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Some optimism in the local real estate market

READ MORE: Some optimism in the local real estate market
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It was a self-proclaimed power breakfast, packed with hundreds of area power brokers; all looking for answers about the economy, specifically the real estate market in our area. With their eggs, they got a hearty helping of optimism from an expert panel, including former Wilmington Mayor, Spence Broadhurst, now a banker in Greensboro. "This area was slower to get into the recession. I think it'll be faster to get out," said Broadhurst. The other panelists shared that view, including the builders. Ken Dull, president of McKinley Building Corp., said, "There are some positive things going on from the commercial side. We still see activity with industrial business." Craig Stevens, president of Stevens Fine Homes, said, “There are jobs here. There are people wanting to move here. So I'd rather be building homes in Wilmington, North Carolina than anywhere in the country." “We're a small market, and it just doesn't take much to pump that up," said Autumn Hall developer, Raiford Trask. A realtor who attended the breakfast said she has not seen much of a drop-off in her business. "It has slowed down definitely, but since we're a destination city, people move here because they want to, not because they have to," added Wendy Shorter-Bridges. Sea Coast Realty president, Tim Milam, said our region is benefiting from people in the northeast who are biting the bullet and selling their homes for less than they expected. "They can sell their home for less value and come south to buy in a much lower value as well," he said. Purchases like that may be contributing to the increase in mortgages less than $417,000. Michael Lopez, Alpha Mortgage president, said, "So the market has shifted dramatically into a kind of start home category." The bad news, Michael Lopez said, is so-called jumbo loans are down dramatically, meaning fewer sales of pricier homes. But he said there is no such thing as a national real estate market, instead it is all local, and here, he said, the market is good. Homes on the market take longer to sell than they did this time last year, and the average price of homes sold has dropped by about $15,000. Still, we're faring a lot better than much of the rest of the country.

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Look up the statistics The Average Agent Salary Is

The AVERAGE Real Estate agent makes only $35,063 (median average) per year according to a 2008 report in CNN Money.. According to PayScale an agent with 20 years of experience makes a median income of $74,434 per year. That is TWENTY years of experience. Salary dot com places the numbers lower at $34k - $45k per year. These national statistics were from when the market was doing better. So where is this millions of dollars you think Real Estate Agents make? It is apparent that you are not an agent because most agents (excluding top producing agents) normally work real estate as a second job because they would be able to afford to live if they didn't.. Millions... Huh... Hah! If only you knew... And how dare you bash anyone for working and trying to support their family... To have a job nd live...Sounds like you could use some ethics courses yourself sir..

I think what Mr Keybox up

I think what Mr Keybox up there is refering to with this data share and with Charlotte is that the Charlotte real estate agents will not be bringing what charlotte has down here (and yes charlotte is noce) but agents from charlotte becuase of the data share will saturate the area and will sell homes in areas they know nothing about and eventually take over the local board and take away local agent jobs.. Granted its only my opinion but whay else woud charlotte be demanding computer data from our agents.. Because they want to take over the market down here.. not add to it.

Charlotte will take the Wilmington Market Over Anyway

Of course the "BIG" INDEPENDENT brokers don't care... They already are forcing a data share thing with Charlotte and Raleigh and soon the Charlotte group who wants control of the state anyway will have their one huge group controlled by them and it won't matter. whoever wanted to swap data with Charlotte was not thinking they have nothing we want, and we have everything THEY want.. SO prepare for our local market being even more screwed up than it already is.. The only saving grace is that real estate agents can opt out of the North Carolina Data thing by checking a no box on the web online form and if they are smart that is exactly what they will do... click no to the animal called ncds... Welcome to Wilmington, Charlotte... The modern way of pillaging through villages..

"thing"

You seem so knowledgeable of this data share "thing". So much so that after reading your post I have no idea what you are talking about. I thought we all hated Yankees not people from our own state. Gee, I guess you hate everyone. What is wrong with Charlotte? It is a beautiful city, I lived there for 20 years. To correct you I know many people who have moved to Charlotte for great jobs so yes they do have things we want.

Move along

THIS is NOTHING new to this area...we are ALWAYS the last into a recession and the first out...just the way this area works.

Not making the big money

I am sorry to hear that you are not making millions off your millions. I find it nice not see trees cut down to fill your pockets..

Nice...

I don't understand why you would take time out of your day to criticize people trying to better themselves and our community. This is a great article about people who live and work in the area getting together to learn about the economy and how it is affecting other businesses in Wilmington and how to bind together. I grew up here in Wilmington and yes, am not always happy when I see one more set of trees being torn down to build another shopping center or another neighborhood, but I like knowing that it brings jobs to the area and shows how much we are growing as a community. But I also work in the real estate community too, and I would like to point out that the majority of real estate agents are not millionaires making millions off millions. If you're so jealous of them making so much money, maybe you should have attended and bettered yourself instead of downing others for doing so.

nice...

Ummm, Downtowngirl... It would appear by the info given in the post that this person is ex real estate, and just plain bitter about everything right now... I mean, you know, right before christmas and all... It appears that not only do you have the the gumption, but you have drive, initiative and hope to keep trudging through. P'raps you will sell this city alive, and unbeknownst to him at this time, you will hire him this spring... chin up, focus, succeed and pay it forward!!!

Hey JJ do you live a

Hey JJ do you live a house ? If people are coming to the area they have to live somewhere

Yes, I live in a house and it is paid for...

Yes, I live in a house and it is paid for. I am one of the lucky one who years ago decided a house was more important than a new car or $100 snickers. I am tired of hearing about all the new jobs.. What jobs? Minimum wage jobs maybe, but nothing to write how about. Tell me the last time a company came to town paying 50k+ a year. That is right, there has been none. So, you have people that make money off retirees that have worked union jobs up north. They are able to retire after 20 years and move south and live in comfort. I have a friend that is a retire police officer who retire at the age of 45 with a pension of 85K a year. What job in Wilmington offers that? AS far as the comment “maybe you should have attended and bettered yourself instead of downing others for doing so”, I’m sorry I must have overlooked that invitation. However, I was not in town. To make a decent living and support my family, I have to travel with my job. So, again I will say it is the rich looking to get richer who were at the meeting.

The trade-offs aren't worth it

JJ, if you look at the fiscal shortages being faced by these states that are paying above market wages and paying huge retirement benefits, they are in far worse shape than the Southeastern states. If you have ever lived in New York, Connecticut, Northern Jersey, Boston or Philly, you would know what a vicious cycle it is. High municipal wages and ever-increasing social programs lead to higher taxes....which means that everyone else's wages have to rise to keep pace with taxes....which increases ever company's costs of doing business....which leads to a higher cost of living as prices are raised....which leads to wages and social program spending rising again....and on it goes. Overly generous retirement plans press NYC as hard as the UAW retirees press the big three auto-makers. The difference is that NYC simply raises taxes as needed. We do NOT want to recreate the hell that is the urban Northeast. You will note that everyone is retiring and fleeing as fast as they can get onto I-95. Don't you wonder why? I lived up there - I KNOW why! There's no such thing as a free lunch. Every penny more in wages has to come from somewhere. Try to match their wages here in Wilmington and some day very soon, people will be fleeing Wilmington when they retire.

If I'm not mistaken, Titan

If I'm not mistaken, Titan is trying to bring some 50k a year jobs here. And GE has added quite a few jobs since it became the corporate headquarters for it's nuclear division.

You really shouldn't comment

You really shouldn't comment on a meeting you did NOT attend. I in fact was there at the meeting and know many of the panelists that spoke. This was not about the rich getting richer, and in fact only a handlful of people there would be conisidered wealth. If you would prefer to live somewhere that allows everyone to make the same amount of money and stifles individual wealth, I hear China & North Korea are both nice this time of year...

...but that raises a question...

Are TOO MANY coming here? Are we not killing the goose that lays the golden eggs by allowing unrestricted development? We're slowly creating Levittown South, and starting to see remarkable similarities to the megalopolis nightmare many recent arrivals fled. When you're stopped dead in traffic, does it really matter if it's on the BQE or Market Street? Is there any difference between the looney idea to tax motor vehicle owners to pay for the MTA up in New York, and Nancy Pritchett's proposal to do the exact same thing to fund WAVE? Let's be blunt: Is the Wilmington area still an area that is worth moving to, or is it already too crowded? Do we really want the entire population of Queens, Nassau, and Suffolk Counties (or even Mecklenburg and Wake) to move here? There HAS to be some kind of compromise between the "come one, come all" attitude and Draconian restrictions on private property and individual rights. The three counties need to stop rubber-stamping every single development and start rejecting those that overload an already overloaded infrastructure even further. Even better, start making the devlopers pay to improve the infrastructure. For example, if there was a special assessment for every new home in the Leland/Belville area and down NC 133, it could have gone into a pool to fund a new bridge across the Cape Fear. Sure - it would have been passed onto the home buyers, but if you take a look at the traffic trying to get onto the Memorial Bridge every morning now, five or ten thousand dollars amortized over thirty years would likely be a bearable alternative. Sure - it's not simple. Multiple counties are involved, not to mention the Knights Templar of bureaucratic confusion, NC DOT. But if we don't get a handle on growth NOW, this place is going to be far worse than anything ever seen in Levittown.

hmmmmm

The only people I see moving to the area are illegals coming to find jobs building more houses - that, incidentally, they could never afford. You work in the biz, you know the market is flooded. You know that the existing home sales are in the toilet due to all the new construction. You know that the new construction biz is in the toilet due to intense competition between cash strapped builders. You also know that foreclosures are through the roof due to flippers getting stuck on investment properties. Rentals are going empty, and a rental price war is inevitable - further exacerbating the foreclosure rate - since landlords will be taking less rent in than the mortgage demands. Build less, increase demand, preserve the ecology that draws people here.