The Week in Review Wilmington NC January 5, 2008,

The Week in Review

...your Wilmington Connection

January 5. 2007

A Cold Week in Wilmington, but of course not nearly as cold as the northern part of the country, but for us locals it is tough one to bite. There has been alot of activity this past weekend with home viewings. Buyers confidence is returning enough to go out and look at homes, the mortgag rates are still at a record low. Are you interested in the Wilmington area? Here is some local info you might want to look at.

Existing-Home Sales Rise in November, Market Likely Stabilizing

Existing-home sales rose slightly in November, indicating a stabilization in housing in the wake of mortgage disruptions earlier this year, according to the National Association of Realtors®.

Total existing-home sales - including single-family, townhomes, condominiums and co-ops - rose 0.4 percent to a seasonally adjusted annual rate1 of 5.00 million units in November from an upwardly revised pace of 4.98 million in October. County airport set for growth
Brunswick facility will seek bids on relocation of road

Oak Island | The booming growth that has hit Brunswick County will soon be felt at its airport.

The long-planned extension of the 4,300-foot runway at Brunswick County Airport is slated to achieve an important foothold later this year when work begins to relocate Airport Road around the northern perimeter of the airfield, said John Ramsey, chairman of the airport's board of directors.

"We've finished up with the Department of Transportation's road design and should be letting bids on the project very soon," Ramsey said, either later this month or early February. "That should be starting very quickly."

Ramsey said extension of the runway to 5,505 feet would be a crowning achievement at the 45-year-old airport. If the road relocation is completed later this year, as expected, the runway extension should be finished by 2010, he said. Is a center in the cards for St. James?

A community center proposed for the affluent gated town of St. James appears to some residents to be a frill they just don't need.

The issue has been contentious, so officials decided months ago to put the question to the property owners.

The estimated cost of building the approximate 12,865-square-foot center is $3.6 million, with an annual operating expense of $264,480, according to the town's draft development plan. SOUTHPORT

Investors buy back waterfront cafe

A property ensnared in lawsuits between a major developer and his financial backers has been sold.

Last month, JBCHC LLC bought Fishy Fishy Cafe, a popular restaurant on Southport's Yacht Basin. James and Bridget Chirico have a controlling interest in the company, said George Rountree, the legal receiver for the properties.

The Chiricos filed suit in May in Chatham County to prevent Rodney Hyson Sr. and Rodney Hyson Jr. of Cape Fear Realty from taking further actions on behalf of the Cape Fear Trading Groups, the companies the two sides formed to develop land and businesses.

The Chiricos claim the Hysons lied about profit expectations, took funds to use in their other businesses and hired people without permission, among other misdeeds. The Hysons have denied those accusations.

JBCHC also made a $20.3 million bid in November for Stevens Park, another of the properties involved. ..........until next week in the Week In Review Tina