Outer Banks, NC Real Estate Resource
103 Gables Way,This is the original model for The Gables. Tile floor, cast iron kitchen sink, 2 full master bedrooms, 3rd bedroom with a full bath just outside the door, very spacious, gas fireplace, 2 walk in closets, full car garage, well landscaped, recently painted exterior make this town home a real winner!
Was $490,00 NOW $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. Neighboring homes are not permitted private pools.
This is your classic beach rental home with proof of up to $44,000 in rental income potential.
Easy walk to the beach and all the amenities of a prime investment property. Ground level game room with 2 bedrooms. Mid level with TV area and 3 bedrooms and main floor with open living space, dining room, kitchen and master.
Enjoy the top floor deck and ocean views.
Recently WAVY TV-10 interviewed several locals involved in fighting the Biggert-Waters Act of 2012.
To see the Flood Insurance segment WAVY TV10 did click here. There are a couple of different segments so use the cursor to the right to scroll through the coverage.
The segments were edited from lengthy interviews and did not focus attention on the detrimental impact of the loss of “grandfathering”. Under the Biggert-Waters Flood Insurance Reform Act of 2012, when flood maps are revised and updated and the zone and base flood elevation changes on a structure – then the policyholder has to pay the rate that corresponds with that risk. What this means is that if your home was built to or above the FEMA base flood elevation at time of construction, and a new map shows that your home is now in a riskier zone (VE, AE) and below base flood – you could see a premium increase of up to 2000%. The increase would be phased in over five years. Preliminary flood maps are expected to be released in various counties in North Carolina in 2014 but won’t be final and approved until 2015.
Additional concern for selling a home with a changed flood zone or base elevation. The buyer does not get the 5 year phase in, they are billed the entire new risk amount upon purchase. This will greatly affect prices and qualification of buyers.
Affordability studies MUST be done. It doesn’t seem that Congress took this into consideration before passing this bill.
Although there is a government shutdown, you can still contact your representatives regarding changes to the National Flood Insurance Program.
Call Senators Burr and Hagan’s office to support our efforts to delay implementation of the bill.
Ask to talk to their Chief of Staff. You may get voice mail – please leave a message with the following three points:
1. I am ________________from _________ and I am asking you to first “do no harm”.
2. Delay the rate increases to flood insurance created by the Biggert-Waters Act until the affordability study is completed.
3. Amend the Act to create true affordability and fairness for all homeowners.
Traditionally the number of closings for our market spikes in October. We are coming off of an unusually slow previous 6 weeks of activity. However, things have picked right back up. So rather than see the spike of closed sales for October, we will probably see it for November.
Want to know what your home is worth in today’s market? Email me here for a FREE comprehensive analysis.
Thinking about buying? Be sure to keep an eye on interest rates. Did you know that if rates go up by only 1%, you would have to purchase a home for MORE than 10% less in order to have a lower monthly mortgage payment.
If you’ve thought about buying or selling on the Outer Banks and need additional information please contact me!
Notifications
