Best Buys on the Outer Banks for the week of August 13th, 2012

Contact Me About Any of These Properties!

  • This field is for validation purposes and should be left unchanged.

19 Athletes from North Carolina are Competing in the 2012 Summper Olympics!!

The Olympics

The Olympics starts this Friday!  Love the summer Olympics and the opening ceremony.  Here is the link – if you want to keep up to date with all that is going on with the Olympics for the next few weeks.

I tried to discover if there were any competing athletes with ties to the Outer Banks and was not successful.  I did find that out of 600 competing American athletes we do have 19 athletes representing North Carolina.  Most of these athletes we may or may not see, but it will be fun to cheer for someone from our state.

Ricky Berens – Is a swimmer that competed in Beijing and was part of the winning 800 meter relay team.  He swam the third leg of the 800m freestyle relay final at the Water Cube, where the U.S. won by more than five seconds over second-place Russia and third-place Australia. The time of 6 minutes, 58.56 seconds also set a world record.

Marko Blazevski – Is also a swimmer and will be competing in the 400-meter individual medley.  He is a rising Junior at Wingate University in Wingate, NC.

Cullen Jones – He won a gold medal in Beijing for a 4×100 relay.  He will be swimming in the same relay but will also race in the 50 and 100 meter freestyle.

Nick McCrory – is one of the best divers in America.  He grew up in Chapel Hill, NC and went to Duke University.    He is 20 and this is the first time he has made the Olympic team, he will be competing in the 10 meter platform individual even and synchronized diving.


Shalane Flanagan – is long-distance runner that currently holds the American record times in the 3000 m, 5000 m, and 10,000 m.  She is also the Bronze Medalist from Beijing in the 3k, 5k and the 10k.  Shalane is a graduate of University of North Carolina in Chapel Hill.  She will be competing in the marathon.

Hunter Kemper – will be competing in the triathlon.  He competed in 2000, 2004 and 2008 as Triathlete in the Olympics.   He was born in Charlotte and attended Wake Forest University.  He is the only American male that is ranked as the number one triathlete in the world and will be the first triathlete featured on a Wheaties Box.

Other Notable Athletes with North Carolina Ties are:

 Dremiel Byers – Wrestling

Casey Eichfeld – Canoe/Kayak

Eric Hurd – Canoe/Kayak

Caroline Queen – Canoe/Kayak

Nick Thoman – Swimming

Rachel Dawson – Field Hockey

Katelyn Falgowski – Field Hockey

Tobin Heath – Soccer

Heather O’Reilly – Soccer

Caroline Lind – Rowing

John Isner – Tennis

Charlie Houchin – Swimming

Chris Paul – Basketball Lauren Perdue – Track & Field



Outer Banks Update July 24, 2012

Sales activity continues to be higher than last year.  June finished with a 19% increase of sold properties over June 2011.  Properties going under contract are still on the rise as well.  Typically the summer months see a bit of a slow-down in activity, which we have, yet still maintained the increase.  I suspect the Fall Market will be very strong indeed.

Pricing seems to be stabilizing.  Some towns are still declining while others are holding steady.  For specific information on your location send me an email and I’ll get you a report.

The study on erosion in Duck is underway and the results of Phase I of this study will be presented to the public on August 15th at 1 pm.  For more information click here.

There is no new news on the Mid-Currituck Bridge.  We’re not expecting any updates until the end of this quarter.

As you can tell, I have a brand new website launched!  This site is very user friendly and should provide you with all the searching tools needed to find out what’s for sale on the Outer Banks.  I encourage you to check it out and take a look at my blog. If you haven’t done so already – follow me on Facebook, Twitter & / or Linkedin!

Doing a short sale in North Carolina is about to change.  The NC Association of Realtors recently made several revisions to the Short Sale Addendum.  For a quick video on the most impactful changes click here.

That’s all for this month.  As always if I can answer your real estate questions please contact me!

Best Buys on the Outer Banks for the week of July 23rd, 2012

Contact Me About Any of These Properties!

  • This field is for validation purposes and should be left unchanged.

Short Sales are about to change on the Outer Banks

Doing a short sale in North Carolina is about to change. The NC Association of Realtors recently made several revisions to the Short Sale Addendum.

For a quick video on the most impactful changes watch this:

Best Buys on the Outer Banks!

Contact Me About Any of These Properties!

  • This field is for validation purposes and should be left unchanged.

It’s a Coulda, Woulda, Shoulda Market!

July 2012 Outer Banks, NC Market Report – Video by Ilona Matteson

How is your home in Duck affected by the recent spike in sales?

If you follow the market here in Duck you would definitely know that property sales have seen a much needed spike upward!  If you need a buyer, boy can we help you!  The town has been hopping with activity and buyers seem to be thrilled for it!  Of course it’s been since 2001 or 2002 since we’ve seen prices like these.  Coupled with historic low interest rates and over the top rental income it’s quite literally the “Perfect Storm.”  As I had predicted earlier this year, we could be looking at the best time to buy on the Outer Banks in 2 generations!

So how does all of this affect the property value of your home?  Sales activity is good and that’s definitely a positive.  However, the houses priced “best” are the ones selling.  Even here in Duck we have an oversupply of homes for sale.  Keep in mind when I write sales have doubled, that means more specifically that in January and February of 2011 there were a total of 10 Residential Home Sales in Duck.  So far for January and February of 2012 there have been 19.  Considering we have a total of 143 homes/condos active on the market we are still experiencing a 7.5 month supply of homes for sale.  This is also considering we haven’t hit the peak for new listings in the spring yet.  April is by far the biggest new listing month of the year.

Take a look at the following facts regarding the Duck real estate market.

  • In the last 30 days, 8% of active inventory had a price reduction
  • In the last 30 days, 26 new listings came on the market (7 more came on than sold)
  • 97 homes have sold since January 2011
  • 20 of those homes sold and closed within 100 days
  • Average days on market is 316 for those homes
  • Average list price is $720,000
  • Average sale price is $656,000
  • 21 of those sales were distressed (short sale or bank owned)
  • That’s only 22% of sales in the last 14 months were distressed
  • 78% of sales were not!
  • Only 3 homes listed active right now are a distress sale
  • Clearly it’s not the distress sales causing most of our headache, it’s the oversupply of homes for sale!  The basic principle of supply and demand.
  • A “normal” market has between 3 and 6 months of inventory, Duck is at 7.5 before the surge in listings next month·

The moral of the story here is that buyers are ready to buy.  They have a lot of homes to choose from and are quickly buying the homes they perceive as the best value.  Listing high means pricing yourself out of the market.  If you want to sell, price it right and it will happen.  If you want to buy, there’s never been a better time!

I hope you enjoyed this quick report!  If I can answer any other questions for you please don’t hesitate to contact me.  Also feel free to subscribe to this blog for future articles of interest.