Living Better

Don’t Miss our HUGE Price Reduction at 616 Woodland Forest Court in Southern Oaks

The Search Is On!

So now that our home has sold, and closed and we are settled into our rental (ack!), we have begun the search for the perfect homesite.

Before I continue, I do want to clear up one thing – when I say perfect, I mean perfect for US.  We are a family of five, two working parents with a teenager at home, an elementary school age child and a preschooler.  So we know we want to be in a neighborhood setting, near good schools and with good amenities near by.  Probably in that order.  What is also important to us is resale value, since we anticipate being in this home for 5 – 7 years (but with my aforementioned addiction, I’m not solely convinced that will be the case).  Like most families, we have a strict budget – so the initial price of the homesite is key to us.  We have also narrowed down our options on a homeplan so we would like to make sure the home fits in nicely with the others in the neighborhood as well as the particular homesite.

When we put our home on the market we decided we would concentrate on the Hampstead area in Pender County.  Hampstead is an up and coming fishing village, waterfront communities are found up and down the Highway 17 corridor.  It is well known for its excellent schools and our teenager already has a vested interest in the area.  It’s located about 10 minutes from the outskirts of Wilmington and another 10 or 15 minutes from Topsail Beach.  During the infamous “height of the market” many neighborhoods were established, and a slew of investors came in and paid top dollar for land.  Currently, there are 450 +/- homesites in the Hampstead zip code listed for sale in the Multiple Listing Service (MLS).  (I should note that there are about 263 homes on the market as well.)  In the last twelve months, 52 homesites were sold in the zip code, which leads us to a NINE year absorption rate.  In other words, based on historical data,  it will take NINE years to sell all the homesites that are currently listed in MLS.

So with 450 homesites to weed through, it’s safe to say we are a bit overwhelmed.  We started with a developer owned homesite in a fairly new neighborhood.  It’s a waterfront community and promises a clubhouse, pool, tennis courts and walking trails.  The amenities are not yet complete.  Many of the initial homesites offered sold upwards of $200,000.  Currently 4 of the listed homesites are bank owned, and one a potential short sale. Another three homesites are being resold by the original purchaser.  In the last year, nine homesites were sold, two of which were owned by the bank.  Of the original three homes built in the neighborhood, one was being leased and the other two were in a short sale situation.  My research told me that according to comps, homesites were selling at 58% of asking price.  My experience told me that with the abundance of homesites, the appearance of short sales and foreclosed lots, any appraiser would have the right to call the neighborhood a “declining market”.  I knew that if I wanted our future home to appraise, I had to offer plenty of wiggle room.

I offered 52% of asking price on a lot that my husband and I deemed desirable.  It definitely wasn’t the best lot in the neighborhood, but I felt it held potential.  Our offer was countered back without much given from asking price so we decided to explore other options.

I’m thankful for the experience because it gives me great insight as to what the common buyer is going through right now.  With so many options open to us, it becomes tough to make a decision.  Addresses and features have become blurry in our mind and if I wasn’t so motivated to get out of the rental, we would definitely be frozen.

We decided to make a list of all the homesites within our budget that are within our criteria and rate them according to detailed criteria that is important to us:

• Price
• Location
• Special Features
• HOA
• size of lot
• resale value
• fit
• orientation of the lot

We will both rate each of the criteria on a scale from 1-10 (10 being best), add the ratings and begin making offers based on their final rating.  We will also be putting a expiration notice on each of the offers so that this process doesn’t drag out too long.

Stay with us as we work through this search, and feel free to comment if you have any insight that might help us!

Building a Dream

Allow me to introduce myself.  “Hello, my name is Andrea and I’m an addict.”

Addicted to new homes, that is.  Over a decade ago I began my career in selling New Homes and there has been no turning back.  These days, I feed my addiction by working for the area’s best homebuilder – Hagood Homes.

I can usually satisfy my cravings by living  vicariously through our home buyers. I delight in watching them choose their selections.  I find pleasure in their visits to their home while it’s under construction, planning where their furniture will sit, and listening to them making plans on how they will live their life in the home.  Those things usually satisfy me, but every few years I have to experience those things first hand.

My family and I have come to that point recently.  It’s been three years since our last new home.  If your doing the math in your head, yes, that was right before the market “fell”.  We purchased our home at top dollar and recently sold it at what I hope was the bottom.  I know what you’re thinking, you’re thinking – well that was just plain ignorant.  But here’s the thing, there are some fabulous deals out there right now, believe me, I’ve been looking for over nine months.  I’ve also been comparing the land deals to foreclosed homes and have determined that I will still come out better with building, when I take into account the amount of work that would need to go into an existing home to make it “mine”.

I’ve decided to share this path with you (aren’t you lucky?)  I hope you will join me virtually as we choose our homesite, getting our construction loan, and all the steps of building our new dream.

A New Plan for Courtyards at Regency

Towards the back entrance of the prestigious Landfall Country Club, we are in the process of creating a quaint neighborhood of European fashioned Courtyard homes.  If you are at all familiar with Hagood Homes, you will recognize Troy’s talent immediately, and will echo the hundreds of Wilmington area Realtors when they say, “She’s done it again”.

Very shortly, we will be breaking ground on the newest gem in the Courtyards at Regency – the Edinborough plan.  The Edinborough plan was custom designed to take advantage of the corner homesite.  Similar to our other Courtyard floorplan, buyers will appreciate the separation and privacy of the guest suites from the Master bedroom suite.  Also keeping with the common theme of open and flowing living spaces, the Edinborough offers a central kitchen surrounded by a dining room, living room and sunroom with direct views to the covered porch.

The Courtyards at Regency, offer an easy lifestyle, so popular with active adults.  Take advantage of the membership to the Country Club of Landfall and all that it offers, 18 holes of a Pete Dye course and 27 by Jack Nicklaus, private exercise rooms, and tennis courts to match any style of play.  Catch up with friends over dinner at the Dining Room or for drinks at the Tavern.

Act now to take advantage or our incredible pricing for living the Landfall dream – visit our neighborhood page for more information on this great plan as well as our others!

Who Says We Don’t Have Amenities?

This offer is also valid for 6522 Chalfont Circle – Parkside at Mayfaire

For a limited time, with the purchase of our home at 616 Woodland Forest Court we are offering a Sports Membership at the well known Country Club of Landfall.  And to make a sweet deal even sweeter, we are offering 2 years of club dues with the purchase!

But you must ACT NOW, this offer is set to expire soon.

Coupled with low interest rates, incredible pricing and NOW, this incentive – why not buy???

Not Your Mother’s Lee’s Cut Condominium…

Check out the renovation we are wrapping up at a three bedroom condominium at Wrightsville Beach.  If there was a contest between the amazing view outside and the luxury appointments inside, I wonder who would win….

Market Update

Sarah Rumney

I was challenged recently to choose a word for the year. What do I mean “choose a word?” Choosing a word means thinking about something you want to work on, something you want to try harder to do, just one thing… and attach a word to it. I chose a word already and then I decided this morning I might change it.

I am encouraged by Teresa R. McLamb’s article in this week’s Greater Wilmington Business Journal, “Demand rebounds for some homes.”  It is just what I need to hear at the beginning of a new year and a new month. Wilmington Board of Realtors President Mary Martin of Network Real Estate says, “the local market has had five consecutive months of strong pending sales which indicates it’s not a seasonal blip. On the national level pending sales are up 15 percent and existing home sales for the year were up 44 percent.” Now that’s encouraging!

Interest rates are still at all time lows and the tax credit for first time home buyers and returning home buyers doesn’t expire until April 30^th (with closings occurring no later than June 30^th). I am so encouraged! I have a new word for the year – encouraged. I hope you will consider the “one word challenge” and that you will stay encouraged!

You can read the full article by McLamb at http://www.wilmingtonbiz.com/industry_news_details.php?id=1031 .

What’s Hot…

New month, new year, and New Decade!  Hagood Homes is ringing it in with style.

January’s pick for “What’s Hot” is Regency Lakes at St. James Plantation

Last year we introduced three new plans to the Regency Lake neighborhood in St. James:  the Franklin, the Morehead and the Cameron.  The response was overwhelming and we’re building them as fast as we are able.

St. James Plantation with it’s 81 holes of golf, tennis, waterfront living, nature trails, and sports clubs, is the perfect teammate to our low maintenance homes in Regency Lakes.  With all those activities nearby, who has time  for the weekend “honey do” lists?

Our open and flowing floorplans offer the perfect space for entertaining and many of the homes sit adjacent to the lakes of Regency, insuring your enjoyment of outdoor living!

Couple, easy living, awesome amenities with the new tax credit (click here for more information) you won’t want to delay the purchase of your new Hagood Home in Regency Lakes at St. James Plantation!

Mortgage Update

Sarah Rumney

Happy Holidays Everyone! I hope the season has been fun, safe and relaxing for you all. It has been interesting watching the pundits and guests on the business show circuits put in their predictions for market and economic activity during 2010. I tend to err on the conservative’s side and believe that the government will decrease their support and the Fed will increase rates sooner rather than later. Others believe that the markets are on the way up, that history indicates buying stocks now at their lows will lead to great profits in the long run. It’s the theory of the “V” – the sharper the fall, the greater the rise. Either way, it will be an interesting year and we will see rates increase at some point.

Important facts to remember for 2010:

1. 1. Rates will eventually increase. I believe it will be in April or May 2010.
2. 2. The first time home buyer/re-entry buyer (if you’re buying a new home after owning your present one for 5+ years) expires April 30^th.
3. 3. I am a mortgage professional and can help you navigate the waters during this ever-changing time. I am your number one mortgage resource.

It’s a Little Like Stealing…

Mortgage Update

Sarah Rumney

Last week’s economic data did keep some excitement in the market place. Interest rates increased following the news of the employment rate dropping lower than expected to 10.0% (down from 10.2% in September/October). This and other positive economic news may cause the Fed to begin discussions about raising interest rates at this month’s meeting instead of in the early part of 2010 as previously expected. Unfortunately, as we see the economy gain strength, interest rates will continue to increase. I will continue to keep a close eye on this news and keep you updated.

A reminder regarding the home buyer tax credit – contracts for your first time home purchase must be signed by April 30^th and closed by June 30^th. Keep in mind that it takes 3-4 weeks to close a mortgage. You will want to have your mortgage pre-approval in place before you begin your home search. Call me to go through the application (just takes about 15 minutes).  I’m here to be your number one mortgage resource. Please do let me know what questions you have or to get started.

This website will answer questions you may have regarding the tax credit http://www.federalhousingtaxcredit.com/ .

Mortgage Update

Sarah Rumney

The Fed Chairman Ben Bernanke will be speaking at the New York Economic Club today and should echo his earlier statement that rates will remain low.  Rates remain under 5.0% today and should stay within an 0.125% this week. Do you know what your current rate is? Check out your mortgage statement and give me a call for a quote. It could be the perfect time to refinance your home.

I hope the website I emailed last week regarding the first time home buyer tax credit was helpful. www.federalhousingtaxcredit.com Check out the FAQ’s! It is an easy-to-read compilation and includes different ways to apply your credit. Did you know you could reduce your income tax withholding and give yourself a raise for the year? (See FAQ #19.)

I have a great story for you all. I worked with a client just last week who called to go through the qualifying process for her first home purchase. She knew me personally and had heard about the first time home buyer credit and was curious if it would work for her. We went  through the loan application and had her approved in about an hour! It all started with her figuring her rent is about the same as a mortgage payment and inquiring about the tax credit. Now she will be in her first home by Christmas! I will be glad to go through the question and answer process of qualifying and see if you could be pre-approved too. Call (910.200.3549) or email me any time.

Don’t You Love it When You Hear, “Take Advantage of Me” ?

That’s exactly what the recently signed tax credit is screaming!

For weeks, even months, all of us in the real estate industry waiting on pins and needles to see if Congress would extend the ever popular “First Time Homebuyer Tax Credit”.  Last week, they did just that, and even sweetened the pot by adding a $6500 tax credit to homeowners who aren’t first time buyers as well as extending the income limits (now set at $225,000 for joint and $125,000 for singles).  Even in a lower tax bracket the overall savings on your tax return equal about $13,000 – $14,000!  (can you hear the screaming yet??)

Here are a few quick points to keep in mind with the tax credit – but as always make sure you consult your tax preparer!

• Amount of credit – $6500, or $3250 married filing separately
• Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years
• Must be “locked in” on a home by April 30, 2010 and closed by June 30, 2010
• Income limits:  $125,000 single and $225,000 married (those earning more than this cap can qualify for a partial credit)
• Purchase price limit $800,000

So what are you waiting for – take advantage and buy today!

Winners, again!

Welcome to Chapelwood - Chapel Hill, NC

Congratulations to Chapelwood in Chapel Hill, NC for winning the prestigious Silver award in it’s price category this year in the Durham Parade of Homes.  Hosted by the local Homebuilder’s Association, this year’s Parade consisted of over 50 entries across three counties. Of those 50, just 15 homes were designated as certified by the Green Home Builders of the Triangle (or in the process), Chapelwood is one of those homes!

The Parade of Homes judges aren’t the only ones that agree Chapelwood is note-worthy.  With 8 sales in just six weeks, the evidence is clear, Chapelwood is what homeowners are looking for!  Reserved for those 55+,(the first of it’s kind in the Chapel Hill region) Chapelwood will feature a limited number of homesites, with 30% of the neighborhood reserved for nature.

Visit the decorated model today to see what all the rage is about!

Marsh Oaks – Get Involved!

Marsh Oaks Entry sign

One of our favorite neighborhoods to build in is Marsh Oaks.  Conveniently located off Hwy 17 in the popular Ogden section of Wilmington, this neighborhood appeals to a eclectic group of neighbors for various reasons.  The young families love Marsh Oaks for the amenities (clubhouse, swimming pool, playground, tennis courts) with it’s low monthly fees of $40 a month, along with the opportunities for supper clubs, Bunko groups, bible studies, children’s parties, etc.  In the sections that we have built, we purposefully added sidewalks to both sides of the street to encourage safety for parents and children alike as they ride their bikes, scooters and skateboards.

Another active group in the Marsh Oaks is the 50+ club.  Many homeowners in Marsh Oaks are enjoying retirement or semi-retirement.  Their desire to meet and greet like minded folks in the community grew to it’s ever growing 50+ Club.  This active group enjoys their social outings, dinner, movies, theater, as well as participating in Pilates & Yoga classes at the neighborhood Clubhouse, Water Aerobics during the summer time and many more activities.

All homeowners in Marsh Oaks are offered various communications devices such as the neighborhood website, facebook group, Yahoo Groups and the ever popular newsletter.  View the latest issue here.

Call Neighborhood Specialist Andrea West (910)232.3695 TODAY to find out how you might become involved in a community as great as Marsh Oaks!

Update on Autism Run…

In a Previous Post we told you how proud we were of our Neighborhood Specialist Megan DeHart for taking part of such a wonderful event.  We wanted to update you, our wonderful readers, on the event!

“Last Saturday, over 3,000 people gathered at Moore Square in downtown Raleigh to support the autism community and Autism Society of North Carolina (ASNC). The money raised from this event enables ASNC to provide advocacy and education services, vocational and day programs, supported living homes, recreational opportunities, specialized training, and legislative monitoring for the over 50,000 individuals across our state with autism spectrum disorder. Together, we can make a difference….and last Saturday, we did!

Gross proceeds from this event are over $230,000 and counting. We are still accepting donations through the event website. If you have friends, family members, co-workers, or other contacts who have not made their donation yet, please let them know that they can still support your efforts as well as the Autism Society of North Carolina.

Some numbers from this year’s event:
•    Over 166 teams participated from all over the state.
•    There were over 2600 participants in the 5K race, the 1 mile run/walk and the Carolina Hurricanes Kid’s Dash events.
•    115 virtual participants raised money for the cause online.
•    240 volunteers worked throughout the day.

Thanks to our sponsors for helping this event in so many different ways! Without our sponsors we could not have the event. Please click here to view our sponsors. We encourage you to support these businesses throughout the year and let them know how much it means to you that they sponsor the Autism Society of North Carolina.

Sincerely,

The Autism Society of North Carolina

800-442-2762

www.autismsociety-nc.org”

Downtown Wilmington

Doing Her Part to Help

Megan & Layton

On October 10th in Raleigh, Megan will be running in the annual Triangle Run/Walk for Autism. This includes a 5K race as well as a non-competitive 5K division, 1 Mile Fun-Run, and a Tot-trot for children 6 and under. Proceeds from the event benefit the statewide programs and services provided by the 39 year old, non-profit organization, Autism Society of North Carolina. A few of the services include the nation’s oldest and largest summer camp for individuals with autism, parent advocacy and mentoring, awareness and education, and one-to-one training.

Megan is choosing to take part in this event because autism has hit her family in a personal matter. Her nephew was recently

Quality Time with Layton

diagnosed with autism, so Megan does what she can to help raise awareness of this growing epidemic.

“Each day two North Carolina families have a child diagnosed with a form of autism. That’s nearly 800 families added each year to the 50,000 families in our state already living with autism. I hope in doing this run, and spreading the word to those around me, I can help bring awareness to a larger group of people.”

The Triangle Run/Walk for Autism has risen over $500,000 over the past 10 years to provide supports and promote opportunities for the autism community in North Carolina. If you would like to contribute to Megan and her run, please click on the following link to make a donation on behalf of Megan’s nephew, Layton Richardson.

http://trianglerunwalkforautism.kintera.org/faf/r.asp?t=4&i=307405&u=307405-268943889&e=2669160993

Remodel – Another day, more progress!

Remodel – In Progress…

Recently we were hired to remodel outdated small plan for a client who purchased her home for it’s excellent location.

After transforming the plan into a home that would live better our subcontractors got to work. Even in the beginning stages, with the dust and mayhem of construction, the changes are amazing!