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No housing crisis in Wilmington

Data from the Wilmington Regional Association of Realtors show that the median home price in the area is up by close to five percent. Local realtors say that's not too substantial, but significant when the rest of the country is down 6.2 percent. Realtor James Bullock recently moved to the Wilmington area. He was looking to relocate and figured, why not here? "The weather's great, people are great and there is a lot of opportunity here," Bullock said. A life-style that people like Bullock--a professional without any children--can and will pay for. "I think you're still dealing with a supply and demand model where Wilmington continues and will continue for the forseeable future to be a very desirable place to live," said David Spetrino, Owner of Plantation Building Corp in Downtown Wilmington. Spetrino says the area's allure is attracting people like Bullock who aren't affected by the sub-prime mortgage crisis. "That upper segment, that top rung individual isn't going to be as dramatically affected by something that your middle America is going to be affected by with regard to what they can purchase and where they can live." So, in other words, those with enough money can afford to live where they want. That is, until others catch on. "Just by virtue of being a great place to live is what's attracting people to move here, which in turn is going to make it harder to buy a home," Spetrino said. Bullock ultimately purchased a home in Leland. He says he's close enough to the action--and got more bang for his buck. The median price for a home in Wilmington is currently more than 400,000 dollars. It's projected to increase by 50,000 dollars by 2011.

Disclaimer: Comments posted on this, or any story are opinions of those people posting them, and not the views or opinions of WWAY NewsChannel 3, its management or employees. You can view our comment policy here.


No, when the gov't is building

Too be sure not when the government is building housing for all the deadbeats and druggies to live in. Somebody needs to be shot over the Wilmington Housing Authority's lack of responsibility to screen those that are occupying the places that are provided for at taxpayers expense. And what about all that money that those people took while they still had their jobs with the WHA?

Big housing crisis

I want to know where the affortable housing is too?

Real estate prices

Brunswick County is just as bad. The price for rat holes is over $150K. I am seeing 1000sf houses on a quarter acre go for $130k. That's $130 per sf to build it. That's ridiculous. The cost of materials has not gone up that much in the 3 years that I built my house. A decent size family home, 1200sf, 3b2ba house around BSL is averaging $250k. Why? Who can afford $1800-$2000/mo for a mortgage? I guess this is why the government stepped in. Now if they will step in a reel the oil companies in who are setting record profits every quarter, maybe we as Americans can afford to live here.

Sounds like you need to move to Cuba

...or perhaps North Korea. The price of housing and oil are both set by market demand. In the case of oil, it's a rather large market. (The entire world) You sound like one of those people who believe "It's all a big conspiracy and the whole world is out to get us."


It's not a conspiracy. It's plain old fashioned greed. There's no other reason for it. As long as people are willing to pay ridiculous prices, aka demand, prices will continue to rise, greed. Greedy developers and greedy oil men.

Ridiculous prices?

Here's the point your "economics challenged" mind can't grasp - if people are willing to pay a price for a commodity, it's not a "ridiculous" price, it's the PREVAILING MARKET price. You mention demand, but you certainly don't seem to comprehend its effect on pricing. When you have a lot of people bidding for a limited number of houses, or a barrel of oil, the price rises. It's not rocket science, comrade. Stop dismissing your own failures by imagining other people's greed.

Big housing crisis

Funny how WWAY forgets. How many employees of WWAY can afford a house in Wilmington? There may be no housing crisis for the rich but there is for the working man or woman. Where is the AFFORDABLE housing? Why not look around to see what is NOT for sale at $300,000 Have you seen what is for sale at $150,000? $200,000?

big housing crisis

Funny how how the realtors have found a way to show an increase in house values but the facts are prices are down sharply, not to mention units sold are way down. We are at least a year to two away from clearing the inventory (houses for sale) before the housing market will stabilize and increase again. Lenders are making borrowing harder which will only lead to a longer deline.

If you can't afford to live

If you can't afford to live here then maybe you should move further inland. Those of us who worked hard and became successful have the right to build what we want where we want. That is capitalism at it's best!

So very true

Then if you decide to live oceanfront and a hurricane wipes your house away, will you be crying for the government to build you a new house? Like all the people that lived in New Orleans, a city below sea level that were flooded. Now they all expect the government to pay for them to have new houses.


That is why you carry insurance on your property.

Insurance on everything

You can get insurance on anything, for a price. I don't think the government should be the automatic bailout for people that don't make wise decisions. It's circumventing Darwinism when they allow the stupid amid us to prosper. You are born equal, but where you go from there is YOUR decision. The people and businesses on the North end of Wrightsville beach could have gotten some insurance or indemnity against the shifting of the sands if they were willing to pay for it. Instead the county and the state has had to fork over some big bucks to accommodate them. At the expense of everyone else. I don't think I should have to pay for the welfare of fat, lazy idiots nor rich unwise fools!

try it

Yea, try to put in a flood claim on your regular insurance. See how quickly and loudly they laugh at you. Just as in New Orleans, not many have flood insurance. They then get in line for their government handout.

mr moneybags

Further inland? Just how far do you go if your job is in Wilmington? FYI the price of land and homes is rising here in the country as well. Rocky Point area new homes are going up starting at $300,000, one in my neighborhood is $280,000. You can buy some property here for almost a million on 117. Our home has more than doubled in value in 10 years. Yes, in Rocky Point.

You cant afford us NOT to live here

As a teacher, fireman, police officer, mailman, secretary, grocery store cashier, retail clerk, nail banger, garbage man, YOU CANT AFFORD US NOT TO LIVE HERE! Since you, Mr. Moneybags capitalista, want it all your way all the 80% of us that are tired of you not paying your fair share can bump us a raise or find someone else to work for you. Get them to commute from Sampson County or Mexico. Build a few condos you can rent to them, let them work for you for next to nothing. But the rest of us experienced, college educated, dedicated workers you pay $20,000 a year to, those of us who can't afford $1,500 a month for a overpriced cookie cutter house will find our way to Raleigh, Charlotte, Richmond, Atlanta and leave you behind with no looking back. It's about time you shell out some of that Corbett/Cameron/Trask land looted 100 years ago at affordable prices otherwise we are gone. Let your children tote the load amigo! And Richie Rich, if you think you aren't being taken like the rest of us just remember the taxes youpay just recently went to purchase 100 acres of farm land for 5.7 million dollars. What's that $57,000 an acre for land to add onto a jail that cost 43 million when other jails of like size are being built for half of that? $57,000 an acre for farm land next to a swamp. Gee who was the real estate broker on that deal???? Wasn't the tax value $300,000? Well its a good thing the Trasks 1500 acres across the street will immediately increase in tax value and begin to pay their share. $57,000 an acre times 1500 acres is ... wow, $85 million, imagine the revenue generated off of that newly inflated value. That's a long way from the $6,000 a year they pay now, about $40,000 more in fact. Maybe they just needed their 1,500 acres to appraise higher so they can finance their new development with a 120% start up loan. Now thats the way to make a buck or two Mr. Capitalista. Rob a bank right after robbing the taxpayer then tell us all if we dont like it leave. Sub-Prime loan anybody? Cement slab, 1,000 sq foot box for 175k anybody? You want fries with that?

Get real buddy, people would

Get real buddy, people would jump out of the woodwork for those type of opportunities the second you leave town. If you havn't noticed, people WANT to live in Wilmington. They are coming in waves. Students and tourists fall in love it and never want to leave, so they are willing to take damn near anything and live damn near wherever to stay in Wilmington. There simply isnt enough work to go around, you can't find decent employment anywhere, yet people keep coming and coming and coming.

reason why they all stay

my guess is everyone wants to stay for the easy accesss to drugs and to take advantage of the depraved sexual morals and not for the opportunity to pay rent out of a paltry pittance called financial compensation for serving a fat transplant a Big Mac and fries. Either that or they stay because they dont know the difference between p*ss and lemonade.

housing costs inflated

youpegged the nail on the head about getting ripped off and stuff. We are like on the plantation still. no one makes enough money to save. houses are too expensive to buy so everyone of us making less than 25,000 a year have to rent which goes into the pockets of the fat cats. I just want affordable health care and affordable housing or i will go live elsewhere cause I cant afford to live here.

Big housing crisis

I agree with you 100%!