Outer Banks Real Estate Update: Video Market Report – February 22, 2012

Posted on February 22, 2012 by Gordon Jones

Coldwell Banker Seaside Realty

Hi y’all.

It’s Gordon Jones with Coldwell Banker Seaside Realty here on the Outer Banks with an OBX real estate update for you.

I’ve committed to myself to bring a monthly market report to y’all to add my voice (and video ) to the real estate discussion here on the Outer Banks. So, please stay tuned for continued updates.

For my initial update, I’m going to focus on some data from January, and I’m happy to say that it’s been a pretty remarkable January. 2012 is definitely off to a great start here on the Outer Banks.

January is typically a slow period for real estate sales. The spring is usually when sales start to pick up, but that’s not the case this year.

In January, sales for Outer Banks real estate were up 7% and under contracts were up a whopping 38% over 2011. These are significant numbers considering that this is a slow time of year. If these trends continue, it should be a fantastic year for OBX real estate.

We are also seeing the inventory decline which is positive news from a supply and demand perspective. Distressed properties (foreclosures, short sales, and bank owned) are still making an impact at 31% of sales, but the trend line is moving down with an 8% decline from 2011.

So, what do these numbers mean? Well, these trends seem to indicate that it is a good time to sell your home if it is priced correctly. Pricing is always key. But it’s very positive to see this growth. And from a buyers standpoint, I would suggest that you make your offers a bit more competitive because you know there will be competition out there looking over your shoulder.

Thanks for tuning in. I’m looking forward to sharing my thoughts with you each month. Please join the conversation. If you have any thoughts or questions, please leave a comment, and I’ll be happy to share my thoughts.

Thanks,
Gordon Jones
President - Coldwell Banker Seaside Realty

Tiny Changes Can Go a Long Way When Selling Your Home

Posted on February 20, 2012 by Gordon Jones

ColdwellBanker.com gives us some helpful hints and simple tasks to consider when selling a home…

Selling a home can seem like a tedious task and it’s common for homeowners to feel discouraged if their home doesn’t sell right away. But the truth is, image is everything and making small changes to spruce up a property can make a home much more appealing to the general public.

After a home has been inspected, scrubbed down and ready to go on the market, consider a few helpful tips that may make the home more attractive.

Clean up the outside

First impressions can be the difference between a successful open house and limited buyer attention. Clean up and landscape the outside. Plant a colorful flower bed. Replace old house numbers with new, shiny placards. Removing clutter and presenting a neat, clean outside can make the home seem more inviting to potential buyers, according to MainStreet.com. Homeowners who have the budget may also go above and beyond by installing a new door or painting the current one to add a splash of color and appeal to the home.

Replace old appliances and freshen features

When buyers walk into a home, they may immediately try to see themselves living in that space. When a house has old cabinets, counters and tiles, it can make the space seem more outdated than it really is. Although purchasing new fixtures and tiles can be an investment, it may be one worth making in order to attract more potential buyers. In addition, removing old appliances or storing them below in cabinets can also make rooms, such as kitchens and dining areas, appear more fresh-faced and modern.

A coat of paint can also go a long way in livening up a home or a particular room, and the right color can make certain smaller rooms appear more spacious and inviting. Most real estate agents agree that neutral and light or bright colors can make a room stand out while still giving it a fresh and clean appearance.

De-clutter the house

Over the years, homeowners accumulate new furniture, pictures, keepsakes and family heirlooms. And while these treasures make existing homeowners feel comfortable, they can make a home appear smaller and cluttered. For this reason, sellers should consider boxing up items they do not currently use and adding more space to their living area. A few accent pieces can be sufficient in making the place feel homey without infringing on the living space.

Builders are Feeling More Optimistic

Posted on February 17, 2012 by Gordon Jones

REALTORMag reports that for the fifth straight month, builders are more optimistic in the single-family home market. Here’s what they had to say…

Signs are improving in the new-home market and builders are feeling more optimistic about where the real estate market is heading, after coming off last year’s worst year on record for new home construction.

For the fifth consecutive month, builder confidence in the single-family home market increased in February, reaching its highest level in four years.

“Builder confidence has doubled since September,” says Barry Rutenberg, chairman of the National Association of Home Builders. “Given the recent improvements in new home starts and the increasing number of markets included in the NAHB/First American Improving Market Index, this consistency suggests that the housing market is moving toward more sustainable growth.”

While the jumps in builder confidence have been an encouraging sign for the industry, housing experts warn that confidence is still historically low, and that foreclosures, low appraisals, and more stringent credit standards continue to hamper the new-home market’s full recovery.

By Melissa Dittmann Tracey, REALTOR® Magazine Daily News

Outer Banks Featured Home: S Old Oregon Inlet Road, Nags Head

Posted on February 16, 2012 by Gordon Jones

You will fall in love with this bright, cheery 4 bedroom, 3 bath home, located at 8630 S Old Oregon Inlet Road, that features panoramic ocean views, in convenient South Nags Head just before MP 18.

With a great beach access directly across the street and unbelievable sunsets over the marsh and bay that can be viewed from the hot tub on the 2nd level decking or on the top level screened porch or sun deck, this home instantly gives you the “Island Feeling” of the southern Outer Banks.

This cozy home offers a natural setting in South Nags Head nestled between the Pea Island National Wildlife Preserve and the Atlantic Ocean. South Nags Head is located off the beaten track with no highways. You are close to historic lighthouses, world class deep sea fishing, watersports, outlet shopping, and restaurants. It is also just a short drive to the Lost Colony Outdoor Drama and Historic Roanoke Island complete with the North Carolina Aquarium. You will find bike paths from this house all through the area.

This property has been well maintained and the VIEWS will take your breath away! The large backyard is great for grilling out and there is a side fenced in yard as well. Under the carport you will also find a large storage room perfect for your beach gear.

For more information on this property, please contact Heather Sakers with Coldwell Banker Seaside Realty.

Seven Staging Secrets from a Pro

Posted on February 15, 2012 by Gordon Jones

This recent post from Coldwell Banker’s Blue Matter gives us some inside scoop on staging homes for sale like a pro. Here are seven tips to help boost your home’s appeal and give homeowners a competitive edge when placing homes on the market.

Stage rooms with one purpose. Rooms that have many uses can confuse or even deter homebuyers, so staging rooms with one purpose is vital. Determine who your most likely target market will be, whether it’s young professionals with no kids, families, or even empty nesters. Then present your areas to fit their needs. If you’ve been using a room as a guest room/kids playroom/home office, pick the one use that best suits your buyers.
Tackle the easy “do-it-yourself” projects. Spruce up your home by updating kitchen and bathroom fixtures and updating cabinet hardware. Add a fresh coat of paint in a neutral palate that won’t distract from your home’s features.
A fresh coat of neutral paint goes a long way
Focus on the living areas. Potential buyers should envision themselves entertaining friends and family in the living areas of the home. Make sure those areas feel as spacious as possible by removing any unnecessary furniture to allow for easy traffic flow.
Make sure the master bedroom appeals to both sexes. Remember that the master bedroom is a room that a couple will be sharing, so the décor should appeal to both sexes. It should feel like a calm and peaceful refuge, not a frilly boudoir. Remove any feature that seems too gender-specific and paint the walls a neutral colour.
De-clutter & depersonalize. Buyers want to picture their family living in a home, not the previous owners. You’re going to be moving anyway, so start now by packing away family photos, personal mementos knickknacks. Store away valuables under lock and key. Some property owners find they need to store some of their belongings off premises to create an open feel.
Furnish the home, but don’t overdo it. While an empty house may look spacious, it’s often hard for buyers to visualize their belongings in a home if they’re just looking at bare walls and floors. Leave the basic components that allow the viewer to define each room.
Don’t forget the outside spaces. First impressions can play a key role in a consumer’s decision-making process, so don’t neglect your home’s curb appeal. Make sure the home’s exterior is inviting by trimming the bushes, mowing the lawn and painting faded window trim. Buyers will appreciate the seller’s efforts with the yard work, and will tend to assume that the same attention to detail has been devoted throughout the property.

Outer Banks Real Estate Update: The “Seaside Report” – 2.14.12

Posted on February 15, 2012 by Gordon Jones

The Seaside Report

The main economic driver on the Outer Banks is real estate. Yet, the OBX does not have an in-depth report analyzing the full spectrum of real estate on the Outer Banks – residential & commercial sales, distressed properties (foreclosures & bank-owned), and current vacation rental trends.

To meet this need for a detailed analysis of the current Outer Banks real estate market, including the often ignored but incredibly important vacation rental market, we have created the monthly “Seaside Report.”

We have combined the forces of both sides of our business – Outer Banks real estate sales with Coldwell Banker Seaside Realty & OBX vacation rentals with Seaside Vacations – to bring you the first report to offer a comprehensive view of the OBX real estate market – real estate sales & vacation rentals.

Please keep in mind that there is a lag time between “real time” and data collection/reporting. As a result, the information will be as close to “real time” as possible, but the data will be based in the past by a couple weeks at least. I will indicate the corresponding date/timeliness for each section of data.

As always, we appreciate your input, and we encourage you to leave your comments below. We are happy to address any questions you may have, and we are always interested in suggestions for improvement.

Outer Banks Real Estate Sales
(Data Source: OBAR)

January 2012 OBX MLS Data:

2012 is off to a great start for Outer Banks real estate. January is typically a slow period for real estate, but the OBX market has been anything but slow in January 2012.

The total number of sales in January was up 17% over January 2011.
Under Contracts were up by 38% from January 2011.
January sales ran the gamut from $20k (land) to $1.6 million (KDH oceanfront).

YTD Sales Residential

Up 13% (94 units vs 83 units)
Land – Up 13% (17 units vs 15 units)
Commercial – up 100% (2 units vs 1 unit)

YTD Under Contract

Residential – Up 32% (144 units vs 109 units)
Land – Up 43% (33 units vs 23 units)
Commercial – Up 500% (6 units vs 1 unit)

Distressed Sales: (Distressed = Bank Owned and Short Sales)
Of the 347 new listings in January, 22 were potential short sales & 42 were bank owned. Sold distressed sales data for the month:

	Total Sold	Bank Owned	Short Sale	% Distressed
January	113	20	16	32%

4th Quarter 2011 OBX MLS Data

Summary – Overall, 2011 ended on a flat note with total sales down by approximately 1% and under contract listings down by 1%. However, there has been a notable decline in the median sale price of single family homes and condos. When comparing the yearly median sale prices there has been a 6 % decline in the price for single family homes and a 10% decline in the price for condominiums. Additionally, when looking at the 5 year trend in median sales prices there has been a 24% decline in single family home prices and a 41% decline in condominiums.

Median Sales Price
	2006	2007	2008	2009	2010	2011
Single Family Homes	$416,833	$383,599	$352,607	$319,500	$334,795	$316,269
Percent Change	-10%	-8%	-8%	-9%	5%	-6%
Condos	$335,642	$278,291	$325,260	$278,252	$218,031	$195,968
Percent Change	8%	-17%	17%	-22%	-22%	-10%

2011 Sales End-of-Year Breakdown

Residential: Down 3% (1315 units vs. 1374 units)
Land: Up 15% (323 units vs. 282 units)
Commercial: Up 92% (25 units vs. 13 units)

Year-End Sale Price Range: The best selling residential properties fell into the $200K to $299K range.

Price Range	$0 – 99K	$100 – 199K	$200 – 299K	$300 – 399K	$400 – 499K	$500 – 599K	$600 – 699K	$800 – 999K	> $1M
Units Sold	81	302	328	219	117	88	88	49	55
Average Days on Market	168	191	208	267	270	264	260	302	308

Inventory: The majority of the current active residential listings fall in the following price ranges:

Price Range	Number of Listings	Price Range	Number of Listings
$1 – $99,999K	73	$600K – $699K	109
$100K – $199K	230	$700K – $799K	51
$200 – $299K	330	$800K – $899K	58
$300K – $399K	324	$900K – $999K	38
$400K – $499K	217	> $1M	121
$500K – $599K	173

Distressed Property (Residential): Distressed = Bank Owned and Short Sales

Distressed property currently makes up 14% of the active inventory in the MLS and the sale of distressed property accounts for 31% of all residential property sales. Overall, the sale of properties listed as short sales rose 27% and the sale of bank owned properties declined 22%; however, total distressed property sales were down by 8% from 2010.

Seaside Report: Distressed Property Market Overview – Q4 2011

	Average	Median	Days On Market
Q4 11	$290,550	$205,000	225
Q3 11	$306,648	$239,950	231
% Change	-5.25%	-14.57%	-2.60%

Market Highlights – Sold Properties

Single Family Homes, January 1 – December 31, 2011

Duck continues to have the lowest percentage of distressed property sales, ending the year with a total of 22%
Hatteras Island has the largest percentage of distressed property sales with 55% of all sold single family homes being either bank owned or short sales
Although the Outer Banks had a slight decrease in single family homes sold for 2011 (1159 vs. 1193) the amount of sales over $1 million dollars increased. There were 46 homes sold for over $1 million this year compared with 39 last year. Of the 46 sold, 9 homes sold for over $2 Million (compared to 4 in 2010)
Distressed sales accounted for 37% of all residential (single family & condos) sales in 2011, which was the same as the previous year.

Outer Banks Vacation Rental Market
(Data Source: NAVIS GeoAnalytics)

Average Booking Window
Legend: 2011; 2012

This graph demonstrates the average number of days between booking and check-in date. This graph is summarized by month of booking, rather than month of stay.

For example, the reservations made at this time of year are about 170 days in advance of their check-in date. The takeaway message is that guests should book early for summer months in order to reserve the most desirable homes and weeks – about 170 days in advance at this time of year.

Seaside Report: Average Booking Window – January 2012

Seaside Report: Average Booking Window – YoY Variance – January 2012

Average Length of Stay
Legend: 2011; 2012

The Length of Stay graph illustrates the average number of days between check-in date and check-out date of reservations, summarized by check-in month.

As would be expected for the Outer Banks, the average stay is seven days + for the summer months and varies in the shoulder season. A strong takeaway here is that full weeks are a must for the summer months, but Spring and Fall offer great opportunities for shorter stays and discounted rates, while maintaining the great benefits of gorgeous weather, empty beaches, and ample attractions and activities.

Seaside Report: Average Length of Stay – January 2012

Seaside Report: Average Length of Stay – YoY Variance – January 2012

Average Stay Value
Legend: 2011; 2012

The Stay Value graph illustrates the average revenue actualized or projected for reservations, summarized by check-in month.

The clear message with this graph is that demand is high and supply is low during the summer months, and as a result, prices are driven higher during the summer months. As mentioned above, Spring and Fall offer great opportunities for shorter stays and discounted rates, while maintaining the great benefits of gorgeous weather, empty beaches, and ample attractions and activities.

Seaside Report: Average Stay Value – January 2012

Seaside Report: Average Stay Value – YoY Variance – January 2011

Bookings
Legend: 2011; 2012

The Bookings graph illustrates the number of reservations actualized or on the books, summarized by check-in month. This graph gives a good view of the “strength” of the reservations over the previous year. Reservations are up, which indicates that early reservations are wise and prices should remain constant. Although, at this point, July is slightly under-performing in comparison to 2011. This will be a trend to keep an eye on.

Seaside Report: Bookings – January 2012

Seaside Report: Bookings – YoY Variance – January 2012

Elizabeth City in the Spotlight Again

Posted on February 7, 2012 by Gordon Jones

Elizabeth City H.A.S. It has recently reported some exciting news for the Harbor of Hospitality. The beautiful city will not only be featured on one cable television show, but two. “Today in America” has announced Elizabeth City to be one of their “Hidden Gems” and the Travel Channel’s show “The Dead Files” will visit the city to explore the mystery behind Nell Cropsey’s death. Here’s what Elizabeth City H.A.S. It had to say about all the excitement…

“Just when one cable television show makes waves in The Harbor of Hospitality, another one comes right on its heals. The show “Today in America” just announced that Elizabeth City will be one of its “Hidden Gems.”

Now the Travel Channel comes in and spends a week in Elizabeth City taping an episode of one of its popular shows, “The Dead Files.” Seems producers at the show caught wind of our famous 110 year-old murder mystery, The Mysterious Death of Nell Cropsey. Armed with a rather large production team, the Travel Channel folks pointed their cameras at the famed Cropsey House, it’s current owners and a whole lot of local folks familiar with this compelling unsolved mystery. And while they were at it, the film crew wandered around town shooting what they said was undoubtedly a very beautiful town (they called it “B roll” shooting) for background purposes.

The show will air sometime in May. We’ll let you know when the date is announced. It will attempt to unravel the mystery of who killed Nell Cropsey. It might also reveal the nature of the reported haunting in the house. That’s right, a good old-fashioned haunted house, a Victorian-era house to boot. We have a lot of those beautiful old “painted ladies” in Elizabeth City.

So now the question on everyone’s mind in these parts is: Who will visit next? Come on down and find out why folks come from far and wide to experience Southern hospitality-Elizabeth City style. And find out why we attract all of these Hollywood types.”

What Does Warren Buffet Think About Buying a Home?

Posted on February 2, 2012 by Gordon Jones

We love this post from the KCM Blog on Tuesday. Here’s what they had to say about Warren Buffet and what he thinks about buying a home…

“Warren Buffet is seen by many as the greatest investor of our time. When he speaks, people listen. Like anyone else in his position of influence, he is criticized by some for using his bullhorn to promote his own business agendas at times. That makes it very interesting when we occasionally learn of how he privately advises those closest to him.

Such a situation occurred this week. Debbie Bosanek, Warren Buffet’s secretary of 37 years, recently purchased a second home in Surprise, Arizona.

In an article in the Omaha World Herald, Mrs. Bosanek discussed her reasons for purchasing a second home and the personal advice she received from Mr. Buffet.

“I just thought it was time to buy a home. Warren tells me that it will be the best opportunity in my lifetime. Mortgage rates are low and prices have dropped dramatically…I share Warren’s view about the future of America, and we believe that our country will do just fine. I’m happy to make this investment.”

The greatest investor of the last century privately has told the people closest to him that buying a home right now “will be the best opportunity in [their] lifetime”.

That’s good enough for us. How about you?”

For more information about real estate investments on the Outer Banks and Northeast North Carolina, contact an agent at Coldwell Banker Seaside Realty.

Outer Banks Featured Home: Charleston Drive, The Carolina Club

Posted on February 1, 2012 by Gordon Jones

This amazing home, located at 109 Charleston Drive in Grandy, features high-end cabinetry, including natural hickory and natural cherry, granite counter tops, cathedral ceilings, 9 ft. ceilings, tray ceilings, and composite decking. Mouldings are exceptional and paint colors exquisite. Extras include a central vacuum system, berber carpet, custom tile and beautiful hardwood floors.

This home highlights a huge master suite with views of the golf course from many angles, a private finished room over the spacious two car garage and an amazing view of the 3rd Tee of The Carolina Club golf course off the back deck.

Relax in an open family room with cathedral ceiling while enjoying the golfers and flip the switch on your gas fireplace. Truly a year round paradise. Observe holes 9 and 18 from your front yard or take a stroll to the community pool, tennis courts or marina.

Live above “par”……or under if you’re golfing outside your door! You are truly living the good life at 109 Charleston Dr. at an amazingly affordable price and only 15 minutes to the beautiful beaches of the Outer Banks.

Open house for this home is February 11 from 1 til 5.

About the Carolina Club: “The Carolina Club features superb bentgrass greens and a picturesque par-3 island green. Five sets of tees allow you to match your game to the challenge, to ensure that all skill levels can have an enjoyable time. All of this, compounded with strong ocean breezes will have you reaching for every club in your bag! The Carolina Club features a warm-up range, putting green, and chipping green to allow you to sharpen your skills. Be sure to visit the practice putting green prior to playing. It is maintained exactly like the greens on the course, so that your practice can be consistent with actual playing conditions. This is all outside your door. You can also practice at the sister course, The Pointe Golf Club. The Pointe Golf Club is home to one of the finest practice facilities in the region. The 30,000 sq. ft. practice tee can accommodate even the largest groups or outings. The short game area includes a large chipping green, practice bunker, and putting green.”

For more information on this listing please contact Teri Tillett with Coldwell Banker Seaside Realty.

4 Questions to Ask Before Buying a Foreclosure

Posted on January 31, 2012 by Gordon Jones

“Foreclosures can offer big bargains, but buyers need to be careful that they don’t get over their heads in purchasing a home that may need more repairs than they bargained for.

Foreclosures are usually sold as-is, and homes that are left vacant standing too long can have a lot of maintenance problems.”

REALTORMag suggest buyers consider the following questions:

1. How long has the home been vacant? Be cautious of a foreclosed home that has stood vacant for more than a few weeks or had its utilities shut off a long time. Marvin Goldstein, a home inspector for many foreclosed properties, says a home can deteriorate quickly when heating, cooling, electricity, and running water have been turned off for awhile.

2. How old is the home? Goldstein says that homes that are more than 50 years old may have a failing plumbing system or inadequate electrical wiring.

3. How does the home look? Are there broken windows, gutters hanging down, or damaged siding? “Trust your instincts. If the house looks bad from the outside, it’s probably worse than you think,” Goldstein told The Oklahoman.

4. Is there anything missing? Sometimes former owners remove anything of value from the home, such as built-in light fixtures, bathroom tile, water heaters, air-conditioning units, and hardwoods, says Bill Jacques, president-elect of the American Society of Home Inspectors.

Housing experts encourage buyers to get a home inspector to look at the property, even if it is sold as-is, so that home buyers know any repairs needed and cost estimates before they purchase the home.

“Buying a bank-owned home gives you the opportunity to enter the market at a very low price level,” says Dorcas Helfant, a past president of the National Association of REALTORS®. “You can find terrific values among foreclosures, especially if they’re not in too bad shape. But, remember, these houses are discounted for a reason.”

Outer Banks Market Report

News about real estate values in the Outer Banks area

Author Archives: Gordon Jones