Category Archives: OBX News

What Does Warren Buffet Think About Buying a Home?

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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

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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

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“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 Featured Home: Dowdy Lane, Kitty Hawk Landing

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4164 Dowdy Lane, Kitty Hawk North Carolina

This one-of-a-kind property located on the west side of Kitty Hawk in the beautiful Kitty Hawk Landing neighborhood, cannot be compared. Designed by the owner to take full advantage of the unique site, views and natural environment, this is an architect’s home. This lot offers direct water access to the sounds with a private dock on Avery Pond.

The home offers beautiful views of the Albemarle and Currituck sounds. Located on the end of a quiet street, this home is only three miles from the beach and main highway. 

The house has eight levels, each with different and unsurpassed views. Built in 2001, there are three bedrooms and two and a half baths. Features in this home include a sunken atrium with twelve foot ceiling offering views of the sound, wetlands, one-of-a-kind sunsets and night skies; elevator; gourmet kitchen with bar over-looking the great room with dining area; an observation/breakfast room over-looking the sound; custom cabinetry in the great room including entertainment area, bookshelves, and wet-bar with refridgerator; porches and decks off of the guest suite, great room and master bedroom; and a three story elevator.

This home has been well maintained with low operating costs. For more information on this listing please contact Sarah Brown or BJ Neal.

2011 Coldwell Banker Seaside Realty Awards Ceremony

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2011 Coldwell Banker Seaside Realty Awards Breakfast

2011 Coldwell Banker Seaside Realty Awards Breakfast

This week we celebrated the end of 2011 with the 2011 Coldwell Banker Seaside Realty awards breakfast. It was great to have the full team together to look back on the successes from 2011 and look forward to the great opportunities ahead in 2012.

Congratulations to the top producers, and to all of CBSR for a strong 2011 in Outer Banks and Northeast North Carolina real estate sales.

Thanks to Chili Peppers for a fantastic breakfast.

Agents of the Year:

  • Brad Beacham - Kitty Hawk
    • President’s Circle award winner
  • Diane Harris - Elizabeth City
    • Sterling Society award winner

Listing Agent of the Year:

Here’s a quick video of the highlights:

Jim Gillespie says “Give Me a Break”

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Via ColdwellBanker.com

Last night someone sent me a link to an article that troubled me. It’s one thing to use a negative headline to draw people in, but writers must provide a balanced article for the reader.  What really grinds my gears are articles which take a controversial position to communicate a biased opinion under the guise of ‘news.’

 

The article, The New American Dream: Rent, Don’t Buy isn’t just one of those shocking headlines; it’s two pages of doom and gloom that frankly is getting old. First of all, how can this writer say that the new American dream is to rent, when the majority of Americans, 66 percent according to Fannie Mae, consider homeownership a safe investment? Sounds to me like the American Dream is still a dream that includes homeownership. Who doesn’t daydream about a place to call home – a place that’s all their own?  A home is about more than its dollar appreciation.  It’s about the color of paint you pick for the nursery, the school district in which your children will grow up and the neighborhood movie theatre where you had your first date…and I could go on and on. When people do move it’s not just for a return on their financial investment. It could also be that they need a backyard for their dog or mom got a great new job in another area.

Plus, how many times do we all have to read an article that only has one source that represents an extreme point of view and yet it serves as an overarching example? I know homeownership isn’t for everyone, and I routinely talk about the types of buyers best suited for homeownership. But if you are someone with the financial wherewithal and have a lifestyle need, I truly believe this is the best time in my 35 years in real estate to purchase a home.

Bottom line: some of the points found within the article have been tossed around for several years and I couldn’t disagree more strongly. Study after study shows how valuable homeownership is to individuals and to our economy. A Harvard study reports that housing accounts to 18-23 percent of the country’s GDP. NAR and Nandi say that a home sale adds $60,000 into the local economy and that a local job is created every time two homes are sold. And this isn’t even taking into consideration the immeasurable emotional value found in owning a home.

I’m confident that once we are finally out of the woods of this great recession, the American Dream of homeownership will thrive as it always has — as it does for millions of Americans even today.

12 Ways To Sell Your House In This Market

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“To buy or sell in 2012, what with Armageddon coming and all? Absent any ancient Mayan wisdom on real estate strategies, let’s just hope the real cataclysmic event in the real estate market already has passed, even if the rubble from the bubble remains.”

 

Via Business Insider…

Price it right from the get-go

The old-school strategy of real estate sellers crossing their arms and holding out for a better offer will be brushed off by most homebuyers. Consider that of the homes that took four months or more to sell in the past year, almost half of their owners accepted less than 90 percent of the asking price, according to the National Association of Realtors. For a gauge, have your agent produce the latest comparable sales including short sales and foreclosures as well as a recent summary of sales prices versus original list prices. But be wary that such information doesn’t reflect the homes that failed to sell.

Put your best footage forward

Prep, paint, stage, scrub, improve, repeat. Efforts can include caulking, plastering, planting flowers, adding potted plants, making the windows spotless, pressure washing that oily driveway, edging the walks, trimming the bushes and trees, and mending the fences. None of these is excessively capital-intensive, but when applied en masse, they say “buy me.”

Be flexible

I’m not saying bend over backward to accommodate real estate buyers. Bend forward and sideways, too. Be ready to negotiate and offer extras such as closing costs, paid property taxes, remodeling work (or a cash credit), appliances, paid condo association/homeowner association dues, a few months of mortgage payments or even seller financing. Home sellers who’ve been on the sidelines and who advised their agents to ignore offers by lowballers don’t have that luxury now. Instruct your agent to listen intently to prospective homebuyers’ misgivings about the home and adjust accordingly and immediately.

Trump your techno-fears

Hire a listing agent steeped in mobile platforms. Sellers and buyers are routinely using Facebook and other social media to sell and seek, not to mention dozens of online selling sites. Some owners are even making YouTube videos to showcase their homes, making it easier to quickly link to potential buyers via email. There’s also an abundance of smartphone apps cropping up to review real estate listings and refine searches.

Don’t fall prey

Fraudsters are targeting distressed homeowners with “deals” that can sound perfectly legit. Some offer loan modifications for upfront fees while others offer fee-based “help” in navigating government housing assistance programs, sometimes claiming they’re attorneys.

There are also con-artist “investors” compelling desperate owners to sign over their homes with quitclaim deeds in return for a typically empty promise to remain there indefinitely. Others are telling former owners they can get their homes back for a lump sum. Be forewarned: Never sign blank documents or documents with blank lines.

If you’re unsure of an offer, have an attorney or other trusted adviser look it over. Keep in mind that a law barring firms — except attorneys — from charging upfront fees for mortgage relief or mortgage modification took effect in 2011. It’s called the Mortgage Assistance Relief Services Rule.

Be flexible

I’m not saying bend over backward to accommodate real estate buyers. Bend forward and sideways, too. Be ready to negotiate and offer extras such as closing costs, paid property taxes, remodeling work (or a cash credit), appliances, paid condo association/homeowner association dues, a few months of mortgage payments or even seller financing. Home sellers who’ve been on the sidelines and who advised their agents to ignore offers by lowballers don’t have that luxury now. Instruct your agent to listen intently to prospective homebuyers’ misgivings about the home and adjust accordingly and immediately.

Trump your techno-fears

Hire a listing agent steeped in mobile platforms. Sellers and buyers are routinely using Facebook and other social media to sell and seek, not to mention dozens of online selling sites. Some owners are even making YouTube videos to showcase their homes, making it easier to quickly link to potential buyers via email. There’s also an abundance of smartphone apps cropping up to review real estate listings and refine searches.

Don’t fall prey

Fraudsters are targeting distressed homeowners with “deals” that can sound perfectly legit. Some offer loan modifications for upfront fees while others offer fee-based “help” in navigating government housing assistance programs, sometimes claiming they’re attorneys.

There are also con-artist “investors” compelling desperate owners to sign over their homes with quitclaim deeds in return for a typically empty promise to remain there indefinitely. Others are telling former owners they can get their homes back for a lump sum. Be forewarned: Never sign blank documents or documents with blank lines.

If you’re unsure of an offer, have an attorney or other trusted adviser look it over. Keep in mind that a law barring firms — except attorneys — from charging upfront fees for mortgage relief or mortgage modification took effect in 2011. It’s called the Mortgage Assistance Relief Services Rule.

Finance 101

Realize it’s harder to qualify for loans these days. Credit records are under greater scrutiny, and lenders are often demanding a 20 percent down payment and some pricing flexibility from the sellers, especially if the lender’s appraisal doesn’t reach the asking price.

Consider cash offers, even if they’re not the highest. Reject too-low offers from homebuyers gently and with encouragement, telling them they’re oh-so-close. You don’t want to give away the farm, but you don’t want to give it back to the bank either. These days, meeting halfway usually means meeting buyers on their half.

Be your own spokesperson

Agents once advised home sellers to retreat from view during showings, lest they disclose something unsavory or otherwise botch the deal. That’s changed. If you can control your ego and emotions and come off as an earnest, flexible seller, you can serve as your best spokesperson. Be ready to answer would-be buyers’ questions about the neighborhood and area schools. Be careful about making verbal promises!

Flight to quality

Worried about durability? Buyers who place a heavier focus on brick or concrete-and-steel housing may find they’re more enduring, safer and quieter.

Are you worried about sustaining value? Buy near a prestigious hospital, university, large government employer or newly vibrant central business district. These entities typically aren’t going away, and the demand for good housing around them won’t either.

Expand your buying universe

There’s still an overabundance of well-priced inventory out there, which means you needn’t immediately narrow your search to the first house you fancy. That’s especially the case with short sale homes, which can be a nightmare to close in a timely manner. There are some for-sale gems that need only a little polishing.

Shop around. Don’t dismiss foreclosures and other bank properties, pre-foreclosures, auction homes, for-sale-by-owner or lease-to-own homes. Pick at least three favorites and work from there.

‘Site unseen’ equals shortsightedness

Are you perplexed by the home valuation you did on your place on the website of a large, seemingly reputable real estate organization? Puzzled how that valuation can be 25 percent or more above or below a firsthand appraisal you’ve had done? Well, value estimates on these sites can vary widely, sometimes by hundreds of thousands of dollars, even by the admission of the companies themselves. There are way too many variables in the valuation game to give too much credence to blind, algorithm-based estimates that are impersonally calculated. Nothing beats a nuanced firsthand professional appraisal.

Expand your buyer’s due diligence

Aside from the financial details, contracts, disclosures and protections you typically tend to as you prep to buy a home, add these to the list:

  • Hire a title company to check the house for liens and tax arrearages.
  • Hire you own inspector. Don’t use the seller’s!
  • Have the inspector check for unpermitted work such as illegal room additions and garage conversions.
  • Consider the overall energy efficiency of the home with an energy audit.
  • Be sure property lines are accurate. If there’s any question, hire a land surveyor to research the original deed and to stake out the property’s lines and your neighbors’ property lines to avoid future disputes.

Make a quality-of-life due-diligence checklist

  • Go to the National Sex Offender Public Website at Nsopw.gov to search for neighborhood predators.
  • Spend some time around the neighborhood and briefly interview neighbors. Determine if there are noisy neighbors, signs of gang activity, nocturnal barking dogs, indigent lingerers, frequent loud parties and/or suspicious nighttime visits. Are there lots of rental homes? Is the block a cut-through point during rush hour? Does the school bus go past the block? Is there a restrictive homeowners association?
  • Determine what types of buildings can be constructed on vacant lots adjacent to the neighborhood. This helps avoid unpleasant future surprises. Is there constant noise from a nearby highway or busy street? Are there odors from nearby industrial plants?

Read more: http://www.bankrate.com/finance/real-estate/12-real-estate-tips-2012-1.aspx?ic_id=Top_Financial%20News%20Center_link_1#ixzz1iKWybRb5

Outer Banks Real Estate: November 2011 Update

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November was an excellent month for Coldwell Banker Seaside Realty. We were number one in the MLS! Here are a few highlights from this wonderful month…

 

·We were up 17% on volume and 14% on units

· We were #2 in units with 25 closed sales.  #1 was the Auction Company (27)

· We closed over $7 million in sales and there were only 5 other firms that closed over $3 million for the month

 

Congratulations to Dawn Myhre, our November Agent of the Month, and Beth Garcia and Team, our November Listing Agents of the Month.

Finally, a Bottom for Home Prices

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“Housing prices will stop sinking next spring.”

According to an article on Kiplinger.com, the recovery process will be gradual, but home prices will stabilize by this spring. “Look for prices, which have fallen an average of 31% since 2006, to drop an additional 2% or so in the early months of 2012 and then recover that lost ground by the end of the year.”

A key signal that the bottom is near: A change in the ratio of average homes prices to personal income – houses are affordable again. After soaring to 4-to-1 during the housing boom, the ratio is now well below the long-term average of 3-to-1.

Another reason for optimism: Foreclosure numbers are set to level off after a recent surge to clear up the backlog that developed when banks were found to be rushing though the paperwork for seizing homes. Although the 3.5 million foreclosures still in the pipeline are weighing heavily on the housing market, that effect will diminish when it is clear that the worst has passed.

Look for home sales to tick up next year as well, hitting 5.5 million for new and existing homes. That’s up 4% from 2011, the low point since the housing bubble burst.

Farther down the road, there is plenty of pent-up demand. The lousy housing market has muffled the typical rate of household formation, deterring many young folks from getting their own homes. As a result, there are 2 million new households waiting for an improvement in economic conditions: recent graduates eager to leave their parents’ nests and 30-something couples who have delayed marriage or having children. As the economy picks up steam, they will emerge, helping to soak up the glut of foreclosed homes and putting construction on a faster track.

By 2014, the housing market will start to look more like its old self, with housing starts near the long-term average of 1.5 million a year, sales of about 6 million and price gains of over 4% a year.

Of course, the market shift won’t make much immediate difference for the millions of homeowners who owe more than their homes are worth. But for the majority with equity in their homes, even a modest gain in prices can change their spending behavior.

Read more: http://www.kiplinger.com/columns/practical-economics/archives/finally-a-bottom-for-home-prices.html?si=1#ixzz1fhPiqfit