69 Intracoastal Realty Corporation is licensed in NC 910-620-8181 (M) 910-256-4503 (O) realtor® n.C. license #58623 MikeFarris mikefarris@intracoastalrealty.com landFall–WaterFront 1124 Harborway Place • $2,595,000 Estate-size 2.6-acre Intracoastal lot located on a point overlooking the waterway with boat slip. SOLD Figure 8 island 154 Beach Road South • $1,580,000 Four Bedroom • Fully Furnished SOLD Property Here Call Mike Farris 910-620-8181 SOLD Your Wrightsville BeaCh 316 Causeway, Unit B • $1,224,900 4 Bedroom • Boat Slip • Elevator FORECLOSURES AND SHORT SALES COMMENT BIGGERT-WERE NOT THE WATERS DRIVING FACTOR FLOOD IN INSURANCE 2013. REFORM ACT GFrom Randall J. Williams, Team Hardee Hunt and Williams oing into 2014, we in the real estate industry as well as the beach community as a whole, are keenly concerned about the unintended consequences of the 2012 Biggert-Waters Act. Despite pending legislation to mitigate the looming damage to real estate affected by this legislation, to a large extent, from a public perception standpoint, the damage has already been inflicted. I would caution all Realtors, insurance agents and the media to be very careful not to inadvertently disseminate any misinformation to the buying and selling public regarding rate increases. My concern is the uncertainty could be more damaging than the reality of the eventual rate increases. I suspect that the very high-end market, which our clientele frequently buys without a primary mortgage, will drop federal flood completely, once they realize that the pre-miums they pay are completely out of proportion with any potential claim they might benefit from. These clients are savvy about risk. What sense does it make to pay exorbitant premiums on a policy that will only pay $250,000 on a house worth several million dollars, and then only if the house is swept away by rising water, a very unlikely event based on modern building codes as evidenced by the very real experience we have had with the multiple hurricanes we have endured. A careful reading of a current flood policy will reveal that you are very unlikely to ever be paid a claim on any portion of your home that actually gets wet in a storm, because except for pre FIRM policies, NFIP will not pay for water damage below the elevation of the first floor living space that was mandated by building code at the time of construction. Buying opportunities await the well informed. As with any market uncertainty, I suspect the scared will sell, and the bold will buy. Intracoastal’s Debbie Mitchell says, “The average person just doesn’t understand.” Fellow agent Vance Young, referring to Biggert-Waters flood insurance, says, “The unknown creates fear. It is almost worse, I almost wish they would go ahead and enact the thing so people knew what the answers were and then you take the next step and petition Congress to get the pendulum back in the middle.” www.wrightsvillebeachmagazine.com WBM ON some of the other communities, so we didn’t have as far to come back up. What we are having is more people building homes.” “We always get a number of people from Landfall coming over here. They will sell their house over there for $950,000 and come over here and buy for $385,000. Most of our people are from Northern Virginia on up the Eastern Seaboard, and then around the Midwest, Chicago, also from Southern California, just coming back to the East Coast. Some of them have a connection, their kids live in Landfall so they decided to move back East,” Bruce Koch says. PLEASURE ISLAND, THE TOWNS OF KURE AND CAROLINA BEACHES Justin Donaton of Coastwalk Real Estate is credited with 68 sales on Pleasure Island, having a combined sold volume of just less than $21.4 million. He says of the market there, “It was a very strong year. Prices stopped dropping and in a lot of cases started their upward trend again. We have a lot of cash buyers, a lot of buy-ers from the Research Triangle Park area buying second homes, and then a lot of people from the Mid-Atlantic and Northeast that are purchasing retirement homes.” “What is interesting, too, is we have seen a nice crop of buyers in the lower-priced single family homes, in the under $300,000, that are actually moving down from
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