2011 will see just over 100 real estate transactions in Landfall, a good showing in the continuing housing slump,  Landfall Realty’s market share has increased over 2010, resulting in a profitable year.  Howvever, the demand remains much stronger in homes $600,000 and under, and weak in the $1,000,000 and over price range, although the year has seen a few sales of high end properties.

2012 looks to be more of the same, with it unlikely that prices will rebound significantly in the next couple of years, as nationally the market continues to be a buyer’s market.  While Landfall has little foreclosure problem, the fact that there are over 2 million foreclosures nationally in the pipe line will keep prices from increasing materially.  It is a great time for buyers, not so good for sellers.  Fortunately, Landfall, as a mature community, with all amenities completed, and with an upscale club with little debt, remains well positioned to do better than most planned communities.

Forum Attendees

Future posts will follow with additional comments, but one question posed by an attendee was how important Country Club of Landfall is to the Landfall real estate market.  Kirkman indicated that having a high quality club, debt free, in good condition is critical to Landfall’s short and long term value.  While perhaps only 25% of residents play golf regularly, others use the sports and dining facilities.  Of equal importance, the vast open, green spaces created by a quality golf course add value to all properties, and enhance the ability to resell.  Kirkman noted that in another development a poll of purchasers revealed that about 65% of the buyers would not have purchased had a golf course not been planned, while only 25%of them intended to play golf.  Clearly, the health of the real estate market and Country Club of Landfall are inexorably linked.

Karen Thompson

     We are very pleased to announce the addition of Karen  Thompson to the Landfall Realty sales team. 

     In 1991 Karen moved to Wilmington where she had enjoyed many happy vacations during her younger years.  After meeting and marrying her husband, the two found that the perfect place to raise a family was in Landfall and she (as well as all of our agents) can tell you all about our community from her personal experience.  Karen and her family enjoy all the activities and events that Landfall presents every year and finds that the safety of Landfall’s neighborhoods for the many children here is one the biggest benefits. 

     Karen is very active in community work in Wilmington and volunteers with her children’s schools, teaches Sunday school, and serves on the Board of Friends of UNCW. 

     Karen comes to Landfall Realty with a wealth of experience in many areas of real estate including new home sales.  Another area of specialization for Karen is in relocations which will be a huge asset to those of our clients who come here from outside of the Coastal Carolina area.

     We look forward to having Karen incorporate her knowledge and expertise into our office and invite you to stop by and meet our newest agent the next time you’re in the Wilmington, NC area.

1445 South Moorings Drive

Beautiful, brick villa located in the Fairhaven community of Landfall now available.  With over $80,000 in upgrades, this courtyard home has all you could want and then some…mahogany built-in cabinets & coffered ceiling, stacked stone fireplace, natural gas heating, Wolf gas cooktop, floored walk-in attic space, and speakers throughout.  Located on the Nicklaus golf course, the exterior features fenced-in back yard, Koi pond, waterfalls, courtyard entrance with fountain, and outdoor gas grill. Three or four bedrooms, 3.5 baths of luxury and ready to live in.  For more information on this home click on the photo above or contact Landfall Realty at 800-227-8208.

1) Get the truth on the table, don’t pretend.

2) Establish standards and expectations based on a new reality.

3) Think long term; act short term.

4) Communicate with members of your own team.

5) Listen to and learn from your customers and peers.

These points are,  I believe, valuable in running any business.  However, they have particular validity in establishing a relationship between a real estate agent and a real estate customer.  In my next blog, I will expand upon these point in the context of selling and buying property in Landfall, NC.

Kenneth M. Kirkman, general manager, Landfall Realty

1. There is a strong preference for single family, detached homes.
2. Most buyers want single floor construction, and almost all want master bedroom and living space on the lower level, even if the home is multi-story.
3. About 75% like the open floor plan home, where the kitchen and primary family room are free flowing.
4. Technology is important.   Fiber to the home is great; multiple phone and computer connections are desired.
5. Far fewer prospects than during the boom are willing to pay extra for “green” features that have environmental benefits, but efficiency that saves money (such as energy savings) are still sought.
6. More pre-retirees are considering staying put, rather than relocating when retirement comes.

Fortunately, more potential customers in Landfall’s prime market region, the northeast, are likely to relocate than those in warmer climates, and there is some pent up demand since the slow down in the national real estate market has drug on for a couple of years now.

As a seller, be cognizant of how your home stacks up with the desires of the majority of the market.  The closer to the ideal, the more marketable the home.

Kenneth M. Kirkman, General Manager, Landfall Realty

Real Estate Forum at CCL

Thanks to the 120 or so Landfall residents who came to the Landfall Realty Fall Real Estate Forum Wednesday at Country Club of Landfall.   I was happy to see such a diversity of age, background and interest.   Our attendees clearly understand that the value of property, and its pace of sale, impacts all residents in a significant way.

I trust those in attendance recognized that in these forums I attempt to go well beyond the numbers by focusing on trends, and making observations about what I and my Landfall Realty staff expect to see in the future, fully recognizing that despite our extensive experience and research, we, like everyone else, might be fooled.   Several attendees commented as I left the Club that they had expected to hear a typical real estate rah-rah presentation, and were pleasantly surprised by the rather analytical approach I try to  take (even if the news is not all good).  My goal is to convey what I believe, not what I hope, and to give  reasons why.

In this and future blogs, I will briefly summarize some of the points that were presented in more detail at the forum.   Today, a few Landfall facts:

1) The total number of transactions in 2009 will likely be just a few short of the transactions in 2008, but the average selling home price is down more than $100,000.

2) Sales prices on average are at about 2005 levels.

3) Homes are selling better than home sites.

4) Lower priced homes are selling at a much better pace than more expensive homes.

5) The pace of construction of new homes may be at an all time low, as only 2 applications are now in front of the ARB.

6)  By the end of 2010, Landfall will have, or least will be nearing, 1500 completed homes.

7) The sales pace has been stronger late summer and fall than it had been earlier in the year.

More to come.   Again, thanks to those in attendance.  Your feedback is always appreciated, whether by response to this blog, or email, or phone.

Kenneth M. Kirkman, General Manager