Southport NC Real Estate - February Market Wrap

It's still too early to tell, but those who are following the real estate market in Brunswick County will find this February report similar to January's, but with a much broader mix of properties. Again, I am offering details of single-family site-built homes that have gone under contract in February. And staying with the same communities of interest in my January Report, my search includes the communities and developments I consider "my neck of the woods" including Southport, Bald Head Island, Oak Island, Arbor Creek, St. James Plantation, Sunset Harbor, Sea Watch, River Run Plantation, Winding River, River Sea, Lockwood Folly, Supply, Winnabow, Town Creek, Bolivia, and Boiling Spring Lakes.

Starting the furthest South here are the results: (33 total)

Bald Head Island had the highest listed price home under contract at $1,995,000 on Cape Fear Trail.

In Southport, there were eight. In town, one on Herring and one on Long Leaf were 129,000 and 199,000 respectively. On Spikerush in Indigo Plantation ... a real beauty for 499,900. In Harbor Oaks there was a foreclosure with an asking price of 290,000 ... wow. A new construction in Price's Creek went under contract at 399,000 as well as a home on Brenden Court for 395,000.

Oak Island had by far the most activity with 14, including two foreclosures in the mid 300s. Five interior homes priced between 169,000 and 178,000 went under contract. There were three more on the ocean side of Davis Canal in the 289,000-445,000 range. On the Yaupon end there were also three....one on Live Oak at 320,000, one on Trott at 849,000, and a great deal on Quail Hollow on the golf course at 399,900. Finally, on Caswell, was another golf course home in Ocean Greens at 499,000.

St. James Plantation had 3 homes under contract ... one on Ascot at 365,000, on Fairway Village at 399,000, and a fantastic home at the marina on Midshipman...990,000.

One of my favorite communities, Lockwood Folly, also had 3 homes ... A great home on the golf course at 235,000...crazy, a 3500 SF home on Genoes Point also on the golf course for 419,000... unbelievable, and finally another on Genoes Point but this one waterfront with dock on nearly an acre ... 1,350.000.

And finally, Boiling Spring Lakes had 4 go under contract ... two on Sycamore at 99,000 and 122,900, a foreclosure on Greensboro at 152,500, and one on Springdale at 156,000.

I continue to have strong leanings towards the more well-established communities here in coastal North Carolina. Now it seems the Brunswick County real estate market is leaning that way as well. When the market was hot, investors flocked to every new community trying to take advantage of creative financing incentives by developers and "first pick" opportunities. Now many of these are struggling. Lots are not selling well and spec homes sit vacant, victims of a market slowdown that no one ever expected to hit in second fastest growing county in North Carolina. Because we are such a strong retirement destination, I believe that recovery will come here a bit faster than most places. It's hard to imagine finding much better deals than are out there right now. I love finding them. Just give me a call.

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I ask you to consider the many advantages in having a Buyer's Agent assist you if you are considering a real estate purchase in Brunswick County. A Buyer's Agent represents YOUR best interests at all times, and at NO cost to you. I will show you ALL properties that meet your criteria, including the entire MLS, and For Sale By Owner. No pressure, no steering..... just helping you find the very BEST properties, uncovering material facts, negotiating the BEST price, and facilitating a smooth Closing. It's that simple.

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Southport NC - January Market Wrap

OK. It's the end of January and I'm just as curious as you are as to how things are starting out in the real estate market in Brunswick County. There are so many types of searches at my finger tips, I have to decide what is the best barometer. I'm not looking at SOLDs because anything sold in January, went under contract sometime last year, so they don't reflect this year's activity. First off I searched all of Brunswick County to see how many single-family site-built homes went under contract, either 'active contingent' or 'pending'. As of today, there were 55, county-wide. Next I decided to narrow down the listings to "my area" of the county , which in essence are the areas I know the best and work the hardest. That area is eastern Brunswick County, which includes the towns and communities of Southport, Oak Island, Caswell Beach, St. James Plantation, Sunset Harbor, River Run Plantation, Sea Watch, Winding River, River Sea, Lockwood Folly, Supply, Bolivia, Town Creek, Winnabow, Mill Creek, Orton, and Boiling Spring Lakes.

That's a big area, and about half of Brunswick County. So I refined my search, this time to the areas mentioned and there were 34 results. In looking closely at these, here's what I've come up with:

Arbor Creek near Southport - 1 PENDING listed at 318,000

Bald Head Island - 3 PENDING - a Villa listed for 675,000, a cottage at the marina - 1,100,000, and a foreclosure for 399,000. (a beachfront home with erosion issues)

Beaver Creek Plantation - 1 ACTIVE CONTINGENT listed at 799,000

Boiling Spring Lakes - 6 PENDING or ACTIVE CONTINGENT all listed under 190,000

Harbor Oaks in Southport - 1 PENDING listed at 307,000

Lockwood Folly - 1 ACTIVE CONTINGENT listed at 589,900

Oak Island - 12 PENDING or ACTIVE CONTINGENT listed between 119,900 and 649,000 with 8 under 250,000.

River Sea - 1 PENDING - listed at 239,900

Southport - 4 PENDING - none Downtown - all listed under $200,000

St. James Plantation - 4 PENDING - 1 in Sanderling listed at 335,000, 2 in the Members Club section - at 474,000 and 579,900, and 1 near the marina at 589,000

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So what to gather from this? There are still buyers out there! The majority listed here are the category of "affordable housing" which makes sense because first-time home buyers still have numerous options available to them in qualifying for a loan. There were 4 in the 300's, 3 in the 400's, and 5 homes above 500K. That leaves 22 ranging in price from 119-299K, with the majority of those near or just below 200K.

Banks are still loaning to those with good credit scores. I had been saying credit scores of 725 and up but now I'm hearing it's closer to 750. Either way, you'll be amazed at the value you'll see when you start looking around at available properties. It is truly a unique opportunity for those either able to borrow, or the lucky ones that can negotiate a cash deal.

And finally, out of curiosity, I looked at residential lots that have gone under contract this month. Wow, a very small number ... only 6. Two in Boiling Spring Lakes, one out in the country in Winnabow at 29,000, one in Winding River at 115,000, and 2 on Oak Island...one an interior lot for 90,000, and one on Yacht Dr. for 145K

If you're interested in what's happening in the real estate market here, I'll be happy to provide you with all sorts of information. And I'd be especially happy to show you any available properties. Feel free to look yourself using my no sign-in Brunswick County MLS search. Understand that a Buyer's Agent can show you the entire market and represent your best interest at all times, without the conflict of interest that can arise when you call the Listing Agent, who represents the Seller. I think you'll be excited to see the value in the market. I get excited every time I'm out. Come see for yourself!

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Southport NC Fishing - "Did You Hear the One About....."

I couldn't help but share my amazement when I read about about the lucky local fishermen who landed a prize-winning blue marlin, worth 386,750 in the early going of The Big Rock Blue Marlin Tournament. No, my comma is in the right place. That is the prize for bringing in the first marlin over 500 lbs.For those of you unfamiliar with the "big booty" world of South East coast fishing, this is SERIOUS BUSINESS. And Tuna Trappe III still has 3 more days add to its catch. Right now with aggregate and daily prizes, the Wrightsville Beach Captain and his crew are on their way to winning a half million dollars. In its 50th year, "The Big Rock," based in Morehead City, continues through Saturday, as all 176 boats have the option to fish any 4 days of the 6 day tournament. Now keep in mind that the "a la carte" entree fees range anywhere from $2500 to $17500. And the gas... you don't want to know. High stakes make the rewards great and keep a lot of the same boats coming back year after year. The largest number are from North Carolina but they come from all over. They come to fish the the fertile expanse of blue water that encompasses three North Carolina capes..... from Cape Hatteras, the furthest north, to Cape Lookout in the middle, and finally Bald Head Island's Cape Fear to the South.

With no chance of getting much of a breather, these boys will be back in their fighting chairs in just a couple weeks. And they won't even have to leave home to participate! Yet another big marlin contest on the circuit, the Cape Fear Blue Marlin Tournament brings 35 years of tradition to Wrightsville Beach on June 26th-29th. It's a smaller, more intimate gathering of sports fishermen, usually around 50 boats averaging in size anywhere from 35' Bertram to a whopping 68' Hatteras.

While all the big tournaments have a light seasoning of lady anglers, the sport remains a venerable "boys club" evoking all the "boys and their toys" asides you could come up with. But this is an activity for that's not for sissies. It attracts a small group "manly men" who seek the dangers, thrills, and fortunes of life on the high seas.

And for those who, like myself, prefer to fish in shallower, calmer waters, early summer is a great time to get out in the surf, on the piers, in the creeks and tidal flats that abound in and around Southport and Brunswick County's beaches. Bluefish, trout, kings, spanish, flounder, and my favorite the pompano are hitting hard in good numbers. I had to laugh as I was looking at a fishing report for Holden Beach and Ocean Isle. I have to show this photo of a black drum caught by an Oak Islander in the Lockwood Folly River. The few of you that read my posts know that I wrote at length in a blog last fall about my first introduction to a black drum. Never will I misidentify one again! photos courtesy of fishermanspost

And in case you're wondering how the real estate market is in Brunswick County, I wish I could say that it's really picking up. It's a tough market for everyone....except for buyers. There aren't the once-in-a-lifetime deals out there that some buyers come down expecting, although there are a few. Most sellers are hanging tough, but I can say I haven't seen home prices at these levels in five years. I think were in for a rough summer as "the financials" begin reporting another round of earnings next month. Wall Street has been dreading the mortgage industry's second quarter earnings so much, that I believe we may well find a bottom in it's aftermath. I'm cautiously optimistic that Fall will bring "cooler heads" along with cooler temperatures, and we'll begin our journey towards market recovery. If gas prices don't turn around, the second-home market will continue to suffer. Still our big market here in Brunswick County is geared towards retirees. For those waiting in the wings for a sign to make their move, I think you want to be looking now. Once the floodgates open again, the best deals will get gobbled up quickly and we could move into a seller's market rather quickly in our prime communities.

Southport's tourist activities haven't slowed a bit that I can tell. It seems that all families vacationing at the beach take a day off from sand and sun to spend the day in Southport....with tons of unique shops, good food, carriage rides, walking tours, art galleries, and more, you'll see right away what all the fuss is about. The "Home-grown/Home-made" Farmer's market has started back on Wednesdays on the Waterfront at the Garrison. With various local musicians performing every week, and the Cape Fear River as its backdrop, the market has taken on a festival-like event with a great following. Friday night brings "Jaws" to the same waterside location, with Southport's unique movie night reminiscent of the drive-ins of our youth....except you don't drive in....you walk in. Bring chairs or a blanket and I promise you will love the experience.

Summertime.............

and

the

livin'

is

easy..............

Enjoy!

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Southport Real Estate, Blogging, and Fishing - A Common Thread?

Not so much, really, but here goes:

Southport's 2007 election came and went and the "writing on the wall" turned in to an accurate prediction. Southport residents were indeed ready for a change and voted decisively in that direction. All of the incumbents up for re-election were handed their hats. Now we'll see if Southport's new Mayor and Board of Aldermen can buckle up and put some teeth in the UDO and work towards further protecting the historical integrity of Southport and the little bit of working and public waterfront we're clinging to.

I've gotten a little side-tracked lately, as I've been writing about the various goings-on around Southport NC. I guess I've never really written anything for public consumption and certainly have never considered writing a pleasure, at least until now. It must go back to school days and deadlines for book reports, term papers, and essays. I was always a procrastinator, so although I got some satisfaction when I was able to come up with a decent paper at the last minute, it was always a chore. The funny thing is that now I look forward to putting this Southport blog together. There are SO many things to write about. The technology to add pictures and manipulate text makes process more fun as well. And the kicker is that I've been able to express some of my personal opinions out loud, and nothing bad has come from it, at least that I know of. I come from a long line that has strong views on just about everything. My mom likes to say about herself, "Often wrong, but never undecided!" I'm not as outspoken as she is....not many are. I tend to keep a lot of my ideas and opinions to myself but believe me, they're in there! And I see them starting to come out here, and I'm getting a little braver as I go along. So what started out as a Southport real estate blog seems to be evolving into something I didn't expect.

So what is really going on with the Southport real estate market? When I say Southport, I'm really talking about the Brunswick County real estate market in general. Are we at the bottom? I don't think so but we're getting closer. Is this a good time to buy real estate in Brunswick County? Absolutely, if you're buying unique property that can't be readily duplicated. What if the market does go lower? Well it could and it might in the short term. But as a potential buyer, if you're waiting for somebody to blow the horn and say "here you go...here it is... the absolute bottom," you're gonna miss it. Warren Buffet and other successful "value investors" don't get caught with their pants down waiting for an exact bottom. They simply look for strong companies with good numbers that have disproportionately been beaten down in contrast to their relative strength and potential for growth. The exact same thing applies to real estate in Southport, Brunswick County, North Carolina, and all across the nation. There are so many great buys here in Southport right now, it makes my head swim. I know that market recovery will come, however slow it may be. There is a tremendous amount of inventory right now, in both land and housing. Buyers are watching on the sidelines waiting for a sign. Certainly the woes of the mortgage industry, which stuck a knife in an already weak real estate market, will have to reach a level of stability before we can turn around. I had planned to insert a Brunswick County Market Report here, and if anyone would like one, just email me and I'll send you one. I look at them and have a hard time discerning a real trend. Yes, there is real estate selling in and around Southport...a little bit. Brunswick County is still ranked as the 16th fastest growing county in the US. The new road and second bridge to Oak Island is finally underway and will certainly help in getting their market jump-started and back on track. ALL of us who travel the "Beach Road intersection" will benefit when traffic to Oak Island can be split between two roads instead of just one.

On a lighter note, I've been doing a little fishing in the evenings when the tide is right. It is Fall here after all and it just gives me a chance to get out there and enjoy the exquisite afternoon light that blesses us here in Southport this time of year. I have a couple backwater areas I can get to, as we don't have a boat anymore. One is on a creek in a friend's backyard. I've probably been 5 or 6 times with no luck...getting bites so I know there's something out there, but no fish. Finally last week I hooked one with my first cast. It felt like it might just be too big for the light tackle I was using but I loosened my drag and let it run out a few times before finally pulling in my mystery fish. I'm not an expert by any means but I know most of the fish that are caught inshore. There's flounder, whiting, spots, grey trout, speckled trout, puppy drum, croakers, bluefish, pompano, spanish mackerel, and sheepshead. Well the latter is what I thought I had, as it kept surfacing as I was bringing it in. The black stripes looked like a sheepshead but as I looked more closely, the body shape wasn't quite right and it didn't have a forked tail. As I was studying it, it let out the deep tell-tale sound of a common croaker. Then my friend came out and I yelled, "I think I've just caught a world-class croaker!" He said, "that looks like a sheepshead. "But LISTEN" I said, and right on cue she let out a monstrous "CROOOAAKK!" We were both perplexed and I headed home and held it up for my husband and said, "Look at this HUGE croaker!" (they don't get very big) He looked at me like I must be dumb or something. "That's a sheepshead." he said. "But it CROAKS...just listen," I said. "And I know it's not I sheepshead cause the body and tail aren't right." Well THANK GOODNESS for the internet. It didn't take long searching Google images to make the proper identification. It was a BLACK DRUM. I'd never seen one. Once I figured it out, I should have looked at his little chin whiskers, and his little round fins underneath and seen it was a drum of some kind. Anyway, I'd brought it home, so I had to clean it. I got two nice fillets out of her. Then I put them in a bowl of milk with a little salt and hot sauce added. After letting it sit for about an hour, I took the filets and lightly breaded them with cornmeal and Old Bay Garlic and Herb. Then I just fried them (I know, I should have broiled them) in my cast iron pot I use for just such occasions. Then I made a dipping sauce out of mayonnaise, lemon juice, horseradish, course black pepper, and one secret ingredient. Mmmmm....Mmmmm good is what it was! Drum are not everyone's favorite fish to eat but I'll tell you, when nearly any fish is that fresh, it's mighty tasty.

I was out of town earlier this week. It might be worthy of telling about in another blog if I get up enough nerve to talk about it. But now I'm playing catch-up with email, following up on a couple leads, working on one closing, and actually hoping to sell a little real estate in Southport, the Good Lord willing.

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