Working with clients who are looking at purchasing a beach vacation home in the Carolina and Kure Beach area (also known as Pleasure Island), we came across this foreclosure a few months ago that looked promising.

I mean, a new home this size and this close to the beach (1 block to a quiet section of Kure Beach with expansive views of the ocean from the 3rd floor) at this price is unheard of! Unit 1 of this Condo Duplex was already under contract at a significantly higher list price.

It seemed too good to be true.

The townhouse like condo had just come on the market. And since foreclosure listings typically have very few photos and those photos are typically really bad, I immediately set an appointment to go check this property out for my clients (who are out of town).

My initial reaction to foreclosure listings is “what is wrong with this one”?

No matter the price range, foreclosures tend to have repair issues you do not typically find in other homes.

I have found two reasons for this.

1. Home has not been taken care of by the previous owner
2. Home was tore up by previous owner (upset the bank just kicked them out of their home?)

Caveat Emptor – “Let the Buyer Beware”

Keep in mind that foreclosures are sold “AS IS, WHERE IS” most of the time. And basically, that means the bank will not make repairs and warrants nothing with the house. They wipe their hands clean when you buy the house. You get what you get.  If the house falls to the ground after you buy, you can’t go suing the bank.  You simply lose a lot of money.

With foreclosures, the risk lies with the buyer. So it is important to understand, as much as possible, if a foreclosure is a deal or not a deal BEFORE!!! you buy the house. Buyer’s have less contingencies in the purchase contract as well.

Do You Have Representation?

Unfortunately, so many buyers blindly think if it is a foreclosure, it must be a deal. And the agent representing the bank is not representing you (the buyer) and will only give you bare bones information without making sure you understand what is happening if you try buying without a buyer’s agent. The listing agent’s allegiance is to the seller.

So when I am working for a buyer as a buyer’s agent, my eyes are wide open and looking for problems when I walk into a foreclosure listing. My job is to protect my buyer by understanding their goals and to give insight and advice on how to best reach those goals. In this case, I was looking at this property with the knowledge I have of my clients goals and the knowledge of my experience as a real estate buyer’s agent.

I wasn’t surprised

And of course, when I stepped inside this home, I wasn’t surprised when I saw the problems.  Yet, I was absolutely perplexed at what was the cause behind what I was seeing.

To keep things short and interesting, I am going to write about this foreclosure in a multiple part series.

You will want to stay tuned, because at the time of this writing, this property is still on the market.  If you think it is a possible opportunity for you, I do want you to contact me.

Part Two

In Part 2, I will go over the details (including price, square feet, and # of beds & baths) of this Kure Beach NC Foreclosure and show you the photos I took that highlight the positive features of this home. I will also give you a bulleted list of what I think are the pros that I see with this home.

Part Three

In Part 3, I will show you my photos that capture some of the drawbacks. Like in Part 2, I will give a list of things I think are negatives. I want you to tell me if you think this foreclosure is a deal or not after you have read Part 3.

Part Four

In Part 4, I will share with you what I advised my clients concerning this house.

Part Five

In Part 5, I want to discuss very frankly the importance of good advice and solid buyer agent representation. This is will be a post you will want to read. It could save you heartache and thousands of dollars in making avoidable mistakes when buying real estate.

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Recently, the Board of Education in New Hanover County approved a new district map that will go into effect 2009-2010 school year.

It Took Nine Tries

Many parents have been a little worried over what was going to be decided about where their child would go to school next year. It took 9 tries before they found one they could live with. Still, those in favor of busing students aren’t totally satisfied with the changes. You can take a look at the new map to see how the schools are divided.

Relocating 1,412 Students

Option 9 (as they are calling it) is projected to relocate 1412 currently enrolled students. The largest amount of kids are being moved from Wrightsboro Elementary to the new elementary school being built in Castle Hayne. There is still a significant number being moved from College Park and Blair as well. Also, the new map moves a large amount from two of the magnet schools–Snipes and Freeman. Maybe they are hoping that more parents will opt to enroll their kids in one of these newly formed magnet schools.

So What Does this Mean for Wilmington Home Buyers with Kids?

What does all of this mean for home buyers who are relocating to Wilmington NC? Well, one thing is for sure: If you want to make certain that your child goes to a specific school you should probably buy a house right across the street!

Okay…maybe you you don’t have to go to that extreme, but you should know that when you hear redistricting buzzing around you need to get in on what’s happening. The New Hanover County Board of Education obviously can’t make everybody happy, but they need to know what parents think and want regarding the education of our children.

How To Ensure Your Kids Go to a Certain Elementary School?

Another way to ensure your child doesn’t have to transition to another school is to buy on Wrightsville Beach NC, Carolina Beach NC or Kure Beach NC. If you buy a home on one of the New Hanover County area beaches, your kids are guaranteed a spot at Wrightsville Beach Elementary or Carolina Beach Elementary.

There are Other School Placement Options to Consider

Let’s talk about other school placement options. Maybe there is an area of town that you absolutely have to live in, but you don’t like the school assignment. You basically have four alternatives to explore within New Hanover County: Charter Schools, Magnet Schools, Year-Round Schools, and Private Schools. I’ll be talking more about these school options in my next post on New Hanover County Schools.

I hope everyone had a great Thanksgiving.  I sure did.  In addition to getting to spend time with family, I had the opportunity to show some really nice homes to a successful, young couple from out of state.  We toured homes in Landfall, Demarest Landing, Shinn Creek Estates, Greenville Manor, and Georgetowne.

As I was preparing for my writing schedule for this week on The Wilmington Search, I decided to post some photos of the tour I did at the end of this short post and give you an update on what we will be writing about in the month of December.

IN DECEMBER:  Getting Up-to-Date on the Local Housing Market Here in Wilmington NC

A lot has been happening over the last few months in our economy and in the housing market.  More than ever, my clients are asking for information on how the real estate market is doing here in Wilmington NC.  So I wanted to give you a heads up, especially those who are email subscribers to The Wilmington Search, that I will be posting more frequently than normal throughout December.  I will be covering the market from many different angles as well as looking at submarkets, like Carolina Beach, Kure Beach, Wrightsville Beach, and new construction to name a few.  I will be using a lot of graphs and a lot of data.  So get ready to put on your numbers hat.  And if you are not a numbers person, don’t worry, I will be breaking it down so that it is easy to understand.  And if you ever have a question, feel free to leave a comment and I will post my response to your question.

Upcoming this Week on The Wilmington Search

Coming this week on the The Wilmington Search, I will be posting some new Wilmington NC Real Estate Market Updates where we will break the entire market down and look at what is happening in the market in each price bracket.  I will also be introducing my wife, Cheri Dowdy, as a new contributor to The Wilmington Search.  Formally a teacher, she has taught in both New Hanover County and Brunswick County and will be writing about the local area schools.  This week, she will be sharing about the new school redistricting plan.

And now for the home tour…

New Home on Lake | Landfall Home | New Construction | Wilmington NC

Brand new construction in Landfall and very affordable for Landfall. There are a few areas that could use an upgrade, but ultimately, this house does have good value for the price.

[The first home in Landfall I showed to buyers the day before Thanksgiving.]

Dining Room | Landfall Home | New Construction | Wilmington NC

I love the arches and vaulted ceilings in the dining room of this home.

Kitchen | Landfall Home | New Construction | Wilmington NC

Shot of the kitchen. Not amazing, but this house is on the market for $799, so it does fit the price range of this home.

Granite Countertop | Landfall Home | New Construction | Wilmington NC

Living Room | Landfall Home | New Construction | Wilmington NC

Spacious living room with lots of windows. The views out of these windows are of a small lake within Landfall.

New Home with a Big Yard | Landfall Home | Wilmington NC

Fairly new home in Landfall right at a million. This was a really nice home with many great features, including a huge game room. Corner lot, with a nice yard with lots of space on the side and a pool in the back for summer fun.

[The second home in Landfall I showed to buyers the day before Thanksgiving.]

New Home with Pool | Landfall Home | Wilmington NC

Pool in backyard.  Pool and Hot Tub are heated and the waterslide has a waterpump.  Excellent landscaping along with a great patio for grilling.

Sitting Area Overlooking the Great Room | Landfall Home | Wilmington NC

Well, I hope you enjoyed the pictures and are looking forward to the upcoming market reports.

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Contact me today for help with your real estate search

Walt Dowdy

910.431.1655

In part seven, I want to give you my personal thoughts on the pros and cons of living in Midtown – Wilmington NC.

And of course, this is part of a 7 part post series on what you should know about 28403:

1. University of North Carolina of Wilmington

2. Main Shopping Areas

3. Parks & Recreation

4. Schools

5. Medical Facilities

6. General Areas to Live

7. Pros & Cons about Living in Midtown/28403

So let’s talk about…

7.  Pros & Cons of Living in Midtown

The Pros

In part six, I want to give you a general overview of the area of 28403.  This post is not meant to be comprehensive, but rather to give you some points of reference in terms of neighborhoods and building styles as you learn more about the real estate market here in Wilmington NC.

I plan on writing this multi-part series for each zip code in New Hanover County and I plan to have the entire series written before posting any parts so that they will publish seamlessly unlike this series.  So look for the rest of the zip codes in future posts here on The Wilmington Search.

And of course, this is part of a 7 part post series on what you should know about 28403:

1. University of North Carolina of Wilmington

2. Main Shopping Areas

3. Parks & Recreation

4. Schools

5. Medical Facilities

6. General Areas to Live

7. Pros & Cons about Living in Midtown/28403

So let’s talk about…

6.  General Areas to Live

Historic & Stately Homes

Wilmington’s Historic District is located in zip code 28401, by the Cape Fear River in Downtown Wilmington NC.  The Historic Homes I am referring to in the 28403 zip code are not as old as those in the downtown area, but they do offer the opportunity to take the old world charm of yesterday and create a living experience to be both enjoyed and envied.

If you are looking for the older stately home, you will want to check out these neighborhoods.

Forest Hills

• Price Range: $400s to $1m+
• Square Footage range: 2000 – 5000+
• Age of Homes: early 1900s to 2007
• On My Platial Map

Highland Hills and Glen Meade

• Price Range: $300s to $2m+
• Square Footage range: 1800 to 6,000+
• Age of Homes: 1950s to 2000s
• On My Platial Map

Cottages and Bungalows

Cottages and Bungalows have had a popularity resurgence over the last few years and Wilmington has been no exception. Many neighborhoods have been targeted for renovating these lovely homes and those areas are up and coming areas.  Of course, the slow market has slowed down progress of transitioning neighborhoods.  This can mean possible opportunities for the savvy buyer.

Carolina Place

• Price Range: $100s to upper $300s
• Square Footage range: 800 to 2,000+
• Age of Homes: 1900s to 2007
• On My Platial Map

Brookwood

• Price Range: $200s to upper $400s
• Square Footage range: 1200 to 2600
• Age of Homes: 1900s to 2000s
• On My Platial Map

New Communities

Many of the communities in the 28403 zip code are older, there are a few areas where you can find new construction or recently built homes.  Typically, new communities are smaller in size in midtown except for one huge exception – Autumn Hall.

Autumn Hall

• This community is currently under construction and we do not have the full scope of details yet.
• Price Range: $800s to $1m+++?
• Square Footage range: 3,000 to ???
• Age of Homes: 2008
• On My Platial Map

Airlie Forest

• An example of a smaller new community.
• Price Range: $600s to $800s
• Square Footage range: 2600 to 4100
• Age of Homes: 2002 to 2008
• On My Platial Map

Single Spec Homes

Spec homes are newly constructed homes that are built on speculation of a buyer wanting to the buy the home after it has been built – contrasted to custom built homes that are built by a builder that has been hired by a buyer.  Throughout midtown, it is not uncommon to find homes that have been recently built within older neighborhoods.  This is significant for those who are looking for a newer home but still love the charm of mature neighborhoods.

Affordable Homes

First time home buyers are typically looking to spend $100,000 to $175,000.  There are several older condominium communities available as well as townhouse communities.  Midtown is typically a bit pricier than outlying areas due to the convenience of the location.  Single family stick built homes are typically in need of repairs and can be a great investment opportunity for the homebuyer who is willing to pull up their sleeves and put some sweat equity into their home purchase.

Investment Opportunities

It is my personal opinion that Midtown is a great focal point for picking up investment property.  But not all locations in midtown are created equal.  Much sifting is required to find that gem.  But the nearness of the college makes this area ideal for real estate investing.

Neighborhoods Close to the Water

As for communities close to water, specifically marsh front, creek front and the intracoastal waterway, 28403 has some of the most desirable neighborhoods in Wilmington NC.  This is due to the convenience of being in the center of town and near Wrightsville Beach NC.  Another interesting note is the low turnover rate of water access neighborhood homeowners in the 28403 zip code, especially off of Airlie Rd.

Bradley Creek Pointe

• Creek front and Intracoastal Waterfront
• Price Range: $700s to $3m+
• Square Footage range: 2200 to 7000+
• Age of Homes: 1970s to 2000s
• On My Platial Map

Parsley Woods

• Creek front and Marsh front
• Price Range: $500s to $900s
• Square Footage range: 2900 to 4000+
• Age of Homes: 1990s to 2000s
• On My Platial Map

The fifth thing I think you should know about 28403 (Midtown) is that most of Wilmington’s Healthcare is located in the 28403 Zip Code.  This post will be short and to the point.  For some, being near medical facilities will be important.  To others, it will probably just be good information to note.

And of course, this is part of a 7 part post series on what you should know about 28403:

1. University of North Carolina of Wilmington

2. Main Shopping Areas

3. Parks & Recreation

4. Schools

5. Medical Facilities

6. General Areas to Live

7. Pros & Cons about Living in Midtown/28403

So let’s talk about…

5.  Medical Facilities

New Hanover Medical Center

New Hanover Medical Center is the primary hospital for Wilmington NC and is located off of 17th St.  New Hanover Medical Center is a not-for-profit healthcare system and is a teaching site affiliated with the UNC-Chapel Hill School of Medicine.

Most of the specialists and other various healthcare facilities are located around the New Hanover Medical Center off of 17th St.

Cape Fear Hospital

The Cape Fear Hospital’s primary service is its Orthopaedic Specialty Center.  Established in February 2000, the Orthopaedic Center consolidated for the first time orthopedic surgery at one hospital in Wilmington.  Cape Fear Hospital is located off of Wrightsville Ave., right in the middle of town.  Cape Fear Hospital also has a 24 hour emergency department.

If you are a parent, buying a home is synomous with finding a good school.

I have a lot of work to do on The Wilmington Search in regards to writing articles on local schools and how to determine which schools are the good schools in Wilmington NC.  Unfortunately, this post is not on which schools are good or bad.  Rather, I want to help you get a sense of the area and which schools are located where.  Since my wife has been a teacher (now stay out home mom with 2 and 1 on the way) in both New Hanover and Brunswick County School Systems, I have asked her to help me write some really useful blog posts on local schools.  So look for that in the future.

Till now, I have yet to have a client who had kids in school not site schools being a top priority in their home search.  Dream homes get overlooked when schools become a priority.  That is because the dream home can wait.  A good education cannot.

My last client had 5 kids!  So if you are in the market to buy a home and schools are important to you, I have done quite a bit of research on the local schools and would be happy to help you with shortcuts on finding the right schools.

And of course, this is part of a 7 part post series on what you should know about 28403:

1. University of North Carolina of Wilmington

2. Main Shopping Areas

3. Parks & Recreation

4. Schools

5. Medical Facilities

6. General Areas to Live

7. Pros & Cons about Living in Midtown/28403

So let’s talk about…

4.  Schools

There are 5 public schools located in Midtown.  I want to stress that I am not referring to school districts but rather which schools are actually located in the 28403 zip code.  I will be writing about schools in future posts.  But for now, my goal is to simply acclamate you to where things are in Wilmington NC.  If you want to learn more about New Hanover County Schools, click here to go to their website.

Elementary Schools

Click for Arial View

College Park

• School Website
• NC Report Card (Click to see stats on School and Test Scores)
• District Map

Click for Arial View

Winter Park

• School Website
• NC Report Card (Click to see stats on School and Test Scores)
• District Map

Click for Arial View

Forest Hills

• School Website
• NC Report Card (Click to see stats on School and Test Scores)
• District Map

Middle Schools

Click for Arial View

Roland-Grise

• School Website
• NC Report Card (Click to see stats on School and Test Score
• District Map

High Schools

Click for Arial View

Hoggard High

• School Website
• NC Report Card (Click to see stats on School and Test Scores)
• District Map

Isaac Bears

See the School website to learn more about this unique early college four year program which meets at UNCW.  This school does not have a school district nor a NC Report Card.

• School Website

Well, I hope this post has been helpful.

READ PART 5 | Medical Facilities

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Search Wilmington NC Properties Now!

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Contact me today for help with your real estate search

Walt Dowdy

910.431.1655

If you are planning on buying a home in the Wilmington NC area, it would probably be helpful to know a little about the area.  So let’s start with Midtown.

Wilmington’s zip code 28403 is sometimes referred to as Midtown.  28403 actually extends beyond Midtown, but to keep things simple, we’ll loosely refer to 28403 as Midtown.

No matter where you are thinking of buying, whether in Wilmington NC, or in the outskirts of Wilmington, you should be familiar with Midtown.  In this series, I am going to be writing on seven important facts to know for each zip code in Wilmington.  They are:

1. University of North Carolina of Wilmington

2. Main Shopping Areas

3. Parks & Recreation

4. Schools

5. Medical Facilities

6. General Areas to Live

7. Pros & Cons about Living in Midtown/28403

Each point will be broken into an individual blog posts.  So here we go…part 1:

1.  The University of North Carolina of Wilmington is located in Midtown

UNCW first opened its doors in 1947 and has continually grown over the years to enroll nearly 12,000 students.  It is situated on a 650 acre campus right in the middle of Wilmington.  UNCW is one of the primary things that separates Wilmington NC from other coastal towns of North Carolina and South Carolina.  You can learn more here and view a map of the campus here.

Midtown is influenced by UNCWs presence in several ways.

Shopping - I will talk more about this in point number two, but I want to note here under UNCW, that there is quite a bit of shopping that is conviniently located to the University off of College (I-40 turns into College when entering Wilminton).

Apartments & Single Family Rentals - Obviously not all college students stay on campus.  There are quite a few Apartment Complexes near the college.  Also, there a several neighborhoods in the one mile radius of the college, typically those with older brick ranch homes, that are often rentals for college students. In Part 6 I will talk about the general areas to live in 28403.

Traffic - In and around the University, at certain times in the day, traffic can be a bit aggressive.  I believe this has a little more to do with the abundance of stop lights in the vicinity that do not stay green for long.  But I have personally noticed that I seem to have a greater chance of getting cut off or have a speeding car pass me aggressively just in time for them to slam on brakes for the obviously approaching traffic light that had just turned red two seconds ago.  Not to mention the young ones who think they can make that yellow light (D students I’m sure).  Expected, but if you are not from Wilmington NC, I think it is worth noting.

I typically get asked the hurricane question from those who live in areas that are not affected by hurricanes.  As Hanna is expected to hit our coast as a hurricane early Saturday morning and Ike is out at sea stirring as a potential contender for the NC coast, I thought it would be appropriate to post a few helpful links on hurricanes in the Wilmington NC area and what you can do to help protect your home in case of a hurricane.

Growing up in North Carolina, I am accustomed to the reality of hurricanes.  I tell everyone, I much prefer to be in hurricane prone areas over tornado prone areas.  Tornadoes can show up out of nowhere, whereas a hurricane is able to be tracked for days in advance.  Precautionary measures can be taken ahead of time.  And if it is likely to be a category 4 or 5, book a room far enough inland (or stay with relatives) and wait it out. 

Here is a list of some of the hurricanes that have hit Wilmington NC in the past:

(You can click on the links to read more about each hurricane.)

• Hazel (1954)
• Fran (1996)
• Bonnie (1998)
• Floyd (1999)
• Isabel (2003)
• Ophelia (2005)

Video footage of Fran in Carolina Beach NC shot by Jim Leonard (note the water 50 seconds in)

What can you do to help protect your home during a hurricane?

The Institute for Business and Home Safety has an excellent website with many tips and checklists for preparing your home and business for hurricanes.  Here is a video the IBHS has created showing you five things you can do to stop damaging winds and rain.

I have compiled an additional list of things you can do to protect your home.  You can either visit their website, or click on the links below to put together a plan to protect your family and home in the event that a hurricane is to strike our area.

• S Marks the Spot
• Entry doors – strengthen
• Gable End Bracing
• Garage door – wood bracing 
• Roof – care and maintenance
• Shutters (Plywood) – anchor installation
• Soffits – inspect and strengthen
• Surroundings – prepare your yard 
• Water damage – reduce your risk
• Emergency Kits 

The National Hurricane Center is the best resource to learn more about hurricanes.

I have been working hard on the new approach for The Wilmington Search.  I have several blog posts that I have been working on for educating you on the Wilmington area as well as ideas on where to live.

In addition to a lot of writing, I have also taken a lot more pictures lately with my new Canon camera.  I am working to create an amazing library of photos in and around Wilmington.  Here are just a few I took at Wrightsville Beach NC recently.

You can view these photos in their full size by visiting my Flickr account and clicking on the icon for slideshow.

You can also read descriptions about the photos as well see where the photos were taken on my Flickr map.  Hopefully the map will help you visualize Wilmington a little better if you do not live here.

As Hurricane Hannah takes site on the Southeastern North Carolina shores, my post on Hurricanes and Wilmington NC will be jumping to the top of my list for this week.  I am always asked about Hurricanes in Wilmington NC by clients relocating here, so I have been planning to dig up some research on Hurricanes in Wilmington.

So that you don’t miss future posts, sign up for updates.  It’s free and easy.

Walt Dowdy

Keller Williams Realty

Wilmington NC Realtor

Contact me today if you need help with buying a home.