July Update for the Outer Banks

We are half way through the season and the traffic is an unkind reminder. Saturdays have been a bear for sure. The weather has been quite pleasant for the most part. With the exception of good old Arthur swinging through over the 4th! The beaches north of Oregon Inlet were spared from any major damage. Not even an evacuation! That was odd for sure.

There are a few noteworthy topics this month. 

Mid-Currituck Bridge After months and months of silence on this topic there’s been a few rumblings. Not good news at all, even though two local Reps are staying positive, it’s an unlikely project to be revived any time soon.

You be the judge – Article 1 and Article 2:

Insurance for NC Unless you act today, thousands of NC property owners could continue to face sharp increases in their insurance rates, as much as 35% for barrier islands and 25% statewide. The North Carolina General Assembly is considering a bill right now that would protect them. It would create transparency, accuracy, and fairness in the insurance rate-setting process. The House passed the bill unanimously, and now it’s time for the Senate to take action. Please contact NC State Senator immediately and request a vote on HB 519, Property Insurance Rate-Making Reform.

Click here for more info.

Market Update  Not much has changed since last month. Activity is strong, while prices continue to be affected by the large inventory numbers. Average days on the market is still over 200 days for most areas. The month’s supply of inventory for most locations is at least 12 months with Duck showing 18 and Corolla at a whopping 30 months. What does this mean? It means we are still recovering. This is not a short term process.

I’m putting together a special email with a full Fall Forecast for the Outer Banks Market. If you want to receive the Fall Forecast, email me at [email protected] with the words “Fall Forecast”. 

Outer Banks Area Update

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.com/things_to_do/

Happy 4th of July from the Outer Banks!

Happy 4th!!!

As is typical for the Outer Banks this time of year, there’s not a lot of activity to report…other than everyone is having fun at the beach.  The weather has been rainy and humid!  We haven’t seen extreme hot temps which is good.  I hope you’re enjoying your summer so far!

Bridge – No news.  Don’t count on it in our lifetime.

Insurance – Rates hikes for homeowners insurance went into effect July 1st.  This will impact buyers and the amount of mortgage they can now qualify for based on the expenses.

Market – The real estate market usually slows down in July.  Barring a hurricane, we should see a spike in activity in about 4 weeks.  If you want to get a jump on the market of buying or selling check out my website (here) or contact me for more information.

Duck Oceanfront A second public hearing will be held on July 17th at 1 p.m. regarding the regulation of oceanfront accessory structures such as dune decks, walkovers and oceanfront pools. Information on the proposed ordinance which could greatly affect the construction or reconstruction of oceanfront pools and eliminate the development and redevelopment of any dunes decks can be found here.

Occupancy Tax – Looks like guests will be asked to pay an additional 1% tax on all vacation rentals soon! Click here for details.

If you’re on the Outer Banks for the 4th of July, here is a list of activities you can check out.

January Snapshot for the Outer Banks

After coming off such a strong year in 2012, I’m sure you’re wondering how things are going so far in 2013.  Here’s a snapshot of what’s been happening on the Outer Banks for January.
  • 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
Outer Banks 2013 Housing MarketLast year I predicted the sales for 2012 would increase 15%.  The actual number was 21%!  It was even better than I thought.  This year I predict a similar trend.  With the activity in the market so far we should easily exceed the number of sales over last year again.  I also predict we will see a stabilization in pricing…no real movement up or down.
So here’s the question…how can I be of help to you this year?  What is your strategy for making the most of the 2013 market?  What are your thoughts on how this year is going to play out?  I’m interested to create this dialogue with you, so I can be sure to provide you with the most relevant information.
Stay warm and talk soon!

Tax Re-evaluation, Bridge and other news

Fall is officially upon us and the weather here in Duck has been phenomenal.  This is by far the best time of year to visit the Outer Banks and I hope you’ll be able to take advantage of it as well.

In fact, you may already be planning a visit over Columbus Day Weekend.  If so, you’ll notice the annual Parade of Homes happening.  This is a big event for us and is a great opportunity to see the latest trends in building.  If you can’t make it, be sure to take a look at the full tour online…

You may also remember a brief note in a previous email about the 2012 Tax Re-evaluation that is taking place now.  The latest assessments for Dare County will be available to homeowners in January 2013.  Keep in mind, tax assessment is not designed to determine market value for the property, rather for the purpose of assessing taxes equally among property owners.  If you’re interested in more information you can visit Dare County’s website on the topic here.

Now for the latest Mid-Currituck Bridge update…the Joint Legislative Transportation Oversight Committee has scheduled a meeting to give an update on this project for October 8th in Raleigh.  If you have an interest in this be sure to contact Representative Owens with your thoughts.  You’ll also notice on the Turnpike Authority website regarding this project that the completion date has been pushed once again to January 2018.

Lastly, sales continue to be very strong here.  There’s overall a 19% increase in the number of sales so far this year over last year.  However, last month we saw a huge spike in foreclosure filings for Dare County.  No one is really sure what caused the increase.  The point is we aren’t ready for any appreciation just yet.  It remains a great time to buy and for those selling a wonderful opportunity to take advantage of the increased buyer activity.  Let me know if you need any data on the market.

Outer Banks Update July 24, 2012

Sales activity continues to be higher than last year.  June finished with a 19% increase of sold properties over June 2011.  Properties going under contract are still on the rise as well.  Typically the summer months see a bit of a slow-down in activity, which we have, yet still maintained the increase.  I suspect the Fall Market will be very strong indeed.

Pricing seems to be stabilizing.  Some towns are still declining while others are holding steady.  For specific information on your location send me an email and I’ll get you a report.

The study on erosion in Duck is underway and the results of Phase I of this study will be presented to the public on August 15th at 1 pm.  For more information click here.

There is no new news on the Mid-Currituck Bridge.  We’re not expecting any updates until the end of this quarter.

As you can tell, I have a brand new website launched!  This site is very user friendly and should provide you with all the searching tools needed to find out what’s for sale on the Outer Banks.  I encourage you to check it out and take a look at my blog. If you haven’t done so already – follow me on Facebook, Twitter & / or Linkedin!

Doing a short sale in North Carolina is about to change.  The NC Association of Realtors recently made several revisions to the Short Sale Addendum.  For a quick video on the most impactful changes click here.

That’s all for this month.  As always if I can answer your real estate questions please contact me!