Serious Talks Regarding Kitty Hawk’s Deteriorating Shoreline

The Kitty Hawk shoreline has been hit hard in terms of flooding and deterioration. Houses have been lost, business flooded, and the road washed out. What is in store in terms of saving this “beaten shore”? The Outer Banks Voice reports that at the last town Planning Board Meeting the citizens heard that the town is taking this threat seriously. Here are a few highlights from the article, and you can Read the full article here.

Breaking the silence on Kitty Hawk’s beaten shore – By Russ Lay                            

We’re hearing some encouraging news from Kitty Hawk. At the town’s last Planning Board meeting, citizens were informed that Kitty Hawk is taking the threat to its beleaguered shoreline seriously.

In an April 9, 2012 article on the N.C. Bar Association web site, Stacey Carless reiterates North Carolina’s preferred “concept of maintaining natural beaches by not allowing hardened structures” on the state’s coastlines.

Ironically, that is the exact situation prevailing in Kitty Hawk today, with one glaring exception.The hardened structure serving as the last line of defense between the town’s infrastructure and the Atlantic Ocean isn’t a groin, a jetty, a seawall or an offshore artificial reef.

News analysis

The hardened structure that defines the town’s boundaries between the land and sea is a road, specifically N.C. 12.

Over a decade ago the dire status of the town’s shoreline was revealed when the Army Corps of Engineers conducted a study on the efficacy of beach nourishment along Dare’s northern beaches.It was that study and an initial funding promise from Congress that prompted the so-called “sand tax” to be considered to generate the local portion of revenue needed to fund the mostly-federal project.

Even then, it was uncertain if much of Kitty Hawk’s oceanfront would be covered by a federal project. The Army Corps bases some of its qualifications for nourishment programs on the value of the infrastructure the wider beach would protect.In much of Kitty Hawk, the oceanfront infrastructure of revenue-generating rental homes had already been lost to the ocean.

Constant flooding has not only eliminated most of the town’s oceanfront — and the revenue oceanfront properties generate — it now threatens homes and businesses on the west side that no one could argue were built “too close to the beach.”Popular spots such as The Black Pelican and Ocean Boulevard have been slammed by these storms.

Uncertainty about the future is likely affecting investment decisions as far west as U.S. 158, which is also increasingly subject to flooding as the beach continues to disappear and wave energy is not absorbed until it reaches the Beach Road.

Whether the answer lies in beach nourishment, the relocation of the Beach Road, a change in the state’s position on offshore storm abatement structures — or some combination of all three — we leave to others to decide.But a basic rule of economics is that uncertainty causes more economic damage than onerous regulations and even taxes. Investors may not like rules and taxes, but they and the market can adapt.

But no business can adapt to uncertainty or silence — and Kitty Hawk has been silent about the situation along their oceanfront for too long.We are encouraged by the recent discussions on the Planning Board.Our hope is those discussions continue and advance to the Town Council and public meetings and hearings.

 

 

Outer Banks Ranked #1 for Best Family Beach Vacations in USA

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U.S. News and World Report has ranked the Outer Banks as the #1 Best Family Beach Vacations in the USA.  Of course, to those of us who live here, we’ve known this all along! Here is an exerpt from the article, “And each island has its own charm: The old lighthouses, rugged dunes and secluded beaches in the south couple with vacation rentals, water sports and kitschy beach shops in the north, all to form a unique seaside destination.”

Click here to read the full story

Seaside Spotlight of the Week – 98 Sunrise Lane, Kill Devil Hills

OBARMLS76946  Introducing the Seaside Spotlight of the week – 98 Sunrise Lane in Kill Devil Hills. This property has 3 bedrooms, 3 and 1 half bathrooms, and is being offered for $900,000.

One of a kind contemporary living on the sound in Colington.  Inspired by the Ward Willits House built by Frank Lloyd Wright in Highland Park, IL,  this home
has an incredible design.  Over 1.34 acres on the sound with 220ft. of bulkheading, this is quite a unique setting including a Koi Pond fed by Waterfall
adjoining the home.  Main house was built in 2006 with attention to detail and guest house built in 2001.  The main house boasts one large master suite with
jacuzzi, tiled shower, his and her vanities and washer/dryer hookup, with amazing sound views and access to deck.  There is a second master suite on the
second level with wetbar. Large central living room with ceilings open to second level, gourmet kitchen, screened porch and library/loft area. Bonus spaces
downstairs include large storage room, garage, workshop, wine cellar and bonus game room. The main house has these upgrades:
>Geo-thermal in-ground closed loop system with hot water option (owner estimates 40% savings on heat costs and 60% savings on cooling costs over traditional heat pump system)
>Interior heat pumps for longer useful life
>Double hot water heaters/storage tanks
> Andersen Sun II windows & doors throughout
> Four ft. roof overhangs for summer shade
> 6-inch exterior walls w/spray foam installation
>Double sheathed roof w/Certainteed Hatteras Shingles w/ice & water shield
underlayment .Hardiplank siding
>Brazilian cherry flooring, stairs & mantel
> Ipe wood custom exterior wood railings, stairs & porch decking
> Thermadore & Kenmore Elite stainless appliances
> Custom floor-to-ceiling stone fireplace in great room
> Oversized finished workshop
> Temperature controlled wine room w/wet bar
> Oversized laundry room w/ storage & Counter space
>Main level master suite w/jetted tub in bathroom & sliding glass door to main deck
> Second master suite on upper level w/adjoining study, private sound front deck>Dumb waiter roughed in
> New exterior paint in December 2011.  Guest house has one bedroom, full bath, full kitchen, living room and sunroom. Andersen Sun II windows & doors thoughout
> Doubled sheathed roof w/ Certainteed Hatteras Shingles
> 40-ft. Trex deck reinforced for hot tub
> Handicap Ramp. Newly landscaped and move-in ready!
This is an extremely well built and unique property.  One of very few with a Main house & Guest House.  Perfect for the visitors you will want to entertain in this home!

 For more information and to see additionional photos, please click on the link below.

For Sale: 3BR/4BA Single Family House in Kill Devil Hills, NC, $900,000.

Redecorating? Don’t miss these Top 10 Colors for 2012

Are you ready to revamp your space? Just by simply painting your walls you could inexpensivley change the vibe of your home. Don’t know where to start when it comes to color? Check out the color expert Pantone’s top ten colors for Fall 2012. Known as “the authority of color and color trends” Pantone has been the place that interior and fashion designers pull their color inspiration from ever year.
Our personal favorite- Olympian Blue – a vibrant shade of Royal Blue or as we like to call it Coldwell Banker Blue. What’s your shade of pleasure?

3rd Quarter OBX Real Estate Report 2012

The third quarter has past and the Outer Banks Real Estate Market is still showing signs of strength.  Check out The OBX Report – Q3 2012 or see the highlights below for latest stats on the area from Coldwell Banker Seaside Realty.

MLS Area Stats

Summary – As we head into the fall sales season, sales are looking pretty good. Year-to-date overall sales are up 20% with

lots/land listings leading the way (up 42%) and residential property sales up 15%. Listings being placed in an under contract status have fallen off as expected for this time of the year; however, the year-to-date under contract numbers are still showing a significant rise over 2011 numbers.

YTD Sales (through Sept 30th)

  • Overall – up 20% (1547 units vs 1292 units)
  • Residential – Up 15% (1059 units vs 935 units)
  • Land – Up 44% (299 units vs 207 units)
  • Commercial – No Change (19 units vs 19 units)

 YTD Under Contract

  • Overall – up 22% (1249 units vs 1292 units)
  • Residential – up 16% (1378 units vs 1189 units)
  • Land – Up 49% (339 units vs 227 units)
  • Commercial – Up 26% (24 units vs 19 units)

 Year to Date Sales Data, a review of the year-to-date data the best selling residential properties fell into the $200K to $299K range. These properties had an average days on the market of 220 days.

Price Range

$0 – $99K

$100K-$199K

$200K-$299K

$300K-$399K

$400K-$499K

$500K-$599K

$600K-$799K

$800K-$999K

≥1M

Units Sold

88

251

329

193

124

66

72

41

42

Average Days on Market

243

182

207

249

282

277

174

198

194

Inventory – Active inventory remained relatively stable in September with the active inventory rising by less than 1 percent. However, inventory is still 24% of what inventory levels were in September 2009.

Active residential listings fall in the following price ranges:

Price Range Number of Listings Average Days on Market Price Range Number of Listings Average Days on Market
$1 – $99,999 68 291 $600K – $699K 114 245
$100K – $199K 250 250 $700K – $799K 50 376
$200K – $299K 370 231 $800K-$899K 50 209
$300K – $399K 317 236 $900K-$999K 39 218
$400K – $499K 224 252 >$1M 148 376
$500K – $599K 179 316      

Finding the Best Agent to Sell Your House

“There are a lot of fish in the sea.” Great words of wisdom to help us understand life is full of opportunities. But when you are searching for a real estate agent, the question becomes “how do I find the right fish.”

Finding the right real estate agent is crucial to the sale or purchase of real estate…and crucial to your sanity. Buying and selling real estate is a big transaction and can increase stress levels. Real estate agents should help alleviate this stress, not add to it.

It is imperative for you to find a Realtor that has a proven success record and is a good match for you and what you are looking for. This is no easy task, but it’s worth the effort. And we’d like to help.

Below is a list of 10 important questions that you should ask a potential real estate agent.

HouseLogic suggests 10 important detailed questions to ask about an agent’s experience and skills to help you find the right agent for your home sale. We’ve answered these questions for you about Coldwell Banker Seaside Realty.

1. How long have you been selling homes?

  • Coldwell Banker Seaside Realty has been selling Outer Banks real estate for more than 20 Years.
  • Mastering real estate requires on-the-job experience. The more experience agents have, the more likely they’ll be able to handle any curveballs thrown during your home sale.

2. What designations do you hold?

  • CRS (Certified Residential Specialist,) CNAS, GRI (Graduate REALTOR Institute,) ABR (Accredited Buyers Representative , ePro, RDCPro (REO Default Certified Professional.)
  • Designations like GRI (Graduate REALTOR® Institute) and CRS® (Certified Residential Specialist), which require that agents complete additional real estate training, show they’re constantly learning.

3. How many homes did you sell last year?

  • In 2011 Coldwell Banker Seaside real estate sold 331 homes throughout the Outer Banks and Northeast North Carolina.

4. How many days on average did it take you to sell homes?

  • In 2011 our average “days on market” was 225 days, and the median was 159 days.
  • Ask agents to show you this data along with stats from their local Multiple Listing Service (MLS) so you can see how many days, on average, their listings were on the market compared to the average for all properties in the MLS.

5. How close were the asking and sales prices of the homes you sold?

  • On average, the sales price for the homes we’ve sold is 93% of the asking price.
  • Sometimes sellers choose their agent because the agent’s suggested listing price is higher than those suggested by other agents. A better factor is the difference between listing prices and the amount homes actually sold for. That can help you judge agents’ skill at accurately pricing homes and marketing to the right buyers. It can also help you weed out agents trying to dazzle you with a lofty sales price just to get your listing.

6. How will you market my home?

  • Our Internet Marketing Guarantee includes enhancing your listings on all the websites, including cb.com and Realtor.com and Trulia along with a custom QR code for your home. In addition, your home will have a dedicated toll free number to capture all sign calls.
  • The days of agents putting a For Sale sign in the yard and hoping for the best are long gone. Look for an agent who does aggressive and innovative marketing, especially on the Internet.

7. Will you represent me exclusively?

  • If you wish to be represented exclusively, we will honor that request.
  • In most states, agents can represent the seller, the buyer, or both in a home sale. If your agent will also represent buyers, understand and consent to that dual representation.

8. How will you keep me informed?

  • Our agents will Keep you updated by the agreed upon method of communication and based upon time table that you agree to.
  • If you want weekly updates by email, don’t choose an agent who plans to contact you only if there’s an offer.

9. Can you provide references?

  • Absolutely! We love to share references.
  • Ask to talk to the last three customers the agent assisted. Call and ask if they’d work with the agent again and if the agent did anything that didn’t sit well with them.

10. Are you a REALTOR®?

  • Yes, we wear our REALTOR affiliation with pride.
  • Ask whether agents are REALTORS®, which means they’re members of the NATIONAL ASSOCIATION OF REALTORS® (NAR). NAR has been an advocate of agent professionalism and a champion of homeownership rights for more than a century.

Coldwell Banker Branded Websites Remain Most Visited

Via ColdwellBanker.com…

According to Nielsen and comScore Media Metrix, the two global leaders in digital measurement, Coldwell Banker branded websites had the highest number of unique visitors among all national real estate franchise brands for full-year 2011.  This marks the second consecutive year that the Coldwell Banker brand ranked No. 1 in Web traffic among all real estate franchisors.

“The Coldwell Banker brand is clearly top of mind when consumers go online and search for a home,” said Michael Fischer, chief marketing officer, Coldwell Banker Real Estate LLC.  “Consumers know our great brand and have shown a desire to utilize the suite of online tools seen throughout the Coldwell Banker network at the national and local levels.”
According to Nielson, Coldwell Banker websites had 17.5 million unique visitors in 2011, which was more than 28 percent higher than the next nearest franchise brand competitor (13.7 million). Similarly, Coldwell Banker branded websites (26.1 million unique visitors) had the highest Web traffic ranking among real estate franchisors in the comScore Media Metrix full-year ranking for 2011, easily outpacing its next nearest competitor by 21 percent (21.6 million unique visitors).

The Coldwell Banker brand continues to place an emphasis on developing its website into a hub for consumers to find and prepare for the home buying and selling process.  Recent additions include the lifestyle search page and first time home buyer resource center.

Coldwell Banker Real Estate LLC accessed the aforementioned information through its subscription to both Nielson and comScore Media Metrix. The rankings encompass all consumer Web traffic (unique visitors) to national and local websites operated by the franchise brands as well as by their franchisees.

Residential Housing Ready to Awaken?

“After half a decade of withering sales and slumping prices, there are strong and diverse signs that the single-family housing market is poised for a rebound.”

Via Yahoo! Finance…

In some metropolitan areas, the market has bottomed, with both sales and prices on the rise and foreclosures on the decline.

This contrarian – and largely overlooked – thesis flies in the face of the persistent gloom that has nagged the industry since 2007, when the subprime crisis flared.

Industry analysts and players cite a number of reasons – some traditional (employment), others unique to the post-credit bubble era (foreclosures)  - for the long-awaited sea change. An analysis of industry and government data also support the forecast.

“It has become increasingly apparent to us that the pieces for a housing rebound next year are beginning to fall into place,” declared Barclays Capital analyst Stephen Kim in a recent note to investors.

Proponents admit that the nascent rebound could easily be derailed, but stress that after years of government efforts to support sales and prices as well as the volatile impact of foreclosures, the market has regained a measure of normalcy.

“With the exception of really hard-hit markets, the vast majority is ready to turn around,” adds Jerry Howard, president and CEO of the National Association of Home Builders, NAHB. “The Washington, D.C., area is not only ripe for recovery, they need to start building units.”

Read full Article here.

 

 

 

 

Preparing to Buy an Investment Property

Via ColdwellBanker.com… It’s hard not to hear the rumblings. Experts and talking heads repeatedly say real estate can be a lucrative investment, especially for home buyers who buy at the right price and secure affordable financing.  However, for someone who has never done it before, real estate investment can be a tricky topic. Bankrate.com offers a few tips for homeowners who think they are ready to become a real estate investor.

Determine goals

The term “real estate investor” covers a wide breadth of roles. There are people who want to be a landlord and dote over their own property’s day-to-day care and management. Others simply want to purchase the property and let someone else handle the management. Still others may be interested in fixing up run down properties and re-selling them, or starting from scratch, buying undeveloped land and building something on it. Bankrate.com reports the first-time investor may want to stick with residential investment until they become more comfortable with the concept.

Don’t be short on funds

Home buyers may want to speak to a financial advisor to see if they actually have the capital needed to invest. Whether they’re becoming a landlord or commercial investor, a home buyer needs substantial cash reserves to cover periods of time when they won’t have tenants or the market is slow, according to Bankrate.com.

As always, location, location, location

Just as they would if they were buying a home to live in, real estate investors need to focus on location. High-population areas are ideal for the home buyer-turned-landlord, since they attract renters looking for easy access to work, retail locations and public services. An ideal investment opportunity would be situated between shopping centers, schools and public transit, Bankrate.com reports. Such a property would also attract future buyers if an investor decides to sell the property down the line.

Look for an experienced real estate agent

Bankrate.com reports a home buyer considering property investment should partner with a real estate agent who knows the local investment climate and can find them a property that will bear substantial returns over time. Additionally, the investor should plan to keep a strong relationship with that real estate agent, since they could help them re-sell the property and find a new investment opportunity in the future.

 

76% of Vacation Home Owners Say Now is a Great Time to Buy

“As you probably know, the sluggish, morose economy continues to drag down the travel industry…But there is one segment of the industry that is still showing a heartbeat:  vacation home rentals.”- SecondSheltersBlog

For this reason, 76% of vacation homeowners say that now is a great time to buy a second home. According to a recent report by HomeAway, more than 2/3 of owners with vacation homes in resort areas, where summer is the peak season, reported occupancy rates of 76% or higher.

The average weekly rental rate was $1,685 or $241 a night, compared to the average hotel room rate of $101.90 with only 68% occupancy.

“While various segments of the travel industry are experiencing a general weakness, the latest HomeAway Vacation Rental Marketplace Report shows that rentals of vacation homes clearly experienced strong results this summer, with continued strength expected as we approach the year-end holiday travel period,” says Brian Sharples, chief executive officer of HomeAway.

For more information about vacation home sales on the Outer Banks, contact one of our agents at Coldwell Banker Seaside Realty.