Ken Keegan Real Estate Broker
(910) 523-0903 mobile
Click here for more information on Brunswick, County Real Estate
Monday, April 9, 2012
Coldwell Banker President Budge Huskey on where consumers can get the best deals for a vacation home!
Ken Keegan Real Estate Broker
Thursday, April 5, 2012
St. James developers outline 'small' plans for future neighborhoods
Parks in St. James could be smaller, but greater in number, in areas of pending development, the town planning board was told Thursday.
Bill deBruin and Bob Duffy, with the St. James Plantation developer’s office, gave the board an update on plans for development, especially in the new Seaside area. That area is being developed in phases, allowing the developer to see what sells and to adjust to market changes as necessary.
But deBruin and Duffy told the board Thursday that the current trend was toward smaller homes, as small as 1,300 square feet and some “single-family, semi-attached homes,” which they described as two separate, small homes, each on its own parcel but connected at a firewall.
To go with smaller homes, the two described small pockets of green space or water, with gazebos and bike racks, a short distance from the homes.
“There has been a trend toward smaller homes,” deBruin elaborated. “Enough magazines said so for a long enough time. Enough people are finally asking for it.”
In many cases, some of the yard work or maintenance of homes is included, they said, adding that such set-ups appeal both to newcomers to St. James and to long-time residents seeking smaller homes that require less upkeep.
“I may come in as a part-time resident in a small home, and then move to a bigger one,” Duffy said. “As life changes, I can stay in the same community and move again, neighborhood to neighborhood, and still enjoy St. James.”
“It’s the same person, the same typical client,” deBruin added. “I think what we’ve seen is from six or eight years ago, everyone’s net worth has changed, bank accounts have changed, or lifestyles have changed. People who built homes four, five, six years ago can’t or don’t want to deal with them anymore, or they’re ready for a change.”
And as the home-size preference shifts, they foresee smaller but more frequent parks, giving owners more outdoor space within an easy walk.
DeBruin called such areas “pocket parks,” though he said the designation was not official, and described them as small neighborhood hubs that did not require driving, and wouldn’t necessarily draw people from the entire development.
“We want to pick an area within a five-minute walk of someone’s house,” he said, describing small areas where residents could fish or garden. “‘Hey, man, let’s grab a fishing pole and walk down the block.’ They’re not going to attract everybody, but provide little pieces. It’s a local amenity that doesn’t require driving; we want to coax people out of their homes, leave the car in the garage and walk.”
Duffy and DeBruin emphasized that about 40-percent of the land in St. James is in some form of conservation easement, and said they did not intend to change that. The smaller parks would help break up higher-density clusters of homes, so the overall density would be similar to other areas of St. James Plantation.
Board alternate Bob Accordino compared the concept to similar parks in Manhattan—small green areas meant to be an amenity in the immediate neighborhood but not a driving destination.
“I think it’s important to emphasize, this is something we’ll have to learn to look at from the planning board’s perspective,” said board chairman Ron Johnson. “As a planning board, we will be asked to look at them.”
Councilor Bruce Maxwell, who serves as liaison to the planning board, urged the board to think about how such small neighborhood parks might be different from larger parks, such as Waterway Park, and how the parks might have different requirements for matters like parking.
“If the market changes dramatically, what’s planned for here will change,” Duffy said of Seaside and the area near a new access at Midway. “The nice thing is it’s a blank canvas. The challenge is it’s a blank canvas.”
Full Article
Ken Keegan Real Estate Broker
Bill deBruin and Bob Duffy, with the St. James Plantation developer’s office, gave the board an update on plans for development, especially in the new Seaside area. That area is being developed in phases, allowing the developer to see what sells and to adjust to market changes as necessary.
But deBruin and Duffy told the board Thursday that the current trend was toward smaller homes, as small as 1,300 square feet and some “single-family, semi-attached homes,” which they described as two separate, small homes, each on its own parcel but connected at a firewall.
To go with smaller homes, the two described small pockets of green space or water, with gazebos and bike racks, a short distance from the homes.
“There has been a trend toward smaller homes,” deBruin elaborated. “Enough magazines said so for a long enough time. Enough people are finally asking for it.”
In many cases, some of the yard work or maintenance of homes is included, they said, adding that such set-ups appeal both to newcomers to St. James and to long-time residents seeking smaller homes that require less upkeep.
“I may come in as a part-time resident in a small home, and then move to a bigger one,” Duffy said. “As life changes, I can stay in the same community and move again, neighborhood to neighborhood, and still enjoy St. James.”
“It’s the same person, the same typical client,” deBruin added. “I think what we’ve seen is from six or eight years ago, everyone’s net worth has changed, bank accounts have changed, or lifestyles have changed. People who built homes four, five, six years ago can’t or don’t want to deal with them anymore, or they’re ready for a change.”
And as the home-size preference shifts, they foresee smaller but more frequent parks, giving owners more outdoor space within an easy walk.
DeBruin called such areas “pocket parks,” though he said the designation was not official, and described them as small neighborhood hubs that did not require driving, and wouldn’t necessarily draw people from the entire development.
“We want to pick an area within a five-minute walk of someone’s house,” he said, describing small areas where residents could fish or garden. “‘Hey, man, let’s grab a fishing pole and walk down the block.’ They’re not going to attract everybody, but provide little pieces. It’s a local amenity that doesn’t require driving; we want to coax people out of their homes, leave the car in the garage and walk.”
Duffy and DeBruin emphasized that about 40-percent of the land in St. James is in some form of conservation easement, and said they did not intend to change that. The smaller parks would help break up higher-density clusters of homes, so the overall density would be similar to other areas of St. James Plantation.
Board alternate Bob Accordino compared the concept to similar parks in Manhattan—small green areas meant to be an amenity in the immediate neighborhood but not a driving destination.
“I think it’s important to emphasize, this is something we’ll have to learn to look at from the planning board’s perspective,” said board chairman Ron Johnson. “As a planning board, we will be asked to look at them.”
Councilor Bruce Maxwell, who serves as liaison to the planning board, urged the board to think about how such small neighborhood parks might be different from larger parks, such as Waterway Park, and how the parks might have different requirements for matters like parking.
“If the market changes dramatically, what’s planned for here will change,” Duffy said of Seaside and the area near a new access at Midway. “The nice thing is it’s a blank canvas. The challenge is it’s a blank canvas.”
Full Article
Ken Keegan Real Estate Broker
(910) 523-0903 mobile
Click here for more information on Brunswick, County Real Estate
Tuesday, March 20, 2012
St. James Sales Stats
Active Inventory
Single Family Homes: 133 Active
Average List Price: $401,113
Median List Price: $366,900
Highest List Price: $1,125,000
Average Days On Market: 255
Lots: 292 Active
Average List Price: $124,436
Median List Price: $100,000
Highest List Price: $595,000
Average Days On Market: 415
2012 Solds
Single Family Homes: 7 Sold
Average Sale Price: $302,063
Median Sale Price: $328,941
Highest Sale Price: $399,000
Average Days On Market: 226
Lots: 7 Sold
Average Sale Price: $120,786
Median Sale Price: $119,000
Highest Sale Price: $240,000
Average Days On Market: 631
Ken Keegan Real Estate Broker
(910) 523-0903 mobile
Click here for more information on Brunswick, County Real Estate
Friday, March 16, 2012
Industry Facts
Here are a few nationwide industry facts:
The typical home purchased:
- Is 1,900 Square Feet
- Has 3 bedrooms & 2 bathrooms
- Was on the market for 9 weeks
In 2012, Rent is expected to increase by 3%, while existing home sales are projected to increase by 4% - 5%.
- 87% of all buyers financed their home
- 82% of repeat buyers financed their home
- 95% of first-time buyers financed their home
- First-time buyers pay an average of 5% downpayment
- Repeat buyers pay an average of 15% downpayment
- A typical first-time buyers mortgage payment is $794
- A typical repeat buyers mortgage payment is $1,006
Ken Keegan Real Estate Broker
The typical home purchased:
- Is 1,900 Square Feet
- Has 3 bedrooms & 2 bathrooms
- Was on the market for 9 weeks
In 2012, Rent is expected to increase by 3%, while existing home sales are projected to increase by 4% - 5%.
- 87% of all buyers financed their home
- 82% of repeat buyers financed their home
- 95% of first-time buyers financed their home
- First-time buyers pay an average of 5% downpayment
- Repeat buyers pay an average of 15% downpayment
- A typical first-time buyers mortgage payment is $794
- A typical repeat buyers mortgage payment is $1,006
Ken Keegan Real Estate Broker
(910) 523-0903 mobile
Click here for more information on Brunswick, County Real Estate
Wednesday, February 15, 2012
Home repairs: Which jobs come first?
Lean times call for budgetary triage. But while you should clearly opt for orthodontics before Disneyland, the choice is tougher when it comes to home maintenance.
Should you get a paint job or a new furnace? "There's no homeowner's manual that tells you when to do what," says Naperville, Ill., home inspector and structural engineer Mark Waldman.
Emergencies aside, the project that could cause the most damage and expense if left unfixed is the priority. Below, the order in which to tackle your biggest repair needs.
1. Electrical system
Wiring problems claim the No. 1 spot for good reason: They can lead to fires and electrocution. "That trumps everything," says Waldman.
Danger signs: Circuit breakers that trip frequently, lights that dim when you turn on the vacuum or outlets that are loose, hot, or accept only two-prong plugs.
How to check: Spend $300 to $500 for a licensed electrician to open up your main panel to look for trouble and to tighten any loose connections. He'll also spot-check switches, outlets and light fixtures to ensure that the wiring is in safe working order.
Replacement cost: $4,000 to $10,000 to rewire the house.
Prolong its life: Flip every circuit breaker off and on again once a year to prevent corrosion. Add new circuits ($100 to $500 each) to take the heaviest electrical loads, like window air conditioners, off the old wires.
2. Basement
Structural problems downstairs mean shifting and cracking upstairs -- at the very least -- so there's little point in doing other repairs until you've fixed the building's foundation.
Danger signs: Bowed or split beams, rotted posts, piles of sawdust (evidence of wood-boring insects), tiny mud trails (indications of termites), or large cracks in the masonry foundation -- especially if the cracks are horizontal, which tends to indicate a bigger problem.
How to check: A contractor will usually take a look free of charge. If he recommends significant repairs, hire a home inspection engineer (find one at nabie.org) to investigate ($350 to $500).
Replacement cost: Major foundation work can cost $3,500 to $8,000; new posts or beams could run $1,200 to $2,500.
Prolong its life: Water is the cause of cracked concrete, rotten timbers and wood-eating pests. So keep your basement dry by making sure the landscape slopes away from the house and maintaining the next two items on the list: the roof and gutters.
3. Roof
Water leaking into your home from above can lead to a host of pricey problems: rot, insects, electrical shorts and mold.
Danger signs: Dampness or stains on ceilings; curling, missing, or broken shingles; smooth spots where the granules have worn away; green algae growth.
How to check: Have a roofer inspect your home. This is typically free, but the pro, of course, is looking for business. So check the company's reputation at angieslist.com ($5 a month).
Replacement cost: $5,000 to $15,000
Prolong its life: Prune tree limbs so they're at least 10 feet from the roof to keep squirrels away and to let moisture evaporate quickly after storms. If shingles blow off, replace them immediately, and repair small leaks promptly.
4. Gutters
Your gutters are just as important as the roof. The only reason they're lower on this list is that if you replace gutters first, they're likely to get damaged when you reroof later. So if you need a roof too, it's better to wait -- or do both projects at the same time.
Danger signs: Dented or disconnected gutters, pooled water around your home's foundation, or basement flooding near the downspouts.
How to check: Head outside during a rainstorm and watch the gutters in action, says Caitlin Corkins, stewardship manager for Historic New England, which maintains dozens of historic properties. "The best time to see clogs and overflows is when the system is working," she says.
Replacement cost: $1,500 to $3,000
Prolong its life: Hire a gutter company to clean, check, and repair your gutters ($100 to $200) at least once a year -- two or three times if you're in a wooded area. And have someone clear the eaves of deep snow to prevent icing, which can split open gutters or rip them right off the house.
5. Exterior walls
"People think paint is just a decorative element, so they let it go," says Robert Niemeyer, a Winston-Salem, N.C., handyman, contractor, and electrician. But without a weather-tight seal, water can infiltrate the siding, causing rot and attracting wood-damaging insects. Still, leaks from a vertical surface generally aren't as quick or lethal as ones from a roof and gutter.
Danger signs: Paint that's peeling, cracking or blistering
Replacement cost: $4,000 to $10,000; make sure the painters replace loose putty around the window glass and caulking gaps around molding.
6. Aging equipment
An old heating or cooling system is costly to operate -- and the risk of a breakdown increases with age. But as long as your old furnace, boiler, or AC is operating safely, there's no rush to upgrade.
Danger signs: The system cycles on and off frequently to hold your thermostat setting; you spot corrosion on the vent pipe; the natural-gas flames are yellow or orange instead of pure blue.
How to check: Get a repair estimate: if it's more than a third of the replacement cost, spring for a new machine, says Indianapolis plumber Larry Howald.
Replacement cost: Typically $2,000 to $4,000 for a furnace (forced air); $4,000 to $8,000 for a boiler (hot water); $1,000 to $3,000 for a water heater; $6,000 to $10,000 for an air conditioner.
Prolong its life: Have your systems cleaned and tuned annually, including flushing the water heater to remove sludge, replacing all filters and lubricating any pumps.
Original Article from CNN
Ken Keegan Real Estate Broker
Should you get a paint job or a new furnace? "There's no homeowner's manual that tells you when to do what," says Naperville, Ill., home inspector and structural engineer Mark Waldman.
Emergencies aside, the project that could cause the most damage and expense if left unfixed is the priority. Below, the order in which to tackle your biggest repair needs.
1. Electrical system
Wiring problems claim the No. 1 spot for good reason: They can lead to fires and electrocution. "That trumps everything," says Waldman.
Danger signs: Circuit breakers that trip frequently, lights that dim when you turn on the vacuum or outlets that are loose, hot, or accept only two-prong plugs.
How to check: Spend $300 to $500 for a licensed electrician to open up your main panel to look for trouble and to tighten any loose connections. He'll also spot-check switches, outlets and light fixtures to ensure that the wiring is in safe working order.
Replacement cost: $4,000 to $10,000 to rewire the house.
Prolong its life: Flip every circuit breaker off and on again once a year to prevent corrosion. Add new circuits ($100 to $500 each) to take the heaviest electrical loads, like window air conditioners, off the old wires.
2. Basement
Structural problems downstairs mean shifting and cracking upstairs -- at the very least -- so there's little point in doing other repairs until you've fixed the building's foundation.
Danger signs: Bowed or split beams, rotted posts, piles of sawdust (evidence of wood-boring insects), tiny mud trails (indications of termites), or large cracks in the masonry foundation -- especially if the cracks are horizontal, which tends to indicate a bigger problem.
How to check: A contractor will usually take a look free of charge. If he recommends significant repairs, hire a home inspection engineer (find one at nabie.org) to investigate ($350 to $500).
Replacement cost: Major foundation work can cost $3,500 to $8,000; new posts or beams could run $1,200 to $2,500.
Prolong its life: Water is the cause of cracked concrete, rotten timbers and wood-eating pests. So keep your basement dry by making sure the landscape slopes away from the house and maintaining the next two items on the list: the roof and gutters.
3. Roof
Water leaking into your home from above can lead to a host of pricey problems: rot, insects, electrical shorts and mold.
Danger signs: Dampness or stains on ceilings; curling, missing, or broken shingles; smooth spots where the granules have worn away; green algae growth.
How to check: Have a roofer inspect your home. This is typically free, but the pro, of course, is looking for business. So check the company's reputation at angieslist.com ($5 a month).
Replacement cost: $5,000 to $15,000
Prolong its life: Prune tree limbs so they're at least 10 feet from the roof to keep squirrels away and to let moisture evaporate quickly after storms. If shingles blow off, replace them immediately, and repair small leaks promptly.
4. Gutters
Your gutters are just as important as the roof. The only reason they're lower on this list is that if you replace gutters first, they're likely to get damaged when you reroof later. So if you need a roof too, it's better to wait -- or do both projects at the same time.
Danger signs: Dented or disconnected gutters, pooled water around your home's foundation, or basement flooding near the downspouts.
How to check: Head outside during a rainstorm and watch the gutters in action, says Caitlin Corkins, stewardship manager for Historic New England, which maintains dozens of historic properties. "The best time to see clogs and overflows is when the system is working," she says.
Replacement cost: $1,500 to $3,000
Prolong its life: Hire a gutter company to clean, check, and repair your gutters ($100 to $200) at least once a year -- two or three times if you're in a wooded area. And have someone clear the eaves of deep snow to prevent icing, which can split open gutters or rip them right off the house.
5. Exterior walls
"People think paint is just a decorative element, so they let it go," says Robert Niemeyer, a Winston-Salem, N.C., handyman, contractor, and electrician. But without a weather-tight seal, water can infiltrate the siding, causing rot and attracting wood-damaging insects. Still, leaks from a vertical surface generally aren't as quick or lethal as ones from a roof and gutter.
Danger signs: Paint that's peeling, cracking or blistering
Replacement cost: $4,000 to $10,000; make sure the painters replace loose putty around the window glass and caulking gaps around molding.
6. Aging equipment
An old heating or cooling system is costly to operate -- and the risk of a breakdown increases with age. But as long as your old furnace, boiler, or AC is operating safely, there's no rush to upgrade.
Danger signs: The system cycles on and off frequently to hold your thermostat setting; you spot corrosion on the vent pipe; the natural-gas flames are yellow or orange instead of pure blue.
How to check: Get a repair estimate: if it's more than a third of the replacement cost, spring for a new machine, says Indianapolis plumber Larry Howald.
Replacement cost: Typically $2,000 to $4,000 for a furnace (forced air); $4,000 to $8,000 for a boiler (hot water); $1,000 to $3,000 for a water heater; $6,000 to $10,000 for an air conditioner.
Prolong its life: Have your systems cleaned and tuned annually, including flushing the water heater to remove sludge, replacing all filters and lubricating any pumps.
Original Article from CNN
Ken Keegan Real Estate Broker
(910) 523-0903 mobile
Click here for more information on Brunswick, County Real Estate
Thursday, February 2, 2012
Mortgage rates hit a new low: 30-year fixed at 3.87%
Just one day after President Obama detailed a proposal to enable millions of homeowners to refinance to record-low mortgage rates, those rates notched another record.
The 30-year, fixed rate fell to an average of 3.87% and the 15-year fixed dropped to 3.14% for the week ending February 2, both the lowest rates ever recorded in the 40-year history of the Freddie Mac Primary Mortgage Market Survey.
Frank Nothaft, vice president and chief economist at Freddie Mac said the rates fell to new lows after the fourth quarter gross domestic product report last week showed that the economy was growing at a rate that fell short of expectations.
The new record rates were "fortuitously timed" for the Obama administration to announce its latest refinancing proposal, said Greg McBride, senior financial analyst at Bankrate.com.
The plan, which requires approval by Congress, would allow borrowers who are current on their mortgage to save an average of $3,000 a year by refinancing into loans backed by the Federal Housing Administration.
Has Obama's housing policy failed?
"A lot more homeowners figure to get help over the next few months and that intersects nicely with these attractive rate terms," said McBride.
A year ago, mortgage borrowers were thrilled to get 30-year mortgages averaging 4.81%. These days they're finding ones nearly a full point lower.
The difference in the monthly payments between a 4.81% loan and a 3.88% is about $54 for every $100,000 borrowed. For someone with a loan balance of $250,000 that comes to more than $1,620 a year.
But many of the borrowers that Obama's plan would help currently have mortgages that carry interest rates of 6%, 7% or higher. If someone with a $250,000 mortgage carrying a 7% rate could refinance into a 3.88% loan, it would reduce payments by nearly $6,000 a year.
Such bargains figure to be around for awhile. In fact, they could get even better, according to McBride. Mortgage rates closely track bond yields, which plunged after the Federal Reserve said it expects to keep the Federal Funds rate near historic lows until late 2014.
The yield on a 10-year bond has nose-dived since the Fed's action, falling from 2.05% on Jan. 25 to 1.81% on Feb. 1.
McBride said the difference between mortgage rates and bond yields, the spread, widens when yields decline. After yields stabilize again, the spread should shrink.
The usual spread is about 1.7 percentage points, according to Keith Gumbinger of HSH Associated, a provider of mortgage data and information. Currently, it's about 2 points.
If it dropped to the normal average of 1.7 points, the interest rate on a 30-year could plunge to 3.5%.
Original Article From CNN
Ken Keegan Real Estate Broker
The 30-year, fixed rate fell to an average of 3.87% and the 15-year fixed dropped to 3.14% for the week ending February 2, both the lowest rates ever recorded in the 40-year history of the Freddie Mac Primary Mortgage Market Survey.
Frank Nothaft, vice president and chief economist at Freddie Mac said the rates fell to new lows after the fourth quarter gross domestic product report last week showed that the economy was growing at a rate that fell short of expectations.
The new record rates were "fortuitously timed" for the Obama administration to announce its latest refinancing proposal, said Greg McBride, senior financial analyst at Bankrate.com.
The plan, which requires approval by Congress, would allow borrowers who are current on their mortgage to save an average of $3,000 a year by refinancing into loans backed by the Federal Housing Administration.
Has Obama's housing policy failed?
"A lot more homeowners figure to get help over the next few months and that intersects nicely with these attractive rate terms," said McBride.
A year ago, mortgage borrowers were thrilled to get 30-year mortgages averaging 4.81%. These days they're finding ones nearly a full point lower.
The difference in the monthly payments between a 4.81% loan and a 3.88% is about $54 for every $100,000 borrowed. For someone with a loan balance of $250,000 that comes to more than $1,620 a year.
But many of the borrowers that Obama's plan would help currently have mortgages that carry interest rates of 6%, 7% or higher. If someone with a $250,000 mortgage carrying a 7% rate could refinance into a 3.88% loan, it would reduce payments by nearly $6,000 a year.
Such bargains figure to be around for awhile. In fact, they could get even better, according to McBride. Mortgage rates closely track bond yields, which plunged after the Federal Reserve said it expects to keep the Federal Funds rate near historic lows until late 2014.
The yield on a 10-year bond has nose-dived since the Fed's action, falling from 2.05% on Jan. 25 to 1.81% on Feb. 1.
McBride said the difference between mortgage rates and bond yields, the spread, widens when yields decline. After yields stabilize again, the spread should shrink.
The usual spread is about 1.7 percentage points, according to Keith Gumbinger of HSH Associated, a provider of mortgage data and information. Currently, it's about 2 points.
If it dropped to the normal average of 1.7 points, the interest rate on a 30-year could plunge to 3.5%.
Original Article From CNN
Ken Keegan Real Estate Broker
(910) 523-0903 mobile
Click here for more information on Brunswick, County Real Estate
St. James Stats
St. James Stats
Active Inventory
Single Family Homes: 113 Active
Average List Price: $397,123
Median List Price: $359,000
Highest List Price: $1,145,000
Average Days On Market: 276
Lots: 273 Active
Average List Price: $128,591
Median List Price: $110,000
Highest List Price: $595,000
Average Days On Market: 423
2012 Solds
Single Family Homes: 5 Sold
Average Sale Price: $277,300
Median Sale Price: $245,000
Highest Sale Price: $390,000
Average Days On Market: 239
Lots: 3 Sold
Average Sale Price: $170,000
Median Sale Price: $150,000
Highest Sale Price: $240,000
Average Days On Market: 200
Ken Keegan Real Estate Broker
Active Inventory
Single Family Homes: 113 Active
Average List Price: $397,123
Median List Price: $359,000
Highest List Price: $1,145,000
Average Days On Market: 276
Lots: 273 Active
Average List Price: $128,591
Median List Price: $110,000
Highest List Price: $595,000
Average Days On Market: 423
2012 Solds
Single Family Homes: 5 Sold
Average Sale Price: $277,300
Median Sale Price: $245,000
Highest Sale Price: $390,000
Average Days On Market: 239
Lots: 3 Sold
Average Sale Price: $170,000
Median Sale Price: $150,000
Highest Sale Price: $240,000
Average Days On Market: 200
Ken Keegan Real Estate Broker
(910) 523-0903 mobile
Click here for more information on Brunswick, County Real Estate
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