Bob Radigan, Broker-Associate Landmark Realty Group
Q-Bob, please share with us your background and experience as it relates to the market in the North Carolina mountains.
A-I’ve been in Real estate since 1994 and have extensive experience in investment/vacation properties, second homes, motels, vacant land and luxury property.
I Bought a cabin on Lake glenville, North Carolina over 21 years ago and absolutely love the mountain lifestyle!
Q- What is your primary market?
A- In North Carolina I cover Cashiers, Highlands, Lake Glenville, Sapphire valley and lake Toxaway. I pimarily market second homes, vacation homes and large acreage.
Q- Bob, many vacation markets, like the gulf coast of Florida you and I recently discussed, have been really impacted by the real estate market. Many areas have seen significant, never before seen, impacts on price. How is your market in North Carolina doing?
A- . In our market (single family homes, vacation homes and condos) there are great deals available for sure! A measure of over-development has made great opportunities for buyers at every turn.
Q. Bob, when we discussed Florida we discussed whether the market was “at the bottom yet”. While the North Carolina mountains area does not appear to have seen near the negative impact of Florida, it has been impacted nonetheless. I would pose the same question to you about this market, do you think it has hit bottom?
A- . Are we at the bottom yet? The entire country’s real estate market does not react at the exact same time, no one state, area or market will be at the peak or bottom in a way or time that the news media will ever be able to announce to the buying public,” the bottom has been hit here…buy now!”
North Carolina has many markets, in my little niche market it is time to buy. Is it at the bottom here? Quite possibly; some areas are much less affected than others.
Ask your REALTOR(R) to show you! Make him work…they’ll be the best source for real data, as long as you have the right REALTOR(R), of course.
Q- Financing is a challenge throughout the country but particularly when it is not for someones primary residence. What are your thoughts on this? How abundant is financing in your market for 2nd homes and investment property? What would be typical terms presently?
A – Of course credit scores are more important than ever. Loans are available and interest rates are at historic lows. A down payment of 20% is typically required for a second home and 30% for investment property.
The borrower will have to jump through a few more hoops for the lender today than before but it really all depends on the individual and their individual circumstances.
A- When we discussed Florida we talked about vacation rentals and other investment type properties. Does your market in North Carolina have similar type investment opportunities?
A- Investment property/vacation rentals is really not as common in the mountains and, other than appreciation and large land aquisitions for development, most buyers here are buying to enjoy the lifestyle, weather and beauty of the Smoky Mountains.
Q- Bob, thanks for once again taking the time to talk with me about the real estate market. Do you have any closing comments about the mountain market of North Carolina?
A- The market here has slowed a bit, like much of the country, but I see it recovering far better than other areas. Location, weather, lifestyle and desirability will draw buyers in any market.
If you would like to contact Bob Radigan with your questions about the mountains of North Carolina and possibly acquiring a second or vacation home there you can contact him on his cell at 239-691-6240 ,via email at email-paradise@coconet.com. You can also visit his website at http://www.thenorthcarolinamountains.com/.
In my 
Q-Over the past couple of years there has been a lot of attention to the cost of, or difficulty in obtaining, property and flood insurance for Florida property. Please give me your comments with regard to the availability of insurance and typical cost.
A- I can’t quote rates, I always rely on all my insurance
