http://katiemooreteam.com/blog/categoryname_katie-moore-real-estate/sort_entrydatetime-desc/ Buyers pining for carefree, coastal living in Wilmington, North Carolina, are finding that it’s getting harder to find a luxury home there, not to mention one at the right price point—and that’s giving sellers the upper hand.Luxury homes in the Wilmington metro area were selling six weeks faster in December than they were a year ago, according to the most recent luxury data from Realtor.com, signaling that conditions are favorable for sellers looking to cash in on an opportunity. “Prices are high, inventory is low, time on market is quick. So it’s a good time to be a seller in a market like Wilmington,” said Hannah Jones, senior economic research analyst for Realtor.com. Days on market for luxury homes in metro Wilmington were down 46 days in December from a year earlier, and the number of homes asking $1 million or more on the market increased 51% to 316 during that time frame. “It’s a great time to be a seller in the waterfront and luxury market,” said Nick Phillips, a broker at Landmark Sotheby’s International Realty specializing in luxury and waterfront homes in Wilmington.Even though inventory for the overall housing market in Wilmington proper is up 43% year on year, that number is still down 36% from before the pandemic four years ago, Jones said, citing Realtor.com data for January.(Mansion Global is owned by Dow Jones. Both Dow Jones and realtor.com are owned by News Corp.)“Inventory levels are still so much lower in Wilmington than they were pre-pandemic,” she said.Nestled between the Atlantic Ocean and the Cape Fear River, Wilmington is a desirable place for buyers who crave the outdoors and enjoy activities like boating and golfing, said Melanie Cameron, a broker specializing in luxury homes with Coldwell Banker Sea Coast Advantage in Wilmington.With four distinct seasons and moderate temperatures, it’s not unusual to have 70-degree-Fahrenheit December days. “I’ve lived here almost 30 years, and I can count on two hands how many times I’ve seen ice and snow,” Cameron said.Wilmington also offers Southern cosmopolitan appeal, with a historic downtown area where residents can explore local boutiques, riverfront dining and entertainment. “It has that small-town feel, but it also has the amenities that you would want in a bigger city,” Cameron said.Big Interest from the Big AppleThe latest data show that Wilmington is attracting as much interest from people in other parts of the country as it does from those who live in-state. According to fourth-quarter figures on cross-market housing demand from Realtor.com, more than half of the viewership coming to homes in Wilmington is from outside of the state.“That alone speaks to how desirable this market is to people outside of North Carolina,” Jones said.Interest in Wilmington homes is highest among Manhattanites. Of the views of homes in the metro area, one in five came from the New York City area, according to the Realtor.com data.“What that says to me is it’s a good area for people who are these higher-wage buyers looking for a little bit more for their money outside of New York City,” Jones said.Cameron said price factors strongly into the out-of-state demand. “The luxury home here is a lot more affordable than it is on the West Coast or the Northeast.”Even after a 1.8% year-over-year increase, the average listing price for a luxury home in metro Wilmington was $1.6 million in December 2023, compared to $5.8 million in the San Diego metro area and $5.9 million in metropolitan New York City.Proximity plays to Wilmington’s advantage, too, Phillips said. The area is easily accessible to most major metro areas along the Eastern Seaboard, and residents can hop on a direct flight to New York or Washington, D.C., from Wilmington International Airport. “They can leave their home in N.Y.C. and be at their beach house at Figure Eight Island in less than two hours,” Phillips said, referencing the exclusive, residential-only island just south of Wilmington.With its location as a midpoint along Interstate 95, Wilmington attracts buyers who regularly travel up and down the East Coast, Cameron said. “We get a lot of Northerners who go south to Florida and then come halfway back,” she said.Where Buyers Want to End UpLike many other luxury markets in desirable destinations, interest in Wilmington flourished during the pandemic, as late-career professionals saw an opportunity to move to the places where they planned to eventually retire, Cameron said.“People can still travel from there, work remotely and enjoy the area’s lifestyle,” she said. That’s not to say all buyers fit that profile. Cameron said Wilmington homes have sold to buyers including a retired professional who paid cash for the property, a middle-aged corporate engineer and entrepreneurs in their late 20s. “It’s a good mix of buyers from all age groups,” she said.And more recently, the age of buyers has been trending downward, Phillips said.“I think the most significant change we have seen, especially since the pandemic, has been the influx of young, affluent buyers who are coming in and snapping up waterfront homes,” he said.Cameron said luxury buyers are drawn to coastal and country club communities like Landfall, which is built around a Jack Nicklaus-designed golf course, and the scenic waterfront town of Wrightsville Beach nearby. Along with Wilmington’s traditional Coastal Craftsman-style homes, contemporary builds enveloped in concrete and windows are grabbing buyers’ attention. Newer homes boasting high-end finishes and a spot closer to the water tend to fetch the highest prices, Cameron said. “We have a few sales in the last year that exceeded $10 million,” she said. Signs Point to Seller’s MarketAt $1.8 million, the median luxury price in Wilmington proper has risen 5% year over year and 26% from before the pandemic, according to January 2024 data from Realtor.com. “For sellers in that segment, it’s still very possible—depending on when you bought—to come out pretty favorably from a home sale,” Jones said.And if inventory doesn’t pick up at the same rate that demand does this spring, it’s possible that prices will continue to rise, she said.“Buyers are really excited to see new homes on the market because there’s just not that much inventory,” Jones said. “And so, if you have a well-priced home that’s well-maintained, well-loved, then buyers are going to be really excited to see that.”Given the market conditions, Cameron said anyone considering selling or buying would be wise to start the process sooner rather than later.“Don’t wait,” she said.  http://katiemooreteam.com/blog/4134/real-estate-in-this-north-carolina-city-is-booming-potential-sellers-should-take-note/ Mon, 25 Mar 2024 01:09:17 -0500 WILMINGTON — The city and county continue to expand at rapid rates and there is no shortage of developers proposing housing developments to accommodate. The city has one new housing development and three expansions to ongoing projects in review, in total bringing 630 more housing units to the Port City. The projects are located in some of the city’s busiest and fastest-growing areas — Eastwood Road, The Pointe in midtown — ranging from apartments to townhomes to single-family houses. Here are details on the upcoming projects. The Townhomes at Allens Lane Multiple parcels tucked away off Eastwood Road and less than a mile from the beach are being proposed for 16 townhome units. The site plan, which calls for seven buildings on 1.39 acres, was submitted by property owner and CEO of Intracoastal Realty James Wallace Jr. Local developers Norris & Tunstall Consulting Engineers are also behind the project. They have one other housing development in their portfolio, Carolina Bay at Autumn Hall, along with Wilmington’s Renaissance Park and several UNCW academic buildings. Located at the juncture of Allen’s Lane and Wrightsville Avenue, the seven buildings would stand three stories and 39 feet tall at maximum. Five of the buildings would house two units, while the other two would house three; units would span around 1,500 feet. The plan has each townhome outfitted with a garage, elevator and covered deck. The downstairs would be reserved for living quarters, while a master and secondary bedroom and bath would be located on the second floor. While the property is currently vacant, 16 significant oak trees reside on the property. The site plan states none of the trees will be removed in the development. Two parking spaces will also accompany each unit. Drivers will be able to access the property via one entrance off Allen’s Lane. The site plan also indicates the development will not be a major traffic disrupter to neighbors, with eight peak trips during morning peak and 12 during evening peak.CLICK HERE TO READ MORE.... http://katiemooreteam.com/blog/3961/wilmington-developments-to-watch:-638-more-units-are-coming-to-the-port-city/ Thu, 17 Nov 2022 07:34:50 -0500 Now in its 35th year, our annual Readers' Choice Awards continues to capture the travel experiences our readers love best, from hotels and airlines to cruises and islands. Plus: Odes to the properties that keep you coming back, meditations on beloved cities, and more. The numbers prove what we already knew: Enthusiasm for travel has never been higher, as demonstrated by the nearly quarter of a million of you who filled out this year’s survey. The best cities in the United States (large and small) are a testament to the staying power of perennial favorites, through thick and thin—with some newcomers to consider. Here are the best cities in the U.S., as voted by Traveler readers.View the Readers' Choice Award winners for the best cities in the world here.If you enjoyed this article and want to have access to more of the incredible work that our editors do, there’s no better way than to subscribe to Condé Nast Traveler. Subscribe today to get one year of Condé Nast Traveler for $10 and gain access to the coveted print and digital editions, including the Readers’ Choice Awards issue guaranteed—bringing everything a global traveler needs to know right now to your phone, tablet, and computer.Good things come in small packages, and nowhere is that more evident than in these 10 dynamic, reader-favorite cities. Whether you're on the lookout for a cutting-edge arts scene, inventive new restaurants, or eye-catching architecture, you're bound to find what you're after.Ivana Djudic/Unsplash10. Wilmington, N.C.In recent decades, Port City has become a favorite spot for Hollywood filmmakers, serving as the backdrop for projects like Dawson’s Creek, One Tree Hill, We’re the Millers, and Iron Man 3. It’s not hard to see the appeal: With architecture dating back to the 1730s in its National Register Historic District, scene-setting live oaks, and a pedestrian-friendly Riverwalk, Wilmington feels a bit like a lower-key Savannah. Southern charm abounds in spots like the Airlie Gardens, which bursts to life in the spring with more than 75,000 azaleas, while the World War II–era Battleship North Carolina—accessible via water taxi—is a favorite among military history buffs, who can stroll through its living quarters, mess halls, gun turrets, and the rest of its nine levels.Click here for more... http://katiemooreteam.com/blog/3947/conde-nast-traveler's-the-best-cities-in-the-u-s-:-2022-readers’-choice-awards/ Tue, 18 Oct 2022 08:44:59 -0500 CAROLINA BEACH, N.C. (WECT) - The Carolina Beach Mural Project just completed its 12th mural of the year. Originally, the goal was to create two murals a year, but they have exceeded that original plan.The 12th and latest mural was created by Maddie Deiters, a 15-year-old artist who wanted to show Carolina Beach what she believes the best day ever looks like. The mural consists of five Polaroids that showcase what the best day looks like based on community input.Deiters asked locals to submit photos of their best day in Carolina Beach. Over 80 photos were submitted and only five were selected to be painted on the mural. Deiters said it was hard to chose just five photos because every submission looked like the best day ever.Maureen Lewis, founder and president of Carolina Beach Mural Project tells me what her vision was for this project.“Public art inspires people and it makes the community feel a little more cohesive, and for the visitors it’s just another thing that they enjoy. We call it cultural tourism, so perhaps you’re not really into the beach but now there’s another reason to come to Carolina Beach.”She said that the murals add a pop of color to areas and create an overall happy vibe around town.There are plans to create more murals around town, but for now, ”Best Day Ever” is the last mural to be painted for the year.The process to add a mural to the town’s walls isn’t quite that simple. The paintings need to represent Carolina Beach in some way, whether it’s the history or cultural tourism. The artists also need to have ties to North Carolina. This was the most important requirement because the Mural Project wanted to represent the state of North Carolina in the best way they can.The Mural Project commissions North Carolina artists through events, sponsorships and donations. They are asking people to donate to the program in order to continue creating meaningful pieces of artwork around town.There is a map to help locate the 12 murals, as some are harder to find than others. Click HERE to see a map off all 12 murals and the original story. http://katiemooreteam.com/blog/3944/carolina-beach-mural-project-adds-a-pop-of-color-to-town/ Tue, 11 Oct 2022 09:00:30 -0500 Zillow's Hot Housing Takes for 2022By Zillow Research on Dec. 8, 2021The housing market may not reach the incredible heights of 2021, but we expect it will be anything but slow next year. Expect the strong sellers market to persist, the Sun Belt to maintain its top spot as the most in-demand region, and flexible work options to continue to shape housing decisions in new ways in 2022. The following are Zillow’s bold housing predictions for 2022. Whatever happens, the Zillow Economic Research team wishes you and yours a safe, healthy, prosperous and enjoyable year!2022 will fall just short of record-breaking2021 marked the hottest housing market in U.S. history by some measures, including Zillow’s Home Value Index. While we may not see those records broken in 2022, Zillow economists expect incredibly strong price growth and sales volume to continue. Zillow’s forecast calls for 11% home value growth in 2022. That’s down from a projected 19.5% in 2021, a record year-end pace of home value appreciation, but would rank among the strongest years Zillow has tracked. Existing home sales are predicted to total 6.35 million, compared to an estimated 6.12 million this year. That would be the highest number of home sales in any year since 2006. Sellers keep the upper handThe usual seasonal cooldown in the housing market is reappearing this fall after a hiatus in 2020. Fewer homes are selling above list price, homes are staying on the market a few days longer than they did during the summer, and more sellers are cutting their price. Zillow economists expect these metrics to trend slightly cooler in 2022, but don’t mistake that for a buyers market. The market forces that have given sellers the upper hand over the past two years or so — tight supply after years of underbuilding, and elevated demand due to remote work, U.S. demographics and low mortgage rates — will persist next year as well. Expect to see bidding wars on many homes, especially as the market heats up during the spring and summer shopping season. Large rentals will be in high demandRising home values will impact the rental market as well. After a slowdown in the early months of the pandemic, rent prices came roaring back, especially in what were previously some of the most affordable markets. As rising costs make it harder to save for a down payment, expect demand for larger rentals to increase, including for single-family homes, as families stay in the rental market longer. The ‘Sun Belt surge’ will extend to secondary markets2021 was in many ways the year of the Sun Belt. Zillow predicted Austin would be the hottest market of 2021 as part of a “Sun Belt surge,” which proved to be the case — no metro has seen home values grow more than Austin so far this year, and all of the top destinations for long-distance movers were in the Sun Belt.  Zillow predicts this surge will extend to smaller Sun Belt cities in 2022 as price hikes in this year’s star markets make more-affordable nearby markets more attractive. From April to August, Austin held the top spot in quarter-over-quarter home value growth, which is a good indicator of current housing demand. As of October, the smaller Florida metros of Fort Myers and Sarasota held the top spots, and 24 of the top 25 markets were in sunny states – a sign of things to come in 2022. More Gen Zers and millennials will buy a ‘second home’ before a primary residenceAmericans are taking advantage of remote work flexibility to move to larger homes in more-affordable markets, but many will not want to commit to a new location full-time. This is often true for younger people who are attracted to the amenities of living in a city, where expensive housing is more likely to put homeownership out of reach.  With these factors in play,  there may be more people buying what’s traditionally a second home — either a part-time vacation home or an investment property — before they buy a home as a primary residence. Young people today are savvy watchers of the housing market, in part because of time spent Zillow surfing. Purchasing a “second” home in a market more affordable than the one they live in is a way to break into the market and start building equity while mortgage rates are low, possibly teaming up with friends or family to lessen the financial burden. Virtual home shopping tools available today, such as Zillow 3D Home tours, make buying a home in a far-flung location easier. No end in sight for the renovation boomIn the race to buy a home in the ultracompetitive pandemic housing market, many buyers have had to make one or more compromises (81%). As prices and mortgage rates rise, expect many homeowners to upgrade their existing home rather than try to wade back into the market to trade up. A Zillow survey of homeowners found nearly three-quarters would consider at least one home improvement project in the next year. The top projects on their to-do list are renovating a bathroom (52%) or kitchen (46%), adding or improving a home office space (31%), finishing a basement or attic (23%), adding a room (23%) or adding a separate dwelling unit (21%). Work will play a key role in moving decisionsThe rise of flexible work options has changed how heavily a short commute factors into where Americans live. Home buyers used to pay handsomely to live near downtown and reap the benefits of a quick trip to and from the workplace each day, but that dynamic flipped in much of the country last year as buyers prioritized affordability and extra space. In 2022, hybrid and fully remote work will continue to reshape which areas are most in demand as the pandemic winds down and more workers receive permanent guidance on their flexible work options. Zillow economists expect fully remote workers to continue to seek affordable markets, like those in the Sun Belt and other nontraditional housing hot spots where they can afford to buy their first home or trade up for a bigger one. And amid the “Great Resignation” and a generally aging population, traditional retirement markets are likely to see elevated demand.New construction gains will only be a drop in the bucket, despite best efforts of buildersThe reason home prices are rising so quickly is economics 101: high demand and low supply. Zillow research shows that in the 35 largest housing markets alone, there has been a shortfall of 1.35 million new homes since 2008 because of a construction slowdown following the housing crash. Home builder confidence is sky-high, and builders are doing all they can to get houses up, but supply chain snags and labor shortages are limiting progress. The gap shrunk in 2021 and will likely shrink again in 2022, but the housing shortage will be a defining feature of the market once again next year.  http://katiemooreteam.com/blog/3810/zillow's-hot-housing-takes-for-2022/ Sun, 23 Jan 2022 08:08:59 -0500