Red Hot Real Estate rides a rising wave
Boomers look to area, fueling "phenomenal" sales growth
Article published April 26, 2005 by Bonnie Eksten
Is real estate hot in Southeastern North Carolina? you could say
Jim Wallace, president of Intercoastal Realty in Wilmington, said his company's business is up 99 percent this quarter compared with first quarter 2004.
"And, last year was a good year," Mr. Wallace said.
The natural picture is writ large in Southeastern North Carolina. Brunwisk and Hanover counties are experiencing no letup in housing demand. According to N.C. Association of Realtors, housing sales were up 23 percent in Brunswick County in March.
New Hanover County saw even more impressive 36 percent gain.
Paul Martienz, a broker with Laney Real Estate, said he believes many people shopping for homes are investing in the housing market because the instability of the stock market "scared them off"
Beach communities, in particular, he said, is seeing phonomenal growth.
Property on Kure Beach has risen as much as 100 percent in the past year, Mr. Martinez said.
Mr. Wallace, just back from a meeting with brokers from other parts of the United States, said the surge in housing sales in coastal areas is happening from Spocane, Wash.,to Portland, Maine. He said that the housing market in Naples, Fla., is robust - in spite of being hit repeatly by huricanes last year.
Boomers, the first of who turn 60 next year, are gravitating toward the coast, Mr. Wallace said. They want to get in on the market before they retire.
Wilmington is now on the map. It's no longer a secret that is a really good place to live, he said.
And that has been reflected in the run-up in housing sales and prices in this area. Brunswick County's March house sales totaled $70 million, up 40 percent over the same month last year. Average price was $284,476.
New Hanover County (numbers also include part of Pender County) also gained bragging rights. March house sales totaled $185.5 million, an impressive 56 percent gain over March, 2004 numbers. Average price was $232,853.
Mr. Wallace said it is unusual for sellers to get multible offers. A finite amount of beach and waterfront property helps fuel the market.
"When it's gone it's gone, Mr. Wallace said.
He expects the market will level off eventually, but no one can say definitively when that will happen.
George Laney, president of Laney Real Estate and president of the Willington Regional Association of Realtors, said growth in this area is playing catch-up after the hurricane years in the late 1990's when the real estate market was fairly level.
Brunswick real estate, he said is growing so fast because parts of the county are only minutes from downtown Wilmington.
"How many places in Wilmington can you say you're only five minutes from downtown, He asked.
Brunswick County, he said is "right accross the bridge." When PPD moves it's coporate offices downtown, workers might find Brunswick attractive - taxes are lower and the commute to work may be shorter.
Living five minutes from work is a great selling point, Mr. Laney said. Both Mr. Laney and Mr. Wallace said the real estate market is not experiencing a bubble.
"People are putting more money down on homes and their debt service is historically low," Mr, Laney said.
Mr. Wallace said this is the type of market that makes you "pinch yourself and think "this is phenomental growth." It's pretty incredible."
"And, last year was a good year," Mr. Wallace said.
The natural picture is writ large in Southeastern North Carolina. Brunwisk and Hanover counties are experiencing no letup in housing demand. According to N.C. Association of Realtors, housing sales were up 23 percent in Brunswick County in March.
New Hanover County saw even more impressive 36 percent gain.
Paul Martienz, a broker with Laney Real Estate, said he believes many people shopping for homes are investing in the housing market because the instability of the stock market "scared them off"
Beach communities, in particular, he said, is seeing phonomenal growth.
Property on Kure Beach has risen as much as 100 percent in the past year, Mr. Martinez said.
Mr. Wallace, just back from a meeting with brokers from other parts of the United States, said the surge in housing sales in coastal areas is happening from Spocane, Wash.,to Portland, Maine. He said that the housing market in Naples, Fla., is robust - in spite of being hit repeatly by huricanes last year.
Boomers, the first of who turn 60 next year, are gravitating toward the coast, Mr. Wallace said. They want to get in on the market before they retire.
Wilmington is now on the map. It's no longer a secret that is a really good place to live, he said.
And that has been reflected in the run-up in housing sales and prices in this area. Brunswick County's March house sales totaled $70 million, up 40 percent over the same month last year. Average price was $284,476.
New Hanover County (numbers also include part of Pender County) also gained bragging rights. March house sales totaled $185.5 million, an impressive 56 percent gain over March, 2004 numbers. Average price was $232,853.
Mr. Wallace said it is unusual for sellers to get multible offers. A finite amount of beach and waterfront property helps fuel the market.
"When it's gone it's gone, Mr. Wallace said.
He expects the market will level off eventually, but no one can say definitively when that will happen.
George Laney, president of Laney Real Estate and president of the Willington Regional Association of Realtors, said growth in this area is playing catch-up after the hurricane years in the late 1990's when the real estate market was fairly level.
Brunswick real estate, he said is growing so fast because parts of the county are only minutes from downtown Wilmington.
"How many places in Wilmington can you say you're only five minutes from downtown, He asked.
Brunswick County, he said is "right accross the bridge." When PPD moves it's coporate offices downtown, workers might find Brunswick attractive - taxes are lower and the commute to work may be shorter.
Living five minutes from work is a great selling point, Mr. Laney said. Both Mr. Laney and Mr. Wallace said the real estate market is not experiencing a bubble.
"People are putting more money down on homes and their debt service is historically low," Mr, Laney said.
Mr. Wallace said this is the type of market that makes you "pinch yourself and think "this is phenomental growth." It's pretty incredible."
