The Week in Review
....your Wilmington Connection
March 15, 2008
Happy St. Patricks Day and may you have The Luck of the Irish!
If you were in Wilmington this week and had the opportunity to experience the exceptional weather we had, just a little peak of what is to come. The real estate market is definatley picking up here on both sides. Listings are flowing in and buyers are searching the website just like it was last summer. Yes there is a talk of the market softening, but lets face it Wilmington is still a highly desirable location. With Beaches, Historic downtown and the riverfront and all at a reasonable living expenses. Here is a snapshot of what has been happening in the market this week. 79 homes in the $200-250 range have gone under contract and 18 homes in the $450-500 range. I'd say are market is still moving.
Repairs finally completed and the Moratorium has been lifted. Time to start building those long awaited homes. Repairs to the Northeast Interceptor (I) force main were completed Friday, and the city already has requested that the ongoing moratorium be lifted. The improvements consist of three major projects. The first project was to relocate more than a mile of the NEI that previously ran through Hewlett's Creek. The second project upgraded the Hewlett's Creek pump station on Pine Grove Drive and the Bradley Creek Pump Station on Oleander Drive. Both of those projects were finished in February. The third project, which involved repairing nearly one-half a mile of the NEI in the Greenville Loop Road area, was completed Friday. Clean-up work in the area, including reseeding grass and road repairs, will continue through the end of the month. On Friday, the city sent a letter to the State Department of Environment and Natural Resources (DENR) requesting that the state lift the moratorium on additional NEI hookups that has been in place since May 2007. City Manager Sterling Cheatham said the city will work with DENR in an effort to get the moratorium lifted as soon as possible. New Hanover may move up revaluation Vote likely today to reset property values every 4 years, rather than 8 New Hanover County wants to do its next property revaluation in four years instead of eight, a move officials say would help property owners reeling from higher values after the latest adjustment. But one commissioner wants to do the revaluation even sooner to adjust for the slowdown in the real estate market. The county commissioners will vote today on whether to reset county property values on Jan. 1, 2011, and then proceed with four-year cycles thereafter. Revaluation keeps properties assessed as closely as possible to their actual market value, thus making sure property owners pay their fair share of taxes. North Carolina law requires counties to revalue properties every eight years. But property values can change drastically, and longtime residents often find themselves unable to afford taxes on a home they paid easily eight years earlier. That so-called "sticker shock" has been a real problem in New Hanover County, where some properties saw their values more than double between 1999 and 2007, the latest revaluation year. Bob Glasgow, county tax administrator, said the average increase in the county was 70 percent, but Pleasure Island saw an average increase of more than 180 percent. Some individual properties saw increases in the 200 percent and 300 percent range. Southport sewer changes could push rates from $9 to $60 In Southport, base rates could jump from $9 a month to $60 Southport | Two new aldermen are questioning the price tag of the city sewer makeover that could cause a dramatic jump in customers' base rates - from $9 a month to about $60. Other officials concede that a partnership with Southeast Brunswick Sanitary District will bring higher rates. But they say it's too soon to know how much the rates will rise or when. The city has just received preliminary design estimates from engineering firm WK Dickson, and any final numbers will have to be voted on by the board of aldermen. City officials have embarked on a project that could cost between $16 million and $20 million. By 2011, Southport hopes to have all of its sewage treated by the Southeast Brunswick Sanitary District. The city would then dispose of the treated wastewater at its spray fields near Sunny Point.
New Hanover County set to begin water System upgrades After years of planning, New Hanover County will soon begin construction on nearly $48 million worth of improvements to its water system, including a new water treatment plant. The upgrades should improve water quality plus provide more capacity to meet higher demands in fast-growing northern New Hanover, officials say. The project includes a 6 million gallon-per-day water treatment plant, 24 new wells, more than 71,000 feet of pipeline and a maintenance building. The county has scheduled a public meeting for Wednesday to discuss the project with residents. The new plant will be built on land off Old Oak Road in Ogden. The associated wells will be located at the plant site, in Ogden Park and the Greenview Ranches area, and draw water from the Pee Dee and Castle Hayne aquifers, according to the project plans. Construction is expected to begin within weeks. The project should be finished in September 2009, said County Manager Bruce Shell. The county's water system was cobbled together with a number of private water systems, many of which didn't have extensive treatment capabilities, leaving the water hard and unappetizing. The new plant should improve the taste of the water, and can be upgraded to deal with saltwater intrusion if that becomes a problem.
.....until next week in The Week in Review Tina
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The Week in Review
....your Wilmington Connection
March 8,2008
Spring is inching near, and we can't wait. Wilmington in the spring brings fine weather beautiful flowers and of course the one and only North Carolina Azalea Festival. If you have never visited Wilmington this is a grand time to visit. For more info on this festival. NC Azalea Festival.
Carolina blue skies smiling at you might be giving you reason to smile back.
Some studies have shown fewer people suffer from seasonal affective disorder in southern, sunny states like North Carolina than in northern, more gloomy regions. The mood disorder, also known as SAD, can cause lethargy, fatigue, depression and overeating or oversleeping. Living in cold grey weather. Now is the time to make the move.
Don't forget about the really low interest rates...and of course great inventory of homes. Now is the time to buy...don't wait or you may regret it. email me if you would like some relocation info sent to you.
New Hanover won't get waterfront funding; Brunswick, Pender might do better......until next week in The Week in Review
Tina
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The Week in Review
.....your Wilmington Connection
March 1, 2008
A beautiful week here in Wilmington. Today ended with a warm breeze and a touch of spring...don't break out the shorts yet.
We have been inundated about this being a buyers market. If we're at the low or near the low point of this shift in the market, and you're buying a house to live in and stay in for a multiple number of years, then five years from now, you're not going to be sitting around saying, "I should have waited another month to buy the house because I could have gotten a slightly better price. You are just going to be over the moon you bought in this general time frame because your home's value will have gone up." Do you want to risk missing a house that is perfect for you because you're waiting for a sliver of savings that may or may not be there?
Wilmington home market looking up
January contracts up 3.5 times over same time in '07
If you've been waiting for a sign that the Wilmington area's housing market is about to turn around, say, "Happy new year."
Nearly 3 1/2 times more homes went under contract here in January than in January 2007, according to Susan Lacy, president of the Wilmington Regional Association of Realtors.
There were 214 pending contracts - the term Realtors use for homes under contract but not closed - last month, in contrast to 63 in January 2007, she said Monday.
And so far in February, 356 homes have gone under contract, Lacy added.
Home sales are what economists might call a lagging indicator, however, because the contracts signed on the 294 homes that actually closed in January were signed at least 30 to 60 days earlier.
Pending contracts are forward looking and are an indication of actual sales in one to two months. Roof raised on Wilmington building code revision
Builders say downtown needs density to thrive
You would have to be, well, dense to have not seen a theme developing.
About 70 people, mostly developers and real estate professionals, showed up Tuesday to sound off on the city of Wilmington's proposed new building regulations for the core of downtown.
City planners want to clean up existing rules to make them easier to enforce. No longer, for example, would property owners near the Cape Fear River have to know the mean high water mark to know how high they can build.
But the proposed revisions would also increase incentives to provide for the public good, and the pain of not doing so - which is where the controversy comes in.
The proposals would reduce height limits and density for much of downtown unless developers incorporate things like green space or public parking, which would earn them big increases in their limits.
Group works to revive Carolina Beach Boardwalk. But it's not the first
Carolina Beach | Newly elected Councilman Dan Wilcox called Duke Hagestrom the day after the Nov. 6 election to talk about reviving the town's historic but sagging Boardwalk.
Nothing new there, thought Hagestrom. Politicians have promised for decades to fix the Carolina Beach Boardwalk, once a wonderland of amusement rides, dance halls and bingo parlors soaking in the post-World War II boom.
Little has come of those promises.
Today, the Boardwalk is more ghost town than fun town. It's the home of die-hard businesses surrounded by a patchwork of empty buildings, vacant lots and warping sidewalks. The amusement parks are gone, and many historic buildings have been demolished. Tourists still flock to the beach, but the Boardwalk has become an afterthought.
But ever since that call from Wilcox, the Boardwalk has moved to the forefront, said Hagestrom, owner of The Fudgeboat and Wheel Fun Rentals on the Boardwalk and chairman of the Pleasure Island Chamber of Commerce.
An ever-growing group of business and property owners, elected leaders, town officials and residents have formed Boardwalk Makeover, a group dedicated to giving the Boardwalk a face-lift by May. In January and this month, an often-divided town council unanimously approved $53,000 to jump-start Boardwalk Makeover's renovations and provide live music and other entertainment during the weekly summer firework series.
The chamber and Boardwalk businesses, which have been at odds over the years, are cooperating and sharing ideas. Property owners, often unable to reach agreement on a path forward, are working together.
Furthermore, high-rise hotels in development on each end of the Boardwalk could one day drop hundreds of tourists a day right on the Boardwalk's doorstep.
....until next week in The Week in Review Tina
The Week in Review
....your Wilmington Connection
Febuary 23, 2008
Here in Wilmington selling season is upon us. If you are contemplating selling your home, now is the time to get it ready and put it on the market. Not sure how much your home is worth? Find out here. Free Market Analysis
Wilmington still waiting for bids to build hotel
You can't hurry hotel developers.
Developers have until Monday to submit proposals for building a four-star hotel next to Wilmington's forthcoming convention center.
As of Friday, the city had not received a single bid. The bid period started in early January and was already extended two weeks - which is exactly what city officials said they expected. Wary of leaks, developers generally take it down to the wire on most projects.
"It's very, very rare that I get anything in advance," said Steve Bridges, the city's purchasing manager. "They always wait to the last minute."
Still, this bid has more drama than most contracts the city awards. An adjoining hotel is seen as the crucial, but elusive, piece to the success of the 60 million center.
Finally IRS Guidance on Exchanging Vacation Homes Revenue Procedure 2008-16 Provides Safe Harbor
Until now, the issue of whether a vacation home qualifies for tax deferral treatment under IRC §1031 was the subject of much scrutiny and uncertainty. To the delight of many tax practitioners, on February 15, 2008, the IRS eliminated that uncertainty by issuing Revenue Procedure ("Rev. Proc.") 2008-16, effective March 10, 2008, which provides a safe harbor for exchanges of vacation homes (defined as "dwelling unit" in the Rev. Proc.). Now taxpayers can have a clear understanding of the circumstances under which the IRS will not challenge whether a vacation home will qualify as property "held for investment" under §1031.
Vacation Home as Relinquished Property
For a vacation home to qualify as relinquished property, it must meet the following criteria:
• It is owned by the taxpayer for at least 24 months immediately before the exchange ("qualifying use period"); and
• Within the qualifying use period, in each of the two 12 month periods, (1) the taxpayer rents the dwelling unit at fair rental to another person for 14 days or more and (2) the taxpayer's personal use of the dwelling unit does not exceed the greater of 14 days or 10 percent of the number of days during the 12 month period that the dwelling unit was rented at fair rental value.
The first 12 month period immediately preceding the exchange ends on the day before the exchange takes place (and begins 12 months prior to that day). The second 12 month period ends on the day before the first 12 month period begins (and begins 12 months prior to that day).
Vacation Home as Replacement Property
For a vacation home to qualify as replacement property, it must meet the following criteria:
• It is owned by the taxpayer for at least 24 months immediately following the exchange ("qualifying use period"); and
• Within the qualifying use period, in each of the two 12 month periods, (1) the taxpayer rents the dwelling unit to another person at fair rental for 14 days or more and (2) the taxpayer's personal use of the dwelling unit does not exceed the greater of 14 days or 10 percent of the number of days during the 12 month period that the dwelling unit was rented at fair rental.
The 12 month period immediately after the exchange begins on the day after the exchange takes place and the second 12 month period begins on the day after the first 12 month period ends.
UNCW seeks hotel, center proposals
The Week in Review
....your Wilmington Connection
February 17, 2008
A busy week....this comes to you late after A week of the National Keller Williams Conference in Atlanta.Where all of our top agents share information on getting homes sold and helping buyers find what they want in a shorter amount of time. It was a pleasure and a must to meet so many agents from around the nation. If you are relocating let me know as I can ensure you I know some top agents that can help you through this transition. Here is the local news in Wilmington.
Lots of people dream of turning dilapidated buildings into architectural treasures.
It isn't the bridge they wanted - some never wanted one to begin with. But a group of Sunset Beach residents knew it was time to stop fighting the state over the replacement for their quaint but unsafe pontoon bridge.
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I am a proud resident of the Carolina Beach area located on the amazing Pleasure Island. Originally from Central Florida, with a Degree in Marketing, I have had the wonderful opportunity of living and working in exciting places such as Dominican Republic, Spain, and Hungary and most recently in London, England where my husband and I established a small business for renovating investment opportunities in the "hottest property market in the world." This wonderful opportunity of buying Victorian homes and renovating has given me so much knowledge.
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