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Archive for August, 2009

Quick reaction saves pair in car sinking into retention pond

Friday, August 21st, 2009

By Chris MazzoliniChris.Mazzolini@StarNewsOnline.com

Wilmington | A few years ago, Christopher Long was fired from his job as a sheriff’s deputy after fatally shooting a college student through a door.On Friday, he was a hero who helped save two lives.

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Investors flock as Carolina Beach property is auctioned off

Friday, August 21st, 2009

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Investors from all over the country have flocked to Carolina Beach this week in search of bargain basement prices. A real estate auction company will auction off about $20 million worth of property in Carolina Beach. Friday interested bidders got a sneak peak.

A private investor bought properties along Canal Drive and Carolina Beach Avenue just before the real estate market collapsed.

“There’s thousands of examples unfortunately of this all over the country and particularly in costal areas,” said Bill Londrey pf Tranzon Fox Auction Company.

As part of the bankruptcy, all of the properties must be auctioned off, either piece by piece or any combination. The land includes open lots and parking spots, hotels and homes.

“This being a bankruptcy court ordered sale, it’s going to sell regardless of price, there is not a better opportunity,” added Londrey.

In a down real estate market with so much beach front property up for auction, regardless of the bid, investors have come in from out of town hoping that their price is right. Investor Bill Troutman said, “As an investor, that’s why I’m here. If they had minimums, I doubt I would show up.”

“It makes it more appealing because there’s potentially some good profit to be made out here because it might sell for a bargain,” said Sea Coast Realty’s Ian Rosenbaum.

“Londrey said, “Regardless of what these things sell for, either individually or in combinations, they’re never going to be worth any less than they’re going to be this week. So it’s all about appreciation from there.”

To encourage only serious buyers the auction company requires the winning bidder put down 10 percent right away, but even experienced investors don’t know what to expect.

“This many properties, this close, on the coast, and close to the waterway, there’s some opportunity here,” Troutman said.

Rosenbaum added, “It’s an unusual situation. It will be interesting to see what happens.”

Unlike a foreclosure, the winning bidder will get the property free and clear. That means they won’t have to pay any leans or back taxes. All bids are due by 11:00 a.m. on August 23rd.

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videoInvestors from all over the country have flocked to Carolina Beach this week in search of bargain basement prices. A real estate auction company will auction off about $20 million worth of property in Carolina Beach

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Associated poll

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Unemployment rate stays at a historic high, some local jobs open

Friday, August 21st, 2009

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New unemployment numbers offer a mixed bag of news. The unemployment rate fell in 17 states. Here in North Carolina it held steady.

The national rate dropped a tenth of a point in July to 9.4 while our state rate remained at 11 percent. We have been at eleven percent or higher for the last three months. Those are historic highs, so the announcement of new jobs at US Cellular is most welcome indeed.

“We have 30 openings right now in Eastern North Carolina, from customer service to cashier greeters, sales associates, engineers. A wide variety of positions,” said Clint Mosley of US Cellular.

But as one company giveth, another taketh away. Layoffs are occurring at Bedford Fair, as they phase out the Wilmington warehouse facility. More than 150 people are, or were, employed there, and that underscores the instability that still plagues the economy.

The professional and business services sector gained jobs while the government sector lost jobs, as budget cuts took root. Things will remain busy at local unemployment offices. Even though most economists feel the recession is over; they also predict a long haul as people try to get back to work.

Normally the US unemployment rate sits around five percent.

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videoNew unemployment numbers offer a mixed bag of news. The unemployment rate fell in 17 states. Here in North Carolina it held steady.

The national rate dropped a tenth of a point in July to 9.4 while our state rate remained at 11 percent.

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Associated poll

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Marina to build dry storage building, community opposed

Friday, August 21st, 2009

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A New Hanover County marina will be allowed to build a dry storage building, despite community opposition.

Tim Ward has applied for a permit to build a dry storage facility at Carolina Yacht Club and Marina at least six times over the years. Each time county commissioners denied his request, saying a high-capacity, dry dock storage facility did not fit in the neighborhood. But a judge has now overturned the commissioner’s decision. Now neighbors, including Tim Ward’s relatives, are pleading for help.

“Once a special use marina like this has been overturned – look out. We’re on fire here and the fire’s going to spread to other neighborhoods,” said David Ward. “They need to support their special use permits ordinance to try and preserve the neighborhoods and save our communities from this kind of trouble.”

David Ward said he is worried about the road and water traffic the marina could bring to the area.

Tim Ward said the county needs more places to launch boats. He will still need to obtain a number of permits before construction can begin.

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A New Hanover County marina will be allowed to build a dry storage building, despite community opposition.

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Associated poll

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Berry gets 10 years for drug trafficking

Friday, August 21st, 2009

Wilmington | A 19-year-old Wilmington gang member was sentenced Thursday to two, 10-year concurrent terms in prison for his role in a large-scale conspiracy to distribute crack and heroin after police nabbed him in a routine traffic stop.

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