Thanks to still-poor stock market returns, many East Coast home buyers are looking at second homes in and around Wilmington, which is situated between Cape Fear River and the Atlantic Ocean.

"These large bodies of fresh and salt water offer not only a wide variety of outdoor activities from fishing and boating to surfing and shelling," notes Realtor Bob Jamieson, "but they also provide a wide range of aquatic vistas from creeks and waterway to ocean and shipping channels."

He suggests, "The inventory of ocean-front investment units is extremely low after a strong summer sales season, but owners who have been thinking about selling their beach units should start putting their units on the market after banking the return from those high weekly rental rates of summer. There are a number of buyers coming to the coast looking for waterfront rental property that they can purchase with proceeds from the sale of investment property back home. They are deferring capital gains tax and hoping to benefit by the faster appreciation of water-related property.

"There is still a strong primary housing market fueled by low interest rates, even though they have inched up during the last several months," says Jamieson, "the "downsize" or "empty nest" market has remained steady and will likely increase with the threat of another harsh winter in the northeast and north central United States. The market continues to shift toward a seller's market as evidenced by homes taking fewer days to sell and more instances of multiple offers. As the market shifts toward the seller, prices will continue to rise. Savvy buyers should take advantage of the traditionally slower fall and winter months to purchase property. The interest rates are still low and there are fewer buyers with whom to compete."

"Interest rates have remained stable, which was the push most first time home buyers needed," say Sandy and Dick Beals. "The higher end (over 275k) still is strong, the second home market is still set to explode!
With the recent stock market fluctuations, the local real estate market has seen a huge increase, especially the higher end. The forecast is an upswing in second and vacation homes. The market for existing single-family homes experienced rising activity last month as home buyers responded to lower mortgage interest rates, according to the National Association of Realtors. The forecast for the market looks great. Rates are still low and homes are priced competitively."

The Beals explain that Wilmington will continue to grow because of its attractiveness. "From the conveniences of a thriving, growing city to the southern simplicity of a small town atmosphere, the Cape Fear Coast offers visitors, newcomers and residents alike an abundance of great things to do and see," suggest the Beals. "Ranked 23rd in the book "100 best Small Art Towns in America", this area features vast commercial, educational, medical, and cultural offerings. One can find gems galore such as a $2.5 billion film industry, numerous historical attractions and 31 miles of relaxing beaches. Recently the activity has increased, and the real estate market has certainly picked up. Reasons could be that rates are inching up again, or that sellers are pricing their homes to sell, at any rate, homes are selling , and we recommend upi don't wait."

Agrees Realtor Marti E. Rice, "Wilmington is a delightful small city with amenities not often found in a city of 75,000. It is the business, shopping and medical center for a large surrounding area, and as a result, it offers much more than you would expect. We have an excellent medical center, a strong banking and investment community, good shopping, and great restaurants.

"Historic downtown Wilmington fronts the Cape Fear River and our 200 year-old port," explains Rice. "Lovely historic homes can be found on quiet streets sheltered by majestic live oaks and magnolias. Beautiful gardens filled with azaleas and camellias invite you to pause and enjoy. Only eight miles from downtown is the Intracoastal Waterway and the beach. Delightful waterfront homes and neighborhoods entice those who love boating, fishing, and the joys of visiting uninhabited small islands. Even closer are the neighborhoods along the Brunswick River, just minutes from downtown. Between the coast and town are several golf and country club communities, and our mild climate enables those who love golf and tennis to enjoy their sports year-round."

She suggests, "2003 has been a record-breaking year for Wilmington real estate! Home sales in all areas and price ranges are strong, multiple offers are occurring on many homes and we are definitely no longer a buyers' market. The number of homes sold each month continues to rise dramatically - and the average time on market continues to decline."

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Published: December 9, 2003

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