Archives for August 2013

10 Unspoiled acres in Swan Island Estates!!

1885 Ocean Pearl Road, Corolla, NC 27927

10 glorious and unspoiled acres, spanning from oceanfront to sound in Swan Island Estates. Swan Island Estates is a wonderful community of large lots that lend themselves to premium homes. Enjoy the sunrise over the ocean and breathtaking sunsets over the sound. Create the ultimate vacation rental machine or a stunning 2nd home. With a lot this size, the possibilities are endless. Take advantage of this unbelievable pricing to invest in one of the most unique properties on the Outer Banks.

$500,00   1885 Ocean Pearl Road, Corolla    MLS #: 79185

Great Location & Rental Potential in Corolla!!

New Price for 634 Grebe Court!!634 Grebe Court

This home has been well cared for & has just been remodeled; looks better than ever! Check the location on this great beach home. Backs up to the Green Conservation Area for privacy as well as situated on a nice cul-de-sac.  This is your classic beach rental home with proof of up to $44,000 in rental income potential.

Single Family Home
6 Bedrooms        4 Bathrooms
Interior: 2,350 sqft
Lot: 6,300 sqft

Best Buys on the Outer Banks for the Week of August 26th

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“Sunflower” Cottage with Ocean View in Corolla!!

Ready for Summer Fun on the Outer Banks!

Great Price AND Available to Lease for Summer Fun!

Actual ocean views, nice deck space, screened porch, sunny and bright interior, top floor bedroom, easy flow floor plan, awesome community amenities, hot tub, bright open kitchen, ground floor entrance, cul de sac location, laminate wood floors and a fantastic price round out the benefits of the “Sunflower” beach cottage. MLS# 77980

Comfortable One Floor Living in Southern Shores!!

32 Fairway Drive, Southern Shores, NCExcellent opportunity for comfortable one floor living. This solidly built brick home in Southern Shores, was a contractors home. 2 bedrooms share a bath on one end of the home, while the master bedroom, HUGE walk in closet and HUGE master bath with double sinks make up the opposite end. Oversized Master Bath shower with all tile and two shower heads. Extra large kitchen with eat in area, dining room and living room with an extra office AND media/TV area.

The solid brick deck spans the entire back side of the home!  Great for cookouts.

Just a few steps away to the bulkheaded canal for all your boating fun.

Tons of parking in addition to the 2 car garage.

Best Buys on the Outer Banks for the Week of August 19th

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8.8 Private Acres in Kitty Hawk!!!

OBARMLS763328.8 private acres in Kitty Hawk Village with a Vintage 1940 Oceanfront original four bedroom -two bath that was moved to this property in 1991. This home is very solid with T&G Juniper throughout , a brick fireplace and TONS of charm. The lot has two nice ridges and the home did not get wet during Irene.

There are fruit trees and two outbuildings with Power – one of them has two 220 outlets and is ready for your workshop pleasure. Be the first to make an appointment because this is a nice chunk of Kitty Hawk.

Country style Living at the beach- Bring your horses, goats, chickens and settle in.

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Don’t Miss Out on the Many Extras this Home has to Offer in Kitty Hawk!!

4244 Poor Ridge Road, Kitty Hawk, NC

You won’t want to miss out on this FANTASTIC opportunity!! The home already has BANK APPROVAL!!! Act now for quicker closing!!

You will love coming home to this custom built extra large home on one of the most popular streets in Kitty Hawk. So much attention to detail was paid when building this excellent family home. First floor master, HUGE bathroom, 2 closets, hall bath, gas fireplace with stone face, Australian Cypress floors, formal dining room, office area, pocket doors, pantry, large laundry area, huge eat in kitchen with Jenn-Air, wine cooler, butcher block island, granite countertops and stainless appliances all make up the first floor. The extra large garage has 10 foot doors for taller vehicles.

The second floor has a HUMONGOUS game room over the garage with wet bar, two additional large bedrooms share a jack an jill bathroom, also large. Plenty of storage space and an easy flow.

The back deck off the master has a hot tub. This is a lot of house for the money and in excellent condition!

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Factors affecting the real estate market on the Outer Banks

The factors currently affecting real estate on the Outer Banks now and for the next few years are:

1.   Dare County taxes have increased by 3.25%
2.   Homeowners insurance has gone up 17%
3.   Interest rates have risen slightly
4.   Flood Insurance rates are still set to rise over 400% for new purchases in October

The first four factors can affect how much a buyer can qualify for as all of these expenses are included in the calculation by the lender to determine their loan limit amounts. 

5.   Occupancy tax on vacation rentals is due to go up 1% in 2014 for beach nourishment in Dare County.  That will impact rental rates and ultimately net income.
6.   Average sales price for the area is down 6% YTD, and 9% from this same time last year
7.  Foreclosure filings are at their highest levels since August 2012
8.   Average sales price for Bank Owned homes is down 22% YTD, with 7% more sales
9.   Supply of homes for sale continues to exceed 16 months
10. Average number of new properties coming on the market each month YTD is 400

Why then, are people still selling their homes in this market?  There are two reasons for this.  

  • First it’s important to calculate the amount of money the home costs you to own versus the time it will take for the market to appreciate to the price you desire.  For example: It costs the average person $10,000 to $20,000 to own their beach home.  So figure $15,000 per year.  Most sellers are looking for 25% more than the market can bear for their home right now.  At 5% appreciation per year (once we finally start going that direction) it would be another 5 years of ownership.  5 years x $15,000 is $75,000.  Ask yourself if it makes sense to spend $75,000 keeping this home all the while the home will be 5 years older at that time.
  • The second reason people are still selling in this market is for buying up power.  If you sell low, you also get to buy low and take advantage of the low interest rates.  Right now you can buy more house in a better location for less than ever before.  So if you’re thinking about selling ask yourself this question…when the market comes back, do I still want to be in this house?  Or the new one?

As always if I can help you with any real estate questions please contact me!

Best Buys on the Outer Banks for the week of August 12th

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