Easy floor plan with three bedrooms and a full bath on the mid level, larger bedroom, dining area, living room and kitchen on the top level. Lots of light, great sun deck, very short walk to the uncrowded beach. Right in Duck Village you’ll love hearing the ocean as you sip coffee on the deck in the mornings. Or watch the sun go down and smell the ocean spray with a glass of wine. Hardwood floors in the living room and large bedroom upstairs. Tile in the kitchen/dining/entry way. Decent sized closets and a laundry area inside the home.
Best Buys for the week of March 4th
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Best Buys for the Week of February 25th
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Crucial Information regarding changes IN FORCE for the National Flood Insurance Program
For the last several years the National Flood Insurance Program (NFIP) has experienced periods of expiration and availability of issuance policies. Each time Congress would pass a temporary bill extending the program for another short period. Finally a bill was introduced that would extend the program for 5 years and not have these continued interruptions. What we didn’t know existed in the several thousand pages of The Biggert-Water Act of 2012 were the changes in premiums and coverage that I will highlight below.
- First, these changes are not being imposed by FEMA or by the NFIP. These are legislative changes from Congress that can be undone by Congress with the right voices being heard.
- Starting January 1, 2013, any non-primary resident home that was built before flood maps were instituted (this is called Pre-FIRM) will see an increase in their premiums as the “discounts/subsidies” are removed.
- Starting August 1, 2013 commercial properties will have their subsidies/discounts removed and the new premium in place 25% per year for 4 years. For example, if the NEW, non-discounted premium is $5,000 per year and the old premium was $500 per year, the difference is $4500. The increase of the $4500 will apply 25% at a time over the next 4 years until the full premium of $5,000 is paid.
- Starting August 1, 2013, subsidies will be similarly phased out at 25 percent a year for severe repetitive (more than 4 claims) loss properties consisting of 1-4 residences, and properties that have incurred flood-related damages where claims payments exceed the fair market value. FYI – Severe Repetitive Loss means four or more claims payments of over $5,000 or two claims that exceed the value of the property.
- New policies written on pre-FIRM buildings (primary or non-primary residence) due to a sale or deliberate lapse will be issued at full-risk rates. THERE IS NO MORE GRANDFATHERING! Prior to the bill being passed, the flood map zone in effect at the time of construction remained with the house when it was sold.
- Beginning in 2014, premium rates for other properties, including non-subsidized properties – such as PRIMARY RESIDENCES AND SECOND HOMES BUILT AFTER 1974 – will increase as new or revised flood maps become effective. We are expecting new flood maps the latter part of 2014. This is not far off folks!
- Full risk rates will be phased in at 20% a year for five years for these properties. While FEMA works through the grandfathering issue on primary residences, they have removed the 2-year policy limit for the Preferred Risk Policy Extension until the new rates are implemented.
- When new flood maps become effective, they will include a rating for a new zone – a Coastal A Zone. This zone will affect areas behind the V-zone and other areas that experience a limit of wave action from 3 ft. to 1 ½ ft. For insurance purposes, a policyholder pays to the zone that touches his structure.
- Increases the limit for annual rate increases within any risk classification of structures from 10 percent to 20 percent. This means they can now raise your premium by 20% a year, anytime they deem necessary.
- Minimum annual deductibles on claims are changed to $1500 for coverage up to $100,000 and $2000 for coverage over $100,000 for pre-FIRM properties, and $1,000 and $1,250 for below and above $100,000 coverage for post-FIRM properties.
- Requires FEMA to notify property owners when their properties are included in, or are removed from, an area covered my mandatory insurance purchase requirements. Also requires notification of Senators and House Members whose States or Districts are affected by map changes.
- The Biggert-Waters Act of 2012 was included in H.R. 4348 – Surface Transportation Act found at http://www.gpo.gov/fdsys/pkg/BILLS-112hr4348enr/pdf/BILLS-112hr4348enr.pdf starting on page 512.
- You can help a Non-Profit coalition spearheading a movement on revising this bill by taking a quick survey about your current insurance http://www.uphelp.org/home-insurance-cost-and-quality-survey Your help is greatly appreciated!
These changes, if left in place, will have an impact on the local value of your property during a re-sale on the Outer Banks.
Please contact me with any questions you have regarding this. You can also contact your insurance agent to find out exactly what changes you can expect to your specific premiums. If you need information for another insurance agent, I’ll be happy to share the name of a trusted professional I work with regularly.
Best Buys for the week of February 18th
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Best Buys for the Week of February 11th
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January Snapshot for the Outer Banks
- Surprise! No news to report on the Mid-Currituck Bridge
- Actual Surprise – It SNOWED! It’s all gone now, but it was fun for a day
- The Great White Shark Mary Lee was cruising around Hatteras
- I was named Beach Realty’s 2012 Agent of the Year
- Sales for January have been STRONG. Over 50 properties CLOSED so far
- Over 200 properties have already had a price adjustment in January
- Nearly 200 new listings came on the market
- When priced correctly multiple offers are coming in!
- When priced correctly properties are selling within 30 days of listing
Best Buys for the Week of January 28, 2013
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2012 Agent of the Year
Beach Realty & Construction / Kitty Hawk Rentals
2012 Agent of the Year – Ilona Matteson
Ilona Matteson, associate broker for Beach Realty & Construction / Kitty Hawk Rentals was named the company’s agent of the year for 2012. Ilona was licensed in the late 1990’s and became sales manager for Beach Realty in 2002. In 2006, she moved to Richmond, VA and was affiliated with a national coaching company where she excelled as a one-on-one coach for real estate professionals. The allure of the Outer Banks brought her back to the beach and she resumed her career in real estate sales. She quickly became a top producer and attributes her success to hard work, discipline and an in-depth knowledge of the local market. Along with her successful career in real estate sales, Ilona Matteson also offers training and coaching to the sales team at Beach Realty & Construction.
Sales Manager Beth Urch says, “Ilona is an integral part of the Beach Realty sales team. She brings a level of integrity and professionalism to the business that her clients and peers appreciate. She is a valuable resource for our sales team and is instrumental to the company’s success.”
You can reach Ilona Matteson in the Duck office of Beach Realty & Construction / Kitty Hawk Rentals at (252) 261-6600 or email [email protected].
Beach Realty & Construction/Kitty Hawk Rentals is a full-service real estate company offering an attractive and ethical environment for licensed real estate professionals to realize a successful career. For more information about joining the Beach Realty Sales team contact Sales Manager, Beth Urch at (252) 261-3815 or [email protected].