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

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