RISMEDIA, May 6, 2010—(MCT)—
Spring cleaning is turning into spring remodeling this year for many homeowners.
Home improvement projects are starting to make a comeback after frugal consumers pulled the plug on remodeling and renovation work during the downturn.
With the economy showing signs of stabilizing and retailers and contractors continuing to offer good deals, homeowners are sprucing up their homes’ appearance and value by repainting their bathrooms, installing new floors and carpets, and upgrading their kitchens.
Maritza Vega Gentry, a property manager from Glendale, Calif., said she’d hoped to begin remodeling her home in 2007 but put her plans on hold when the stock market crashed. This year, she said, she’s feeling more confident about the economy and plans to spend at least $5,000 on recessed kitchen lighting, ceiling fans and two sun roofs.
“I just sat back and waited for three years,” Gentry said while checking out light fixtures at Home Depot in Burbank, Calif., recently. “Now I’m back to doing what I was supposed to be doing: remodeling and taking care of business. I’m doing every repair that I can right now.”
In a survey recently released by American Express, 62% of homeowners said they planned to embark on home improvement projects in 2010, spending an average of $6,200 on enhancements.
It’s a relief for the battered home improvement market, which saw consumer spending plummet about 27% since 2007 as homeowners delayed or scrapped remodeling plans.
According to a report this month by the Joint Center for Housing Studies at Harvard University, the sector is estimated to see nearly 5% growth in 2010—although industry experts caution that a full rebound will take a while.
“The gradual recovery in the broader economy should encourage more remodeling spending by homeowners,” said Nicolas P. Retsinas, director of the housing studies center. “This year could produce the first annual spending increase for the industry since 2006.”
In their most recent earnings reports, Home Depot Inc. and Lowe’s Cos., the nation’s two largest home improvement retailers, posted better-than-expected fourth-quarter results and said consumers seemed to be more willing to take on costlier projects.
At Lowe’s, based in Mooresville, N.C., “the worst of the economic cycle is likely behind us,” Chief Executive Robert A. Niblock said recently in a call with analysts.
Atlanta-based Home Depot said fourth-quarter business picked up in some areas in California and Florida—states hit especially hard by the housing crisis—and said that of its top 40 U.S. markets, all but two showed improvement at same-store sales, or sales at stores open at least a year.
“All of this gives us some cause for optimism in 2010,” Chief Executive Frank Blake said in a call with analysts. “We’ve been waiting for this transition for a long time.”
For fiscal 2010, Home Depot estimated that same-store sales would increase 2.5%; Lowe’s projected that its same-store sales would rise 1% to 3%.
Business still isn’t where it used to be for Sergio De Paula, a general contractor from South Pasadena, Calif., who specializes in installing outdoor kitchens. In the last few years, he saw revenue decline 40% to 60% as clients halted projects or opted for more modest outdoor setups. “Now that the worst of the housing crisis is over, they’re starting to invest again, so we’re getting a lot more calls,” De Paula said. “It’s nowhere near pre-recession levels, but at least it’s starting.”
Joe McFarland, western division president at Home Depot, said many customers are now opting for do-it-yourself projects instead of hiring professionals, leading to a boost in sales of power tools, fertilizer and fruit and vegetable plants. “The downturn changed people’s outlook on the way they spend money for years to come,” he said. “We’re all anxiously awaiting what the new normal will be.”
(c) 2010, Los Angeles Times.
Distributed by McClatchy-Tribune Information Services.

Coldwell Banker Buyer Bonus Sales Event
Thousands of Sellers to Offer Credit Up to $8,000 from May 1 Until July 31, 2010
PARSIPPANY, N.J. (April 26, 2010) — Coldwell Banker Real Estate LLC today announced the launch of its Buyer Bonus Sales Event, a national promotion intended to build on the momentum of the soon-to-expire federal homebuyer tax credit.
In a recent survey of Coldwell Banker Real Estate professionals, nearly half indicated that they had worked with home buyers who would have missed out on the home buyer tax credit in November of last year had it not been extended. In addition, while 34 percent cite the current tax credit extension (expiring April 30) as the primary reason their customers are currently for searching for a home, 28 percent said that they feel the limitations of this credit will prohibit some buyers from taking advantage of the credit.
That is why on May 1, 2010, immediately following the expiration of this government initiative, home sellers participating in the Coldwell Banker Buyer Bonus Sales Event will offer a credit of 3 percent (up to $8,000), when part of an accepted offer, of their home’s purchase price to buyers who sign a contract before July 31, 2010. There is no deadline for a closing date.
“The federal government did its part to encourage millions of Americans to achieve their dream of home ownership with the help of the home buyer tax credit,” said Jim Gillespie, president and chief executive officer for Coldwell Banker Real Estate LLC.
“As the credit expires, Coldwell Banker Real Estate is encouraging buyers who haven’t found a home yet to continue looking, while bringing a new audience of home buyers who were unable to qualify for the tax credit into the market. We are confident that this private sector solution will represent a significant step toward continued recovery of the housing market.”
“The Buyer Bonus Sales Event will allow participating Coldwell Banker home sellers to essentially extend the benefits of the credit,” said Gillespie. “Without restrictions such as household income caps, the Coldwell Banker Buyer Bonus Sales Event allows for greater participation for all homebuyers. And our sellers have a unique opportunity to allow their home to stand out from the competition in their marketplace.”
Participating homes will typically be identified by Buyer Bonus Sales Event yard sign riders and tagged as a Buyer Bonus home online at http://www.coldwellbanker.com/. While searching for a home online, home buyers can simply check the box labeled “Buyer Bonus Sales Event” to find participating properties nearby.
All home sellers who take part in the Buyer Bonus Sales Event will receive broad marketing support from Coldwell Banker Real Estate LLC, including:
National television commercials beginning May 1, 2010; extensive online advertising;
Promotion on http://www.coldwellbanker.com/;
Updates on the event to be shared on Coldwell Banker Facebook, Twitter pages & the Coldwell Banker blog, Blue Matter;
A video posting to the Coldwell Banker On Location channel highlighting the practical value of $8,000.
Home sellers that are interested in participating in the Coldwell Banker Buyer Bonus sales event can contact Brett Knowles at 910 279-3000 or brett@brettknowles.com .

7514 Jonquil Court

Windward Oaks

$490,000

Click Here to Preview this Beautiful Home

Open House ~ Windward Oaks

Open House

7514 Jonquil Court

Windward Oaks

Saturday, March 6th

1:00pm - 3:00pm

$500,000

Exquisite neighborhood setting define this beautiful brick transitional. The home is situated amongst majestic hundred year old oak trees, and southern magnolias. The floor plan is highlighted by the open center piece kitchen. Island cooktop, huge solid surface bar counter, breakfast nook and pantry along with a work station desk. Volume ceiling great room has a custom built entertainment center and a raised brick hearth gas fireplace. Formal living and dining room. Spacious first floor bedrooms. Large bonus room with adjacent overlook study. Walk-in attic storage. Fresh paint and refinished hardwood floors throughout. The enclosed patio sunroom and covered porch overlook a sloping landscaped yard. Great location for schools and beach access. Ready for occupancy.

Another Satisfied Customer!!

"Great Home Buying Experience w/ Brett. Met our needs & found a house in less than 2 weekends -- 1 full day of looking and one 1/2 day" ~ Vanessa

Best of the Best 2010

Congratulations! Coldwell Banker Sea Coast Voted Best Real Estate Company by Encore Readers.

Jazz Festival in Wilmington

One of the largest traditional jazz festivals in the Southeast showcasing Dixieland, Contemporary, Ladies of Jazz and New Orleans Style music. Will be in Wilmington, Thursday, Febryary 4th.
Some of the all-star, world-renowned musicians performing include guitarist Bucky Pizzarelli, Butch Miles on drums, Hod O'Brian-piano, Duke Heitger on trumpet.(910) 793-1111

Location
30th Annual NC Jazz Festival
Hilton Wilmington Riverside Ballroom
301 N. Water Street
Wilmington, NC 28401