National Flood Insurance Program Proposed Changes

The following is reprinted with permission from the Outer Banks Association of Realtors.

NAR Addresses Concerns About Flood Insurance Reform Bill

The National Association of Realtors sent out the following information today regarding their Call for Action last week on HR 2874 – 21st Century Flood Reform Act:

NAR has fielded many calls and emails with concerns about the bill’s impact on current and future NFIP policyholders.

The National Flood Insurance Program (NFIP) provides necessary flood protection and coverage for 5 million policyholders across 22,000 communities nationwide. However, the NFIP is currently running a $1.4 billion annual deficit, and accumulated a $24.6 billion debt after weathering a series of catastrophic loss years since 2005. These numbers do not include expected claims from Hurricane Harvey. The program is up for reauthorization on September 30th.

NAR urges the House of Representatives to bring up and pass HR 2874: The 21st Century Flood Reform Act upon returning in early September. The bill meets all six of NAR’s reform principles. It would reauthorize the program for 5 years, stabilize its financial position, and make numerous and significant improvements to current law. Following are NAR responses to questions about the bill.

FREQUENTLY ASKED QUESTIONS

Why should Congress pass The 21st Century Flood Reform Act?

• Reauthorizes the NFIP for 5 years;

• Limits maximum flood insurance premiums to no more than $10,000 per year for residential properties;

• Preserves the practice of grandfathering for remapped property owners who build to code;

• Removes hurdles to the private flood insurance market, which often offers better coverage at lower cost than the NFIP;

• Authorizes $1 billion in pre-flood mitigation assistance grants to elevate, flood proof, buyout or mitigate high risk properties;

• Doubles increased cost of compliance (ICC) coverage in the NFIP policy so policyholders can obtain up to $60,000 for property mitigation and access these funds before the property floods;

• Better aligns NFIP rates to the risk, particularly for lower risk and lower value properties inland of the coast;

• Enables more communities to develop alternative flood maps like North Carolina’s, which are more accurate than FEMA’s, and generally streamlines the map appeals process;

• Improves the claims process in light of problems experienced after Superstorm Sandy;

• Addresses issues with repeatedly flooding properties that account for 2 percent of NFIP policies but 25 percent of the claim payments over the history of the program; and

• Overall strengthens the solvency of the program over the long term.

Why not just reauthorize the NFIP without major reforms?

As currently structured, NFIP is unsustainable over the long term. According to the Congressional Budget Office (CBO),

• NFIP premiums fall $1.4 billion short of expected annual costs, including all potential flood events, not just the ones FEMA counts.

• As of March 2017, the NFIP has borrowed $24.6 billion to make claim payments for hurricanes in 2005 (Katrina) and 2012 (Sandy), and inland flooding (Baton Rouge) in 2016.

• According to the CBO, the program is expected to borrow at least another $1 billion over the next 10 years and there is only $5 billion left on its borrowing authority (just over $30 billion). These numbers do not account for claims expected to result from Hurricane Harvey.

• The NFIP is not able to repay the $25 billion already borrowed and is making interest-only payments.

• Interest on the debt costs NFIP policyholders $300 million per year — funds not available for other purposes including paying claims or improving flood mapping.

• Approximately 25 percent of NFIP policies are subsidized and paying rates below full cost.

• Less than 2 percent of 5 million policyholders flood repeatedly (two or more times) but account for more than $8 billion or 25 percent of the claims and one-third of NFIP’s $25 billion debt;

• Because NFIP sets national average rates, many lower risk or lower value properties, especially those inland of the coast, are overcharged for flood insurance while others are undercharged.

Will NFIP rates increase under the bill?

While the majority of policyholders are expected to see no change or a small rate decrease, the highest risk and highest value properties, particularly those that flood repeatedly, could see an increase. However, increases would be phased-in gradually over many years. Increases are capped at 15% a year under the bill. The bill also includes a new cap on premiums so no homeowner would pay more than $10,000 per year maximum for flood insurance.

Additionally, more than $1 billion in mitigation grant dollars is set aside under the bill for property owners to elevate, flood proof, buy out or relocate, and thereby reduce their risk-based NFIP rate. Elevating a home by just two feet can cut the NFIP rate by as much as two thirds.

What does Section 104 (coastal and inland locations for NFIP rates) do?

This provision would direct FEMA to develop NFIP rates for coastal and riverine areas, and inland.

Currently, NFIP has two risk-based rate tables – one for properties subject to more than 3 feet of storm surge (V zones) and one for everyone else (A zones). According to the CBO, this means that “owners of homes that are subject to [up to 3 feet of] wave damage from storm surge do not pay higher premiums that reflect additional risk; instead, they pay according to the same rate schedule that is used for homes that are not exposed to wave damage. The result is an implicit cross-subsidy from inland homes to coastal homes…”

By developing inland rates for coastal properties and considering such risk factors as “distance to coast,” NFIP would move toward a more granular rating system like an insurance company’s. This means that rates would generally decline with the risk as one gets further away from the coast, and vice versa. In many cases, coastal properties not subject to storm surge risk could pay less. It would also mean that homeowners in Winslow, AZ, would not pay the same rate as those just blocks away from the coast in Miami, FL. However, under this provision, increases would be subject to annual limitations so no homeowner could pay more than a 15-percent increase in any given year (down from the current law of 18 percent) or $10,000 maximum.

NAR policy supports fair flood insurance premiums, which reduce cross subsidies and better aligns with property specific risk. NAR specifically requested that section 104 be added based on an NAR-sponsored Milliman actuarial analysis of the NFIP. This study found that inland policyholders in counties including Pinellas, FL, could pay thousands of dollars too much for flood insurance while others closer to the coast pay thousands less. Milliman has recently been hired by NFIP to explore a redesign of its risk rating structure, so the NAR analysis could help illustrate the potential benefits and costs of such a provision.

What about Section 504 (repetitive loss properties)?

Section 504 would address the 90,000 structures — 2 percent of 5 million NFIP policies — that have repeatedly flooded two or more times and received more than $8 billion in claim payments since 1978. According to a Natural Resources Defense Council (NRDC) analysis of FEMA data, these properties have received an average of five claim payments totaling $181,000, and 75 percent have not taken any action to mitigate the risk of further claims.

Under the Biggert-Waters Act, NFIP rates increase 25 percent per year for repetitive losses that are “severe.” However, the majority of these properties have avoided the 25-percent increases by either filing numerous smaller claims (so no four exceed $5,000) or just two claims averaging $55,000 each but amounting to just under the value of the structure. If rates do not increase with claims, there is less incentive to mitigate and the program becomes more expensive for other policyholders. Also, because of the flawed Biggert-Waters definition, many of these property owners would not qualify for FEMA mitigation grants — even if they wanted to reduce their risk of flooding.

Section 504 would close the loopholes and make mitigation grant assistance available by redefining the term “repetitive loss” simply as “two or more claim payments of any amount.” However, no one would see a rate increase under the bill unless/until the property owner receives at least three claim payments, including at least one after the date of enactment. The bill would also reset the property’s claim status if mitigated, so no claims made prior to mitigation are counted. If a property owner nevertheless decides to file more claims without mitigating, their NFIP rate would begin to increase 15 percent per year – increases already allowed under current law — until reaching full risk. This is less than the 25-percent increases for second home and business owners but higher than the 6.5-percent increases for primary residences with zero claims.

By redefining repetitive loss as two or more payments, section 504 would also make all repetitive loss properties eligible for both flood mitigation assistance and increased cost of compliance, and set aside more than $1 billion in grant dollars. The bill removes paperwork, red tape and bureaucracy so FEMA can directly provide or expedite these grants to the owners, and waives NFIP’s current cost sharing requirement, i.e., repetitive loss properties will no longer have to pay 10 percent of the cost in order to receive a FEMA grant.

Does section 504 apply to any two claims of any amount?

No, Section 504 would apply only if there are three claim payouts – either two in the past and one in the future, or one in the past and two in the future. It is not “any claim of any amount;” it is any claim payment of any amount that exceeds the policy’s deductible. Deductibles for homeowners can range from $1,000-$10,000 so any claim for less than this would not count toward Section 504.

While the bill language is less clear on what happens to future repetitive loss properties with zero past claims, the bill sponsors’ intent is at least three claim payments before the section applies. NAR is working with the sponsors to tighten the language so there is no room for interpretation.

Would the NFIP rate go to full risk upon the second claim?

No, the property owner must file at least one more claim in the future before any premium changes take effect. The owner would also have access to grants and an opportunity to wipe the slate clean via mitigation. If the owner however chooses to file more claims before mitigating, the NFIP rate would begin to rise 15 percent per year until the owner pays full risk. The rate could not exceed $10,000 per year for residential properties.

Will repetitive loss properties lose their grandfathered status?

NAR supports grandfathering for property owners who build to code. According to FEMA, most repeatedly flooding properties were built before there were flood maps or codes (i.e., pre-FIRM). Moreover, the vast majority have been substantially flood damaged (i.e., damage exceeds 50% of the building’s value), which would render them not eligible for grandfathering under current law.

In fact, this bill would enable repetitive loss property owners to grandfather, not the reverse. Under the bill, if an owner mitigates to code, the property’s status would reset so it could grandfather to the map at the time of mitigation when that map is updated in the future.

Do repetitive loss properties lose pre-FIRM subsidies?

Pre-FIRM subsidies are already being phased out under current law; section 504 would not change this. Under the legislation, NFIP rates for severe repetitive loss properties, non-primary residences and business properties will continue to increase 25 percent per year until reaching full risk (same as current law); the primary residences will increase 6.5 percent. What section 504 does is raise the rate to 15 percent per year (instead of 6.5 percent) if a primary homeowner receives at least three claim payments, including at least one after bill signing.

Would the bill eliminate NFIP coverage for repetitive loss properties?

Only for the most extreme repetitive or excessive lifetime loss claims.

• Section 504 would discontinue NFIP coverage if a repetitive loss property submits at least three claims, the sum of all claim payments exceeds 1.5 times the NFIP’s coverage limit for structure ($525,000 for a residential property), and the owner refuse to mitigate.

• Section 505 would discontinue coverage if the sum of all claim payments received in the future (beginning 18 months after bill signing) exceeds 2 times the value of the building (e.g., if a $500k structure cumulatively receives more than $1 million in NFIP payments for floods after 2020).

It is unlikely that any property owner would choose to file additional claims knowing that the next one would trigger either of these thresholds and force the NFIP to drop coverage.

Why are these changes necessary?

As currently structured, the NFIP is not sustainable over the long run. While the bill does make some difficult choices, the changes are the minimum necessary to close the $1.4 billion shortfall between premiums and claims. The bill could have gone farther to address the $25 billion debt but did not. Sacrifices are shared by policyholders over time so no one group would bear the full burden. Does this mean that a handful of policyholders might see higher rates? Yes. Does this bill provide financial and mitigation assistance for those who could be hardest hit? Yes. If the program is reauthorized without major reforms, will there continue to be an NFIP in the future? There are no guarantees.

The bill in its entirety can be found here.

Dare County Flood Map Update

The following is reprinted with permission from the Outer Banks Association of REALTORS®

Dare County Flood Map Update – IMPORTANT INFO

Dare County and its six towns have been working on how to respond to the preliminary flood maps that were released last June. While it looks like an appeal of the maps will not happen, there is ongoing conversation about developing local elevation standards for development and re-development purposes. The maps, when effective, would then only be used for flood insurance rating purposes.

Approximately 75% of Dare County properties currently in a special flood hazard area and required to carry flood insurance are coming out of the special flood hazard area altogether under the preliminary maps. The preliminary maps show some properties that are currently zoned in a VE – highest risk flood zone on the oceanfront moving into an X zone, which is out of the special flood hazard area and not required to carry flood insurance. Technically, a house could be built slab on grade in this zone. The maps, while developed using the latest, most advanced technology, do not take into consideration our high water table and heavy rains that cause flooding from standing water. They were developed to address flooding from storm surge.

OBAR and OBHBA recognize the potential of risky development when it comes to flood hazards under the new maps and have been part of the local conversations on how to move forward. The 90-day appeal process has still not yet started thus delaying the effective date of the maps even more. There is a timeline of things that need to take place before the maps become effective which now may not even be until 2019.

A meeting was held this week with Dare County Planner Donna Creef and members of the county’s Program for Public Information Committee to review and consider approaches to encourage property owners to maintain flood insurance coverage or purchase it if they have not had it. “Low Risk IS Not NO Risk”, “eXceed the X Zone”, and “LES is MORE (Local Elevation Standard) and other possible slogans for a public information flood insurance promotional campaign were discussed. The Committee also talked about how to move forward on developing elevation standards in various areas in unincorporated Dare County and how additions/remodeling/repairs might be treated.

WORD TO THE WISE: Banks are also looking at the impact of the preliminary flood maps if they become effective as presented. You may see banks imposing a flood insurance requirement to qualify for a mortgage in the future although the flood maps show the property in an X zone, where flood insurance is not mandatory. Also, be careful when advising clients as to the redevelopment potential of properties for sale based on the preliminary maps. With focus on the development of local elevation standards, creating new first/ground floor living space may still not be allowed when all is said and done.

Dare County has more information on the map process here.

Outer Banks Market Breakdown

Below on the left is a breakdown of activity for each town from 2013 to 2016. The % change reflects the difference between calendar year 2015 and 2106.  On the right is a breakdown of what % of closed sales were in the respective price ranges.

Celebrating 20 Years

What does 20 years in Real Estate look like?

I’ve done Property Management, Real Estate Sales, Broker In Charge, Sales Manager, Real Estate Coach, Pre-license Instructor, Continuing Education Teacher, Sales Training/Public Speaking.

I’ve sold $20,000 vacant lots all the way up to $2M Oceanfront homes.

I’ve helped hundreds of great people buy and sell on the Outer Banks.

I’ve helped thousands of great agents further their business through coaching and training.

I’ve taught thousands of agents across North Carolina and hopefully helped them understand license law better.

Most important to my career have been the mentors who invested time and training in me. My life has been forever changed because of them. I am beyond blessed to have come this far.  I’ve really had a career of helping people, just like I was helped. It feels good to be able to give back.

Thank you all for your support along the way. If you would like to buy or sell a house, give me a call. I’d love to help you too!

March Outer Banks Market Report

True to history, we are already seeing a spike in sales for this month.  In just the first 17 days we already have 20% more homes under contract than last March.  That’s very exciting news.  On the other hand, what we also have is over a year of inventory.

The basic principle of supply and demand just simply will not allow prices to rise.  Inventory is too high for the number of buyers in the market.  Prices will continue to be affected.

I’ve been saying for 5 years, that if you want to wait for prices to go up to sell your home, you’ll be waiting at least 3 to 5 years.  Well, after 5 years, prices still haven’t gone up.  So now, I’m saying 7 to 10 more years.  Sadly, it’s just going to take that long based on the statistics.

Real estate is a long-term investment. If you’re in the market to buy now and plan to own the home for 10 to 20 years, don’t worry.  You’ll be fine.

If you’re still on the fence about selling, just consider the cost to own your home for the next 10 years, versus pricing it to sell now.  Then ask yourself a very serious question…Is it more important to get your price, or to get the home sold?  Exactly how much longer do you want to own this home?  If you’re waiting on price, it could be a while.

If I can help you answer any questions about buying or selling, please let me know.

Southern Shores Flat Top Cottage Tour 2016

The following is reprinted from the Town of Southern Shores:

After a hiatus for 2015, the Southern Shores Historic Flat Top Cottage tour is back, and will be held on Saturday, April 23, 2016 from 1:00 PM to 5:00 PM.  Tour tickets ($5.00) will be available on the day of the tour at 156 Wax Myrtle Trail or 13 Skyline Road.  The $5.00 donation covers visiting all the cottages on the tour. Proceeds will benefit the Flat Top Preservation Fund of the Outer Banks Community Foundation.  This fund was established to provide maintenance funds for the flat top located at 13 Skyline Road, which was donated to the Outer Banks Community Foundation and which serves as its office.

Frank Stick, (1884-1966), beloved Outer Banks artist and developer, obtained an option on the land that is now Southern Shores, and supervised the platting of lots, the installation of roads, and the design and erection of the first flat top cottages.   These now quaint architectural houses were reminiscent of the cottages he had seen in Florida, and were of cement block construction, with wide overhanging soffits, propped up shutters, and flat tar and gravel roofs.

These historic cottages that once dominated the town’s architectural landscape, will be featured in an afternoon of open houses. We are proud to offer more than ten of these gems of varying sizes, locations, styles, and finishes for a self guided open house tour.  Approximately 30 examples of this original architectural style still remain as flat tops in Southern Shores.  The attached photo is of the Mackey cottage, nestled on the oceanfront at 218 Ocean Blvd.

There are two headquarter cottages where tour tickets will be sold: 156 Wax Myrtle Trail (facing Porpoise Run) or 13 Skyline Road (Outer Banks Community Foundation). Maps will be available at headquarter cottages, detailing the addresses of each open house.   Brief histories of the cottages will also be provided.

Red and blue balloons will mark cottages that are open on the day of the event.  Parking will be available at the intersection of Wax Myrtle and Porpoise Run. From here, several cottages participating in the tour will be within walking distance of each other.

In addition to the two headquarter flat tops (Clarke Cottage and Outer Banks Community Foundation), the following cottages are on the tour:  69 Ocean Blvd (Sea Spray), 113 Ocean Blvd (Knight),120 Ocean Blvd (4 Gulls), 157 Ocean Blvd (Sea Breezes), 159 Wax Myrtle Trail (Falconer) 169 Ocean Blvd (Atlantic Breezes), 172 Ocean Blvd (Pink Perfection), 18 E. Dogwood Trail (Oh So Sandy), and 218 Ocean Blvd (Mackey).

Information is also available at the Facebook page for Southern Shores Historic Flat Top Cottages:  https://www.facebook.com/Southern-Shores-Historic-Flat-Top-Cottages-421136131314749/ .

The day before the Flat Top tour, the Kill Devil Hills Historic Landmark Tour will take place on Friday, April 22nd from 1-5 PM. Information is available from the Town of Kill Devil Hills at 252-449-5318.

For additional information about the Southern Shores Flat Top Cottage Tour, please contact Sally and Steve Gudas at 804-399-8342 or [email protected].

 

2015 Outer Banks Market in Review by Area

2015 was a good year for real estate.  Overall the market finished with an 11% increase in the number of homes sold.  While we still have some work to do, there are very good signs for a lot of the area.

Northern Beaches – Corolla & Duck

Leading the category of still in much need for improvement is Corolla.  Not far behind is the Town of Duck.  The main reason these markets are still showing huge inventory levels and decreasing prices is the lack of a primary market.  In these two locations, 99% of sales are discretionary.  These sellers don’t HAVE to sell and the buyers don’t HAVE to buy.  They are secondary homes.  Without a primary market to stabilize things, the inventory in both areas has remained out of control.

It will be interesting to see how long it will take to get inventory levels to a normal absorption rate of 6 months or less.  It certainly won’t happen quickly.  I think the most notable stat to recognize is the 25% increase in the number of homes sold for Corolla last year.  That’s interesting because in most of 2015 there was a 20 to 21 month supply of homes for sale.  Even AFTER a 25% increase in homes sold, there is STILL TODAY a 19 month supply of homes for sale.  Let that sink in for a minute.

201320142015
Corolla
Total Sold17115819725%
Avg Days on Mkt267271250
Avg List Price $667,649 $728,310 $737,4501%
Avg Sold Price $621,037 $683,375 $698,1222%
Currently Available291
Average Price$849,894

You’ll notice a slight increase in average sold price above.  Yet, I mentioned that prices are still dropping.  How can that be?  If we look a the breakdown below, you’ll notice there were fewer homes sold under $500,000 and more homes sold over $500,000.  That can skew the average price.  What we do know is the average home in Corolla goes through 3 price reductions before selling, as well as over 200 days on the market.  Both are signs of continued price decline.

20142015
Under $350,0002818%3518%
$350,001 – $500,0005032%5729%
$500,001 – $700,0003623%5126%
$700,001 – $1M2214%2915%
$1M – up2214%2513%

 

201320142015
Duck
Total Sold827675-1%
Avg Days on Mkt254218251
Avg List Price $776,662 $781,055 $661,670-15%
Avg Sold Price $714,076 $728,505 $619,861-15%
Currently Available150
Average Price $687,000.00

What’s interesting for Duck is the very clear shift in lower priced homes selling.  The jump in homes sold from $350,000 to $500,000 was massive!  Notice also, the drop in homes sold in the higher priced categories.

20142015
Under $350,0001317%1216%
$350,001 – $500,0001520%2533%
$500,001 – $700,0001824%1317%
$700,001 – $1M2026%1824%
$1M – up1013%79%

 

Southern Shores

Going into 2015, Southern Shores was showing great numbers.  I’m not sure what changed throughout the year, but they didn’t end as strongly as they started.

201320142015
Southern Shores
Total Sold7096971%
Avg Days on Mkt202192235
Avg List Price $541,660 $519,143 $470,721-9%
Avg Sold Price $511,185 $487,978 $444,475-9%
Currently Available78
Average Price $653,286.00

Another Town with a huge increase in homes selling under $350,000 and a drop in sales of those higher priced.  Very interesting to see what will take place in 2016 for Southern Shores as it’s still a very sought after location.

20142015
Under $350,0002930%4445%
$350,001 – $500,0003638%2829%
$500,001 – $700,0001920%1515%
$700,001 – $1M77%88%
$1M – up55%22%

 

Southern Beaches – Kitty Hawk, Kill Devil Hills and Nags Head

You’ll notice quite a few differences with these Town stats than the northern beaches.  Once again we go back to having a primary market.  These areas have been largely helped and stabilized for that reason.

201320142015
Southern Beaches
Total Sold41138444015%
Avg Days on Mkt211175170
Avg List Price $343,527 $368,743 $361,164-2%
Avg Sold Price $324,716 $353,107 $345,177-2%
Currently Available394
Average Price $497,639.00

The major news in the southern beaches for price range stats is the increase in homes selling from $350,000 to $500,000.  The rest remained fairly unchanged.

20142015
Under $350,00027872%30369%
$350,001 – $500,0004913%7918%
$500,001 – $700,000308%399%
$700,001 – $1M174%102%
$1M – up103%92%

It’s my expectation that we will see similar numbers in 2016.  I’m not predicting another year with double digit increases in number of homes sold.  However, it would be lovely to see some serious stabilization in pricing for the northern beaches.  I’m not sure that’s possible with the oversupply of inventory, but it’s on my wish list!

If I can help you with buying or selling on the Outer Banks, let me know!

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2015 Agent of the Year

2015 Agent of the Year

From left to right: Beth Urch, Sales Manager, Ilona Matteson, and Jimbo Ward, President.

Ilona Matteson, associate broker for Beach Realty & Construction / Kitty Hawk Rentals was named the company’s agent of the year for 2015.  Ilona also earned agent of the year honors in 2012.

Ilona was licensed in the late 1990’s and became sales manager for Beach Realty in 2002.  In 2006, she moved to Richmond, VA and was affiliated with a national coaching company where she excelled as a one-on-one coach for real estate professionals.  The allure of the Outer Banks brought her back to the beach and she resumed her career in real estate sales.  She quickly became a top producer and attributes her success to hard work, discipline and in-depth knowledge of the local market.  Along with her successful career in real estate sales, Ilona also offers training and coaching to the sales team at Beach Realty & Construction.

You can reach Ilona Matteson in the Duck office of Beach Realty & Construction/ Kitty Hawk Rentals at (252) 261-6600 or email [email protected].


Beach Realty & Construction/Kitty Hawk Rentals is a full-service real estate company offering an attractive and ethical environment for licensed real estate professionals to realize a successful career.  For more information about joining the Beach Realty sales team contact Sales Manager, Beth Urch at (252) 261-3815 or [email protected].  

The 2015 Outer Banks Market Report

We saw a lot of very positive signs in 2015 that continue to lead us on the path to recovery.  While we still have an oversupply of inventory on the market, keeping prices down, we have a double digit increase in number of sales.

The other interesting trend is showing more homes in the higher price ranges are selling and fewer homes offered in the under $300,000 price range.  That is showing our median sales price to be up, even though individual home prices aren’t rising at this point.

It’s virtually impossible for our home values to go up when inventory is still at a 15 month supply.  However, it’s a great step forward.  We saw a 20% increase in number of sales for 2012, then it steadied for 2 years until another big increase in sales for 2015.

Mortgage brokers are expecting a surge in activity the first part of 2016 to beat the Fed’s promise of rising interest rates.  We certainly have a year round market on the OBX and see great activity all year long.  The two spikes in activity happen in March/April and September/October.  No need to wait though, we can get your home sold any time of year.

Here is the breakdown of where we ended up for 2015:

  • Residential number of sales were up 11%
  • Average sales price was down 2%
  • Land sales numbers were down 5%
  • Average sales price was up 7%
  • Inventory was down 8%, being the lowest since 2007
  • Foreclosed home sales were down 37%

Next month I’ll provide a break down of each location individually so you can see how it compares year over year.

If you have any questions or would like additional information please let me know.

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Currituck County’s PRELIMINARY Updated Flood Maps

The following information is copied with permission from the Outer Banks Association of REALTORS(R) .

Currituck County’s PRELIMINARY updated flood maps have been released. Information pdf on how to access the site. The link will take you to the flood map FRIS page, click on ok and then select the County (Currituck).In the upper right corner you will see “effective”. Go there and select “preliminary”. You will be able to look at the new proposed maps that will hopefully be adopted within the next year.

If you zoom in, you will start to see aerial views. By clicking on the map in a particular area you will get the information on the right side of the screen or you can search by using magnifying glass on menu at top left. Most of our county is seeing a significant change to elevations being lowered and many homes will come out of the flood zones or be classified into a lower zone (VE to AE for an example According to the NC Floodplain Mapping Office, the preliminary maps show that Currituck County has 11.5 square miles of V Zone (89.5% decrease from current maps) and 249.5 square miles of A Zone (24.75% increase):

  • ‪Under current mapping, there are 1,097 buildings in the V Zone; new maps show 126 buildings in the V Zone;
  • ‪Current maps show 7,020 buildings in the A Zone; new maps show 2,767 buildings the A Zone.

There are oceanfront V Zone properties that are coming completely out of the special flood hazard area – being changed to an X Zone!

Please keep in mind that these are only preliminary maps. They will have to undergo a 90-day appeal process, a public meeting process and final FEMA approval. This entire process could take up to 18 months. In the meantime –  good news overall for homeowners in the special flood hazard area!