Amazing Location Close to the Beach in Corolla!

946 Whalehead Drive, Corolla, NC  27927This home has an amazing location right on the corner of the walkway straight to the beach. The home sits back off the road with a volleyball court in front and private pool and hot tub in back. There are three entry ways – a covered door,one from the north side and also from the back of the home. Three of the four bedrooms on the lower level have access to a deck facing east. The top floor master has a private deck as well. Enjoy top floor deck space on the east and west side of the home. Newer carpet and furniture as well as meticulous maintenance by the owner make this a must see.

MLS# 82489        $529,000

Best Buys for the week of March 10th

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FLOOD INSURANCE UPDATE


A vote is expected this week on a newly revised version of H.R. 3370 – Homeowner Flood Insurance Affordability Act.  Please continue making calls this week to other NC House members and ask that they VOTE YES on the bill:

District         Name           Party       Phone

1      Butterfield, G.K.           D                  202-225-3101
2      Ellmers, Renee             R                  202-225-4531
3     Jones, Walter B.            R                  202-225-3415
4     Price, David                    D                  202-225-1784
5     Foxx, Virginia               R                  202-225-2071
6     Coble, Howard               R                  202-225-3065
7     McIntyre, Mike             D                  202-225-2731
8     Hudson, Richard           R                  202-225-3715
9      Pittenger, Robert         R                  202-225-1976
10   McHenry, Patrick T.    R                  202-225-2576
11      Meadows, Mark     R                  202-225-6401
12      Vacant
13      Holding, George    R                  202-225-3032

The latest version of the bill can be found here http://docs.house.gov/billsthisweek/20140303/BILLS-113hr3370v2-SUS.pdf

The legislation does the following:

  • Reinstates Grandfathering – This bill permanently repeals Section 207 of the Biggert-Waters Act, meaning that grandfathering is reinstated. All post-FIRM properties built to code at the time of construction will have protection from rate spikes due to new mapping – for example, if you built to +2 Base Flood Elevation in an AE zone, you stay at +2, AE zone, regardless of new maps. Also importantly, the grandfathering stays with the property, not the policy.
  • Caps Annual Rate Increases at 15% – This bill decreases FEMA’s authority to raise premiums. The bill prevents FEMA from increasing premiums within a single property class beyond a 15 percent average a year, with an individual cap of eighteen percent a year. Pre Biggert-Waters, the class average cap was 10%. Biggert-Waters raised the class average cap to 20%. The bill also requires a 5% minimum annual increase on pre-FIRM primary residence policies that are not at full risk. The updated legislation also states that FEMA shall strive to minimize the number of policies with premium increases that exceed one percent of the total coverage of the policy (e.g., 1% of $250,000 = $2,500).
  • Refunds policyholders who purchased pre-FIRM homes after Biggert-Waters (7/6/12) and were subsequently charged higher rates after their 10-1-14 renewal.
Permanently Removes the Sales Trigger – This bill removes the policy sales trigger, which allows a purchaser to take advantage of a phase in. The new purchaser is treated the same as the current property owner.
  • Allows for Annual Surcharges – This legislation applies an annual surcharge of $25 for primary residences and $250 for second homes and businesses, until subsidized policies reach full risk rates. All revenue from these assessments would be placed in the NFIP reserve fund, which was established to ensure funds are available for meeting the expected future obligations of the NFIP.
Funds the Affordability Study and Mandates Completion – This legislation funds the affordability study required by Biggert-Waters and mandates its completion in two years.
Includes the Home Improvement Threshold – This bill returns the “substantial improvement threshold” (i.e. renovations and remodeling) to the historic 50% of a structure’s fair market value level. Under Biggert-Waters, premium increases are triggered when the renovation investments meet 30% of the home’s value.
  • Additional Policies Included: This legislation includes several other provisions including preserving the basement exception, allowing for payments to be made in monthly installments, and reimbursing policy holders for successful map appeals. It also includes a study of voluntary community-based flood insurance options that would assess options, methods, and strategies for making available voluntary community-based flood insurance policies through the NFIP; gives states authority to regulate private flood insurance; and mandates that regulations and rate tables be published in the National Register and open for comment for not less than 45 days before becoming final. 

Information courtesy of the Outer Banks Association of Realtors Legislative Council.

If Location is Key, time to lock this one up!!

google map

NEW LOT LISTING!!

MLS# 82255    $99,000

4727 Vista Lane, Kitty Hawk, NC

Excellent location in Sea Scape!

Enjoy the privacy of the cul de sac as well as the beautiful trees creating quite the setting for your new home. Level lot that backs up to canal. The seller owns lot 30, and her son owns 1/2 of lot 29 which both convey for this amazing price!

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Imagine Owning this Ocean Sands Home in Time for Your Summer Vacation!

OBARMLS79437
This well cared for Ocean Sands home has everything you’re looking for. From the expansive top floor deck that wraps 3 sides of the house, to the 6 bedrooms, game room, private pool, ample bathrooms, dining room, open concept kitchen, comfortable family room and it’s cheery, bright decor! You can walk to the beach in minutes. Corolla has some of the most beautiful beaches in North Carolina.

Close to shopping and restaurants and the perfect area for your entire family to gather. Excellent rental income as well. Due to limited availability by current owners this home is not rented at its max.

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New Price!! Conveniently Located and Newly Remodeled in Corolla!

New Price for 634 Grebe Court!!634 Grebe Court
$429,000!!

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

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Close to 2 Golf Courses and the Beach in Corolla!

New Price for 634 Grebe Court!!634 Grebe Court
$449,000!!

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

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Custom Built Home with Bank Approval in Kitty Hawk!

4244 Poor Ridge Road, Kitty Hawk, NCYou 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.

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New Price!! Bank Approved in Corolla!!

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!

The 2013 Outer Banks Real Estate market review

The most important trends we saw in the last 12 months are as follows:

  • Residential units sold were down 2% (34 units)
  • Average sales price was down by 5% ($17,743)
  • Average sales price was $348,598
  • Distress sales units sold down 21%
  • The majority of this decline happened in the last 6 months of 2013
  • Land sales were up by 14%
  • Average price for land down 23%
  • Active inventory remained high and appears to be climbing again

The conclusions we can draw from this data are that the market looks like it wants to stabilize. With sales staying active and pricing not seeing a sharp decline that points firmly in that direction. However, cause for concern is still the increasing inventory and the fact that December foreclosure numbers went back up again.

It remains a great time to buy a home on the Outer Banks as interest rates are still under 5% and are expected to stay that way well into 2014. There’s plenty to choose from if you are looking to make an investment this year.

For those thinking of selling, it’s not ideal as far as pricing is concerned. However, weigh the difference between the current market value and the cost to keep the home waiting for prices to rise and you could see it makes more sense to sell now. There will be a turn around for pricing, just not in the short term.

For 2014 here’s what we are predicting:

  • Residential units sold should remain about the same
  • Average sales price could see another dip with inventory levels being so high still. It should stay in the 5% range.
  • Average sales price should remain about the same
  • Distress sales should stay down but more data is needed to be certain
  • Land sales will continue to go up as the prices drop. The cost of building new is starting to be less than buying existing.
  • Inventory will spike at the usual times around March/April and again in Septebmer/October.

The Outer Banks is a year round market. If you have thought about selling, there is no real financial advantage to waiting to put your home on the market. The best strategy is beating the supply and demand issue. Listing now, before Spring, will get you in front of buyers looking this year with less competition for them to choose from and potentially netting you more.

Please let me know how I can help you further. For a search of the best homes available click here. To get a free market analysis on your home click here.