lowest since 2006, according to a study by real estate research firm Reis, Inc.

There are many more reasons for having a home of your own, reasons that have little to do with the financial aspects.

Stability and community. You get to know the neighbors. Your kids won't have to change schools. They can keep their friends. You get to know their teachers and which parks, neighborhood facilities and merchants are best for you. Studies show that as people develop positive relationships with neighbors, they have more happiness and less stress.

You get to be the boss. Dealing with a landlord and negotiating repairs are hassles you won't have to deal with. As the boss of your own place, you can paint, renovate and redecorate as much as you want and in any color or style you want.

I wanted to speak about this loan product that is available for today's market.  The FHA 203K loan offers a very low down payment of only 3.5% and allows you to include home repairs in your mortgage. 

This is how it works.  Let's say you buy a house for $100,000 that needs $30,000 in repairs.  Your down payment is based on the total amount of $130,000.  If you can get the seller to help you with your closing cost, you can get in this home for as little as $4550.  Understand, there is a SUBJECT TO appraisal - In this example, the home must appraise for $130,000 after repairs.  This appraisal is completed before you close and before any of the repairs are made.

How can they do this?  The contractor that you hire to do your work will get an estimate together.  He will run this by an FHA consultant working on this deal.  The consultant will make sure the numbers look like they could work and then they send it to an appraiser.  The appraiser knows what kind of work needs to be done and can issue a SUBJECT TO appraisal.

My wife and I are currently using this product for a house that we purchased in Wilmington, NC.  This is a good product for neglected foreclosures and short sales that are on the market.  We purchased a foreclosure and included about $40,000 dollars in repairs and remodeling.  This loan does take a little longer than normal.  It is important that you use a lender that knows how to navigate through this process.  There are some good 203k certified lenders in the area such as Mark Vernon with Prospect Mortgage.  

Ask your real estate agent or mortgage professional about the FHA 203K.

Olde Point is a golf course community approximately 15 miles north of historic Wilmington in the small coastal village of Hampstead.  Olde Point is 2.5 miles from the Atlantic, 38 miles from the Gulf Stream and you can be sitting on beautiful Topsail Island in 15 minutes.

With all the amenities Wilmington has to offer only minutes away, Hampstead  remains out of the hustle and bustle of the city and a well kept secret for many years. Olde Point consists of a 1000 acres bordering the Intracoastal waterway.  About 700 acres are given over to residential homesites.  The community offers a vast variety of homesites such as deep water Intracoastal waterway properties, scenic canal sites, marsh front lots, golf course properties and beautifully wooded lots.  Live oak trees and other hardwoods are prevalent along with the ubiquitous pines seen all over Pender county.  The sites vary in size.  Most are approximate half acres and for those looking for more privacy “The Estates” range anywhere from one and half acres up to eight acres.  If you are lucky enough to live in “The Estates”  horses are permitted.  Patio homes and townhomes are also available for those who want carefree living.

The 18 hole golf course has recently changed hands and the new management has already made many improvements.  The Bermuda fairways and  greens are now in beautiful playing condition.  Water comes into play on many of the holes.  Management  has made a significant investment in new golf carts ,  repaving  the parking lot, cleaning out ponds and reopening the restaurant /club house and swimming pool.  Needless to say the Olde Point Property Owners are extremely pleased and impressed.

Not only are Olde Point club memberships extremely affordable but because Hampstead is an unincorporated village only county taxes are applicable. Water access is available to all homeowners.  A nominal fee affords you a key to the boat ramp.  There’s parking across the road for your vehicle for convenience. In addition, the “Harbor Village Yacht Club” offers membership. and boat storage facilities for a fee.  It is mostly a social club with socials at the club on the waterway and sometimes boat trips to local islands where boat hopping is made possible by tying up together.  Sounds like fun to me.

Arguably,  Olde Point offers you more in the way of lifestyle than any other community.  If you like golfing or sitting back and watching the golfers in play from your yard or the club, or dropping your boat directly into the intracoastal  and exploring the uninhabited islands of Lea and/or Hutaff,  watching the wild life in the marshes from your back porch, riding horses, playing tennis, swimming in an Olympic sized pool or stopping at the club for a relaxing dinner this is the place for you.

There are also card clubs, garden clubs, birthday clubs and more.  However, if you choose,  there is no need to join anything at all.  The people are warm and friendly and the very best part of living in Olde Point.

One good thing about a down market is it’s a great time for investors to purchase rental properties or “flips” for very low prices. With the foreclosure listings having a constant presence in our market, these properties go for rock bottom prices and if you know how to find the right one to work for you they are the best investments. Here is what to look for if you are looking to purchase for an investment:

1. Finding a property that is structurally sound. You might as well know that with most foreclosures you are going to have to do some up fitting but you want to make sure that you are not getting into more than you can handle. Foreclosures are sold in AS IS condition, so the banks will not make any repairs that will show up on a home inspection they are basically for your knowledge so that you know what you are getting into with the repairs you will have to make, also gives you an out if there was some major repairs that were hard to see, if that is the case it is often times not worth it and time to look for another.
2. Don’t go crazy on upgrades. Once you have found a good property that is only in need of minor repairs and cosmetic upgrades you can begin your up fit. You want to make sure not to go to crazy with installing expensive materials to make your property stand out to buyers/renters, remember this is an investment not your personal home. That doesn’t mean you can’t do some great things to give the property character just as long as it doesn’t cut into your profit margin.
3. Upgrade ideas on a dime. Here are a couple examples, one would be to use granite tiles on kitchen countertops, you can find them at local hardware stores or flooring stores sometimes on closeout at a great price. Granite tile is very easy to lay over existing countertops and are a fraction of the cost of solid granite, they come out looking beautiful. Another idea is to install some moldings, only a couple hundred bucks can really add some classy flare. If you use chair rail try to only stick to living and dining areas and you can paint the walls under the rail an darker color than your base walls to give some contrast.

If you stick to these three tips you can really make an investment work for you. Happy house hunting!

2064 Deer Island is a beautiful 4700 square foot Mark Johnson custom home located in the center of Landfall on a  private .53 acre lot that backs up to a dedicated conservation area. 4 bedrooms, 3.5 baths, bonus room and private sunroom is what Landfall living is all about. The spacious floor plan and soaring ceilings are found throughout the home’s many immaculately maintained rooms. The expansive master suite features a private den and wet bar.  Other amenities include over-sized bedrooms, gourmet chef’s kitchen, garden tub, gas logs, built-in custom furniture, whirlpool tub, window treatments and gorgeous landscaping.

We are excited to showcase this stunning home in beautiful high definition video.  View the HDHomeTour below.  To schedule a personal showing contact Shannon Andrews at (910) 352-2759.

Updated brick home with 24 foot boat slip priced to sell in the mid $200's! So you don’t think you can buy a home with a boat slip in New Hanover County for a price in the $200,000’s?  Think again! My listing at 226 Peninsula Drive in Carolina Beach is priced at $269,000 and includes a deeded 24-ft slip in the neighborhood marina. The home is all brick, open floor plan with an updated kitchen. Private fenced back yard. And it’s just over the Snow’s Cut Bridge, so you avoid the hubbub of the central business district and the summertime beachgoers.

Pleasure Cay subdivision offers THE vest value around for boaters interested in owning a single family home and avoiding the close proximity and the high dues of condo living.  I did a search of all properties in New Hanover and Pender Counties for homes including boat slips.  Guess what listing is hands down, the least expensive single family home?  226 Peninsula Drive!

Dues are only $26.67 per month (yes, you read that correctly) Renting a slip in the Wilmington area is typically ten times that amount or more. Even boat slip owners in our area are typically paying $100-$200 a month in maintenance dues. From my experience selling real estate in the Wilmington area for over 10 years, I can tell you this property is a boater’s dream at a very affordable price—both in terms of list price and maintenance costs.

Walk down to your wet slip just minutes from the house where you enter the marina via a keyed gate access.  Hope on your boat and in seconds you can be cruising down the waterway, heading to your favorite beaching or fishing spots.  Several  BlueCoast agents that live in the area area avid fishermen(or women)…purchase this property and you might also receive some valuable knowledge such as secret fishing holes or clamming spots.
 
Other perks of this Carolina Beach gem?  A brand new roof. Recently updated HVAC. Attached garage. Relax on your back deck. The lot is over a quarter acre, plenty of backyard for your lovable pooch to play in.  So when you are looking for a Wilmington, NC home…don’t forget this great listing.  The owner is ready to sell—come on down and see the property today.  Call Shannon Andrews on my direct line 910-352-2759 to schedule a showing of 226 Peninsula Drive. 

MLS# is 462764. From Wilmington, head south toward Carolina Beach. Once you cross the Snows Cut Bridge, take your first left.  Then Peninsula Dr. will be your 2nd right.  Home is on the left.  To get to the marina from the house, just take a right on Tahiti and it will be on your left.  All slip owners have a key to the marina gate.