Via REALTORMag.com…

The first quarter of 2012 was the best first quarter for real estate in five years, and pending contracts suggest that the second quarter of 2012 will be the best second quarter in five years, NAR Chief Economist Lawrence Yun said this morning at the Residential Economic Update during the NAR Midyear Legislative Meetings & Trade Expo.

Moreover, he said the second half of this year could be even better than the first, in part because of continued increases in rental costs and record affordability of homes. “Renters are getting squeezed, and they don’t want to rent anymore,” Yun explained. “This could be the year we see the release of pent-up demand.”

Home prices have been skipping along the bottom for about a year now, Yun said, a trend that has drawn investors into the market. These investors have helped housing through a couple of difficult years and partly mitigated the dysfunctional mortgage market.

“Right now is the time to buy low,” he said. “Investors are coming in to take advantage. Second homes started to recover nicely last year because of investors.”

However, home values are poised for a rebound as more traditional buyers move back into the market, Yun said. In fact, this has already started to happen in areas such as Phoenix and Miami, which have seen year-over-year (March 2011 to March 2012) double-digit percentage increases in home prices.

As real estate improves, consumer psychology around home ownership will change, he added. Coupled with the recent — if relatively modest — job growth and stock market gains, conditions are right for a sustained housing recovery.

Read full article here.

The Virginian Pilot recently posted a nice write up about Northeast North Carolina’s quaint town…

“Edenton has aged well.

Incorporated in 1722, the town’s main business district is as active as it was when colonial sailing vessels crowded the bay with cargos of local goods bound for New England and the West Indies.

Edenton’s Broad Street was named last week one of four great main streets in the state by the North Carolina Chapter of the American Planning Association, joining Charlotte, Hillsborough and Asheville. Mt. Airy got the people’s choice award for having a great main street.

Going against the trend of many downtown business districts, Broad Street shops are busy. Not one retail front is vacant.

“We’ve added three new stores in the last month or two,” said Jim Blount, owner of Blount’s Mutual Drugs.

A popular movie house built in 1925 draws crowds on Friday nights. Afterward, it is a short walk to any one of a handful of restaurants. Large holly trees shade wide, brick sidewalks. Colonial-era homes are interspersed with tall, narrow commercial buildings dating from the late 19th century.

The town has an ambience similar to Williamsburg’s, said Mayor Roland Vaughan, who runs a jewelry shop from a 132-year-old building.

“That’s been true of downtown Edenton ever since I’ve grown up here, that this is the center of the community,” Vaughan said.

Jean Byrum Brown and her husband, Steve, are the third generation to run a Broad Street hardware store. Her grandfather, Thomas Campbell Byrum, founded the business in 1914. Loyal customers can have accounts and pay off the bill as they are able. Steve Brown says they try to greet people as they walk in the door, and if an item is not available, the Browns will send shoppers to another store.

It doesn’t hurt that big box stores have never come here and that more than 50,000 tourists annually visit the historic sites.

Change does not come easily here, either.

Edenton’s population hovers around 5,000, the same as in the 1950s. A map of the downtown drawn in 1769 by a French surveyor looks as if it could have been drafted this year. Vaughan has been mayor for 17 years; town manager Anne-Marie Knighton has 23 years on the job; and tourism director Nancy Nicholls has held her post for 20 years.

Edenton residents have always had a strong sense of town preservation, Vaughan said. Maybe it was because the town was an early capital.

“There’s a certain amount of grandeur associated with that,” he said.

In 1918, residents formed a corporation to save the deteriorating Cupola House. In 1948, a group of women borrowed $15,000 – without their husbands’ knowledge – to save the 1773 home of James Iredell, one of the first justices of the U.S. Supreme Court. Edenton avoided burning and bombing during both the Revolutionary War and the Civil War.

Edenton was the colony’s first capital and remained so until 1743. The town’s early settlement began with travelers from Nansemond County going down a route that went around the western side of the Great Dismal Swamp. It was then and still is known as Virginia Road, but it has the official route name of N.C. 32.

Later into the 1700s, Edenton served as a busy port where ships entered and exited the Outer Banks through an inlet just across the sound from the town. But storms closed that inlet and shipping commerce subsided.

The courthouse, built in 1767, is one of the oldest of its kind in the United States. St. Paul’s Episcopal Church – Joseph Hewes, signer of the Declaration of Independence, attended there – is the second-oldest church building in North Carolina.

Close to the waterfront sits the 254-year-old Cupola House, where a group of residents has maintained a Colonial-era garden for nearly 40 years.

Open to public, the garden is a popular lunch-hour destination for Broad Street merchants.

Joe Heard, planning director for Kitty Hawk, presented Edenton’s main street award Tuesday for the North Carolina Chapter of the American Planning Association. In his remarks, he summed up what he believes visitors think when they come to Edenton.

“You are blessed with a truly special place.”"

But before I jump into the OBX real estate update for April 2012, let’s recap what The Seaside Report is and why we’re offering this monthly report about the Outer Banks real estate market.

As investors, homeowners, and vacationers, we need to understand the full picture of the Outer Banks real estate market to ensure we are making educated decisions, and our hope is that The Seaside Report will help develop this full perspective.

• The main economic driver on the Outer Banks is real estate, but for years the OBX market has been lacking one report that could offer a full view of the real estate conditions – sales & vacation rentals.
• To meet the 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.

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)

Year-to-Date Sales

• Overall – up 22% (664 units vs 543 units)
• Residential – Up 14% (500 units vs 437 units)
• Land – Up 55% (150 units vs 97 units)
• Commercial – up 56% (14 units vs 9 units)

Year-to-Date Under Contract

• Overall – up 16% (780 units vs 675 units)
• Residential – up 8% (606 units vs 560 units)
• Land – Up 39% (115 units vs 160 units)
• Commercial – Up 100% (14 units vs 7 units)

Inventory – Inventory has continued to declined by are relatively constant rate of 1% over the last 12 months.

• Residential property inventory down 5%.
• Commercial property inventory down 8%.
• Raw land inventory up 5%.

Distressed Property (Residential):

• Distressed property sales contributed 23% to the total number of sales in April.
  •  Short Sales made up 7%
  • Bank Owned made up 15%.
• Number of bank owned property sales declined by 29% while the number of Short Sale property sales stayed the same over April 2011.

Top 5 Outer Banks Real Estate Firms for April 2012

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 85 days in advance of their check-in date. This booking window has dropped by 20 days from March. Considering that the summer is the busiest time of year on the Outer Banks, this decline in booking window makes sense. We should continue to see this booking window decline as we approach the summer months.

The takeaway message is that guests should book early for summer months in order to reserve the most desirable homes and weeks – at this point,  at least 85 days in advance, but that window is declining every day as we approach the summer months.

The Seaside Report: Average Booking Window – April 2012

The Seaside Report: Average Booking Window – YoY Variance – April 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 about 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.

The Seaside Report: Average Length of Stay – April 2012

The Seaside Report: Average Length of Stay – YoY Variance – April 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.

July is the clear peak, and prices begin to fall towards the end of August – when kids go back to school.

It is interesting to note that the stay values are slightly higher for 2012 compared to 2011. This seems to signal that discounts are less likely for 2012. October dips a bit right now, but there is plenty of time for that stay value to recover leading up to October.

The Seaside Report: Average Stay Value – April 2012

The Seaside Report: Average Stay Value – YoY Variance – April 2012

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.

A couple points of interest; June is very strong over last year (+27%), but July is slightly under-performing in comparison to 2011 (-15%). This will be a trend to keep an eye on. My guess is July will recover with last minute bookings.

In general, bookings usually increase right up to the summer check-in days as last minute vacationers scramble to find available homes. July bookings should catch-up, and we should continue to see a strong growth in the remaining months ahead.

The Seaside Report: Bookings – April 2012

The Seaside Report: Bookings – YoY Variance – April 2012

Sign up for The Seaside Report – Outer Banks Real Estate Update

Hi my name is Dr. Robi Ludwig, and I’m a psychotherapist in New York City. I teamed up with Coldwell Banker Real Estate this Spring to better understand Americans’ mindset after the recession on important issues like owning a home.

In my decades of practice, it’s always fascinated me to study how timely issues or tragic circumstances can affect us. In some cases, we also find that in spite of issues at hand, our underlying emotions and deep-seeded beliefs remain consistent even in times of stress or strife.

Clearly the recession has had an impact and one of the questions American’s have is the value of homeownership. I believe the home has a deep psychological value that goes beyond the financial investment so we decided to get straight to the source and survey more than 2,100 Americans to get a sense of their state of mind following the recession.

It caused me to reflect personally about my first real home, as well. My parents recently sold my childhood home in New Jersey. They were excited to move to a new community, but I was surprised at my own feelings of loss and then nostalgia. Then again, this was a home that hosted happy occasions, school pep rallies, prom photos, Thanksgiving dinners – it was essentially another character in our family, and that it was natural to feel this strong emotional pull.

So how did our survey compare to my own feelings about the home? Here’s a brief video in which I share some of our most important findings: namely, we learned that for the overwhelming majority of Americans, owning a home is still a very fundamental part of the American Dream (in spite of the recession), and it’s something we feel is important for our children in the future!

www.youtube.com/watch?v=c9wwQuJY4mg

Coldwell Banker Seaside Realty

We are very proud to announce that Coldwell Banker Seaside Realty has been named among the Top 20 Coldwell Banker offices in North America - #12 to be exact!

Below is the list of top 20 offices, and here’s a quick reminder of who we are and what we do…

Founded in Kitty Hawk, NC in 1990, Coldwell Banker Seaside Realty is a dynamic full service real estate company, servicing the entire Albemarle region. More than 50 licensed agents provide both residential and commercial buying/selling assistance in Northeast North Carolina. Offices located in Kitty Hawk and Elizabeth City, NC. More information can be found on the Coldwell Banker Seaside Realty website at www.ColdwellBankerOBX.com.

Top 20 Coldwell Banker offices in North America 

www.youtube.com/watch?v=i0_XfTlv-As

]]> http://obxmarketreport.com/2012/05/outer-banks-real-estate-news-coldwell-banker-seaside-realty-ranked-12-in-north-america/feed/ 0 http://obxmarketreport.com/2012/05/new-infographic-home-really-is-where-the-heart-is/ http://obxmarketreport.com/2012/05/new-infographic-home-really-is-where-the-heart-is/#comments Wed, 09 May 2012 16:18:55 +0000 Gordon Jones http://obxmarketreport.com/?p=2212 Continue reading →]]> Via Coldwell Banker’s Blue Matter…

When looking for a home everyone uses the same criteria. Beds, bathrooms, price, square footage, etc. But what we at  Coldwell Banker Real Estate found is that there is so much more to the home buying process than just facts and figures. Emotions, feelings and lifestyle play just as an important role and they differ for both men and women.

Take a look at our latest infographic “Home Really Is Where the Heart Is” to see what we discovered:

“With signs of a housing turnaround getting stronger, housing experts say buyers are finding several recent changes when they go to put in an offer on a home. A recent article at U.S. News & World Report highlights some of these changing “rules” for your home buyer clients:

1. Lowball offers won’t likely stick: Sure, deals are still around, but lowball offers that aren’t in line with comparable sales data are increasingly proving to be a waste of time. Buyers may be better off asking for seller concessions, such as closing cost assistance or making home repairs, rather than making offers way below the asking price. “Keep in mind that a lowball number may turn off the seller and close down any chance at negotiation,” the U.S. News & World Report article cautions potential buyers.

2. Get pre-approved: Getting a loan isn’t easy nowadays as lenders have tightened their credit standards in recent years. Serious buyers should check their credit and get pre-appoved for a loan to determine how much of a home they can even afford even before they start their home search.

3. Get realistic about the market: Real estate agents can show buyers comparable nearby sales to help educate them about local market conditions. Transactions from the last six months are the most important. Another important piece of information for buyers is knowing how long properties are staying on the market.

4. Expect some competition. Housing inventories are dropping in many areas and spurring an increase in demand. Home buyers may face increased competition for the home they want, particularly among short sales and foreclosed properties, in which they may be up against investors who are making all-cash offers. That’s why experts say it’s important bank-financed buyers know their financial situation in advance to better compete.”

5. Conduct property research: Real estate agents will help guide clients on what all they need to do when they find a property they like, but one important step nowadays: Buyers should hire a title company to check for any liens or tax arrearages, the article notes. Housing experts also recommend hiring a home inspector, verifying the accuracy of the property line (by asking seller for the survey or having your own conducted), and make sure all necessary disclosures about the property, required by the state, have been made.

397 Deep Neck Road, Corolla, NC

Meticulously maintained is an understatement – this home shows like new!

Set amidst the exclusive community of Pine Island, this stunning 10-bedroom (all masters), 11.5-bath oceanfront estate features custom details, thoughtful amenities and glorious ocean views that will take your breath away. From the poolside cabana and private theater room to the dune top deck and unique tile work in every bathroom, the attention to detail and amenities are second to none.

Enter onto the first level where you’ll find two King master bedrooms, one offering handicap-friendly features. Adjacent to the bedrooms, enjoy movie night in your own personal movie theater with tiered seating. If you’re in search or more action, seek out the recreation room with wet bar, microwave and refrigerator, pinball machine, air hockey table and your very own Pacman machine.

Upon entrance to the enclosed backyard, you are swept away by an oasis highlighted by a beautiful poolside cabana with gas fireplace, heated saltwater gunite pool with built in bench and kiddie wading area and hot tub.

From the entertaining first level, make your way to the second floor featuring four King master bedrooms a girls-themed bedroom with two bunk sets, a boys- themed master bedroom with two bunk sets and an office/den offering a quiet spot for a game of chess. All 6 of these bedrooms have deck access and 4 have incredible ocean views. Ride the elevator to the third level and find yourself surrounded by ocean views. The first King master bedroom offers unparalleled ocean views, deck access, a fireplace and a large welcoming master bath. A second King master bedroom also features a fireplace and large bath. Beyond the two King master bedrooms, this level features a great room with surround sound entertainment system and stacked stone fireplace, antique heartpine floors, a gourmet kitchen with stainless steel appliances featuring a Viking gas 6 burner and a Viking 4 burner electric cooktop, Viking refrigerator and microwave, plus 2 dishwashers and custom cabinets and breakfast area, a separate formal dining area, half bath and shipswatch.

If you can envision waking up to glorious ocean views from your oceanfront bedroom in a luxurious home, then this exquisite Pine Island home is for you. The privacy and exclusivity of Pine Island is unmatched, making the area one of the most highly sought-after locations on the Outer Banks. With limited oceanfront homesites, beautiful wide sandy beaches, 5,000 acres of pristine protected marsh to the west, two community pools and tennis courts, the enclave of Pine Island in Corolla provides a truly exceptional setting. Lot square footage is approximate and taken from Currituck County tax records. Furniture is not included in sales price but is negotiable.

For more information about this property, please contact Beth Dobney Garcia at Coldwell Banker Seaside Realty.

Donate your unwanted items to the Coldwell Banker Seaside Realty and Seaside Vacations yard sale- and you’ll be helping two great charities!

What: CBSR and SSV Yard Sale

When: Saturday, May 5th, 7:00am-noon

Where: Coldwell Banker Seaside Realty parking lot

How: Bring your unwanted items to the CBSR office by Friday April 20th.

Why: All proceeds will benefit two local charities…

Food for Thought- a local non-profit organization that provides nutritious breakfasts and lunches for elementary children in Dare County, each weekend during the school year.

OBX Relief Foundation- An organization assisting citizens in our community who are burdened with financial difficulties due to a debilitating disease or illness, or a personal tragedy or crisis to themselves and/or their families.

This recent surge of bidding wars is a result of supply shortages, unlike the wars of the past “go-go years.”

According to the Wall Street Journal’s recent article, the competitive bidding hasn’t been producing huge price increases or leaving sells with large profits. The wars, causes by small inventory, provide the evidence that housing demand is looking up after years of decline.

“An index that measures the number of contracts signed to purchase previously owned homes rose in March to its highest level in nearly two years, up 12.8% from a year ago and 4.1% from February, the National Association of Realtors reported on Thursday.

‘We very much believe we’ve hit bottom,’ said Ivy Zelman, chief executive of a research firm, who was among the first to warn of a downturn seven years ago. Earlier this week, she raised her home-price forecast for the year, calling for a 1% annual gain, up from a 1% decline.” Read Full Article.