Hampstead, NC

Olde Point Home Sales Report - Updated July 1 to Sept 30, 2011 Hampstead NC

9 closed sales Olde Point between July 1 and September 30, 2011

1 home built in 1980 located on the ICWW with a protected slip for 55' boat sold for $900k.

2 homes on marsh front sites sold for $330 & $375

6 remaining homes sold for an average $101 a sq ft

1 of 6 is a foreclosure

The 9 homes closed for an average of 88% of asking price

The 9 homes averaged 276 days on market for current listing and 296 days for all cumulative listings

The 9 homes were built between 1980 and 2005 and averaged 2763 sq ft in size

Olde Point Home Sales Report - Jan to June 30, 2011 Hampstead NC

16 closed sales Olde Point between January 1 and June 20, 2011

1 home built in 1974 needing updating, located on a deep water lot with a dock sold for $500k.

1 home on a second row Intracoastal Waterway site sold for $347

2 homes in Olde Point Estates on multi-acre sites closed for $342 and $353

12 remaining homes sold for an average $104 a sq ft

3 of 12 are foreclosures

1 of 12 sold at auction

1 of 12 is a short sale

The remaining 7 of 12 sold for an average $115 a sq ft

The 16 homes closed for an average of 92% of asking price

The 16 homes averaged 158 days on market for current listing and 201 days for all cumulative listings

The 16 homes were built between 1977 and 2004 and averaged 2353 sq ft in size

“Water Peep” was my mother-in-laws term for broken views available from homes across the street from waterfront properties.

Several years ago, we listed a second row property in Hampstead, NC 28443, across the street from the Intracoastal Waterway. The home, a 40 year old brick ranch, was never built for views. To make it worse, the waterway home on the ICWW side had a leafy privacy screen. Yet, my client’s home was on higher ground and, in leafless seasons, permitted “water-peep” from outside. On the inside, if I stood in one or two spots and looked hard, I might glimpse blue water. But, our client asked we advertise “water view” in our remarks.

She’d lived there for years, long before the trees across the street grew up. I had no doubt her “water view” still existed in her “mind’s eye.” We listed the property in late fall with leafless trees and, as requested, included "water view" in our remarks. Our pictures included a fall photograph taken from the yard showing water in the distance through a leafless tree screen. Come spring, when the leaves appeared, the “water view"disappeared Below, from a different angle, but from the same yard, you can see how completely the “water view” vanished!

One day in spring, I received a call from an appraiser working on comps for a nearby property. He got right to his point and chewed me out royally, reminding me that appraisers rely on remarks and photographs for appraisal comparisons. In his opinion, I was misrepresenting the properties features. I made a lame attempt to defend the seasonal aspect of the “water view” and promised myself never to be in that situation again.

Today, I've evolved and could handle my Client's request much better. I'm sure I could demonstrate how we'll market her properties unique location and features, representing it well to Prospects, Buyer's Agents, Appraisers and Lenders without crossing the line into misrepresentation. Experience is a great teacher!

It’s late October and the Pender Post reports the Hampstead public boat ramp construction is underway and may be complete as early as January 2012. Currently, pilings are being driven into the Intracoastal Waterway bed to support docks.

Given Hampstead’s proximity to the water, a public launch facility is an important asset to the community. Obtaining prime property at a great price was the key to the project.

The Lewis Road location, near Pecan Grove Plantation, is a great midpoint for boaters north and south of Hampstead. Next spring, boaters from all over the county will be benefitting from this long needed public boat ramp!

“Supersize me” has applications beyond fast food. Recently, I shopped for dining room furniture and found chairs bigger. In the armed “Captains” chair, I felt a bit like Lily Tomlin’s “Edith Ann.” It set me thinking about the trend toward larger in everything from fast food meals to homes.

Here in the Wilmington and Hampstead, NC area, our market is a long way from recovery but new construction is readily available. Our local production builders survived and, today, have their pick of large blocks of developed lots in failed neighborhoods. Builders build what buyer’s want and, today, in Wilmington, that’s BIG homes! Regardless of family size, large homes are in demand.

Buyers are buying as much home as affordable and 3000+ sq ft is becoming the norm. Admittedly, this is not new. In Atlanta, where I worked for a builder, big homes had potential to become even bigger with finished basements. Delivering after closing gifts, I was surprised how often homes were sparely furnished and conversation echoed in big empty rooms.

We too, had a large home in Atlanta - 3400 sq ft plus unfinished basement. Two people rambled around in 5 BR, 4 BA plus LR, DR and FR. Although we furnished every room, some I rarely entered except to dust and I learned baths that aren't used still get dirty. When we moved, I made a hundred trips from the basement with “stuff” I should have already taken to Goodwill. In Wilmington, we downsized to 2700 sq ft and, thankfully, there are no basements but Atlanta taught me the correlation between home size and a homeowner’s commitment of time and elbow grease. Atlanta also taught me “super-sized” homes cost more to update in terms of paint, carpet, fixtures and mechanicals because there is more of everything. Plus, utilities, insurance and taxes also reflect home size.

When our economy crashed, I placed my bets on future buyers moving toward smaller, more economical homes. And, the National Association of Home Builders announced home sizes trended downward last year.

In the greater Wilmington and Hampstead, NC area, today’s trend is still “super-sized” homes. It’s possible this trend of buying BIG is an overreaction. Perhaps, buyers are buying large fearing they’ll never see these prices again. It’s also possible builders didn’t get the memo. I say that in jest but builders will not retool their home portfolios without clear signals of buyer dissatisfaction. They’ll keep building what sells.

“Super-sizing” is our current cultural norm extending beyond fast food to every aspect of our lives. I know Texans boast that everything is bigger there and, today, we’re all from Texas now!

Hampstead, NC is a northern suburb of Wilmington, NC. The path of most cities is north, which guarantees that someday it won’t be obvious where Wilmington stops and Hampstead begins. That New Hanover County is so small, means development will accelerate when the economy is strong again. Today, the 8 mile stretch of 4 lane Highway 17 feels like a longer distance because there’s not much there.

About 2 miles north of Wilmington we leave little New Hanover County and cross the county line to enter much larger Pender County. Before the real estate crash, there were several neighborhoods planned west of Hwy 17 on the New Hanover side and there have been rumors for years about plans for the land to the east extending to the Intracoastal Waterway.

Today, we talk about a 10 to 20 year time-line for development in those areas and further north into Hampstead. With numerous failed neighborhoods in Hampstead, there are plenty of developed lots to satisfy demand. Today, new homes are available starting at $127,900. In a separate post, we’ll talk about all those neighborhoods and the options in size and features.

This local information is courtesy of Beverly & John Femia – Contact us because, “With Us, It’s All About You!”

Coastal Area Living in Hampstead & Wilmington, NC 910-279-9794 www.CoastalAreaLiving.com