Two years ago, the City of Wilmington spent $3.7M on riverfront land and signed an agreement with developer Armada Hoffler to build a $52M convention center and hotel on the lot. Since then, the project has been held up by numerous redesigns, a lawsuit and, most recently, termination of its agreement with Armada Hoffler (after the developer said it was no longer “financially feasible” to build a full-service hotel on the site).

This has left city officials questioning whether the project should continue. Those in favor of the convention center believe it will fuel the downtown boom - making Wilmington a destination for conventioneers and a focal point for the entire region.

Critics argue that the new face of downtown (post PPD, etc) presents us with more choices than before and that Wilmington would benefit more from a public-private partnership such as a multi-use performing arts and civic center.

“We don’t need to close our eyes and pretend there’s not other options on the table,” said Councilman Jason Thompson.

For now, the city is hard at work trying to find a new developer and still plans to break ground late summer.

Let’s hear what Wilmington residents have to say! Are you for or against a new convention center?

16 Minutes This week, 16 Minutes takes you behind the scenes at RedPin, a “revolutionary” new way to buy and sell real estate… Time: 06:08

60 minutes recently ran a segment (see satire video above) about online brokers such as Redfin, Century 21 Clickit etc who offer the customer (not clients as they have no fiduciary obligation) a way to put a property in MLS and sell it themselves while saving all or some of the commission charged by a professional, full service real estate agency. Sadly, they didn’t even have a comment from NAR or other folks like myself who can clearly see the dangers presented by this so-called “discount” brokers. I thought I might point out a few of the dangers myself:

1) Liability: When you use a Realtor to list your home, it greatly limits your liability as a homeowner (at least if you choose a good one). Good Realtors have lots of training and a fair amount of experience, usually selling at least 15 homes a year; most homeowners do approximately 5-6 in their lifetime. How does using a Realtor limit your liability? Really in two ways:

a. They keep homeowners within the legal and ethical confines of a transaction that are defined by state law and the Realtor’s Code of Ethics

b. In the event that there is ever a claim against a homeowner that listed their house with a Realtor, whether its 3 months or 3 years after the transaction, the Realtor will be there with their client to assist. We even have E&O insurance to protect ourselves… most homeowners don’t.

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Are you in business to thrive or survive?

If you’re here to thrive, then you may already know one of the key secrets of this book: Good is the enemy of Great!

For entrepreneurs, this book provides great insight on how to build a lasting, profitable business that’s driven by passion. For Managers it presses forward with the fundamental concept of getting the right people on the bus and the wrong people off. Definitely a great read!

In a recent trip to New York, a young female Long Islander remarked, “I’ve been spoiled with cars. I’ve always owned new expensive ones.”

And, no, she was not joking.

I suppose I should also mention we were sitting in her 600 square foot apartment.

In case any of you haven’t heard, you’re supposed to buy cheap cars and expensive houses… at least that’s what Steve Weber always said. It’s in the top 5 rules of how to build wealth (somewhere between save for retirement and seek passive income). After all, cars depreciate while houses appreciate.

Just wanted to make sure all you young bucks out there new that.

NAR reported earlier this month an increase in the purchases of vacation properties. Even as sales of primary residences fell last year, vacation-home sales rose 4.7%, to a record 1.07 million (from 1.02 million in 2005). Furthermore, vacation homes’ share of the market rose to 14% last year from 12% in 2005.

Is this surprising? Not really. It’s simply a a product of demographical trends.

Afterall, 40% of baby boomers have indicated they plan to retire somewhere between Tallahasse FL and Virginia Beach within the next 10-20years.

Couple this with Money Magazine’s praise of Wilmington, and you’ve got increased interest.

We feel it daily. Nine times out of ten, when our phone rings, it’s the same old story (not that we don’t welcome it):

I live in the northeast and am nearing retirement… about 2-4 years out. Wilmington looks charming and coastal and warm (not to mention the golf and low taxes), so I want to buy a home now and using it as a vacation home until I retire.

And since the northeast is struggling to unload like us, most of the people shopping right now are in a position to buy vacation & second homes (which makes it even more challenging for sellers). While Forbes may disagree, now is a great time to buy. There’s a ton of homes available, interest rates are low and buyers have power. We haven’t had this much inventory in years… so eat your heart out!

If you’re considering the purchase of a vacation/retirement home, please give us a call and tell your. Our goal is to help you accomplish your real estate objectives.

Improving home improvement…

If you haven’t already heard, Lowes Home Improvement is making moves to build near you. Specifically, they’re fighting for rezoning that would allow them to build a 138,000 square-foot store in the undeveloped section of land where the 17N bypass and Market Street meet near Porters Neck Road. If their request for rezoning passes (NHC Planning Board will discuss June 7th), they’ll become the first major retailer to locate in the NE corner of New Hanover County.

Worth noting is the Lowes store is just part of a larger commercial project proposed that will most likely include a Target and other retailers. While this brings convenience and employment opportunities, not everyone is happy.

Environmentalists are concerned about the stormwater and wetland impacts. And some residents fear this will bring increased traffic and noise. According to a traffic study conducted by the developer, Lowes would generate 4,000 trips a day.

How do you feel about having Lowes as a neighbor? If you don’t live in Porters Neck, can you recall a time something like this did happen near you? How did it ultimately turn out?

The Governors of the United States Postal Service have approved a 2-cent stamp increase to go into effect May 14, 2007, raising the cost of mailing a first-class letter from 39 to 41 cents. Please click here for useful information pertaining to the new USPS mailing policies.

Also provided through the above link are tips for successfully packaging, labeling and shipping your items to ensure they arrive at their destination on time and in good condition. The USPS has adapted their services to stay current with times, and with the massive role that sending and receiving post plays in our personal and professional lives, it is vital that you too adapt and stay current.