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Gorgeous Home Walking Distance to ECU Sports Complex

by The Pistol Tingen Team

Enterprising $54 Million ECU Campus-Edge Student Housing Project Launched

Two local Greenville developers, Taft Development Group and Ward Holdings, announced the initiation of the prodigious student housing project that will be located near downtown Greenville and the main campus of East Carolina University. The five-story mixed-use facility will feature 275 student apartments containing a total of 675 bedrooms.

Plans project that the complex will open in August 2017—just in time to welcome arriving ECU students for the Fall Semester. Students will have the choice of 16 floorplans with studios, 1 bedroom, 2 bedroom, 3 bedroom and 4 bedroom units. Each floor plan will be fully furnished, include private bathrooms and contain upgrades such as granite countertops and plank floors. The housing project will provide a high-tech state-of-the-art security system with cameras, electronic access control and high speed wireless internet.

In addition to the student housing, the tower complex will contain 20,000 square feet of retail space, a 700-car parking deck, courtyards, resort-style pool, outdoor amenity center, state-of-the-art fitness center and a roof-top sky-view terrace. The complex will be located across the street from the recently announced $122 Million ECU Student Union that is scheduled to commence construction Summer 2015. Students also will enjoy the convenience of a short 3 minute walk to the 150,000 square foot Student Recreation Center, Joyner library and the new world-class Student Union.

Enterprising $54 Million ECU Campus-Edge Student Housing Project Launched

Two local Greenville developers, Taft Development Group and Ward Holdings, announced the initiation of the prodigious student housing project that will be located near downtown Greenville and the main campus of East Carolina University. The five-story mixed-use facility will feature 275 student apartments containing a total of 675 bedrooms.

Plans project that the complex will open in August 2017—just in time to welcome arriving ECU students for the Fall Semester. Students will have the choice of 16 floorplans with studios, 1 bedroom, 2 bedroom, 3 bedroom and 4 bedroom units. Each floor plan will be fully furnished, include private bathrooms and contain upgrades such as granite countertops and plank floors. The housing project will provide a high-tech state-of-the-art security system with cameras, electronic access control and high speed wireless internet.

In addition to the student housing, the tower complex will contain 20,000 square feet of retail space, a 700-car parking deck, courtyards, resort-style pool, outdoor amenity center, state-of-the-art fitness center and a roof-top sky-view terrace. The complex will be located across the street from the recently announced $122 Million ECU Student Union that is scheduled to commence construction Summer 2015. Students also will enjoy the convenience of a short 3 minute walk to the 150,000 square foot Student Recreation Center, Joyner library and the new world-class Student Union.

ECU/PCC Establish an East Coast Pharmaceutical Force

by Madeleine Tingen

According to the Pitt County Development Commission, East Carolina University (ECU) and Pitt Community College (PCC) will partner to establish the Biopharmaceutical Work Force Development and Manufacturing Center of Excellence. With funds provided by the Golden LEAF Foundation, this effort will create the East Coast’s finest training center for biomanufacturing and pharmaceuticals.  Additional support from the North Carolina Community College System’s NCWorks Customized Training and BioNetwork will enhance the planned facilities and programs.

Unanimously voting to provide the largest such grant this year, the Golden LEAF Board of Directors will provide $1,750,000—to ECU ($1,100,000) and PCC ($650,000).  The creation of the Biopharmaceutical Work Force Development and Manufacturing Center of Excellence is a model for economic and work force development collaboration.  PCC, ECU, the NC Community College BioNetwork, and Pitt County are partnering to develop an educational and training infrastructure for a 21st century pharmaceutical services workforce to meet the labor and expertise needs of such companies as Patheon, a leading provider of drug substance and drug product services for the global biopharmaceutical industry.

The Golden LEAF Board of Directors had earlier reserved funding for this purpose as part of North Carolina’s efforts to recruit Patheon to expand in Greenville, NC. Governor Pat McCrory announced this expansion of an estimated 488 jobs in October of 2014. Golden LEAF recognizes the economic and workforce development opportunity at hand and shares the vision of a bright pharmaceutical services future for the region, where over 8,000 people are already directly employed in pharmaceutical manufacturing.  Companies such as RTI, the manufacturer of a sterile biomedical device, are also growing in Pitt County.

Small but mighty, Greenville, NC has ranked in the top 10 on the fDI Magazine’s list of “American Micro Cities of the Future 2015-16.” Ranking in the top ten overall, Greenville also made the top 3 list in two other categories and has been highly ranked on the magazine’s list since its inception in 2011.

Greenville continues to capture the attention of the fDI Magazine produced by The Financial Times Ltd., one of the world’s leading business news organizations, and is recognized internationally for its authority, integrity and accuracy. Providing extensive news, comment and analysis, FT.com is the definitive home for business intelligence on the web, serving as an essential resource for the global business community.

fDI focuses these rankings on a mixture of data and expert opinion to name cities that have the best prospects for inward investment, economic development and business expansion. Greenville falls into the Micro Cities category, which includes cities with populations under 100,000. There are also categories for Major Cities with populations up to 750,000, Large Cities with populations between 250,000 and 750,000 and Small Cities with populations between 100,000 and 250,000.

Ranking highest in the Human Capital and Lifestyle category, Greenville, NC made #2 for Micro Cities. Various factors contribute to this category which is based on such things as number of students, labor force as a percentage of the population, literacy rate, secondary and tertiary enrollment rates, the number of physicians as percentage of population, and gross domestic product.

Greenville, NC continues to grow in popularity with businesses and organizations as an attractive choice and a viable relocation target in which to thrive.

Currently to claim a tax credit of up to $8,000 (or up to $6,500 for non-first time home buyers), home buyers must have purchase contracts accepted by April 30, 2010, and must close escrow by June 30, 2010.

Friday, June 11, Senators Harry Reid of Nevada, Johnny Isaakson of Georgia, and Chris Dodd of Connecticut introduced an amendment to the American Jobs and Closing Tax Loopholes Act of 2010 (H.R.4213) that, if passed, would extend that closing deadline to September 30, 2010.

This amendment would not extend the required April 30 deadline necessary to claim the tax credit. If passed, though, the amendment would extend the date required to close the transaction until September 30, 2010.  

The National Association of REALTORS® has reported that as many as one-third of qualified applicants have been notified by lenders that their mortgages will not close before June 30 due to the sheer volume of applications in the pipeline.  The Senate amendment would allow home buyers adequate time to complete their purchases in time to claim the credit.

For more information regarding the status of this amendment or to locate real estate in the Greenville, NC and Pitt County area, please contact The Pistol Tingen Team at (252) 321-6161.

What is an Energy Efficient Mortgage?

by Madeleine Tingen

An Energy Efficient Mortgage (EEM) is a mortgage that credits a home’s energy efficiency in the mortgage itself. EEMs give borrowers the opportunity to finance cost-effective, energy-saving measures as part of a single mortgage and stretch debt-to-income qualifying ratios on loans thereby allowing borrowers to qualify for a larger loan amount and a better, more energy-efficient home.

To get an EEM a borrower typically has to have a home energy rater conduct a home energy rating before financing is approved. This rating verifies for the lender that the home is energy-efficient.

EEMs are typically used to purchase a new home that is already energy efficient such as an ENERGY STAR qualified home. The term EEM is commonly used to refer to all types of energy mortgages including Energy Improvement Mortgages (EIMs), which are used to purchase existing homes that will have energy efficiency improvements made to them. EIMs allow borrowers to include the cost of energy-efficiency improvements to an existing home in the mortgage without increasing the down payment. EIMs allow the borrower to use the money saved in utility bills to finance energy improvements. Both EEMs and EIMs typically require a home energy rating to provide the lender with the estimated monthly energy savings and the value of the energy efficiency measures — known as the Energy Savings Value.

EEMs (and EIMs) are sponsored by federally insured mortgage programs (FHA and VA) and the conventional secondary mortgage market (Fannie Mae and Freddie Mac). Lenders can offer conventional EEMs, FHA EEMs, or VA EEMs.

For more information regarding EEMs and energy-efficient homes available in the Greenville, NC and Pitt County area, contact The Pistol Tingen Team at (252) 321-6161.

Mortgage Rates Move Slightly Lower

by Madeleine Tingen


Freddie Mac last week released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage (FRM) averaged 5.07 percent with an average 0.6 point for the week ending April 15, 2010, down from the previous week when it averaged 5.21 percent.  Last year at this time, the 30-year FRM averaged 4.82 percent .

The 15-year FRM last week averaged 4.40 percent with an average 0.7 point, down from the previous week when it averaged 4.52 percent.  A year ago at this time, the 15-year FRM averaged 4.48 percent.

Last week Freddie Mac vice president and chief economist, Frank Northaft, made the following remarks. “After rising for four consecutive weeks, mortgage rates eased back to where they were two weeks ago and still remain historically low. The Federal Reserve (Fed) indicated in its April 14th regional business survey that consumer prices generally remained level and producers had difficulty passing along increases in some raw materials.  This will likely keep inflation at bay as evidenced by the 1.1 percent growth in core consumer prices for the 12-months ending in March 2010, which was the lowest annual increase since January 2004.”

Northaft further noted that, “Low mortgage rates continue to help stabilize the housing market.  The Fed noted that residential activity increased while home prices were stable across most of its 12 Districts over the six weeks prior to April 5th.  In addition, credit standards remained generally unchanged across the nation, while credit quality was mixed according to the report.”

For the most current mortgage and real estate information in the Greenville, NC and Pitt County area, contact The Pistol Tingen Team at (252) 321-6161.

 

As part of its ongoing commitment to continuously improve housing relief efforts, the Obama administration announced  March 25  new adjustments to the Home Affordable Modification Program (HAMP) and to the Federal Housing Administration (FHA) programs.  These program adjustments will better assist responsible homeowners who have been affected by the economic crisis through no fault of their own.

The program modications will expand flexibility for mortgage services and originators to assist more unemployed homeowners and to help more people who owe more on their mortgage than their home is worth because their local markets experienced large declines in home values.

These changes will help the Administration meet its goals of stabilizing housing markets by offering a second chance to up to 3 to 4 million struggling homeowners through the end of 2012.  Costs will be shared between the private sector and the Federal Government; the Federal cost of these changes will be funded through the $50 billion allocation for housing programs under the Troubled Asset Relief Program (TARP).

For more information regarding these new homeowner options, please contact The Pistol Tingen Team—the real estate specialists for Greenville, NC and the Pitt County area.

Homeowners - Claim Your Tax Credits

by Madeleine Tingen

Owning a home is its own reward, but homeownership can also bring rewards at tax time.

This year is especially beneficial for people who are in the market to buy a home, thanks to the $8,000 first-time buyer credit and the $6,500 tax credit for repeat buyers. Current homeowners can benefit, as well. Tax credits are available for owners who undertake certain projects to improve the energy efficiency of their home, including replacing exterior windows, skylights and doors and installing efficient heating and air conditioning systems. Certain home improvements may qualify for as much as 30 percent of the project cost, up to $1,500.   Homeowners may also enjoy a mortgage interest deduction; allowing them to deduct all the interest paid on up to $1 million in mortgage debt.

For more information about current homeowner tax credits or details regarding tax credits still available to those considering a home purchase this year, please contact The Pistol Tingen Team at (252) 321-6161. The Pistol Tingen Team specializes in real estate located in Greenville, NC and the Pitt County area.

Displaying blog entries 1-10 of 29

BERKSHIRE HATHAWAY HomeServices Prime Properties,   Greenville, NC, 2625 Charles Blvd.

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