The Wilmington Search » Waterfront Homes

Foreclosure Kure Beach Condo Duplex with Ocean Views | Part 1 | Deal or No Deal?

Walt Dowdy — Wed, 21 Jan 2009 10:25:59 +0000

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.

Home has not been taken care of by the previous owner
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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What are Hurricanes Like in Wilmington NC?

Walt Dowdy — Thu, 04 Sep 2008 16:49:00 +0000

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.

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

Luxury Living in Landfall – Wilmington NC

Walt Dowdy — Tue, 01 Apr 2008 19:31:33 +0000

Wilmington NC has many wonderful neighborhoods, but there are none that can compare to Landfall. Not only is Landfall unique to Wilmington; it is unique for many, many miles.

In fact, check out the first sentence of the Country Club of Landfall’s Mission Statement:

It is our intent that the Country Club of Landfall be viewed as one of the most desirable Country Clubs in North Carolina.

An Overview

Landfall is a gated golf community which spans across roughly 2,200 acres bordering the Intracoastal Waterway and Howe’s Creek. Just outside of Landfall are some of the most sought after shopping and dining locations in all of Wilmington NC . From the Eastwood Gate, Wrightsville Beach is just minutes away.

If you are looking for fine coastal living, Landfall probably has exactly what you are looking for.

Landfall Homes

Inside Landfall, you will find aproximately 2000 homes that are all luxuriously appointed and carefully landscaped to perfection. Most homes in Landfall are custom built dream homes. Many feature award winning architecture and have been featured in local magazines like Focus on the Coast, Wilmington Magazine, and Wrightsville Beach Magazine.

Most of the homes in Landfall are situated on spacious lots with some areas like the Highlands of Landfall providing estate size lots. There are also a few neighborhood communities within Landfall with smaller lots, designed for the buyer looking for less work in the yard.

Bodies of water are found all throughout Landfall along with unsurpassed Intracoastal water views. It is not uncommon to find the Intracoastal Waterway homes in Landfall reaching into the millions. Many of these waterfront custom built homes look like they belong in Beverly Hills CA, but I must admit, I would much prefer the Intracoastal views over Beverly Hills any day.

The Landfall Lifestyle

Landfall is not just a community of beautiful homes. Frankly, it is a lifestyle. The amenities for recreation, relaxation, and socializing mirrors that of a resort.

Golf

Landfall offers 45 holes of world-class golf. The 27 hole Jack Nicklaus course was designed by the master golf professional himself. Another 18 holes were designed by the highly esteemed Pete Dye. In addition to the challenging game these two golf courses provide, views of the Intracoastal Waterway and Howe’s Creek make golf in Landfall a true retreat from the hectic pace of life.

Clubhouses

Two separate clubhouses serve the Jack Nicklaus and Pete Dye courses. The Landfall Clubhouse, serving the Jack Nicklaus course, is dedicated to a variety of uses. The Landfall Clubhouse features fine and casual dining as well as banquet facilities, a ballroom, card and locker rooms. The Pete Dye Clubhouse hosts special event dining. Both clubhouses offer golf shops with a wide variety of equipment and clothing.

Sport’s Center

Landfall’s sport amenities do not stop with golf. A 14 tennis court Sport Center designed by Cliff Drysdale is available for the tennis aficionado: 3 grass, 2 Har-Tru and 2 hard surface. An onsite staff offers instruction programs for all ages and abilities. The Cliff Drysdale Sports Center also offers a 1,600 square foot state-of-the-art fitness center with cardiovascular equipment, a weight training area, personal trainers, exercise classes, an 1,150 square foot aerobics room and massage therapy. And if the day gets too hot, or you need a water aerobic workout, next door is an Olympic-sized pool, as well as, a toddler pool.

And More…

As if that wasn’t enough, Landfall has walking trails, soccer and softball fields, and basketball and volleyball courts. Weddings are often featured at the beautiful Temple Gardens and Kenans Chapel.

Country Club Membership for Residents and Non-Residents

Now if you are looking for a beautiful home to buy without the extra amenities, club membership is not required. On the same note, if you do not live in Landfall but would like to join the Country Club of Landfall, a Non-Resident membership is possible.

Full Membership

At the time of this writing (and these details are subject to change), full membership for Landfall residents is $55,000 and $60,000 for Non Property Owners. Full Membership includes social events as well as access to all sports facilities.

Sports Membership

If you are looking for just the sports facilities, a Sports Membership is available at $18,000 for Landfall property owners and $20,000 for Non Landfall Residents. There is also a monthly fee in addition to the initiation fee. To learn more about Club Membership Click Here or call (910) 256-8411 for the most up to date information.

My Local Landfall Perspective

As a local Realtor, I personally love the homes in Landfall. One of the things I like to point out to my clients is the market that exists within Landfall. If I have a client who is in the market for a home that is $600,000 or above and gives me any indication that resale value is important, then my mission is to find locations where the properties have comparable values. Buying a home for $800,000 where all the other homes in the vacinity are selling for $400,000 to $500,000 means market exposure when it comes time to sell.

From this purely technical perspective, I appreciate Landfall. For Landfall, $800,000 would be a middle of the road price for a home. This does not mean Landfall’s real estate market will necessarily out perform other real estate markets. Rather, Landfall has the appropriate range of prices for luxury homes which creates a safeguard for your home’s value.

There is also the value of the brand “Landfall”. The Country Club of Landfall, as well as, the Landfall Home Owner’s Association have worked hard to develop this distinguished brand. In the consumer world, brands become synomous for a consumer’s trust in the quality the brand represents. How does that translate in real estate? “I have a ‘Landfall‘ home to sell.” The Landfall brand immediately positions your home without mentioning features or price to a Wilmington local.

Luxury Home Shopping?

If you are considering a purchase in Landfall or would like to learn of other Wilmington neighborhoods with luxury or waterfront homes, feel free to contact me directly at (910)431-1655 or fill out this Contact Form.

Currently, there is quite a bit of inventory in the $600,000 to $1,000,000+ price range, of which I am familiar with. In addition to mapping out a game plan for your next home purchase, I will educate you on the current market with a local Wilmington real estate market report which shows you what is currently happening in each price bracket. This insider knowledge puts you in the driver’s seat, giving you an edge on the competition and leverage in negotiations. I look forward to hearing from you and happy house hunting!

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Living on the Water in Wilmington NC |Waterfront Community Profile | Summer Rest

Walt Dowdy — Thu, 13 Mar 2008 14:12:57 +0000

Community Description:

As you turn onto Summer Rest Rd., just shy of crossing the Wrightsville Beach bridge, you immediately shift gears and slow down. Though the speed limit is 9mph, I am not referring to your car.

Summer Rest, in my opinion, is one of the very best locations in all of Wilmington. The name Summer Rest says it all. The gear shifting I am referring to is attitude. When you drive down Summer Rest, better yet, live in Summer Rest, you are reminded of why Wilmington NC is such a great place to live.

Life slows down in Summer Rest.

Homes in Summer Rest are nestled naturally underneath mature live oak trees with picturesque Spanish moss hanging from the limbs, gently swaying to the coastal breeze of the intracoastal waterway. Homes located on Summer Rest Rd. boast incomparable intracoastal views. Most of these homes have boat slips, giving easy access to a lazy day on the blue Atlantic waterways that embrace Wilmington’s mainland. Homes off of Summer Rest Rd. enjoy the tranquility of quiet enjoyment underneath the mature trees and lush landscaping.

At the end of Summer Rest Rd. is Summer Rest trail, a paved nature trail that meanders along one of Landfall’s walls. A nature’s retreat, Summer Rest trail leads to the business park where the Port City Chop House is located.

Speaking of restaurants, some of Wilmington’s finest restaurants are in walking distance from Summer Rest: Boca Bay, The Bridgetender, and Airlie Grille. The Dockside as well as the fine restaurants at Lumina Station are a very short drive away. Not to mention, Wrightsville Beach and the loop are a short bike ride away.

How many homes does this community have? 50 – 60 Homes (Only 14 Waterfront Homes)

Price Range: Upper $600s to $3m+

Style of Homes: Low Country, Cottage, Traditional, Transitional (all custom built with a variety of architectural styles)

Square Footage Range: 1500 to 6000+

Age of Homes: Early 1900s to 2004

Pros: Breathtaking views of the intracoastal waterways, boatslips for homes on Summer Rest Rd., Quiet neighborhood, convinient to Wrightsville Beach and nearby shopping.

Cons: Can’t think of any.

2007 Sales Activity: None. Homes are rarely for sale in Summer Rest.

For More Information:

Contact Walt Dowdy today for a free list of homes currently available in Summer Rest. Simply fill out this form and type in the comments box “List of Current Available Homes in Summer Rest”. You will receive the list of homes via email with no-obligation.

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Learn more about Wilmington NC at WaltDowdy.com and Wilmington NC :: Real Estate Blog.

Boats on Blue Water – Wrightsville Beach Photos

Walt Dowdy — Mon, 04 Feb 2008 04:06:58 +0000

Today (February 3rd), was a beautiful day in Wilmington NC. The temperatures reached into the upper 60s and my wife and I took the boys to the park. On the way to the park, the little ones fell asleep and I knew the sun would be perfect for capturing a few photos of the intracoastal waterway. Enjoy!