Ken Keegan's Blog :: St. James Plantation

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Thursday, October 20, 2011

Smaller homes envisioned

The typical home in St. James could soon change, reflecting trends toward smaller homes and more attached homes, representatives from St. James Plantation told the St. James Planning Board Thursday.

Homes will still have the same look and many of the same architectural details as existing homes, just on a smaller scale, said Bill de Bruin and Robert Duffy of the developer’s office. De Bruin said the developer’s office feels people are looking for slightly smaller homes and do not have as many available options.

“We’re seeing homes go down to an average size of around 2,000 square feet or smaller,” he said. “We’re getting a lot of interest in the smaller footprint.”

“We did a market study,” Duffy added. “It indicated that folks are still looking for smaller; smaller is better. Not necessarily decreasing the quality, just the size. We realized there are some other opportunities out there and people are finding things they’re not finding in St. James.

Original Article From St. Port Pilot

Ken Keegan Real Estate Broker

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Monday, October 10, 2011

Orton to return to rice plantation roots

Plans for Orton Plantation are becoming clearer as a massive restoration project continues to reveal a landscape and topography not seen in the area for generations.

Orton Plantation Holdings LLC has filed an application with the U.S. Army Corps of Engineers’ Wilmington district office seeking “after-the-fact authorization” for the discharge of dredged and/or fill material into about 15 acres of Orton Creek, which flows by the property and into the Cape Fear River.

The application—one of several submitted to regulating agencies including the N.C. Department of Environment and Natural Resources—also includes a pre-impact request “to temporarily discharge dredged material into an additional 319 acres of wetlands, also for the purpose of re-establishing rice fields.” The applications were filed in mid-September, and the corps issued a public notice on Wednesday.

In a statement, Orton Plantation spokesman Mark Hubbard said it is hoped that the permitting process, which includes opportunity for public comment, “will resolve questions about activities at the historic site in Brunswick County to restore the plantation house, its gardens and the surrounding rice fields.”

“While the permit application is under consideration Orton Plantation will resume limited agricultural activities on the site including bush hog clearing of fields and eradication of Phragmites, a noxious invasive weed,” Hubbard said. “Orton Plantation looks forward to a comprehensive and fair review of our applications as we continue to focus on stewardship of the eastern North Carolina estuary ecosystem.”

Work has been underway for months to return about 5,000 acres that comprise the Orton property to its natural ecosystem and reintroduce native species including longleaf pine and wiregrass growth—the preferred habitat of red-cockaded woodpeckers, quail and other wildlife. While that activity has been visible along N.C. 133, less visible has been related work to restore the plantation house, gardens and rice fields, the latter of which has been overtaken by the aforementioned weeds.

Hubbard said those efforts are expected to continue through early 2014, with the plan being for Orton to serve as a private residence, with limited opportunities for public access.

Louis Moore Bacon, a billionaire hedge-fund manager and trader and a direct descendant of Orton builder Roger Moore, who established the rice plantation in 1725, purchased the land from longtime owners the Sprunt family late last year. Known as a philanthropist and conservationist, Bacon intends to preserve the property while keeping it available to the public through tours and other events, Hubbard said.

“… the Orton plantation house and gardens are being restored to their 19th century luster,” Hubbard said, adding that Orton would return to its roots as a living, working rice plantation.

“While Orton Plantation will serve primarily as a private residence in the future, Mr. Bacon intends to share this gem along the Cape Fear River with the community through prearranged access and events with garden groups, historic and cultural societies as well as wildlife and preservationist enthusiasts.”

Original Article

Ken Keegan Real Estate Broker

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Monday, September 19, 2011

Reverse Mortgages: Do the Benefits Outweigh the Risks?

The reverse mortgage was invented decades ago to help seniors facing economic hardship access the equity in their homes. Between 1990 and 2010, more than 660,000 reverse mortgages were issued, according to the AARP. Today, the products are aggressively marketed through ads featuring Boomer-friendly spokespeople such as Henry Winkler (the Fonz from Happy Days). But these products are complicated, expensive and ripe for abuse, which lead a reader named Fred to ask:

"What is your opinion about reverse mortgages? So many financial planners are pushing this sort of thing, but I heard that fees are steep."

Home Equity Conversion Mortgage (HECMs) are the most popular reverse mortgage available. They are federally insured and offer certain borrower protections. Seniors who either own their homes outright or have low mortgage balances can take out reverse mortgages and convert their equity into cash -- either as a lump sum, monthly payment or line of credit, or some combination of the three.

There are no income or credit requirements, and the loan has no monthly payment. Instead, the lender pays the homeowner, and the reverse mortgage balance rises as a result, accruing interest and fees. Lenders get repaid when the owner either moves or dies, and the home is sold. HECMs are insured by the Federal Housing Administration, so if for the sale price of the home falls short of the loan amount, FHA pays the lender the difference.

"Reverse mortgages are full of pitfalls and they are very expensive -- but they are very valuable to the people for whom they work," says Margot Saunders, at counsel with the NCLC. "If you are sitting on a mortgage and you can afford to make payments on it, and have home equity and other assets, this is probably not a good idea. But if you are 85 years old and have $250 a month in income and a $500,000 house, it's a great idea no matter how much it costs, because the lender will give you money you don't otherwise have."

In short, these pricey loans can be a lifeline for low-income seniors. What they aren't is a cost-effective source of cash to buy sports cars or dream vacations, although the industry has aggressively marketed them that way. Lenders have also falsely pitched reverse mortgages as some kind of government benefit program, or part of the economic stimulus plan -- and been sued by states for doing so.

The amount someone can borrow depends on their age and the amount of equity in the home, but the maximum is $625,500. (The loan limit was raised in 2009 as part of the federal stimulus law and is set to expire Dec. 31, after which it reverts to $417,000.)

The Risky and Expensive Sides of the Lifeline

Reverse mortgages also come with hefty fees, which can run as high as 5% of your home's value by some estimates. The FHA charges everyone who gets one a mortgage insurance premium fee of either 0.01% or 2% up front, as well as ongoing annual fees. The HECM Saver loan, created in October 2010, has lower fees, but typically higher interest rates and more restrictions on borrowing. Consumers also have to pay a fee up front for third-party counseling to make sure they have a clear understanding of their options.

Another pitfall: The NCLC and other groups have documented multiple instances in which seniors were steered unnecessarily into products with higher interest rates and fees by brokers seeking bigger commissions. While HUD capped origination fees, it has done nothing about "yield spread premiums" given to brokers.

In addition, Fannie Mae used to buy reverse mortgages from lenders and hold them in its portfolio. But in 2006, reverse mortgages were securitized for the first time, and the resulting securities sold to investors. Since investors like predictable, fixed rates of return, fixed-rate loans have begun dominating the market. That's actually problematic for seniors, because fixed-rate reverse mortgages must be distributed to their borrowers as lump sums.

Think about it: You cash out the equity from your home at, say, a 5% interest rate and then invest it -- where? In a savings account earning 1%? You're losing 4% a year. This is where the bad apples in the business bob up: Some brokers try to convince seniors to use the cash to buy insurance policies, annuities and the like. Steer clear of anyone who links the reverse mortgage transaction to a subsequent financial product purchase. Although the Housing and Economic Recovery Act of 2008 banned cross-selling of this kind, it still occurs. If you have access to a simple home equity line of credit or home equity loan, you're better off.

The final problem with reverse mortgages arises when seniors quickly spend the lump sum. Normally, one only pays off the loan when the owner of the house moves or dies, and the home is sold, but a reverse mortgage also comes due if the owner fails to pay property taxes and homeowners insurance, or make necessary repairs. Those situations are occurring more frequently lately, according to the NCLC.

So, find a variable-rate reverse mortgage that allows you to draw on the line of credit as needed instead of taking a lump sum, advises Saunders: "Homeowners who take the cash all at once may not have the ability to pay property taxes and insurance later, and HUD is directing lenders to foreclose. The rules should be changed so there is an evaluation of the ongoing ability to pay taxes and insurance, or money should be kept in reserve."

Borrowers should also delay getting a reverse mortgage as long as possible in the event they need the money for long-term care, according to the AARP, which offers a host of other recommendations.

Good luck with your decision.

Article

Ken Keegan Real Estate Broker

(910) 523-0903 mobile

Click here for more information on Brunswick, County Real Estate

Top 10 Cleaning Myths You Need To Know!

Everyone wants a clean house and that light, bright, sanitized feeling you get from commercials for household cleaners. But is all that cleaning realistic - or necessary?

Sometimes it is and sometimes it’s actually harmful.

Review these myths about keeping a clean house:

Myth 1. Sanitize your toilet. There’s no point in trying to sanitize a toilet other than the seat, and even then, it’s unlikely you’ll get it completely sterilized. Aim for clean, but germ-free? Never.

Myth 2. Clean the disposal in your kitchen sink. Unless you seldom run the disposal, there’s no real reason to clean it. To freshen, simply run a cut lemon through the disposal.

Myth 3. Regularly shampoo carpets. This is a major mistake. It’s best not to clean carpets unless they really need it and have big stains. Even then, it’s better not to use soaps or cleaners at all but hot steam. If you rent a carpet-cleaning machine, look for one that uses heated water and skip the soap, or hire a carpet cleaning company that steam cleans.

Myth 4. Use specialty cleaners for different surfaces. Besides cluttering up your cabinets, multiple cleaners are no longer necessary. Many multipurpose cleaners can be used on surfaces from stainless steel to tile, glass and wood.

Myth 5. Remove silver tarnish by dipping.

Graduate gemologist Jessica Kendrick (jessicasjools.com) says tarnish dips can ruin your silver.

“It’s sad, but I buy a lot of ruined silver that’s been dipped to sell as scrap,” says Kendrick. “Once silver is dipped, the surface is altered on a microscopic level and forever loses its beautiful patina.” Kendrick recommends a gentle cream cleanser as a better, safer option that won’t harm silver. “It takes more time than dipping, but it also won’t ruin your family heirloom,” she notes.

Myth 6. You can wet mop sealed wood floors.

Even new floors with heavy-duty sealants are no match for water that can seep into crevices and become destructive. Always select products

made for wood, use them lightly and never with a saturated pad because water-based wood cleaners can damage floors, too.

Myth 7. Clean your drapes regularly. Drapes almost never need cleaning and if you do wash them or have them cleaned, they may not hang right again. Vacuum and shake out drapes to remove dust and let them air out on a sunny day but out of direct sunlight to freshen them up.

Myth 8. Cleaners can remove hard water spots in glass showers. Prevention is the key here. It’s better to use a hard water spot preventer such as Rain-X that can be reapplied.

The best cleaner for sparkling glass showers?

A squeegee after every shower.

Myth 9. Smelling clean is clean. Remember, you can’t spray on clean. Clean only happens with elbow grease. Vacuuming, dusting and wiping down surfaces is the only way clean happens.

Myth 10. Comforters can be washed in the machine. This myth is especially true of fiberfilled comforters. Even if the label says washable, don’t chance it. Always dry clean bed comforters to avoid a balled, lumpy mess.

– Tribune Media Services, Inc.

Ken Keegan Real Estate Broker

(910) 523-0903 mobile

Click here for more information on Brunswick, County Real Estate

Wednesday, September 14, 2011

Year-To-Date Sold Stats for Brunswick County

Brunswick County Single Family Solds:
1,060 Homes Sold
Average List Price: $267,050
Average Sale Price: $244,281
Average Days on Market: $223
Maximum Sale Price: $2,700,000

Brunswick County Lot Solds:
336 Lots Sold
Average List Price: $109,642
Average Sold Price: $90,488
Average Days on Market: $249
Maximum Sale Price: $2,129,000

Ken Keegan Real Estate Broker

(910) 523-0903 mobile

Click here for more information on Brunswick, County Real Estate

Wednesday, September 7, 2011

Pending Home Sales Slip in July but Up Strongly From One Year Ago

Pending home sales declined in July but remain well above year-ago levels, according to the National Association of Realtors®. All regions show monthly declines except for the West, which continues to show the highest level of sales contract activity.

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, slipped 1.3 percent to 89.7 in July from 90.9 in June but is 14.4 percent above the 78.4 index in July 2010. The data reflects contracts but not closings.

Lawrence Yun, NAR chief economist, said sales activity is underperforming. “The market can easily move into a healthy expansion if mortgage underwriting standards return to normalcy,” he said. “We also need to be mindful that not all sales contracts are leading to closed existing-home sales. Other market frictions need to be addressed, such as assuring that proper comparables are used in appraisal valuations, and streamlining the short sales process.”

The PHSI in the Northeast declined 2.0 percent to 67.5 in July but is 9.7 percent above July 2010. In the Midwest the index slipped 0.8 percent to 79.1 in July but is 18.8 percent above a year ago. Pending home sales in the South fell 4.8 percent to an index of 94.4 but are 9.5 percent higher than July 2010. In the West the index rose 3.6 percent to 110.8 in July and is 20.6 percent above a year ago.

“Looking at pending home sales over a longer span, contract activity over the past three months is fairly comparable to the first three months of the year, and well above the low seen in April,” Yun said. “The underlying factors for improving sales are developing, such as rising rents, record high affordability conditions and investors buying real estate as a future inflation hedge. It is now a question of lending standards and consumers having the necessary confidence to enter the market.”

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

Ken Keegan Real Estate Broker

(910) 523-0903 mobile

Click here for more information on Brunswick, County Real Estate