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Old 11-29-2010, 06:41 AM
 
Location: Morehead City, NC
1,676 posts, read 5,361,160 times
Reputation: 1245

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If anyone is thinking about real estate in Carteret County/Crystal Coast area then I would highly encourage you to read the following:
Carteret County News-Times > News-times > News > Property values to drop
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Old 11-29-2010, 01:48 PM
 
Location: NC
128 posts, read 433,089 times
Reputation: 104
That article is fairly accurate in identifying which properties will take the biggest hit in reduced values. The high end beach properties and "McMansions" will drop the most, condos a close second and entry level mainland homes will drop the least. I'm sure there will be folks that will interpret that as a tax break for the wealthier homeowners but it is reflective of actual market conditions.
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Old 11-29-2010, 02:09 PM
 
Location: Swansboro, NC
107 posts, read 215,391 times
Reputation: 92
If I understand it correctly, values may come down, but the county wont lose revenue...I'm pretty sure the tax rate will adjust accordingly...Revenue Neutral and all....
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Old 11-30-2010, 02:36 AM
 
Location: Morehead City, NC
1,676 posts, read 5,361,160 times
Reputation: 1245
When property tax values sky rocketed in 2007 the tax rate was reduced by approx. half to keep the end result of the reval revenue neutral.
I would encourage everyone to keep in mind that tax value is not market value and that market value is not a constant. All appraisals are only truly valid for the day the appraisal was performed.
Bill
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Old 11-30-2010, 10:55 AM
 
Location: Morehead City, NC
1,676 posts, read 5,361,160 times
Reputation: 1245
And just released today:
Home Values Decline in Third Quarter. Effect of Drop in Home Sales Reflected in Prices

McLean, VA – Freddie Mac (OTC:FMCC) announced today the results of its third quarter Conventional Mortgage Home Price Index (CMHPI).

Click here (http://www.freddiemac.com/news/archives/rates/2010/3qhpi10.html?attr=MtgRt113010 - broken link) to read the full release.
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Old 11-30-2010, 02:14 PM
 
22,769 posts, read 26,244,473 times
Reputation: 14558
Quote:
Originally Posted by CarolinaAppraiser View Post
That article is fairly accurate in identifying which properties will take the biggest hit in reduced values. The high end beach properties and "McMansions" will drop the most, condos a close second and entry level mainland homes will drop the least.
Right, and if your home "drops the least" in value, then you will see an increase in your tax bill.
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Old 12-01-2010, 07:38 AM
 
Location: NC
128 posts, read 433,089 times
Reputation: 104
Quote:
Originally Posted by le roi View Post
Right, and if your home "drops the least" in value, then you will see an increase in your tax bill.
Yes you are correct. The tax rate will almost certainly be adjusted upwards to maintain current revenue and the entry level property owners will probably see a slight increase in their property taxes while the high end property owners will see a modest decline. That is reflective of the current real estate market. Keep in mind though that the opposite has been the case for the last 4-5 years. When property values increased during the boom of 2005-2007, high end properties increased at a higher rate than entry level properties and those homeowners paid higher taxes as a result.
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Old 12-01-2010, 12:29 PM
 
Location: Newport, NC
956 posts, read 3,595,885 times
Reputation: 703
Good information, unfortunately we are looking in the price range least likely to decrease.
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Old 12-02-2010, 06:33 AM
 
1 posts, read 1,687 times
Reputation: 10
Default looking in February

We are beginning to look at relocating to the New Bern/Oriental area and might be interested in buying a waterfront lot to build on in the next five years. Are there any suggestion out there concerning realitors to deal with? making sure the building size/location on any particular lot is being properly represented? Flood plains? Septic concerns? Bulkheads/docks?? Thank you very much for any feedback or links that you may have!!! Looking forward to starting our empty nester life!

bkck
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Old 12-02-2010, 06:49 AM
 
Location: Morehead City, NC
1,676 posts, read 5,361,160 times
Reputation: 1245
The legal responsibility of a buyer's broker is to look after all of those concerns you expressed. Unfortunately it is not always the case.
I would encourage you to use a buyer's broker and not a broker that has listings. A listings broker has a primary responsobility to the seller-Not you the buyer
Bill
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