This sounds like positive progress, larger structure being considered plus excluding covered porches, take a look, and give them your input! Looks like the final decision might be delayed a bit from my earlier expectations, but they are going in the RIGHT direction!
Beachfront building rule delayed
by Shannon Kemp
NEWS-TIMES
NEW BERN — The state’s Coastal Resource Commission voted Friday to again put beachfront building setback rules back up for a public hearing.
During the meeting at the Sheraton Hotel and Marina, the commission had the opportunity to vote on setback rules that deal with the size of structures rather than their use. But because changes have been made to the rules since the last public hearing held last year, the CRC voted to obtain more public comment.
Commissioner Bill Peele made the motion to send the rule to public hearing. His fellow commissioner Joan Weld was supportive of the move.
She said there was a need for more public information and input. Ms. Weld said she felt the commission, as well as other coastal agencies, needed to make it easier for the public to get to public hearings on the big coastal issues.
“The last one was held in Greenville … I think it should have been held somewhere on the coast,” she said.
The tentative date for a public hearing is set for May with a July adoption and the rules going into effect either in August or September.
The commission did vote on minor changes to the proposed rules, including taking covered porches out of the equation for total square footage of a structure and changed road rules to include them as infrastructure.
In North Carolina, setbacks for oceanfront structures are measured from the first line of stable vegetation and extend 30 times the annual erosion rate to a particular development. For North Carolina, the annual erosion rate is 2 feet, making the minimum setback 60 feet.
However, setback rules were made in the 1970s and seem to be in need of an update since there were no houses that exceeded 7,000 square feet back then, said an N.C. Division of Coastal Management (DCM) representative.
The proposed rules will allow setbacks to increase gradually and not all in one big jump, said Jeff Warren, a coastal hazards analyst with DCM.
The minimum setback is proposed to remain at 30 times the annual erosion rate for structures less than 5,000 square feet but increases, at seven additional increments, with the maximum setback at 90 times the erosion rate for 100,000-square-foot structures.
“We’re not saying you can’t build them (large structures), just build it farther from the ocean,” Mr. Warren said.
He also said that while some felt the commission should not be dabbling in the issue of floor size and that it should be left up to the towns, it was well within the commission’s jurisdiction to base the rules on square footage.
In addition to setbacks, the commission also discussed static vegetation line regulations. While the two go hand-in-hand, the commission voted on the proposed changes to the static line definitions because they were not substantial changes. The vegetation line is set just before a town undergoes a beach nourishment project which pumps the shore line with needed sand.
“It is not a change in how we do business or how we define the vegetation line … there are additional words in there for clarification. Overall, the definition remains the same,” Mr. Warren said.
One change that seemed to please some coastal town residents was a change in a 2,000-square-foot limitation for any construction that has received a static line exemption. The board voted to change the limitation from 2,000 square feet to 2,500 square feet.
This means if a house that received a static line exemption received more than 50-percent damage because of natural hazards, it can be rebuilt up to 2,500 square feet.
Mr. Warren said coastal management staff felt 2,000 square feet was the overall size of residential buildings on the coast right now and a size more easily moved. However, he said some towns felt 2,000 square feet was too small by today’s standards.
Bill Morrison from Pender County said he was glad of the commission made the change from 2,000 to 2,500 square feet.
“There is a definite need because 2,000 square feet is too small,” he said.
Frank Rush, town manager from Emerald Isle, said he was pleased with the direction the board is going in and pleased of the increase to 2,500 square feet as well.
“I’m happy they took our concerns seriously,” he said.
Pine Knoll Shores Town Manager, Brian Kramer, said he had been concerned that homeowners be allowed to rebuild their homes at the same square footage if something were to happen to the home.
“Our concern is how homeowners in Pine Knoll Shores who lose their house will have the ability to replace that home on the same footprint, the same square footage.
“We aren’t interested in promoting the development of condominiums or large development on the ocean front, simply single-family residential rebuilding homes – assuming, of course, the static vegetation line hasn’t moved,” he said.
Mr. Kramer said Pine Knoll Shores was supportive of the commission, “but if the rules are so stringent that they reduce the ability of the homeowners to rebuild homes, it’s something we are concerned about.”
Mr. Kramer said he was interested in the concept of a grandfather clause and whether the commission would consider such a clause.
Mr. Warren did bring the issue of grandfathering to the commission, saying it was a concern from some coastal towns, but no decision was made on the issue.
Talks concerning setback regulations began in 2006 when the current state of the coast was addressed. In light of rising sea levels, development pressures and natural pressures on the coast, the commission was asked if setback rules should be addressed.
In July 2007 draft language was written and sent to a public hearing stage, which ran from Nov. 1, 2007 to Dec. 31, 2007.
“There was no setback rule in 1978 but there was one in 1979. It’s safe to say while many may not like it, they are used to the setback,” Mr. Warren said.
Wednesday, January 23, 2008
Tuesday, January 8, 2008
Emerald Isle NC Local Interest Rates!
30 year fixed, as low as 5.5% is being quotes locally today, January 8th!
Top10 Reasons to Buy Real Estate, Now!
OK, Interest Rates are low, inventory is plentiful, prices are reasonable, if you are in the market for purchasing property in Emerald Isle or the Coastal Mainland of NC, now could be the right time to start looking in earnest. Here are some of the reasons why, as Paul Pastore writes:
The Top Ten Reasons It's a Great Time To Buy Real Estate!
by Paul Pastore
Selection, selection, selection. There are about 57,000 resale homes on the market in Maricopa county(Phoenix). Regardless of the price range a buyer desires, there are plenty of houses from which to choose. Just a few years ago the resale inventory dropped below 5,000 units. A buyer was forced to make compromises if they were going to locate the home of their dreams. There is a great selection of attached homes, condos, and townhouses. You can find large lots, small lots, and a lot that will accommodate your boat or RV. There are lots of options in this market.
No Bidding Wars. In 2005 we had one client that made an offer on ten homes. They lost the first nine to the 'feeding frenzy' that existed. Other buyers bid the properties up substantially from the original listing price. There were escalation clauses where buyers authorized their agents to outbid other offers by thousands of dollars. There is no competitive bidding in this buyer's market.
You can make an offer. A few years ago when you made an offer, the only question was how high above the list price could the buyer reach in hopes of being the best offer on the table. Today the sell price list vs. price ration is about 96%. A seller will not be insulted if you 'make them an offer they can't refuse'.
Patience is tolerated. In the hot seller's market that existed everything was rushed. Find a house before other buyers did. Hurry up and make the offer. Today a buyer can take their time. Look at several homes and think about your decision for a few hours.
Due diligence is welcomed. In this market a buyer is encouraged to obtain a home inspection, termite inspection, and appraisal. In 2005 many buyers waived these contingencies in order gain an advantage with multiple offers.
There are plenty of specs. In the not too distant past buyer had to 'play games' if they wanted a new home. There were lotteries and waiting lists in order to obtain new construction. Some buyers slept in their cars in order to get to the head of the lines. R.L. Brown estimates that builders have thousands of specs ready for immediate occupancy.
Repair requests are welcomed. After a buyer completes a home inspection, they are allowed to submit a repair request to the seller. In the past a seller might insist the home was sold 'as is'. Many times, there were back-up buyers waiting for a primary buyer to upset the seller whose home was increasing in value almost daily.
Few, if any investors. It is estimated that one third of all sales in 2005 were to investors. These non-owner occupied buyer caused the market to inflate and affordability to decline. Mortgage fraud became commonplace. It's a great time to buy without having to compete with hundreds of prospective landlords.
Location, location, location. Today's buyers can find homes closer to work. In the past buyers flocked to Maricopa and Queen Creek in order to find affordable homes. In this market, reasonably priced homes are within biking or walking distance to schools, rapid transit lines, and relatives.
Real Financing is available. The 'wink, wink' zero down, no doc, adjustable, sub-prime loans are gone. Fixed rates are back. FHA financing, first time homeowner bond programs, special loans for teachers, and police officers are back in business. It's a great time to buy real estate!
The Top Ten Reasons It's a Great Time To Buy Real Estate!
by Paul Pastore
Selection, selection, selection. There are about 57,000 resale homes on the market in Maricopa county(Phoenix). Regardless of the price range a buyer desires, there are plenty of houses from which to choose. Just a few years ago the resale inventory dropped below 5,000 units. A buyer was forced to make compromises if they were going to locate the home of their dreams. There is a great selection of attached homes, condos, and townhouses. You can find large lots, small lots, and a lot that will accommodate your boat or RV. There are lots of options in this market.
No Bidding Wars. In 2005 we had one client that made an offer on ten homes. They lost the first nine to the 'feeding frenzy' that existed. Other buyers bid the properties up substantially from the original listing price. There were escalation clauses where buyers authorized their agents to outbid other offers by thousands of dollars. There is no competitive bidding in this buyer's market.
You can make an offer. A few years ago when you made an offer, the only question was how high above the list price could the buyer reach in hopes of being the best offer on the table. Today the sell price list vs. price ration is about 96%. A seller will not be insulted if you 'make them an offer they can't refuse'.
Patience is tolerated. In the hot seller's market that existed everything was rushed. Find a house before other buyers did. Hurry up and make the offer. Today a buyer can take their time. Look at several homes and think about your decision for a few hours.
Due diligence is welcomed. In this market a buyer is encouraged to obtain a home inspection, termite inspection, and appraisal. In 2005 many buyers waived these contingencies in order gain an advantage with multiple offers.
There are plenty of specs. In the not too distant past buyer had to 'play games' if they wanted a new home. There were lotteries and waiting lists in order to obtain new construction. Some buyers slept in their cars in order to get to the head of the lines. R.L. Brown estimates that builders have thousands of specs ready for immediate occupancy.
Repair requests are welcomed. After a buyer completes a home inspection, they are allowed to submit a repair request to the seller. In the past a seller might insist the home was sold 'as is'. Many times, there were back-up buyers waiting for a primary buyer to upset the seller whose home was increasing in value almost daily.
Few, if any investors. It is estimated that one third of all sales in 2005 were to investors. These non-owner occupied buyer caused the market to inflate and affordability to decline. Mortgage fraud became commonplace. It's a great time to buy without having to compete with hundreds of prospective landlords.
Location, location, location. Today's buyers can find homes closer to work. In the past buyers flocked to Maricopa and Queen Creek in order to find affordable homes. In this market, reasonably priced homes are within biking or walking distance to schools, rapid transit lines, and relatives.
Real Financing is available. The 'wink, wink' zero down, no doc, adjustable, sub-prime loans are gone. Fixed rates are back. FHA financing, first time homeowner bond programs, special loans for teachers, and police officers are back in business. It's a great time to buy real estate!
Year End Stats on the Website
Take a look at the Nelson Advantage website to get some information about year end 2007 for the Emerald Isle and Coastal Mainland, Carteret County area and how it stacks up. The current Connect to the Coast newsletter will be posted by the end of the day as well and is always available on YourNelsonAdvantage.com.
Bottom line, in Emerald Isle, we saw home buying decrease consistently from 2005 levels throughout 2006 and through the first half of 2007, and then in the last 2 quarters of 2007, this trend began to reverse, and the coast saw an up tick in the number of properties being purchased, moving up above the 2006 levels.
The only conclusion we, at Nelson Advantage, draw from this is that possibly, the decline in buying has stopped, the market is beginning to normalize, and prices are stabilizing. I do not see the prices moving up in the near future, but believe we have seen the low. Still significantly above the pre 2005 levels, but down from the anticipated selling prices we saw at the end of 2005 and into 2006. Lots of course, are lagging, but should follow suit as home sales pick up. Would love some comments from others about this, and what they see for this year.
Bottom line, in Emerald Isle, we saw home buying decrease consistently from 2005 levels throughout 2006 and through the first half of 2007, and then in the last 2 quarters of 2007, this trend began to reverse, and the coast saw an up tick in the number of properties being purchased, moving up above the 2006 levels.
The only conclusion we, at Nelson Advantage, draw from this is that possibly, the decline in buying has stopped, the market is beginning to normalize, and prices are stabilizing. I do not see the prices moving up in the near future, but believe we have seen the low. Still significantly above the pre 2005 levels, but down from the anticipated selling prices we saw at the end of 2005 and into 2006. Lots of course, are lagging, but should follow suit as home sales pick up. Would love some comments from others about this, and what they see for this year.
Interest Rates - Cooperate!
Real estate rates dive overnight
30-year fixed rate at 5.57%; 10-year Treasury yield at 3.87%
Monday, January 07, 2008Inman News
Long-term mortgage interest rates were down again Friday, and the benchmark 10-year Treasury bond yield dipped to 3.87 percent.
The 30-year fixed-rate average sank to 5.57 percent, and the 15-year fixed rate slid to 5.11 percent. The 1-year adjustable rate was down at 5.38 percent.
The 30-year Treasury bond yield edged up to 4.38 percent.
Rates and bonds are current as of 7:15 p.m. Eastern Standard Time.
Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states. Points on these mortgages range from zero to 3.5.
Thinking about buying real estate at the coast, give me a call, and let's see what is on the market. Not only have the rates dropped, but sellers have become more realistic about prices. There are some wonderful deals, ocean side for under $500,000...ocean view for just over $600,000....water view and access for under $500,000 .... give me a call!!
30-year fixed rate at 5.57%; 10-year Treasury yield at 3.87%
Monday, January 07, 2008Inman News
Long-term mortgage interest rates were down again Friday, and the benchmark 10-year Treasury bond yield dipped to 3.87 percent.
The 30-year fixed-rate average sank to 5.57 percent, and the 15-year fixed rate slid to 5.11 percent. The 1-year adjustable rate was down at 5.38 percent.
The 30-year Treasury bond yield edged up to 4.38 percent.
Rates and bonds are current as of 7:15 p.m. Eastern Standard Time.
Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states. Points on these mortgages range from zero to 3.5.
Thinking about buying real estate at the coast, give me a call, and let's see what is on the market. Not only have the rates dropped, but sellers have become more realistic about prices. There are some wonderful deals, ocean side for under $500,000...ocean view for just over $600,000....water view and access for under $500,000 .... give me a call!!
Thursday, January 3, 2008
...and more promising news about the coming year
This article matches what we've been seeing and feeling at the coast. I think the best way to describe it is that prices seem to have stopped falling, as buyers begin to take a look at what is out there, priced reasonably.
What do you think?
NAR NEWS
Home Sales Rise in Sign of Market Stabilization
Existing-home sales rose slightly in November, indicating an improvement in housing in the wake of mortgage disruptions earlier this year, NAR says. Total existing-home sales, including single-family, townhomes, condominiums and co-ops, rose 0.4 percent to a seasonally adjusted annual rate of 5 million units from an upwardly revised pace of 4.98 million in October. "Near term, existing-home sales should continue to hover in a narrow range, just as they have since September, and that's good news because it'll be a further sign that the housing market is stabilizing," says Lawrence Yun, NAR chief economist. "Mortgage interest rates are near historic lows and the most current data shows decelerating price declines, along with a modest reduction in the number of homes on the market." Disruptions in mortgage availability and pricing peaked in August, which caused sales to slow in subsequent months.
What do you think?
NAR NEWS
Home Sales Rise in Sign of Market Stabilization
Existing-home sales rose slightly in November, indicating an improvement in housing in the wake of mortgage disruptions earlier this year, NAR says. Total existing-home sales, including single-family, townhomes, condominiums and co-ops, rose 0.4 percent to a seasonally adjusted annual rate of 5 million units from an upwardly revised pace of 4.98 million in October. "Near term, existing-home sales should continue to hover in a narrow range, just as they have since September, and that's good news because it'll be a further sign that the housing market is stabilizing," says Lawrence Yun, NAR chief economist. "Mortgage interest rates are near historic lows and the most current data shows decelerating price declines, along with a modest reduction in the number of homes on the market." Disruptions in mortgage availability and pricing peaked in August, which caused sales to slow in subsequent months.
Wednesday, January 2, 2008
2008 and what's in store
"According to NAR Research, there is significant pent-up housing demand that will begin to be unleashed into the marketplace in 2008. Many markets will see rising home sales and strengthening home prices. We believe that the worst of the credit problems are behind us. Great news for consumers and REALTORS®!"
Maybe some good news coming. This quote came from the National Assoc of Realtors website, and we've seen an uptick in activity at the coast of North Carolina as well. What do you all think? Are we seeing a turn in this market? Will house prices stablize this year at the coast? I think so. There are many indications that this is happening.
Maybe some good news coming. This quote came from the National Assoc of Realtors website, and we've seen an uptick in activity at the coast of North Carolina as well. What do you all think? Are we seeing a turn in this market? Will house prices stablize this year at the coast? I think so. There are many indications that this is happening.
Subscribe to:
Posts (Atom)
