Best Buys for the week of January 7th
January 7, 2013 By Ilona
Contact Me About Any of These Properties!
Unofficial Market Data Report
December 20, 2012 By Ilona
The year is almost over! It’s been a strong year for real estate sales on the Outer Banks. Some areas fared better than others and overall according to the November ending numbers there was only a small 1% to 2% decline in median sales price for our marketplace.
While inventory levels still remain around 12 months for most of the Banks, the number of new listings coming on is slowly shrinking. We also noticed a change in the average days on the market, which indicates sellers are more in tune with the current market value of their homes.
Many properties actually received multiple offers! This is clear proof that buyers are on the lookout for the BEST values and when they show up, they move…and FAST!
Here’s the breakdown of some basic numbers for each specific area.
(Keep in mind this is YTD through November only)
Corolla
Median Sales Price Down 5%
Number of homes sold UP 11%
Duck
Median Sales Price Down 21%
Number of homes sold UP 19%
Southern Shores
Median Sales Price Down 6%
Number of homes sold UP 31%
Kitty Hawk
Median Sales Price UP 9%
Number of homes sold UP 7%
Kill Devil Hills
Median Sales Price UP 3%
Number of homes sold Same with last year
Colington
Median Sales Price UP 8%
Number of homes sold Same as last year
Nags Head
Median Sales Price UP 1%
Number of homes sold Down 11%
Distressed Properties All Over
Median Sales Price Down 16%
# of new Foreclosure filings Down 5%
Major changes coming to the National Flood Insurance Program
December 20, 2012 By Ilona
There are major changes coming to the National Flood Insurance Program in 2013 and it seems second homes and vacation homes are the primary target. If your home falls into certain criteria be prepared for discontinued subsidies and ultimately an increase in your premiums.
Another point of interest in relationship to this is the plans from CAMA to re-map our area effective in 2014. This will directly impact what flood plain a home falls into and in the end the flood insurance premium paid.
I’ll report updates and new information as it becomes available.
The following was taken from a newsletter provided by the local Outer Banks Association of Realtors.
MAJOR CHANGES TO NATIONAL FLOOD INSURANCE PROGRAM
Below is additional information from last week’s briefing about new legislation that may affect flood insurance policy rates for home and business owners in your community. The Biggert-Waters Flood Insurance Reform Act of 2012 (BW-12) requires FEMA to take immediate steps to eliminate a variety of existing flood insurance subsidies and calls for a number of changes in how the program operates. The new rates will reflect the full flood risk of an insured building, and some insurance subsidies and discounts will be phased out and eventually eliminated. Rates on almost all buildings that are, or will be, in Special Flood Hazard Areas (SFHAs) will be revised over time to reflect full flood risks. Based on various conditions set forth in the law, subsidies and grandfathered rates will be eliminated for most properties in the future.
Effective on January 1, 2013, flood insurance policy rates for some older non-primary residences in SFHAs that received subsidized rates based on their “pre-Flood Insurance Rate Map” (pre-FIRM) status will increase by 25 percent a year until they reflect the full-risk rate. A pre-FIRM building is one that was built before the community’s first flood map became effective (1974) and has not been substantially damaged or improved. If the building will be lived in for less than 80 percent of the policy year, it is considered to be a non-primary residence. Click here to read a National Flood Insurance Program (NFIP) bulletin that provides additional details around the legislation.
Effective August 1, 2013, the NFIP will also begin eliminating subsidized premiums for other buildings as mandated by Section 100205 of BW-12. Click here to read the full bulletin and note that key changes include:
• Subsidies will be phased out for severe repetitive loss properties consisting of 1-4 residences, business properties, and properties that have incurred flood-related damages where claims payments exceed the fair market value of the property.
• Properties with subsidized rates will move directly to full-risk rates after a sale of the property or after the policy has lapsed.
• NEW policies will be issued at full-risk rates.
• Policyholders should be aware that allowing a policy to lapse could be costly. A new application will be required and full-risk rates will take effect.
Beginning in 2014, premium rates for other properties, including non-subsidized properties, will increase as new or revised flood insurance rate maps become effective and full risk rates are phased in for these properties. These premium rate increases will include properties in areas that have received new or revised flood insurance rate maps since July 6, 2012 (the date of enactment Changes in the Flood Insurance Program Preliminary Considerations for Rebuilding – Early Considerations for Rebuilding of the new law). Additionally, even if you build to minimum standards today, you will be subject to significant rate increases upon remapping if your flood risk changes in the future.
Important Note on Preferred Risk Policies (PRPs) As of January 1, 2013, PRPs issued on properties located in a high-risk area may continue beyond the previously designated two-year period until FEMA completes analysis and implements a revised premium structure put in place with BW-12. For some policyholders in areas flooded by Sandy, the impact of these changes could be substantial. For this reason, the Federal Emergency Management Agency (FEMA) encourages property owners to consider flood insurance costs when making decisions about how high to rebuild. A brochure that details some of the legislation’s impacts on building is also available here. Scroll down and click on the download/print link.
For More Information: For the latest NFIP Bulletins about the implementation of these changes, visit www.nfipiservice.com/nfip_docs.html. For more details about flood insurance, visit http://www.floodsmart.gov/floodsmart/.
Best Buys for the Week of December 10th!
December 10, 2012 By Ilona
Contact Me About Any of These Properties!
Best Buys for the Week of December 3rd!
December 4, 2012 By Ilona
Contact Me About Any of These Properties!
Best Buys on the Outer Banks for the week of November 26th
November 26, 2012 By Ilona
Contact Me About Any of These Properties!
Thankful on the Outer Banks
November 21, 2012 By Ilona
This month’s update is pretty bland compared to some of the things happening in recent months. There are no insurance rate hikes, no damaging Hurricanes, no bridge news…only good news this month!
While a good portion of our beaches were damaged during Sandy, we still remain extremely fortunate not to have received a direct hit. As is typical on the Outer Banks, most everything is cleaned up and businesses affected are back up and running. We do tend to recover from these things pretty quickly and that has certainly been the case with Sandy as well.
Since we have been through this so many times, it was an interesting change to see the 2 HUGE trucks of supplies that our Outer Banks locals sent to New Jersey to help out Sandy victims in that region. Even though we are a small community, when we come together we accomplish big things. I hope if you were affected by Sandy your situation is on the mend or fully recovered.
On to the news in the marketplace. Sales activity for 2012 is up so far this year 21%. Land sales lead the way with the biggest improvement. Inventory is down 4% so far this year. This is a move in the right direction…more is needed.
The most popular selling price range is still $200K to $299K. However, surprising enough so far 50 homes sold in the $1M or more price range, with an average time on market of 186 days! That’s definitely good news.
Distress activity remains the same. There does seem to be a small decline in foreclosure filings when looking at the data over the last several months. The biggest challenge with distress properties is that the median sales price for them DROPPED 22% this year so far. When these homes become your competition, that means a drop in price for regular sales as well, albeit generally not as big a drop.
One last tidbit…I was informed this morning that our Property Management Department is coming off one of the best seasons in history! If you know of anyone needing a new management company, certainly give me a call!
If I can provide you with any additional specific market data, please be sure to let me know.
Have a very blessed and Happy Thanksgiving celebration.
Best Buys on the Outer Banks for the week of November 19th
November 19, 2012 By Ilona
Contact Me About Any of These Properties!
Outer Banks Marathon
November 14, 2012 By Ilona
Marathon weekend has now come and gone. Boy was it an event. It started off with a Saturday wake up call to a very sick Charlie. I was scheduled to run the 5k at 10 am. Needless to say that didn’t happen. I was starting to worry that he would not be well enough for me to leave him on Sunday morning to run the half. It’s so interesting because a week ago, I was wondering if I even still wanted to do it. Then at the thought of not being able to go got me all worked up. Of course my first priority is Charlie. But I realized Saturday morning that I actually wanted to run this race. I hadn’t felt like that much at all during this whole process. It was a very strange feeling.
Saturday night I actually went to bed early and slept well all night. I set my alarm for 5 am but ended up waking up around 4:30. Not seeing much reason to go back to sleep I decided I would just get up. I went down to check on Charlie and he was actually doing well. He gave me the green light to go ahead and make the journey. So I set off to pick up Lisa and head to Nags Head. Once we got to the Dream Center…where the event begins…I wasn’t extremely nervous. I had a few butterflies but was so in awe of the number of people around. Hugs, well wishes and laughs going on all around you has a much needed positive effect on the nerves.
The plan was to run with Lisa for a few miles and then just get in our own groove and do our thing. Run our own race, as Matt put it. We heard the gun go off for the first corral. That’s a fitting term for it as we were literally corralled like livestock to the front as each group was given the green light to start their race. It got to be our turn to start and from the beginning my legs didn’t feel quite right. This isn’t unusual as I am a slow “starter-upper” when it comes to running. I find it takes about 2.5 miles to get into my groove. My legs felt like lead. We started off very slowly. Lisa and I kept pace for about the first mile. Even though my legs never did warm up, around mile 2 things got just a tad easier. I was looking forward to mile 6 as I knew once there it would be easier.
What I found at mile 6 was the Brindley Beach water booth, the “easier” part I was hoping for never did show up. That Brindley booth was a needed sight as many of them are also Bootcampers. The cheering and encouragement was much appreciated at that point. I knew I was nearly halfway. However, my hips said, halfway? You’ve got to be kidding, we’re done! By then most everything else is blurry until Mile 11. I do remember a brief holler from the Beach Realty water table at Mile 9 or 10. Then the bridge! Oh the bridge. By this time I was fighting the pain with everything in me. Fighting the hip pain so much that my shoulder muscles got so tense it almost replaced the pain in my hip. Shaking out my arms, shrugging my shoulders, I boldly took on the bridge. Within a few steps I knew it. I knew I needed to walk it. My feet were numb, shoulders screaming, hip burning, I just needed the small break. At the top of the bridge, no excuses, it’s all downhill I have to run it. So I did. Hit the next water station, got up about a half mile and who finds me? Thing 2!
Re caught up with me and just as I was about to take off on another jog, she said she needed to walk a bit. I was certainly not going to argue with her! So we made the pact to walk for mile 11 and pick up the jog at 12 all the way in. It’s been suggested many times by Adam that throughout our training we take part in an ICE BATH. I’ve never been brave enough to try it. At mile 11.5, I was begging for one! This is how I knew what trouble I would be in, if I finished this thing. Re kept assuring me we would finish, even if we were crawling! I believed her, knowing she would drag me behind her if she had to! That’s what “Things” do for each other!
About mile 11.75, I start proclaiming with every ounce of determination I had that I would NEVER, EVER, EVER do this again! Why in the world did I agree to do this? People who do this are just plain crazy. I’ve done one and I’m not doing another. Of course at this point I’m not even finished yet…Oh dear! So mile 12 is upon us. We take off in a jog. Re says she has to stop again. I knew darn well she wouldn’t for good! I’m jogging away in all the pain thinking to myself, less than a mile…you just have to go less than a mile. A little ways down I knew I had to be half a mile out. I kept saying, just a half a mile, you can do it, half a mile. Then to the corner off the main road onto the side roads a lady yells out “Only a quarter mile to go!” Oh dear God, I’m so close. I keep saying to myself, only a quarter of a mile, quarter of a mile. Then another turn with people yelling “You’re almost there!” I chant to myself, I’m almost there. Last left turn ahead I hear the most beautiful words…”Just this left turn and you’re done!” I start saying left turn, left turn, that’s it…that’s all you have to do.
I get to this left turn and see a HUGE crowd of people standing and cheering. It’s absolutely overwhelming. The cheers are streaming in, you hear your name called by a few familiar faces. I couldn’t tell you who they are right now because I had tears in my eyes. I had to fight back the emotion as I was about to completely break down. I look down, gather my composure, look back up to see the FINISH and a few strays in front of me who had passed me at the last minute. I take off in a sprint, despite the excruciating pain, pass 3 of the 4 and straight into the arms of Jay. Oh, I love this man, yet have never before been so happy to see him. It meant I had done it. I had run 13.1 miles (well about 11.5 of them.) I finished this monumental task and started crying. More hugs from Jessica and Joan then I get out of the way to wait for Re. I see her…she comes in strong. First thing out of her mouth….Jay said drink Pineapple Juice. Ha Ha…ok, let’s find the pineapple juice.
On the way home it occurred to me that I had just finished all that running, had burned all those calories and was hungry. I’m having a BURGER, I exclaim. And so I did. It was the best burger I’ve had in a very long time. Still proclaiming I’m never doing this again all the way home. The next day I review the results. I see my time. 2:46. I know I can do better than this. After all the full marathon winner beat me by more than 20 minutes. What? I can’t possibly go down like that! This can’t be the best I can do. Ok, when does training start for the Flying Pirate half in April? Yes…I’m hooked. I suppose there are worse things to be hooked to than running. I’ll take it! In April I will finish in 2 hours.
That’s the new goal.
