Outer Banks, NC Real Estate Resource
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 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.
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.
I hope your pre-holiday season is going well. We’ve had quite the cold spell hit the entire East Coast this week and who knows, we could even see another flurry or two here at the beach. Just hope it doesn’t stick! I have a few things to update you on this month.
Flood Insurance – Bipartisan legislation has just been introduced in Congress to remedy the unintended consequences of Biggert-Waters. Senate Bill 1610/House Bill 3370 – Homeowner Flood Insurance Affordability Act of 2013 – will delay the loss of grandfathering for four years until several steps are taken to address the affordability of coverage. For more information and what you can do to help read the full article here.
Beach Nourishment – One step forward. It’s looking really good for nourishment projects in Kill Devil Hills, Duck and Kitty Hawk. Of course it takes a while to get the projects actually started. KDH put together a really great page of FAQ’s that you can read here.
Loggerhead Turtles – Perhaps two steps back. Never a dull moment in the coastal/wildlife arena. The push to throw a wrench in the beach nourishment plans have already begun. Read more here.
Holiday Activities – If you’re going to be on the Outer Banks for the holidays this year, here’s a website to check for some local activities you might want to check out. Be sure to click on the “Events” tab. http://www.outerbanksthisweek.
NEW PRICE!!!This custom built home was built in 2002 on a beautiful 10,000 sq. ft lot, although the condition says it was built this year! .. This home has many upgrades that include hardwood floors, new carpet and light fixtures, carribean shutters and ceramic tile. An irrigated zoysia lawn and palms bring the feel of the island to life. The covered patio is perfect for entertaining and is easily accessible. There is 1746 square feet of heated living space and has never been rented!
Conveniently located in the heart of Kill Devil Hills with easy access to shopping, restaurants and more. The ground floor game room, manicured yard,ample deck space, patio area and location at the end of the street make it the perfect place for your beach memories!
Senate Bill 1610/House Bill 3370 – Homeowner Flood Insurance Affordability Act of 2013
In North Carolina, please Contacting Senator Kay Hagan: (202) 224-6342 and Senator Richard Burr: (202) 224-3154.
To find the contact number for the Senator and Representative in your State/District go to:
Current Local impact examples:
LOWER MARKET VALUE?: Bank owned property (land and house) for sale in Avon at $189,000. Home was built in 2005 in an AE zone. Property is Sound side, three rows back from the water, is elevated and did not flood in Hurricane Irene. Prior owner paid $1,200 a year for flood insurance. 2006 revised flood maps put the house in a VE zone (highest risk zone). Prior owner was able to keep the rate premium based on the AE zone. Due to foreclosure, the bank did not carry a flood policy. Potential buyer was quoted $15,000 for a new flood insurance policy. Buyer walked away and a cash buyer purchased the property for $149,000. The new owner was not required to purchase a flood policy since there was not a mortgage on the property.
OUT OF BUSINESS?: An older motel property on the oceanfront in Kill Devil Hills was built before the first flood maps became effective. The owner received a discount on flood insurance and paid approximately $5,600 a year in premium. After asking his insurance agent what his ultimate flood premium would be after phased in rate increases, he was told approximately $55,000.
FORECLOSURE?: A home built prior to 2006 flood maps, located in an AE zone. Owner pays $800 a year for flood insurance. 2006 maps put the home in a VE zone. Owner was quoted $21,216 a year for $250,000 of structure coverage, $100,000 of contents coverage and a $10,000 deductible under the VE zone risk. The owner states that this will make the house unsellable and unaffordable to keep.
A CURRENT OWNER TRYING TO SELL THEIR VACATION PROPERTY RECEIVED THIS NEWS! Their policy is grandfathered to an AE Zone and their renewal premium is $363 a year. If they lose the grandfathered option the renewal would be rated to their current VE Zone and the premium will be $5,870 a year.
REASON… While the law phases in rate increases on older structures, it also removes the grandfathering option when new maps show a change in elevation or flood zone. Structures that weren’t in a flood zone when built may now be required to carry flood insurance. Homes that were built to flood standards in place at the time of construction will now be required to pay to the risk shown under any future revision to the flood map. Revised flood maps will be released in NC tentatively July 2014 but properties where no flood insurance policy exists are already being impacted when a new policy premium is quoted.
As REALTORS we have a responsibility to inform you of this change in the law and how it may impact you. We continue to fight this law by asking for a total delay of the implementation. BUT, we can’t do it alone. We need you! It will take a majority of all US Senators and Representatives to reverse the impacts of this law.
(Written by the Outer Banks Association of Realtors Legislative Sub-committee on Flood Insurance Affordability)
Take a look at this great home on nice corner lot! A perfect 3 bedroom, 2 bath home in the heart of Kill Devil Hills. A beautiful yard in a peaceful wooded setting. Be sure to check out the detached oversized garage with a second floor! Imagine the possibilities for all this space! You’ve got to come see this home – it’s the perfect place for your family! Don’t forget about the quick walk to Nags Head Woods!
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.
Excellent 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.
This custom built home was built in 2002 on a beautiful 10,000 sq. ft lot, although the condition says it was built this year! .. This home has many upgrades that include hardwood floors, new carpet and light fixtures, carribean shutters and ceramic tile. An irrigated zoysia lawn and palms bring the feel of the island to life. The covered patio is perfect for entertaining and is easily accessible. There is 1746 square feet of heated living space and has never been rented!
Conveniently located in the heart of Kill Devil Hills with easy access to shopping, restaurants and more. The ground floor game room, manicured yard,ample deck space, patio area and location at the end of the street make it the perfect place for your beach memories!
