Archive for Wilmington
In the last two years, nearly 1,000 new apartments have been built in Wilmington. Construction is currently underway on almost 500 additional units and there are nearly 700 more units planned, according to the latest report published by Real Data.
The average occupancy rate for apartment communities in the Wilmington area is now 91.7%, but had fallen to as low as 88% in 2009. Strong demand for apartments is expected to continue as confidence in the for-sale housing market remains low. The average rent for an apartment in the Wilmington area is now $800 per month, as compared to $669 per month in 2009.
Inland Diversified has paid $10.2 million for Landings at Ocean Isle Beach, a 53,220 square-foot retail shopping center located in Ocean Isle Beach, North Carolina.
The Landing at Ocean Isle Beach opened June 10, 2009 and includes a 42,000-square-foot Lowes Foods, 23,000 square feet of additional retail space and six outparcels on about 7.5 acres. The property has an economic occupancy of 95% with 6 tenants, including Domino’s Pizza and East Carolina Bank.
The sounds of hammers and saws are again echoing throughout the Wilmington area – and we’re not just talking about the work associated with the movie and television productions that now blanket the area.
After a multi-year lull in the wake of the Great Recession and bursting of the real estate bubble, the region’s housing industry is finally showing some signs of life and – more importantly – stability.
Housing starts are up, new apartment complexes are sprouting seemingly everywhere, home sales are trending upward, and builders are feeling more confident than they have in years.
Integra – South Carolina has recently completed a number of commercial appraisal assignments in the Wilmington, NC area. Please let us know if we can assist with your appraisal needs in that area of the Carolinas.
Michael Dodds, MAI, CCIM
An increase in new commercial development and leasing activity throughout greater Wilmington could spell a more optimistic first quarter of 2012.
Port City Mattress is expanding into the University Centre Shopping Plaza on College Road. The firm — which sells American-manufactured mattresses — will ink a lease agreement Monday for 1,200-square feet of space at the shopping center. Nicholas Silivanch, director of retail leasing and acquisition for Coldwell Banker Commercial Sun Coast Partners, brokered the three-year lease agreement.
Adam Withey, managing partner of Port City Mattress, said his firm will close its current Carolina Beach Road location before opening its new store in University Centre.
The Wilmington area’s real estate market is like a football game.
“Say, you’re in a game and you’re losing. The other team scores eight touchdowns on you and you score one back. “You are moving in the right direction, but you still have a long way to go.”
Intracoastal Realty agent Ashley Garner borrowed that idea from the National Association of Realtors’ chief economist to describe where residential real estate stands in the Wilmington area.
As we scoot along the bottom of the market, it’s too early to tell whether the last two months of sales figures are any harbinger of better days ahead, Garner said last week.