Is the local housing economy stabilizing? - WECT TV6-WECT.com:News, weather & sports Wilmington, NC

Is the local housing economy stabilizing?

Reported by Gavin Johnson - bio|email
Posted by Debra Worley - email

NEW HANOVER COUNTY, NC (WECT) - Evidence suggests the local housing market is stabilizing, according to economists. But does that mean housing developers are experiencing success?

Terry Ando and Dottie Kilpatrick who work with Premier Homes and Properties are in the process of building 90 homes in a new subdivision in Wilmington called the Villages at Motts Landing.

"The new housing community in Wilmington, I think personally is back," said project manager Ando.  "We've seen an up spirit motivation, people looking at our homes. We have early pre-construction sales. That's good for being here the last two months."

A few months ago, sales were down about 15 percent, but now people with Premier Homes say they're starting to go back up.

"People from the north are seeing their homes sell," said Kilpatrick with realtor relations.  "That's been one of the hardest things, people not being able to sell their homes up North. We do depend on the trade coming in from the North."

Wilmington even made Builder's Magazine's list for the top 50 building markets for 2008, indicated the local housing market may have bucked the national trend.

"We've been waiting on this for quite a while and to know that Wilmington has finally come out and we are in the top fifty is just a wonderful thing," said Kilpatrick. "That our building industry in new homes is taking off again."

People with Premier Homes and Properties say they expect families to start moving into the subdivision in the spring.

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