Inner Banks Living Newsletter

Bill Hitchcock

Inner Banks Living Weekly Newsletter
September 11, 2009

HEADLINES
- Strong property price indications along Inner Banks
- NC is near bottom in USA for closing costs
- Mortgage rates drop
- Buy land now! 40,000 people are moving to Inner Banks location!
- World Class sized redfish being caught in Neuse River right now!

Current Prices Exceed Future Projections?
Inner Banks land/lot prices
By: Bill Hitchcock

Inner_Banks_Land

Early fall and winter along the inner banks region traditionally shows a spike in real estate sales. The lazy, crazy, hazy days of summer are over and folks tend to get out and get serious about buying real estate.
The chart above shows the average sold price for lot/land in the Neuse River area. (Information was derived from the Neuse River Realtor’s Association MLS). 2008 average of $80K is an average of all sold properties in Septemeber, October and November.
The 2009 average sold price of $93K is from August to mid-September when this newsletter was published.
All indications show that as we head on into one of the most active sales periods for the inner banks, prices are 14% higher than the year before.
A sign of recovery? My opinion is that it is a sign of very choice properties are currently being bought by those who understand the market place. The opportunity is great right now.

North Carolina ranks as the 46 lowest in closing costs in USA
Bankrate.com researchers gathered closing-cost information from at least four lenders in 50 states and the District of Columbia. In California, researchers also collected data separately for Los Angeles and San Francisco.
Researchers requested a good faith estimate for a $200,000 loan, assuming a 20 percent down payment and good credit.

North Carolina had the 46th lowest closing costs out of 52 states, districts and cities surveyed.
Click here to see how all the other states compare

Mortgage Rates Down Slightly This Week
McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey┬« (PMMS┬«) in which the 30-year fixed-rate mortgage (FRM) averaged 5.07 percent with an average 0.7 point for the week ending September 10, 2009, down from last week when it averaged 5.08 percent. Last year at this time, the 30-year FRM averaged 5.93 percent.
Click here to read the full release

AA_GeorgeDrumBOriental & Neuse River Loaded With HUGE Red Drum Now
Photo taken aboard Down East Guide Service with Captain George Beckwith.
World class size red drum come into the Pamlico Sound and the Neuse River this time of year to spawn. These large drum are strictly a catch and release fishery. It is not uncommon for Captain George Beckwith to catch and release 4, 6, 8 or more of these fish in a single trip!
These monster red drum, sometimes called drum or redfish-Can weigh 20, 30, 40, 50 lbs. or more!

For a complete fishing report of the entire Inner Banks and coast of North Carolina plus weather, fisheries news and more then log on to the Saltwater Catch website

40,000 People Moving to Fayetteville Area
BRAC: Area home builders prepared for influx
By Jennifer Calhoun
Fayetteville Observer
A sign in the offices of H&H Homes reads, “We’ve got Fort Bragg Surrounded.” With 18 neighborhoods already built or under construction in four counties, the Fayetteville builder’s motto could just as well be, “We’ve got BRAC Covered.”

Greg West, chief of staff for H&H, says enough homes will be available when as many as 40,000 people move to the area because of the base realignment, known as BRAC.

“Generally, we’re in OK shape for houses,” West said. “There’s not a surplus, there’s not an overabundance, but there’s not a shortage right now.”

And as long as the banks keep lending developers money, there shouldn’t be a shortage in the future, said Brady Rufenacht, a home builder with Watermark Homes and president of the Fayetteville Home Builders Association.

Rufenacht gives several reasons for that. First, he said, there’s plenty of available land on which to build. Second, it’s not difficult to obtain permits in North Carolina. Third, home builders here are able to produce quickly.

“We could change the face of Fayetteville in a year,” Rufenacht said.

Complete Story

Inner_Banks_Land

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Author’s Yougler Profile is at  Bill Hitchcock.

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