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Tourism
".........tourism activity directly and indirectly generated GDP of $16.9 billion. This is 4.2% of the state economy."
http://www.nccommerce.com/NR/rdonlyres/E584EB45-077B-40F9-89ED-DC3913A3817E/0/2008TSA.pdf (broken link)
Tobacco
North Carolina's tobacco economic impact is over $7.0 billion. NCDA&CS - Marketing Division
North Carolina Dept. of Agriculture
By the way-The original post was from three years ago. Reaal estate has changed dramatically during that time period.
That was my purpose of bumping this thread- to show how accurately these mainstream publications can predict the future.
Everything posted seemed fairly factual to me, including the cautionary note. Unfortunately, Wilmington like every single city in the USA took a real estate hit. That shouldn't take away from their underlying point.
["Nestled between the Cape Fear River and North Carolina's Inner Bank beaches, Wilmington has great golf, mild weather, natural beauty, and a relatively cheap cost of living, all of which make it popular with both permanent residents and second-home vacationers.
But it hasn't always been this way. It was an isolated backwater until 1990, when the final 120-mile stretch of I-40 opened. Now the Research Triangle's well-heeled tech workers can be at the beach in three hours.
As the only city of any significant size on the North Carolina coast, Wilmington may be just at the beginning of its boom. It has a seaport, an international airport, and a UNC campus. But it has also maintained its "historic" ambience, bringing it another revenue stream: Hollywood has filmed 180 features here during the past two decades.
CAUTION: Wilmington has seen a high proportion of speculators invade the region in recent years. Barron's estimated last year that 38 percent of its homeowners are nonresident investors who use their properties only occasionally, if at all. One other word of warning: hurricanes.
Everything posted seemed fairly factual to me, including the cautionary note. Unfortunately, Wilmington like every single city in the USA took a real estate hit. That shouldn't take away from their underlying point.
What was their underlying point? It looks to me like they were saying Wilmington would appreciate in value between 2006-2011. They went so far as to claim 7% per year, and that the median would rise to $297,000 from $217k.
In my book that's pretty bold to claim that the median price would rise from $130,000 in 2002, to $297,000 in 2011.
As it is, Wilmington real estate has fallen steadily since 2006, and currently has a median of $185,000. Hopefully no one listened to CNN Money's opinion on the direction of the market in 2006.
Was there someone who did accurately predict the future of the housing market ??? Don't get your point, I sold my house in Jersey in 2004 for a fortune. I had no reason to believe I was selling near the top of the market. I built my home in St. James just before the bubble burst. No one forsaw this problem or its consequences, not my broker, not my bank, not the analysts and certainly not the financial news reporters. Nearly everyone was wrong. Right?
My point is that people should not listen to CNN Money for predictions on the housing market.
Quote:
No one forsaw this problem or its consequences, not my broker, not my bank, not the analysts and certainly not the financial news reporters. Nearly everyone was wrong. Right?
Sounds like you had some low-quality advice. Of those groups, analysts are the only ones whose predictions I take seriously, and even then you have to recognize their limitations and biases. Every investment is anchored by fundamentals; that is not complicated. If I could see that as a college student, surely adults across America should've been capable of seeing it.
Many people saw this coming, and few listened to those people, but that is neither here nor there.
Every investment is anchored by fundamentals; that is not complicated. If I could see that as a college student, surely adults across America should've been capable of seeing it.
Ahhh, so the point of the ancient post bump was so you could now say "I told you so."
Very good.
Have you started sounding the alarm about the gold bubble?
rubber_factory said, "That was my purpose of bumping this thread- to show how accurately these mainstream publications can predict the future."
But did anyone listen when I was accurately describing the present?
Dec. 2006: "Wilmington is the most expensive place to live in all of NC! Average home costs are somewhere around $325K!" NC Land, why is some so cheap?
Dec. 15, 2006: "New Hanover County is wrapping up the process of re-evaluating property values. Experts say some areas could see huge increases, which means higher taxes." Will I like Wilmington/wrightsville Beach?
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Did you have someone in mind
