We’re Leaving The Bottom!

For the past two years I have been working closely with BB&T’s Loss Mitigation Group in Winston Salem. There are three folks in this group and they receive all the foreclosure homes, condos and homesites in Southeastern, NC. Carolina Plantations has listed and sold many homesites and homes for BB&T (Branch Banking & Trust) but that looks to be coming to an end.

Two weeks ago in a conversation with one of the BB&T VPs, it was clearly stated that the rate of incoming foreclosure requests have dropped off significantly. THIS IS GREAT, GREAT NEWS FOR OUR MARKET, and here’s why:

  • Bank owned sales have dominated the landscape for the past 2-3 years
  • Bank owned prices have set the pace for overall pricing
  • With bank owned product off the market, prices WILL INCREASE and overall inventory will decrease.
  • If you have been thinking of selling, this is wonderful news but don’t look for an overnight turnaround

Another phenom I wasn’t expecting to happen till perhaps next Summer is already starting to take shape, and this is more good news for the overall real estate market here in Brunswick County. Developments that pretty much closed their doors and the owners went belly up are now starting to get a bunch of attention from several regional Developers/Builders.

Think about it. In 2005-2008 a standard 1/3 acre homesite here was selling anywhere between $100,000 – $300,000. The developers put in some or all of the required infrastructure such as sewer lines, electric lines, water, roads, sidewalks, curb and gutter, storm water drains, etc. Several even put in a resemblance of amenities, including pools, tennis courts, ponds, walking trails, etc.

These developments are owned by the banks and the banks desperately want these off the books, as they are responsible for the carrying costs which include POA fees, taxes, insurance, etc. So, enter in a few regional developer/builders who can come in and purchase the remaining homesites at wholesale prices for $10,000 per homesite and BAM! – you have resuscitated a once struggling community and given it a transfusion of marketing dollars and building activity.

Several of the communities here where this phenom is occurring or might be occurring is Rutledge in Shallotte, Calabash Lakes, Rourk Woods in Shallotte, The Retreat in Ocean Isle Beach, Sunset Ridge in Ocean Isle Beach and Tidal Walk in Wilmington. Heck, one of these players, who typically sells home/lot packages in the mid $200s range just purchased 30 or so homesites in Landfall, thee premiere gated community in Wilmington and already has broken ground on 6 spec homes with more coming out of the ground daily.

Carolina Dreamin’ has been predicting this turnaround for Southeastern NC for over a year now and our sales alone are up over 30% vs. 2011. This is real and my guess is that in our lifetime, we will never see these interest rates or prices again. Contact us today at 910 755-7557 if y

“Livin’ la Vida Loca”

Every day from Maine to California to Florida, real estate professionals are urging people to get off the sidelines and jump into the market of opportunity.

Unless you are in your 80s and 90s, the average adult has never had the ability to purchase real estate at such low interest rates. Want to guess what my first interest rate was when I purchased my home in the 80s? It was 13 ¼% and in the North Atlanta suburbs we mortgaged $70,000 in 1982 and our monthly mortgage (P&I) was $788. Today, someone leveraging the same amount would pay $314. That is 39% of what we paid in the early 80s!

In 2006 when I opened Carolina Plantations, real estate prices were high and almost every commercial building was occupied. So as a hedge bet, I purchased 1.5 acres zoned Highway Business in Shallotte on Hwy 17 with hopes of building my office on it one day. In the meantime, I lucked out with a long term lease on the building that we have called home for the past 6 years.

This summer an opportunity arose in Shallotte with a friend of mine and he wound up swapping the old Huddle House restaurant for my property. Finally we could have an office with more than two paved parking places. (of course after a major renovation!! 🙂

Seven days a week the team at Carolina Plantations does our best to convey to people that if you have the means to secure real estate now, than by doing so you will rest easy knowing that you got in at an incredible time. So, instead of just preaching “Living the Crazy Life”, Carolina Plantations went out and joined in the frenzy because we believe in the market here in Brunswick County, NC. And while it has been slow in many markets up and down the east coast, Brunswick County has been on fire in 2012 with an increase of more than 50%.

Make no mistake about it, we are two small businesses (including Plan View Design) but we impact a lot of people’s lives. For example, every time Haley designs a home, our clients choose a builder and the economic impact of $400,000 being infused into our economy is pretty amazing. Now consider that Plan View Design works with over 50 clients a year and we are the catalyst for $20,000,000 being spread amongst building supply companies, county employees (inspections, zoning, etc.), electrical/plumbing contractors, developers, builders, framers, HVAC firms, concrete companies, painters, flooring companies and so much more. And this does not include the economic impact our great real estate team is contributing.

A little over eight weeks ago, the inside of our new building looked like this:

Today, after a tremendous effort by a local contractor and their subs, we look like this:


We are proud to be a small business that has survived probably one of the most uneasy economic times of our lifetimes. No lie – at times since 2007 when we opened it has been challenging. However, our vision and perseverance won out and America needs to continue rooting for Mr. & Mrs. Small Business, as free enterprise is one of the greatest principles our great country was founded on.

If you have ever owned a firm or managed people, than you know that your success is tied to your strategic partners, and we are no exception. I must first thank my good friends at Inter Coastal Net Designs in Ocean Isle Beach, as we are probably the #1 real estate website in Southeastern NC. www.CarolinaPlantations.com Also very deserving is Carol Holmberg of the Bellamy Law Firm in Shallotte, the finest closing manager in NC! Vince Bacchi with Union Mortgage Group, Laurel Bellamy with Farm Bureau Insurance, Jim Giuffre with National Property Inspections and Bobby Long Surveyors are also reliable professionals.

So on behalf of Haley, Pat, Nancy, Court, Carolyn, Chris, Pam and our business partners, thanks to all of you who have believed in our team for our first 6 years. We are honored that you have trusted us to help you live the crazy life ( “Livin’ la Vida Loca”), and we look forward to seeing everyone at our new office at 4660 East Coast Lane in Shallotte, NC.