Beach Renourishment Means Great Investment Opportunities!

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More than 500,000 cubic yards of sand is coming to the Ocean Isle Beach strand during 2010.
The town is scheduled for another beach nourishment project, which should be the largest project of the year.

There are a number of oceanfront properties  in this area that are priced lower due to the decreased beach out in front. This project may be likely to add value to these “bargain priced” homes.

The sand will be placed as far east as Shallotte Boulevard and as far west as Concord Street.

“This will go the furthest west than any renourishment has gone since original construction in 2001,” Ocean Isle Mayor Debbie Smith said.
Ocean Isle Beach has contracted with the Corps of Engineers in a 50-year, $150 million contract for beach renourishment.
Smith said the beach renourishment project is coming at a good time for the east end of the island, which has had quite a bit of erosion recently.
“Right now most of it’s OK, but some of the eastern regions are getting narrower where they don’t offer the protection they need in case of a storm,” she said.
Smith is also hopeful about hearing a positive response from The Coastal Resources Commission (CRC) regarding the possibility of the town building a terminal groin at the east end of the island. The CRC has undertaken feasibility studies, which Smith hopes will help persuade the General Assembly the structures are necessary in the effort to fight beach erosion.
Currently these structures are not permitted by law.
Thee studies began earlier this year after a bill to make terminal groins legal stalled in the N.C. House. House Bill 709 was meant to “address erosion control issues,” and would give permission to the CRC to conduct a study of the feasibility and advisability of a terminal groin as an “erosion control device.”
Mayor Debbie Smith said that she hopes the House take positive action.

Home Sales Up 65% Nov. 09/08!

According to the latest information published by the North Carolina Association of Realtors (NCAR), existing home sales in Brunswick County increased in November 2009 compared to the previous month and the previous year.
Realtors in Brunswick County sold 181 units in November of 2009, up 65 percent from 110 units in November 2008. That also represents a 3 percent increase over October 2009, when 176 houses were sold.

The average cost of a house also increased between November 2008 and 2009, from $232,147 to $248,291.
The end of 2009 was a busy season for the company. January has been very active.

This first quarter of 2010 looks to be the best in a long time and this is the time of year when people traditionally start looking for second homes.

Values are down because of the economy, but everything is showing, I feel this is a great opportunity for buyers.

The southern end of Brunswick County does not have as many foreclosures as some people expected, but buyers are actively looking for those deals.
Most of my customers are people looking to relocate to Brunswick County, many of them are waiting for their houses in their home areas to sell before they can buy one here.

- Martha Pope, Accredited Buyers Representative of the National Association of Realtors.

Real Estate Prices Hit Bottom – Time To Buy!

Here’s some good news – as of November 25th 2009 home listing prices in Southeastern NC finally appear to have hit bottom!

Interest rates are below 6% on residential mortgage loans but the most likely scenario is that these mortgage loan rates will not stay this low for long so buyers would be wise to be actively looking to buy and take advantage very soon.

A coach and speaker at the NAR (National Association of Realtors) Convention by the name of Rich Levin has absolutely hit the nail on the head!

He says “THE TIME IS NOW FOR REAL ESTATE” and he is 100% correct. All of the factors are lining up for the next 6 to 12 months to be that year and here’s why:

Economist Woody Hall (University of North Carolina Wilmington ) projects that the local economy will grow by 4 percent in 2010.

According to the report by UNCW’s economic prognosticator delivered at an Economic Outlook Forecast at UNCW, the Southeast NC region will see economic growth at a rate faster than either the state of North Carolina or the nation as a whole.

As buyers realize that it is a good time to buy (but not necessarily for sellers to sell) the demand will begin to absorb the foreclosures and short sales and then exceed supply.

Over the next year or two the additional demand may very well even lead to a seller’s market, however gradual it may be.

The signs of this shift are occurring now – the supply of new construction and foreclosure homes are being absorbed by first time buyers, investors, and secure homeowners who are taking advantage of their financial strength.

“This Spring may be the tipping point when market activity flourishes,” Rich says, and I believe it will.

After the first of the year mortgage money should be much more readily available from the banks.

He then refers to inflation as the “X factor” remembering a rapidly inflationary period. For instance, one day you could put a quarter into the vending machine and get a Coke. The next time it was forty cents and the next time it was fifty cents and within five years it was seventy-five cents and so on.

Your money buys less and the cost of what you buy increases.

If you owned real estate during this same period you were probably very happy because the property you owned also doubled in price no matter where you lived.

Who knows if we are on the verge of another inflationary surge – but if inflation does devalue our money…then real estate prices will increase (along with the price of almost all other hard goods) and this year’s buyers are going to benefit tremendously! Regardless, it is time for buyers to get in the market!

At your leisure I invite you to visit my website at pope-realestate.com and click on the local MLS logo to check out what’s for sale currently. I welcome any questions or requests at any time!

By Martha Pope – Accredited Buyers Representative of the National Association of Realtors.
If I can help answer any questions, furnish further information or assist in any way please contact me by phone: 800.708.4402 or email at Martha@Pope-RealEstate.com

To receive a .pdf file of the entire Economic Outlook Forecast Conference at UNCW call or send an email to me.

Foreclosures bad for some – good for you!

*Foreclosure can unfortunately be really bad news for some people, but the upside is that absolutely incredible deals can be made by a purchaser who knows about them.  Currently there are three bank owned homes in foreclosure on Ocean Isle Beach (none on Sunset Beach or Holden Beach):

405 East Second Street   – 3 bedrooms, 2 baths at $341,900!
Unit 1004 Ocean Point Condominiums – 2 bedrooms, 2 baths at $509,000!
291 West Second Street – 8 bedrooms, 8 baths with pool at $820,000 (gorgeous)

And there is one oceanfront lot at Holden Beach (no lots at Ocean Isle or Sunset):

148 Ocean Boulevard East at $629,000

These four properties ( and all foreclosures) are sold “as is” and “where is” and to submit an offer you will need proof of funds or a loan approval letter from your bank.  If you’re considering a purchase on one of these lovely Islands this might be the opportunity you’ve dreamed of – check them out.*

Coastal Real Estate Is Starting To “Happen!”

Here at the beach (Ocean Isle, Holden, and Sunset Beaches) the real estate market continues in its recovery but  there are still potential buyers out there who are waiting “for the market to improve” or for the market “to hit the bottom”.

We’ve really moved beyond that and are urging buyers to take advantage of the near record low interest rates and also the bargains that are right here at the beach.  People are looking and people are buying so please don’t miss the good ones and regret it later! I have seen a great uptick in activity in recent weeks. I had three appointments with interested buyers just this past Saturday alone!

In my 30 plus years in Real Estate in the area I have never seen such an opportunity. I know the media is “selling” gloom and doom but if you are looking for a great investment property or have dreamed of one day owning your own beach or golf course community home or condo there really couldn’t be a better time to make a move.

Almost all news networks are reporting that major economists are speaking of “green shoots” appearing in the financial markets and most particularly in the housing market. Yes!

Any “on the fence” buyers need to cross over and take advantage of the low prices of beach and golf real estate as well as the incredible interest rates currently being offered.

You might have seen the television commercial lately showing people kicking themselves, one after the other, and the ad wraps up by saying you might kick yourself later on if you don’t take advantage of buying real estate in this market.

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