Beach News & Views plus area real estate! Foreclosure info too. Fishing reports!

Wish you were here! So much is going on in the area! The weather has been great too. My daughter brought the twins down. Unbelievable how much fun they are and how much energy they have. After 2 1/2 weeks they went back to Ohio but will be back after a 10 day visit to be at the beach again and bringing their aunt too. I have been busy! It seems the current prices and record low interest rates have people deciding they have waited long enough to make their dreams come true. A couple days ago I asked my brother to send me two new fishing rods. Well they did not come today but the care package with a couple new reels, line and other goodies did. Thanks Tom! Many of you know Tom is a distributor of fishing equipment. If you need ANYTHING drop him a note at protackle1@hotmail.com . You will not find lower prices anywhere.

Foreclosures! Everyone waits for this – some cannot wait and ask for updates more often. The following searches were completed on June 18, 2012. They include those new foreclosure listings over the past 3 months. Naturally, some those listed earlier are still available. With all foreclosues the description must be read well and do not hesitate to call or email for additional information. Starting with detached homes in the local SC area there are 105 listings. Some of you may recall finding 200 – 300 and more in the recent past. They are priced from $27,900 to $550,000. Check the detached homes out here: http://ccar.paragonrels.com/publink/default.aspx?GUID=a338d7dc-c538-42d0-ab21-fdc2263b9f1b&Report=Yes . Next we will check out the condos and townhomes in the same situation here: http://ccar.paragonrels.com/publink/default.aspx?GUID=780579bf-518d-46c7-adc1-ab27c7ab4248&Report=Yes . There are 85 listed from $9,900 to $539,000. A total of only 44 foreclosures were found in the NC local area. They can be found here: http://bcarnc.rapmls.com/scripts/mgrqispi.dll?APPNAME=Brunswick&PRGNAME=MLSLogin&ARGUMENT=JZi5FLz3tQIC%2FtL6pU13BR5HZqivwkkcepv3%2B6OXiEI%3D&KeyRid=1&Include_Search_Criteria=&CurrentSID=112745048 .

While on the topic of foreclosues we need to consider the latest news on ‘shadow inventory’. Shadow Inventory is defiened as homes delinquent 90 days or more, those in the foreclosure process, and those foreclosed but not yet listed for sale. April figures indicate shadow inventory is at the lowest level in 3 years. Nationally, shadow inventory was down neary 15% since April of last year. That is now a 4 month supply while last year it was a 6 month supply. Since the peak in October of 2010 shadow inventory has fallen 28%. Unsold inv entory of NON-distressed homes fell to a 6.5 month inventory, a more than 5 year low.

Planning on possibly buying real estate in the next few months. To have an edge over some of your competition get a pre-approval from a lender now. Knowing how much you are approved to burrow will keep you from wasting time viewing homes over your price range. Sellers are more prone to negotiate with you knowing you are able and prepared to purchase their home. If you find your dream home and it is a foreclosure or short sale time will be lost to your competition as banks will not even look at your offer if a pre-approval letter is not included. There is no cost for a pre-approval and take very little time.

In April sales were lower than a year ago but prices rose in the local SC area, single family homes by about 2% and condos by about 8%. Certainly not a huge number but more importantly condo prices rose 10% and detached homes rose at a somewhat lower percentage. The number of cash sales dropped from 51 to 48% as banks are trying to lend more to qualified buyers. They have loosened a bit but on foreclosures there are still a lot of hoops to jump through. Nationally, prices rose for the 2nd straight month. Compared to April 2011 prices are up 1.1% and 2.2% over March 2012.
You want a LOT more! Whether a swimming pool, walk in pantry or a list of other amenities buyers are demanding more amenities. Some prefer a community pool, fitness room, and/or walking trail. Others want special items in their home. Additionally, some want firepits or outside kitchens in their yard. The list builders are providing is becoming extensive. I am aware of some contractors that can provide just about anyone’s dream request on existing homes.
Please do not ask about my fishing and crabbing results as I have been too busy to get out recently. Hopefully, I’ll be able to get out some before the next newsletter. Newspaper reports indicate inshore fishing is going well. During the day anglers are said to be doing well on flounder and black drum. Trout, bluefish, and red drum are more active early morning and afternoons. Mud minnows and pogies for live bait are working. Scented soft baits like Gulp are also doing well. I’ve heard of flounder to 10# being caught. Remember, when a flounder picks up your bait to give him some time or you’ll miss him. If you miss– leave it and he may hit again. Black drum prefer shellfish like fresh caught shrimp or blue crabs. Sheepshead are being caught also. They look similar to black drum and like the same bait. Sheepshead have strong shoulders and you need a little stiffer rod and heavier line in order not to breakoff  than you would normally use for flounder. There was a recent flounder tournament in the Shallotte NC area and the paper had some great pictures of some really nice fish well over 6#. The 5 fish weight class winner had over 20# of flounder!
If looking for a building lot I have them listed from around $16,000 to $160,000! Although I still have a few homes, a townhouse,  and a condo listed at great prices I need listings! If you are considering selling please contact me. To view my listings click http://rakoci.com/idx/?idx-q-ListingAgentID=15144 . The Rivergate listing is under contract and should close very soon. If looking to purchase real estate from Myrtle Beach SC to Shallotte NC I can help! If you have friends or relatives in the market a referral would be appreciated.

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