HBO Pilot, Eastbound & Down Films in Marsh Oaks

Executive Producer Will Ferrell has been working hard with Screen Gem Studios in Wilmington, NC shooting the HBO pilot "Eastbound & Down". This week they have chosen Marsh Oaks to shoot. The series, set to air in 2009 is about a major league ballplayer who gets burnt out in the league and returns home to become a phys ed teacher.

Marsh Oaks has welcomed the large cast and crew with open arms, opening the clubhouse for the logistics and one of the neighborhood homes for filming.

Money Matters....

Recently I spoke with Martin Barbee, President and Sr. Loan Officer of Intracoastal Mortgage about the volatile market we are experiencing:

MR: Martin, as an expert in your field, how would you define our times?

MB: We are in the grips of historic volatility in the financial markets. There have been large swings in stock prices as well as rates. Unfortunately, I don’t see it ending for some time. A common question we continue to get is why rates are going up when the stock market is going down. A down stock market has historically pointed to lower rates but the game is different.

MR: How so?

MB: A guarantee of bank debt is a safe haven for investors in lieu of mortgage backed securities. Not good for rates.

The government is issuing large sums of treasury debt in order to raise the cash necessary to inject into the financial institutions and support the overall $700 bailout plan (not good for mortgage bonds)

Overall risk in mortgage backed securities remains high even with the explicit guarantee of the Federal Government because the underlying asset could still be depreciating. With the new options of essentially “risk-free” debt why take a chance.

Some large market makers in mortgage backed securities (Lehman Brothers and Bear Stearns) are gone so there are fewer buyers and a smaller market. Remember when the price of a bond goes down the yield (rate) goes up.

MR: So, when do you see rates stabilizing?

MB: When the market establishes a firm floor and the fundamentals return, we should see a more stable rate environment and one that is lower than current levels.

MR: Any time soon?

MB: We are already seeing some positive improvement with rates. That’s not to say we won’t continue to see them jump around but the trend is positive for now.

MR: Should buyers hold out for the stabilization? Or should they purchase while the selection is good and rates are still relatively low?

MB: Rates are still very low on a historic basis. I would encourage buyers to budget off of the current levels rather than hold out for rates we saw in years past. Take advantage of the incentives and selection while they still last.

For more information on mortgages or the market in general, feel free to contact Martin directly at martin@intracoastalmortgage.com or 910.256.7773

Marsh Oaks Newsletter

One of the rarely mentioned but fabulous amenities in Marsh Oaks is our neighborhood newsletter, the "Marsh Oaks Monitor". The newsletter is a published periodical mailed to each current resident. Paid for by the advertisers, the articles are submitted by homeowners and range from a kudos to a job well done, to a spotlight on the yard of the month, to recipes, to suggestions on things to do in and around Wilmington. The possibilities are endless and the Marsh Oaks Monitor is just one of the innovative tools the homeowners at Marsh Oaks utilize to stay connected.

Be sure to call today for questions on how you might become our newest neighbor in Marsh Oaks!

Tennis Anyone?

Marsh Oaks tennis courts have gotten the go ahead for some renovations. Recently, the Marsh Oaks Homeowners Association board voted to have the courts resurfaced and the nets replaced. The exciting news is that the courts will have new look that is in line with the US Open with blue paint instead of the green they now have!

Two points to note - (a) the resurfacing and maintenance of the courts will be paid for entirely through the reserves in the HOA budget. The Marsh Oaks reserves are fully funded, which is not a common attribute of most HOA's, and (b) the Marsh Oaks homeowners care about their amenities. Twelve years strong and the movement to get our amenities in pristine repair is evident as witnessed by this action and the recent renovation of the clubhouse.

Keep your eye out for the upcoming tennis leagues and round robin games organized by our neighbors who enjoy a game of tennis!

Money Matters....

Consider the following from Intracoastal Mortgage:

Over the past four to five weeks it has been hard to find any good news to talk about. The stock market has ventured into un-chartered territory but if we look at the current mortgage rate environment there is a small silver lining. We continue to see volatility which feeds anxiety but looking at the rate trend over the past three months (chart below) the market is better now than back in the July/August timeframe. There have been some guidelines tighten which will continue but overall money is available at very affordable rates. Engage a mortgage professional as early in the process as possible so surprises can be mitigated. Please utilize us to help answer questions and clear up some of the confusion that is present in the market.

Suggested reading: “Think and Grow Rich” by Napoleon Hill. Considering the times that we find ourselves in this is a great book to read. It deals with one’s frame of mind and how it plays into success.

Martin Barbee
President
Intracoastal Mortgage Co.
534-A Causeway Drive
Wrightsville Beach, NC 28480
910.256.7773 o
910.256.0443 f
910.264.1208 c

I Got Boo-ed!

No, it doesn't mean I did a horrible job at something and was heckled. Boo-ing is something we see every year this time in Marsh Oaks and it never ceases to excite me! This tradition is one more example of the great and giving neighborhood we call home.



If you aren't familiar with the "Boo" game, it goes something like this: You are sitting in your home after dark and hear the doorbell ring. When you answer the doorbell you notice there is no one waiting to greet you - just a pumpkin filled with goodies for your family. The pumpkin includes a note of instruction telling you that you must post the "boo" on your door for other neighbors to see, and, within a day, deliver two more "boos" to your neighbors. As you are driving the streets of Marsh Oaks you'll spot all the "boo" notices - seems that no one gets left out.

Our "boo" this year included a ton of candy, some halloween cups with pumpkin straws, and some party napkins. I'm not going to divulge what our return "boos" contained, lest the reader recognize their "boo-er", but I can tell you that if they listened hard enough they may have heard my daughter giggling around the corner!

Marsh Oaks Clubhouse

Marsh Oaks, in Wilmington, North Carolina offers terrific amenities for an extremely low monthly fee of $40. When you enter the neighborhood from Hwy 17 Business, you will see the main amenity center to the left. Immediately you will notice our clubhouse.

Recently renovated in 2006, the clubhouse offers a full kitchen equipped with a stove and oven, microwave oven and refrigerator. The granite countertops and center island are a testament to the quality of the homes found in Marsh Oaks. Open to the rest of the clubhouse, the kitchen is the perfect spot for those using the clubhouse to prepare their appetizers or meals for their guest.

The recent renovations saw that the carpet was replaced with hardwoods, and new furniture was added.

The large clubhouse with it's wrap around porches offers the perfect venue for parties and gatherings of all types including wedding and baby showers, wedding parties, and neighborhood parties such as the Marsh Oaks Day cocktail party.

Market Update in Marsh Oaks

While the economic world may be in turmoil, values still hold in Marsh Oaks. This is a great time to buy and savvy buyers are buying value, not just looking for the best deal on paper.

Within the last thirty days of this post, 4 homes in Marsh Oaks have been put under contract, one was on the market less than 30 days, and one was put under contract before it even hit the multiple listing service.

In the last thirty days, 3 homes have closed in Marsh Oaks. One of those homes was a pre-sale, and another sold for 107.75% of asking price! The average percent of sale price to list price in September was 101.8% .

In the SaltGrass section of Marsh Oaks, we are sold out of standing inventory (don't worry, new construction should be done in 6 months!)

If you are looking for a home that will hold it's value, as well as provide a great neighborhood atmosphere, you really should check out Marsh Oaks!