Southern Shores Flat Top Cottage Tour 2016

March 17, 2016 By Ilona

The following is reprinted from the Town of Southern Shores:

After a hiatus for 2015, the Southern Shores Historic Flat Top Cottage tour is back, and will be held on Saturday, April 23, 2016 from 1:00 PM to 5:00 PM.  Tour tickets ($5.00) will be available on the day of the tour at 156 Wax Myrtle Trail or 13 Skyline Road.  The $5.00 donation covers visiting all the cottages on the tour. Proceeds will benefit the Flat Top Preservation Fund of the Outer Banks Community Foundation.  This fund was established to provide maintenance funds for the flat top located at 13 Skyline Road, which was donated to the Outer Banks Community Foundation and which serves as its office.

Frank Stick, (1884-1966), beloved Outer Banks artist and developer, obtained an option on the land that is now Southern Shores, and supervised the platting of lots, the installation of roads, and the design and erection of the first flat top cottages.   These now quaint architectural houses were reminiscent of the cottages he had seen in Florida, and were of cement block construction, with wide overhanging soffits, propped up shutters, and flat tar and gravel roofs.

These historic cottages that once dominated the town’s architectural landscape, will be featured in an afternoon of open houses. We are proud to offer more than ten of these gems of varying sizes, locations, styles, and finishes for a self guided open house tour.  Approximately 30 examples of this original architectural style still remain as flat tops in Southern Shores.  The attached photo is of the Mackey cottage, nestled on the oceanfront at 218 Ocean Blvd.

There are two headquarter cottages where tour tickets will be sold: 156 Wax Myrtle Trail (facing Porpoise Run) or 13 Skyline Road (Outer Banks Community Foundation). Maps will be available at headquarter cottages, detailing the addresses of each open house.   Brief histories of the cottages will also be provided.

Red and blue balloons will mark cottages that are open on the day of the event.  Parking will be available at the intersection of Wax Myrtle and Porpoise Run. From here, several cottages participating in the tour will be within walking distance of each other.

In addition to the two headquarter flat tops (Clarke Cottage and Outer Banks Community Foundation), the following cottages are on the tour:  69 Ocean Blvd (Sea Spray), 113 Ocean Blvd (Knight),120 Ocean Blvd (4 Gulls), 157 Ocean Blvd (Sea Breezes), 159 Wax Myrtle Trail (Falconer) 169 Ocean Blvd (Atlantic Breezes), 172 Ocean Blvd (Pink Perfection), 18 E. Dogwood Trail (Oh So Sandy), and 218 Ocean Blvd (Mackey).

Information is also available at the Facebook page for Southern Shores Historic Flat Top Cottages:  https://www.facebook.com/Southern-Shores-Historic-Flat-Top-Cottages-421136131314749/ .

The day before the Flat Top tour, the Kill Devil Hills Historic Landmark Tour will take place on Friday, April 22nd from 1-5 PM. Information is available from the Town of Kill Devil Hills at 252-449-5318.

For additional information about the Southern Shores Flat Top Cottage Tour, please contact Sally and Steve Gudas at 804-399-8342 or [email protected].

 

Filed Under: Outer Banks Good Living, Uncategorized

2015 Outer Banks Market in Review by Area

February 16, 2016 By Ilona

2015 was a good year for real estate.  Overall the market finished with an 11% increase in the number of homes sold.  While we still have some work to do, there are very good signs for a lot of the area.

Northern Beaches – Corolla & Duck

Leading the category of still in much need for improvement is Corolla.  Not far behind is the Town of Duck.  The main reason these markets are still showing huge inventory levels and decreasing prices is the lack of a primary market.  In these two locations, 99% of sales are discretionary.  These sellers don’t HAVE to sell and the buyers don’t HAVE to buy.  They are secondary homes.  Without a primary market to stabilize things, the inventory in both areas has remained out of control.

It will be interesting to see how long it will take to get inventory levels to a normal absorption rate of 6 months or less.  It certainly won’t happen quickly.  I think the most notable stat to recognize is the 25% increase in the number of homes sold for Corolla last year.  That’s interesting because in most of 2015 there was a 20 to 21 month supply of homes for sale.  Even AFTER a 25% increase in homes sold, there is STILL TODAY a 19 month supply of homes for sale.  Let that sink in for a minute.

2013 2014 2015
Corolla
Total Sold 171 158 197 25%
Avg Days on Mkt 267 271 250
Avg List Price  $667,649  $728,310  $737,450 1%
Avg Sold Price  $621,037  $683,375  $698,122 2%
Currently Available 291
Average Price $849,894

You’ll notice a slight increase in average sold price above.  Yet, I mentioned that prices are still dropping.  How can that be?  If we look a the breakdown below, you’ll notice there were fewer homes sold under $500,000 and more homes sold over $500,000.  That can skew the average price.  What we do know is the average home in Corolla goes through 3 price reductions before selling, as well as over 200 days on the market.  Both are signs of continued price decline.

2014 2015
Under $350,000 28 18% 35 18%
$350,001 – $500,000 50 32% 57 29%
$500,001 – $700,000 36 23% 51 26%
$700,001 – $1M 22 14% 29 15%
$1M – up 22 14% 25 13%

 

2013 2014 2015
Duck
Total Sold 82 76 75 -1%
Avg Days on Mkt 254 218 251
Avg List Price  $776,662  $781,055  $661,670 -15%
Avg Sold Price  $714,076  $728,505  $619,861 -15%
Currently Available 150
Average Price  $687,000.00

What’s interesting for Duck is the very clear shift in lower priced homes selling.  The jump in homes sold from $350,000 to $500,000 was massive!  Notice also, the drop in homes sold in the higher priced categories.

2014 2015
Under $350,000 13 17% 12 16%
$350,001 – $500,000 15 20% 25 33%
$500,001 – $700,000 18 24% 13 17%
$700,001 – $1M 20 26% 18 24%
$1M – up 10 13% 7 9%

 

Southern Shores

Going into 2015, Southern Shores was showing great numbers.  I’m not sure what changed throughout the year, but they didn’t end as strongly as they started.

2013 2014 2015
Southern Shores
Total Sold 70 96 97 1%
Avg Days on Mkt 202 192 235
Avg List Price  $541,660  $519,143  $470,721 -9%
Avg Sold Price  $511,185  $487,978  $444,475 -9%
Currently Available 78
Average Price  $653,286.00

Another Town with a huge increase in homes selling under $350,000 and a drop in sales of those higher priced.  Very interesting to see what will take place in 2016 for Southern Shores as it’s still a very sought after location.

2014 2015
Under $350,000 29 30% 44 45%
$350,001 – $500,000 36 38% 28 29%
$500,001 – $700,000 19 20% 15 15%
$700,001 – $1M 7 7% 8 8%
$1M – up 5 5% 2 2%

 

Southern Beaches – Kitty Hawk, Kill Devil Hills and Nags Head

You’ll notice quite a few differences with these Town stats than the northern beaches.  Once again we go back to having a primary market.  These areas have been largely helped and stabilized for that reason.

2013 2014 2015
Southern Beaches
Total Sold 411 384 440 15%
Avg Days on Mkt 211 175 170
Avg List Price  $343,527  $368,743  $361,164 -2%
Avg Sold Price  $324,716  $353,107  $345,177 -2%
Currently Available 394
Average Price  $497,639.00

The major news in the southern beaches for price range stats is the increase in homes selling from $350,000 to $500,000.  The rest remained fairly unchanged.

2014 2015
Under $350,000 278 72% 303 69%
$350,001 – $500,000 49 13% 79 18%
$500,001 – $700,000 30 8% 39 9%
$700,001 – $1M 17 4% 10 2%
$1M – up 10 3% 9 2%

It’s my expectation that we will see similar numbers in 2016.  I’m not predicting another year with double digit increases in number of homes sold.  However, it would be lovely to see some serious stabilization in pricing for the northern beaches.  I’m not sure that’s possible with the oversupply of inventory, but it’s on my wish list!

If I can help you with buying or selling on the Outer Banks, let me know!

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Filed Under: Home Buyers' Tips & Advice, Home Sellers' Tips & Advice, OBX Real Estate News & Data, Outer Banks Good Living, Uncategorized

2015 Agent of the Year

January 14, 2016 By Ilona
2015 Agent of the Year

From left to right: Beth Urch, Sales Manager, Ilona Matteson, and Jimbo Ward, President.

Ilona Matteson, associate broker for Beach Realty & Construction / Kitty Hawk Rentals was named the company’s agent of the year for 2015.  Ilona also earned agent of the year honors in 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 in-depth knowledge of the local market.  Along with her successful career in real estate sales, Ilona also offers training and coaching to the sales team at Beach Realty & Construction.

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].  

Filed Under: Home Buyers' Tips & Advice, Home Sellers' Tips & Advice, New OBX Property Listing, OBX Real Estate News & Data, Outer Banks Good Living, Uncategorized Tagged With: , ,

The 2015 Outer Banks Market Report

January 14, 2016 By Ilona

We saw a lot of very positive signs in 2015 that continue to lead us on the path to recovery.  While we still have an oversupply of inventory on the market, keeping prices down, we have a double digit increase in number of sales.

The other interesting trend is showing more homes in the higher price ranges are selling and fewer homes offered in the under $300,000 price range.  That is showing our median sales price to be up, even though individual home prices aren’t rising at this point.

It’s virtually impossible for our home values to go up when inventory is still at a 15 month supply.  However, it’s a great step forward.  We saw a 20% increase in number of sales for 2012, then it steadied for 2 years until another big increase in sales for 2015.

Mortgage brokers are expecting a surge in activity the first part of 2016 to beat the Fed’s promise of rising interest rates.  We certainly have a year round market on the OBX and see great activity all year long.  The two spikes in activity happen in March/April and September/October.  No need to wait though, we can get your home sold any time of year.

Here is the breakdown of where we ended up for 2015:

  • Residential number of sales were up 11%
  • Average sales price was down 2%
  • Land sales numbers were down 5%
  • Average sales price was up 7%
  • Inventory was down 8%, being the lowest since 2007
  • Foreclosed home sales were down 37%

Next month I’ll provide a break down of each location individually so you can see how it compares year over year.

If you have any questions or would like additional information please let me know.

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Currituck County’s PRELIMINARY Updated Flood Maps

January 14, 2016 By Ilona

The following information is copied with permission from the Outer Banks Association of REALTORS(R) .

Currituck County’s PRELIMINARY updated flood maps have been released. Information pdf on how to access the site. The link will take you to the flood map FRIS page, click on ok and then select the County (Currituck).In the upper right corner you will see “effective”. Go there and select “preliminary”. You will be able to look at the new proposed maps that will hopefully be adopted within the next year.

If you zoom in, you will start to see aerial views. By clicking on the map in a particular area you will get the information on the right side of the screen or you can search by using magnifying glass on menu at top left. Most of our county is seeing a significant change to elevations being lowered and many homes will come out of the flood zones or be classified into a lower zone (VE to AE for an example According to the NC Floodplain Mapping Office, the preliminary maps show that Currituck County has 11.5 square miles of V Zone (89.5% decrease from current maps) and 249.5 square miles of A Zone (24.75% increase):

  • ‪Under current mapping, there are 1,097 buildings in the V Zone; new maps show 126 buildings in the V Zone;
  • ‪Current maps show 7,020 buildings in the A Zone; new maps show 2,767 buildings the A Zone.

There are oceanfront V Zone properties that are coming completely out of the special flood hazard area – being changed to an X Zone!

Please keep in mind that these are only preliminary maps. They will have to undergo a 90-day appeal process, a public meeting process and final FEMA approval. This entire process could take up to 18 months. In the meantime –  good news overall for homeowners in the special flood hazard area!

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Best Buys for July 2015

July 9, 2015 By Ilona

Contact Me About Any of These Properties!

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Filed Under: Home Buyers' Tips & Advice, Home Sellers' Tips & Advice, OBX Real Estate News & Data, Uncategorized Tagged With: , , , ,

June Market Update

June 4, 2015 By Ilona

This month let’s take a look at what’s happening in each specific location for a closer, more in depth view understanding.

Corolla

Corolla Stats  
Total # of Homes for Sale 377
Total # Selling per month 17
Months of remaining Inventory 22
# of New listings each month 45

Corolla has a 22 month supply of inventory.  It’s the weakest market on the Outer Banks right now in terms of supply and demand.  Constant price reductions are needed to get homes sold.  When a home comes on the market priced well, it will sell quickly.

Duck

Duck Stats  
Total # of Homes for Sale 154
Total # Selling per month 8
Months of remaining Inventory 19
# of New listings each month 18

One great trend in Duck is that the supply of homes under $300,000 is very diminished.  While the inventory issue is still a problem for Duck, homes will sell very fast when priced for the market.

Southern Shores

Southern Shores Stats  
Total # of Homes for Sale 93
Total # Selling per month 7
Months of remaining Inventory 13
# of New listings each month 20

The Southern Shores market is doing quite well.  It has one of the lowest inventory levels of all the towns.  Land sales are fantastic in Southern Shores right now.

Kitty Hawk

Kitty Hawk Stats  
Total # of Homes for Sale 77
Total # Selling per month 13
Months of remaining Inventory 22
# of New listings each month 19

Kitty Hawk between the highways is a fast seller right now.  Those homes are a fantastic value and buyers are recognizing that.

Kill Devil Hills

Kill Devil Hills Stats  
Total # of Homes for Sale 182
Total # Selling per month 19
Months of remaining Inventory 9.5
# of New listings each month 40

By far the most stable market on the Outer Banks right now is Kill Devil Hills.  Keep in mind the majority of homes selling here are under $300,000.  This area has the best supply and demand situation of all the towns.

Nags Head

Nags Head Stats  
Total # of Homes for Sale 190
Total # Selling per month 14
Months of remaining Inventory 13.5
# of New listings each month 25

Nags Head is holding it’s own right now.  The average price there is $350,000 which makes it super affordable for such a great location.

So as you can see, right now selling a home on the Outer Banks comes solely down to price and condition.  Buyers still have too many choices for prices to change any time soon.  The good news is we have steady activity in the marketplace right now and it doesn’t seem to be slowing down.

If you’d like more information about buying
or selling a home on the Outer Banks, just let me know how I can help you.

Filed Under: Home Buyers' Tips & Advice, Home Sellers' Tips & Advice, OBX Real Estate News & Data, Uncategorized Tagged With: , , , ,

Best Buys for March 2015

March 20, 2015 By Ilona

Contact Me About Any of These Properties!

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New Listing!! 124 Marlin Drive, Duck, NC 27949

February 17, 2015 By Ilona

OBARMLS86752New Listing!!
124 Marlin Drive,
Duck, NC

MLS #: 86752        $325,000

You will love this cute and cozy beach house right in the heart of Duck. This home sits right in the middle of Marlin Drive. Easy access to the beach or the foot/bike path into Town for shopping and restaurants. Enjoy three bedrooms and 2 full baths on the top floor. Along with an open concept kitchen, living and dining area. Relax on the screened porch for shade or sun on the huge, open back deck. The ground floor offers an outside shower, storage and another large bedroom and bathroom. The septic was updated in 2005 to accommodate the additional bedroom. This home has been well cared for and it shows.

Never rented, just used by family and friends.

This is the perfect house to call your own for an incredible price in Duck!

Contact me for more details!

 
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Filed Under: Home Buyers' Tips & Advice, OBX Real Estate News & Data, Outer Banks Good Living, Properties, Uncategorized Tagged With: , , ,

New Price!! Top Condition Home in a Most Desirable Neighborhood!

September 23, 2014 By Ilona

197 Schooner Drive Duck NCThis home is in top condition and will make an excellent second home in a most desirable neighborhood!

NOW $724,900!!
MLS# 84094

What a cream puff. Enter on the first floor to 2 large bedrooms, game room and full bathroom. The bunk room is a child’s dream.

With three sets of bunks, plenty of floor play room and very fun decor they are sure to have a fantastic time. You can also enter the home from the second level into a media/tv sitting area. There are 3 bedrooms on the mid level with one full master and another hall bathroom. Each bedroom has deck access.
You can also exit the back of the home to a deck with staircase to the pool area. On the top level you’ll find an open and very bright great room, kitchen, dining room and ship’s watch. The expansive east facing decks offer wonderful sunrises and ocean views! Finishing out the top floor is a lovely master bedroom with full bath and jetted tub. The entire house has been newly painted, fresh carpet, all new furniture and decor, new flooring in the kitchen, new granite countertop island, new HVAC units in 2012, pool liner in 2013, bathroom floors 2011, new stove and microwave 2013, hot tub motor rebuilt 2014, new king mattresses in 2014.

Contact me for more details

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