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Old 08-19-2009, 03:44 PM
 
22,769 posts, read 26,215,453 times
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Quote:
Originally Posted by macjr82 View Post
The avg household income is misleadingm though due to the large number of retirees and people who own 2nd and vacation homes in wilmington.

It seems to me that these groups would not drive up incomes, they would drive up home prices.

Anyway, my point is that Wilmington's market has not corrected itself very far off the bubble, so caveat emptor when buying a home.
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Old 08-19-2009, 04:03 PM
 
33 posts, read 90,838 times
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Quote:
Originally Posted by rubber_factory View Post
It seems to me that these groups would not drive up incomes, they would drive up home prices.

Anyway, my point is that Wilmington's market has not corrected itself very far off the bubble, so caveat emptor when buying a home.


I think the pp meant that they drive down incomes. Their pensions and ss are included in the average bringing it down since they are less than what they would be making if working.
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Old 08-19-2009, 05:01 PM
 
Location: Jacksonville
160 posts, read 699,542 times
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For what it's worth, Wilmington has already lost more than 50% of the "bubble value" from '05/'06. In 2004, the condo I was living in was worth about $70,000. It peaked in value in 2007 at $120,000 and you can now buy an identical unit in that same complex for less than $95,000. We're very close to the bottom of the decline. Property values may dip a little more between now and the spring of 2010 because the fall and winter are naturally depressed demand seasons for coastal properties but don't expect prices equal to 2004 again.
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Old 08-19-2009, 06:38 PM
 
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Quote:
Originally Posted by NCGT View Post
For what it's worth, Wilmington has already lost more than 50% of the "bubble value" from '05/'06.
Your condo notwithstanding, looks like the median price has fallen 15% from July 2006 to July 2009, from $219,900 to $185,000.

http://www.wrar.com/LocalArea/Statis...icalreport.htm
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Old 08-20-2009, 08:53 AM
 
Location: Wilmington
116 posts, read 376,046 times
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I guess it depends if new construction and resale homes are bundled into those averages doesn't it? Obviously the value of new construction has dipped slightly but resale prices have fallen off dramatically.
I had a lot on a golf course tax value at 185,000 in 2006, I paid 415,000 to build a 2400 sq ft custom home on it in 2006, so 600,000 is the property tax value today.
I have that house for sale on the market today for 439,000, what is my reduced value in two years?
Housing prices have definately gone down more than 15 % in the last two years, but I know my tax bill has stayed at 2006 prices.
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Old 08-20-2009, 09:05 AM
 
22,769 posts, read 26,215,453 times
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Quote:
Originally Posted by robma44541 View Post
I guess it depends if new construction and resale homes are bundled into those averages doesn't it? Obviously the value of new construction has dipped slightly but resale prices have fallen off dramatically.
I have observed the opposite trend.

Quote:
I had a lot on a golf course tax value at 185,000 in 2006, I paid 415,000 to build a 2400 sq ft custom home on it in 2006, so 600,000 is the property tax value today.
Ok. Keep in mind that tax value and market value are completely different things.

Quote:
I have that house for sale on the market today for 439,000, what is my reduced value in two years?
Maybe if you had tried to sell it in 2006, we would know. As it is, there's no way to tell.

We know what the tax value of the land was, and we know how much you paid to construct the house, and neither of these things affects what the market value was in 2006, or what it is in 2009.

You could have spent $1million on the land + house, it could be tax valued at $100,000, and it could sell on the market for $300k. $300k is all that matters.

Quote:
Housing prices have definately gone down more than 15 % in the last two years
I run across houses every day that are listed with 6%, 7%, 8% appreciation built into the asking price. I find your comment interesting, since I've talked to sellers who claim that housing values haven't come down, and they won't come down. Then you come in and say that values have already crashed! I find the whole thing amusing, nobody really has a clue what is going on.

Quote:
, but I know my tax bill has stayed at 2006 prices.
Your tax bill = (your property & home's assessment value) x (tax rate)

Periodically they go through and reassess housing values, and if the values go up, then they decrease the tax rate to compensate. It is called a revenue neutral system. Your tax bill is not supposed to increase and decrease along with housing values; the state of North Carolina does not allow counties to work this way.

Last edited by le roi; 08-20-2009 at 09:27 AM..
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Old 08-20-2009, 01:42 PM
 
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We moved to coastal carolina several years ago and looked at Wilmington and New Bern. A few things we personally found in Wilmington that were drawbacks were - traffic and really crowded beaches. I am a beach lover and cannot feed a meter and negotiate for a 5X5 spot of sand on the beach. Also, the zoning in some of the beach areas was a problem for us. On the other hand, if you still need a larger coastal city (smaller than Charleston) with a lot more big box stores, Wilmington may be perfect for you.

We chose New Bern because we wanted to slow down a little, we did not want to deal with any traffic but still wanted access to nice beaches with free parking and space to spread out and have fun.

We do still have the big box stores 30 minutes away in Jacksonville. Best Buys, Dicks Sporting Goods, Toys are us, etc. The basic Walmart, Target, etc. are all right here in NB. We found that New Bern was still small enough to have a community feeling. There is always something to do, festivals, triathalons, historic preservation committees, golf, boating, crabbing, fishing, etc.

New Bern will someday be the size of Wilmington, but a lot of the road construction has been more carefully planned for future growth.
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Old 08-21-2009, 03:20 PM
 
Location: Wilmington
116 posts, read 376,046 times
Reputation: 60
Maybe if you had tried to sell it in 2006, we would know. As it is, there's no way to tell.

I built the house in 2006 for 600,000 total land and building, I'm paying taxes on that amount today and I have it for sale at 429,900 today, I'd say thats about 28% devaluation in 3 years, wouldn't you?
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