Category Archives: Vacation rental

Outer Banks Vacation Home Buyers Return

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As we’ve mentioned in The Seaside Report, 2012 has been a strong year for real estate on the Outer Banks. The OBX real estate market is very active, and sales are showing strong improvements.

It is great to see this evidence on the local OBX real estate market, but I always have my eyes out beyond the horizon looking for larger trends that will add insight to local trends, and I’m happy to share this recent article from Ivestors.com – “Vacation Home Buyers Return, Pick Pricier Homes.” 

The article looks at the strength of the vacation home real estate market on a national level, and the news is very promising. Here’s a great quote from the article demonstrating improvements from a national perspective…

Nationwide, vacation sales rose 7% in 2011 to 502,000 homes, according to the National Association of Realtors. They made up 11% of total sales. And commentary from the NAR’s resort and second-home committee indicates continued momentum this year, says NAR spokesman Walter Molony.

As an added bonus, not only are sales on the rise, but the general trend is for buyers to seek pricier homes.

And how about pricing? Well, Jed Kolko an economist from Truilia.com mentioned that “U.S. vacation home prices are likely near a bottom.”

These are great signs for the vacation rental market nationally and here on the Outer Banks.

If you are in the market to buy, keep in mind that the competition is getting stiff, and if you are thinking about selling, it looks like a great time to test the waters!

If you need any help buying or selling, please contact us through our website: www.ColdwellBankerOBX.com.

Happy hunting!

Business Development Manager Needed on the Outer Banks

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Seaside Vacations - www.OuterBanksVacations.com

Seaside Vacations - www.OuterBanksVacations.com

Seaside Vacations has spent the last 20 years bringing friends and families together to experience meaningful and relaxing vacations on the Outer Banks. We are currently seeking candidates for a position in Business Development who likes to work hard, meet great people, build relationships, and have some fun while doing it!

The Business Development Manager’s principle responsibility is to develop relationships with vacation rental home owners and bring quality homes into our vacation rental program through prospecting; to consult with owners on ways to increase their occupancy; and to develop and maintain referral relationships with REALTORS®, builders, vendors, and home owners.

Support duties include developing informational materials with the Marketing Department, managing our contact management system, developing an enrollment campaign, producing rental projections and lead generation sources.

Job Requirements
The candidate should possess a previous track record in sales with an understanding of the vacation rental environment.  A current North Carolina Real Estate broker’s license is a legal requirement of this position. Self-motivation, strong organizational, written, verbal and presentation skills are a must.  The work schedule will be flexible, and will include evenings and weekends. A desire to develop and maintain professional relationships is key. Must pass a criminal background and drug test.

Responsibilities include, but will not be limited to, the following:

  • Develop knowledge base to generate rental projections for new prospects as well as the Sales Department.
  • Develop a referral network from outside sales agents, contractors, insurance agents, mortgage brokers, etc.
  • Meet with prospects in person and by phone.
  • Monitor and respond to building permits and sales transfers.
  • Develop a complete familiarity with Seaside Vacations’ contract documents, business practices, policies and procedures, and competitive environment.
  • Develop direct mail campaigns with detailed follow-up.
  • Develop sales presentation for one-on-one selling encounters.
  • Develop GoTo meeting presentation for remote selling encounter.
  • Network with sales agents to retain and recruit new homeowners involved in the sales process.

Compensation
Base salary plus commission/bonus

Interested candidates should send a letter of interest and resume to calmoney@seasiderealty.com

Here They Grow Again

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Research Confirms Vacation Rental Industry’s Rapid Rise within the Lodging Sector… more interest by travelers this year points to bright future outlook.

Via Discover Vacation Homes…

More leisure travelers enjoyed vacation home and condo rental hospitality last year than ever reported before – a respective 22 and 24 percent, even though  parts of the economy are still subdued from the effects of the Great Recession.

Bookings for professional vacation rental managers grew more than seven percent nationwide in the past six months versus the same time last year. Future predictions say this trend will continue with a more than 12 percent rise over 2010 expected in the next six month.

“Travelers are selecting vacation rentals for many reasons, from cost savings to the inherent values that allow families and friends to grow closer by enjoying quality time together underneath the same roof,” explains Alex Risser, President of the Vacation Rental Managers Association (VRMA) and its Discover Vacation Homes awareness initiative, the official public resource on vacation rental travel.

The Vacation Rental Industry is on the rise. For more information about investment opportunities, contact a Coldwell Banker Seaside Realty agent or visit Seaside Vacations for existing vacation home rentals.

 

The Seaside Difference

The Seaside Difference

Is Dare County a “Ghost Town”?

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Ghost of Blackbeard

Ghost of Blackbeard

Is Dare County really a “ghost town”? Yahoo Finance seems to think so, but I’m not sure I agree with their assessment.

Yahoo Finance recently ran an article about American Ghost Towns of the 21st Century, and they included Dare County at #6 on their top 10 list. Sure, the Ghost of Blackbeard lives here, but a ghost town?!…I beg to differ.

Here’s what Yahoo Finance had to say about Dare County:

6. Dare County, N.C.

Number of homes: 33,492
Vacancy rate: 57%
Population: 95,828

Dare County includes the northern-most parts of North Carolina’s Outer Banks. The situation in the vacation area is so severe that the “Outer Banks Voice” recently wrote, “If Dare County Manager Bobby Outten was intending to sound an alarm by suggesting that the EMS helicopter and school nurses were expendable in the next budget, he probably succeeded.” His comments are unlikely to be terribly different from those of other executives of counties on the list. Vacant homes and homes which lose double-digit amounts of their value each year irreparably undermine the tax base. And, as services fall, fewer potential homeowners will consider investing in the area.

My first point of contention is that they don’t understand the location of Dare County. They mention that it includes the “northern-most parts of North Carolina’s Outer Banks.” This is clearly an error. The northern-most parts of the OBX belong to Currituck County. This could be considered a minor error, but to me it calls into question their research as a whole.

But the bigger issue I have is that despite the fact that they mention that Dare County encompasses the Outer Banks, they don’t seem to understand the relevance of this fact. The Outer Banks is a tourist destination with a large amount of vacation rental and second homes. Yes, there are a large amount of vacant homes on the OBX, but that is because they are not primary residences. We should expect vacation homes to be vacant for a large percentage of the year.

The article seems to argue that the economic/housing downturn has hit Dare County harder than other areas, and as a result,  home values are falling, services are falling, and fewer buyers are interested in the area. This seems like a big jump in reasoning. Yes, the housing downturn has affected the Outer Banks (like every other US market), but I would argue that as one of the strongest vacation rental home markets, the Outer Banks is more insulated from the downturn than most areas. We’ve mentioned a few articles on this blog that indicate that the vacation home/2nd home real estate market is increasing in strength; here are a couple examples:

The article mentions, “Some of the affected regions are tourist destinations, but much of that traffic has disappeared as the recession has caused people to sell or desert vacation homes and delay trips for leisure. This makes these areas particularly desolate when tourists are not around. The future of these areas is grim.”

Wow, quite an alarmist perspective. The Outer Banks has always been quiet in the offseason. The past few years have not been more quiet than usual, and definitely not “grim.” And as for in season, the OBX is gaining strength, not losing it.

As an industry, vacation rentals are making large gains in the travel market, and 2011 is starting very strong for OBX vacation rental homes with significant improvements over 2010…and 2010 was a strong year. We’ve mentioned a few articles that indicate the increasing strength of the vacation rental industry, and here are a couple examples:

This does not indicate a declining real estate market to me, and especially not a “ghost town.” And the March 2011 MLS stats seem to agree with my perspective.

Yes, Dare County has budget issues (like most US cities/states right now), and yes, unemployment is high (like the entire US), but this Yahoo Finance article strikes me as inaccurate. Dare County has a large amount of absentee owners and as a result, vacant homes during a large part of the year, but vacant homes in a vacation market do not necessarily indicate a “ghost town.” Yahoo Finance needs to reach past the statistics to understand the market as a whole. I would invite Yahoo Finance to visit the OBX July 4th weekend and tell us it’s a ghost town.

Vacation Home Market on the Rebound

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On the Rise

On the Rise

Here’s some good news for the real estate market…especially vacation destinations like the Outer Banks. Similar to a previous post we made commenting on a Wall St. Journal article, a recent market study by a real estate marketing firms shows growing consumer confidence in the second – or vacation – home market.

Over the past couple years most of the movement in the vacation home market has come from investors purchasing homes at a discount, often foreclosures and bank owned properties, but times may be changing. Reports are indicating a year-over-year increase of 800 percent of home-buyers interested in the purchase of a vacation home.

This good news comes from the third annual Cotton Report, which reports a polling of more than 800 participants on housing preferences, motivating factors, pricing levels and timelines for purchase. It included participants from 39 states, Canada, Europe and Latin America.

This trend is further supported by an increase in the number of buyers describing their transition as “a geographic relocation.”

With visitor spending in North Carolina rising over 9%, this is a great time to invest in a vacation home here in the Outer Banks.

Coldwell Banker Seaside Realty would love to help you find your dream vacation home. Please let us know if we can help with your search.

Visitor Spending Rises 9 Percent in North Carolina for 2010

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State Spending by Visitors Jumps to Record $17 Billion – Great for NC market…and the Outer Banks!

Gov. Bev Perdue announced today that visitors to North Carolina spent a record $17 billion in 2010, an increase of 9 percent from 2009. As the sixth most visited state in the nation North Carolina has become a great market for tourism related industries and the Outer Banks is on the top of the list.

“North Carolina’s natural and cultural treasures bring people and dollars into our state,” Gov. Perdue said during remarks at the N.C. Governor’s Conference on Tourism and Hospitality in Asheville. Visitors and vacationers spend money that helps local economies thrive and creates jobs here in North Carolina.

More than 40,000 businesses in North Carolina directly provide products and services to travelers. Visitors are spending more than $46.6 million per day in North Carolina and contribute nearly $4.1 million per day in state and local tax revenues as a result of that spending, according to the U.S. Travel Association.

The record-setting increase in visitor spending in tourism and the jobs being created in our state is great news for North Carolinians. In such tough economic times is it refreshing to see people still investing in our area and enjoying the thrills of our very own Outer Banks. It is a testament to the strength of our tourism product and the partnership in the North Carolina travel industry.

Vacation Rental Market Growing 4 Times Faster than the U.S Economy

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Outer Banks Vacation Rental Home

Outer Banks Vacation Rental Home

Vacation Home Rentals recently named the Outer Banks one of the top growth markets for vacation rentals in the United States. Studies show that the vacation rental market is expected to grow 13.1% in 2011, more than twice the rate of the travel market and four times faster than the U.S economy. About 85% of vacation rental property owners expect 2011 to be as good as, or better than 2010. The OBX is projected to have a 20% increase from last year alone!

Vacation rental property owners believe this growth may be attributed to the fact that vacationers are looking for small, reasonable destinations they can drive to, rather than fly.

With this news coming from one of the most visited vacation rental sites in North America, there is a lot to look forward to this year. Whether interested in buying a potential vacation home or searching for a weekend getaway Coldwell Banker Seaside Realty and Seaside Vacations can help you find your own beach oasis.

Outer Banks Makes TripAdvisors Top 10 List of Vacation Rental Hot Spots for 2011

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Outer Banks Sunrise

Outer Banks Sunrise

TripAdvisor®, dubbed the world’s largest travel site, today announced America’s top 10  vacation rental hot spots for 2011, based on TripAdvisor search data and site editors. The Outer Banks landed at number 7!

Top 10 Vacation Rental Hot Spots in the U.S.

1. Kissimmee, Florida
2. Big Bear Lake, California
3. Gatlinburg, Tennessee
4. Kihei, Hawaii
5. Destin, Florida
6. Palm Springs, California

7. Outer Banks, North Carolina — 1,302 vacation rentals on TripAdvisor
A narrow strip of land just off the Atlantic Coast, the Outer Banks boasts miles of picturesque beaches and a wide array of wildlife, including herds of wild horses that roam the beaches in the northern portion of the islands.

Potential Vacation Rental Savings: $1,580 for a weeklong trip.
*All Seaside Vacations homes are listed on TripAdvisor

8. Lahaina, Hawaii
9. Hilton Head, South Carolina
10. Cape Cod, Massachusetts

“Vacation rentals can offer families and groups of travelers significant savings over other accommodation options,” said Hank Hudepohl, director of vacation rentals at TripAdvisor. “Our list shows off some of the best vacation rental destinations in the U.S. where travelers can save big, ranging from prime summer beach spots to areas with first-rate ski resorts.”

More information about TripAdvisor’s more than 100,000 vacation rentals listings from around the world, as well as its innovative Vacation Rentals Calculator, can be found at:http://www.tripadvisor.com/vacationrentals.

† Average potential savings versus a hotel based on a group of four travelers using the TripAdvisor Vacation Rentals Calculator.

The New York Times Loves Vacation Rentals Too!

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Seaside Vacations - Sandy Oasis

Seaside Vacations - Sandy Oasis

The New York Times recently ran an article about the great amenities that vacation rental homes offer.  In the article, they mentioned that due diligence is a must with vacation rental homes.  Unlike hotels, there is no brand-standard that you can expect from individual vacation homes, so it’s important to make sure the end product is what you expect.  Renting from a well-established property management company is a great start, but it is always wise to ask a few questions to ensure the quality.

As a follow-up to the original article, the New York Times ran a second article highlighting questions you should consider when renting a vacation rental home, and speaking from experience on both sides of the vacation rental business (guest and renter), I can assure you that these questions are well worth the time and effort it will take to ponder the answers, and every homeowner and/or property manager should be happy to answer these questions for you.

Location: Be sure to ask for specifics about the location, including the kind of details you may not be able to tell just from looking at a map; view, distance to attractions and stores.

Configuration: You should ask for details about how the house sleeps the number of people it claims to sleep as well as where and how big the bedrooms and bathrooms are.

Child and Pet Friendly: If the house is described as “child friendly” or “pet friendly,” make sure to ask for the property’s definition of those terms since they may not necessarily line up with how you define them.

Surroundings/Activities: Be sure to ask the homeowner or property manager for recommendations of favorite places to eat and things to do so you can vacation like a local rather than as a tourist.

    • PS – Take a look at Seaside Vacations’ Club Seaside events…talk about living like a local!

Amenities: Ask about what kinds of household amenities are provided so you can determine whether you need to bring your own hair products, dishwashing detergent, seasonings for cooking, and whether you can just arrive and settle in or whether you’ll need to stop at the supermarket first.

Cleaning Fees: Ask for specifics about cleaning fees and surcharges and especially about if and when extra cleaning fees are charged.

Cancellation Policy, Keys and Problems: If the cancellation policy is not specified in the contract, be sure to ask about it, and how you’ll get the key. You should also be sure to ask for details about how far the property manager or emergency contact lives from the vacation rental should you need assistance.

Vacation Home Real Estate Market is on the Rise

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One of the first rules-of-thumb of real estate is that all real estate is local.  It’s easy to get caught up in the hype (good and bad) around the national real estate market, but in the end, national numbers do not equate to local numbers.  Every locale is unique, with distinctive attributes that help determine the rise or decline of the real estate market regardless of how the rest of the country is performing.  Yes, there are overriding factors such as mortgage rates and credit availability that will affect all markets, but these factors pale in comparison the local market conditions.

To help illustrate the importance of local market conditions, the Wall St. Journal ran an article yesterday pointing out that despite poor projections for the overall housing market, vacation communities performed very well in 2010 and are projected to have a strong year in 2011.  The Journal points out that “sales in many vacation communities across the U.S. soared last year to levels not seen since boom times, driven by deep discounts, cash purchases and buyers’ rising stock portfolios.”

The market for vacation homes, based on local sales data, appears strong.  The Wall St. Journal mentions that “the comeback, has been helped by gains in the stock market and an improving economy, which have made wealthier Americans more upbeat about the future,” and according to the National Association of Realtors, one in 10 real-estate transactions in 2009 was for the purchase of a vacation home.

We are still crunching the numbers from 2010, but a quick look at recent sales shows positive signs for the Outer Banks; multiple offers on homes, homes selling for asking price, homes going under contract in weeks rather than months…or even years.

National numbers are important, but local numbers tell the true story.  With mortgage rates at all-time lows and home prices significantly reduced, now could be a great time to jump into the OBX real estate market.

We’d love to help you find the house of your dreams:  www.ColdwellBankerOBX.com.