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From CNN money, Wilmington is listed 7/10 in "where to buy now" places.
37% Projected gain in home prices (5-year)*
Median home price
2006: $217,000
2011: $297,000
Population
2006: 325,000
2011: 361,000
Per capita income
2006: $30,500
2011: $38,300
*Metro region statistics
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.
From CNN money, Wilmington is listed 7/10 in "where to buy now" places.
37% Projected gain in home prices (5-year)*
Median home price
2006: $217,000
2011: $297,000
Population
2006: 325,000
2011: 361,000
Per capita income
2006: $30,500
2011: $38,300
*Metro region statistics
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.
Quote:
Originally Posted by Nea1
Here we go again................
You read my mind.
Regards,
Cassie
Ditto - my son lives and works there at the college and can't afford to buy on his own AWAY from the beaches, let alone near the water. He says the area is getting over-developed and over-priced; I've told him buy now and something with land. One can always build later. The movie / TV industry is not as active as it was, but strong theatre and arts.
Rapid, hyper-fast home appreciation = higher tax and insurance bills. These are bills you'll pay forever, long after the mortgage is paid off. Not good if you're planning on staying a while. I thought escaping these higher costs of living were one of the main reasons people move to NC/SC.
They make no mention of the lack of well paying jobs in Wilmington or the traffic nightmare already in place which will just get worse. It's not all wonderful believe me. My parents live in an excellent neighborhood on the north end of Carolina Beach with a dock in the back right into the intercoastal waterway, and homes have been for sale next door to theirs and down the block for two years. Now they're getting ready to put theirs on the market, and it's just not going to sell unless they are willing to take much less money.
It was mentioned that Wilmington, N.C. is subjected to hurricanes. Is there any area along the coast that is not? What about Southport or Carolina Beach, are they subjected to hurricanes as well?
Also, can anyone recommend a coastal community, or a community relatively close to the coast that housing is reasonable and is not subjected to hurricanes.
There is no such thing as a coastal community that is not subject to hurricanes. Hurricanes come from the tropical parts of the ocean and make landfall at the beaches... you should consider Maine or Nova Scotia, because hurricanes don't make it up that far. Even Virginia Beach can get hurricanes...
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Some more stats... Look out below!
He says the area is getting over-developed and over-priced; I've told him buy now and something with land. One can always build later. The movie / TV industry is not as active as it was, but strong theatre and arts.
