Legislator Says Currituck Span Would Survive Cuts

 

   bridge                    

 

 

Rendering of the mid-Currituck bridge. (N.C. Turnpike Authority)

Coastal Review Online | April 25, 2013

Legislator Says Currituck Span Would Survive Cuts

By Catherine Kozak
Coastal Review Online

A bill that would change funding for the planned Mid-Currituck Bridge and Cape Fear Skyway may be giving proponents the jitters, but even if it passes, the projects are not necessarily doomed.

An amendment to House Bill 10 would lift dedicated “gap” funds and place the bridges in the funding mix to compete with other projects.

State Rep. Bob Steinburg, R-Chowan, said he is confident the 7-mile bridge between the Currituck mainland and Corolla will survive the legislative churn.

“The project wouldn’t be dead,” Steinburg said.

To nab construction dollars, the bridge would have to rank high among top-priority projects under the state’s Transportation Improvement Program. It would, however, be prioritized according to a list of criteria that include job creation and health and safety concerns.

Steinburg said that has had assurances by Tony Tata, the state Secretary of Transportation, on the fate of the bridge.

“It is my understanding that regardless of what happens to this House bill, this project would still rank very high,” he said. “Secretary Tata told me that the bridge will be built. He didn’t say when it would be built, but he said it will be built.”

But Steinburg conceded that if costs for the bridge are revised upward, the state Department of Transportation may not look as kindly on the Currituck span.

In the works for nearly 30 years, the $660 million project would trim an hour off the drive from Virginia to Corolla and address traffic congestion that routinely clogs the roads leading to the northern Outer Banks.

Even local residents who live off back roads winding through residential neighborhoods can’t escape the weekend traffic because GPS-enabled maps direct tourists to the alternate routes.

Peter Bishop, director of economic development for Currituck County, said that traffic has become the No. 1 complaint with visitors to the Outer Banks. On a summer weekend, what should be a 1.5-hour trip from Moyock can turn into four or more hours. When Hurricanes Irene and Sandy closed N.C. 12 to Hatteras, he said, the traffic got heavier when Hatteras vacationers were diverted to the north.

And with the beaches in New York and New Jersey still damaged from Sandy, Bishop said he expects that Corolla will have more visitors this summer.

But there is growing concern that traffic congestion, already a challenge in hurricane evacuation, will make tourists go somewhere else.

“You can see how that mentally kind of builds up,” Bishop said, referring to someone crawling for hours in traffic. “They think, ‘OK, I can get to the beach four hours earlier.’ ”

Traffic counts are important in determining how the bridge ranks with competing road projects. Congestion counts for 20 percent of a project’s score. The higher the traffic count, the higher the project scores. Improving road safety counts another 10 percent. The state looks at crash rates on the highway. Road conditions, time savings for drivers, and economic benefits to the region are factored as well.

Considering the value of tourism to the Outer Banks and the state, he said, the Mid-Currituck Bridge is an economic and safety necessity. It would speed up hurricane evacuation times, increase employment opportunities on both sides of the bridge, decrease commuting time for seasonal workers, and vastly improve the travel experience for tourists.

Tourism revenue in North Carolina in 2011 exceeded $18.4 billion, providing about 188,000 jobs and $4.18 billion in wages, according to the state Commerce Department.

On the barrier islands in Currituck, Dare and Hyde counties, tourism accounts for 5.6 percent of the state’s entire tourism economy. With annual visitation of about 8 million, the Outer Banks represents $1.03 billion in visitor spending, 13,200 jobs, $203.7 million in local payrolls and about $1 billion in tax revenue for local communities.

Steinburg said that the Mid-Currituck Bridge would also play an important role in creating a new economic engine he is proposing for the northeast corner of the state, which has lost many jobs in regional industries such as manufacturing, fishing, lumber and agriculture.

A bill Steinburg has recently introduced would use the Port of Norfolk to foster enterprises in counties located within 1 ½-hours from the port that could be become part of the foreign trade market. He said the initiative could open up the region to economic development, and the bridge is an essential component.

“I am very excited about the potential we have in northeastern North Carolina,” he said.

On March 6, state Sen. Bill Rabon, R-Brunswick, sponsored an amendment to House Bill 10 that would remove the designated funds for the three proposed toll projects, including the Garden Parkway near Charlotte, and make them compete with other transportation projects. Rabon said that the amendment, which has been approved by the Senate Transportation Committee and the Senate, would prevent politics from influencing road projects.

The amended House bill passed the Senate but has yet to be taken up by the House.

Being a Republican, Steinburg is well aware of the bitterness some members of his party have toward the region and projects like the Mid-Currituck Bridge.

“I believe this is a backlash,” he said. “They’re going after this bridge because of some animus they still have for Sen. Basnight. People see this as his project.”

But Steinburg said that the bridge stands on its own merits, regardless of political perceptions.

“It’s nothing but personal,” he said about the Republicans’ distaste for Basnight, a Manteo Democrat and longtime Senate president before his retirement in 2011. “There’s a great deal of resentment of some of the stuff he pulled. That’s why, sadly, Currituck is paying the cost today.”

Whatever the outcome of the Rabon bill, said Nicole Meister, a DOT spokesperson, the projects would not be slated for elimination as some fear. Like any other transportation project, they would be ranked in priority on five-year and 10-year state transportation plans for each of the state divisions.

And even if a project does not rank high, she said, it would go back into the priority process for future consideration.

“The reason why we support this is we want to take politics out of transportation planning,” Meister said. “It doesn’t mean that they’re not going to be built, or they’re going to be built.”

Meister said that the proposed bill does not remove the possibility of tolling. But instead of being the main approach to funding the projects, tolling would one of the options considered in funding.

“It gives it more flexibility,” she said.

This story is provided courtesy of Coastal Review Online, the coastal news and features service of the N.C. Coastal Federation. The Outer Banks Voice is partnering with Coastal Review Online to provide readers with more stories of interest in our area. You can read other stories about the N.C. coast at www.nccoast.org.

OBX Weekend Happenings

Blue-Point-serving

What’s happening OBX? Check out Outer Banks This Week’s top picks of OBX Events to keep you busy this weekend day and night!

Daytime

Event with OBX Jewelry Artist Laura Howard • Studio 12 • Hatteras, Avon
Thursday, April 25th 2013 04:00 p.m. -

Yoga • Kena Active Wear • Nags Head, Kitty Hawk
Friday, April 26th 2013 08:30 a.m. – 09:30 a.m.

Ox-drawn Wagon Rides • Island Farm • Roanoke Island, Manteo
Friday, April 26th 2013 01:00 p.m. – 03:00 p.m.

Event with OBX Jewelry Artist Laura Howard • Studio 12 • Hatteras, Avon
Friday, April 26th 2013 10:00 a.m. -

Bird Walks at Pea Island • Pea Island National Wildlife Refuge • Hatteras, Rodanthe
Friday, April 26th 2013 08:00 a.m. – 09:30 a.m.

Sheep Shearing Day • Island Farm • Roanoke Island
Saturday, April 27th 2013 10:00 a.m. – 04:00 p.m.

Children’s Show “Luna” • Roanoke Island Festival Park • Roanoke Island, Manteo
Saturday, April 27th 2013 10:30 a.m. – 12:00 p.m.

Shop & Taste! • Lee Robinson General Store • Hatteras, Hatteras Village
Saturday, April 27th 2013 05:00 p.m. -

2nd Annual WineDown 5k Vineyard Run • Outer Banks Runcations • Currituck
Saturday, April 27th 2013 05:00 p.m. – 09:00 p.m.

DUCK & WINE FESTIVAL • Outer Banks Events • Duck
Saturday, April 27th 2013

The Outer Banks Wedding Show • Outer Banks Events • Duck
Saturday, April 27th 2013 11:00 a.m. – 04:00 p.m.

Sunday Funday – Brunch! • Brewing Station • Nags Head, Kill Devil Hills
Sunday, April 28th 2013 11:30 a.m. – 04:00 p.m.

Ruth Wyand – BlueJazz • The Blue Point • Duck
Sunday, April 28th 2013 11:30 a.m. – 02:30 p.m.

Nightlife

Dan McIsaac live in The Bar • The Blue Point • Duck
Friday, April 26th 2013 06:00 p.m. -

The Other Brothers • Poor Richards • Roanoke Island, Manteo
Friday, April 26th 2013 08:00 p.m. – 11:00 p.m.

SETH STAINBACK & ROOSTERFOOT • Brewing Station • Nags Head, Kill Devil Hills
Friday, April 26th 2013 10:00 p.m. -

Live Music with Monty Hooker • Aqua Restaurant • Duck
Friday, April 26th 2013 05:00 p.m. -

Aquarium • Trio • Nags Head, Kitty Hawk
Friday, April 26th 2013 07:30 p.m. -

VAGINA MONOLOGUES • Outer Banks Events • Roanoke Island, Manteo
Friday, April 26th 2013 05:00 p.m. -

Kevin Wilder • Peppercorns Restaurant and Lounge • Nags Head, Kill Devil Hills
Friday, April 26th 2013 08:00 p.m. – 11:30 p.m.

Live Entertainment by Pairadocs • Lone Cedar Cafe • Nags Head, Town of Nags Head
Friday, April 26th 2013 09:00 p.m. – 12:00 a.m.

Mojo Collins & Triple Vision – Live Late Night • Ocean Boulevard • Nags Head, Kitty Hawk
Friday, April 26th 2013 10:00 p.m. -

Red Wolf Howling Safaris • Alligator River National Wildlife Refuge • Roanoke Island, Manteo
Saturday, April 27th 2013 07:00 p.m. – 08:30 p.m.

Family Tree • Goombay’s Grill & Raw Bar • Nags Head
Saturday, April 27th 2013 10:30 p.m. -

Live Entertainment by BC • Aqua Restaurant • Duck
Saturday, April 27th 2013 06:00 p.m. -

Watson & Calhoun • Poor Richards • Roanoke Island, Manteo
Saturday, April 27th 2013 08:00 p.m. – 11:00 p.m.

Alan Ross Karaoke Road Show • Peppercorns Restaurant and Lounge • Nags Head, Kill Devil Hills
Saturday, April 27th 2013 08:00 p.m. – 11:30 p.m.

For a full list of events, CLICK HERE.

2013 Golf Panel Ranks Three OBX Courses in Top 100

North Carolina’s Outer Banks-area golf courses earn honors in rankings

OUTER BANKS, N.C. — The famed Outer Banks of North Carolina has further cemented its status as a bourgeoning golf destination, with a popular trio of area courses cracking the North Carolina Golf Panel’s Top 100 Courses rankings for the first time ever.

On the heels of Kilmarlic Golf Club earning a No. 14 spot among Golfweek’s 2013 “Best Courses You Can Play” in North Carolina, Kilmarlic now joins Currituck Club and Nags Head Golf Links in the 2013 Golf Panel rankings of the finest courses in one of the country’s best golf states.

“Having three ranked golf courses on the Outer Banks definitely puts us on the map as a golf destination,” said Ben Bridgers, general manager of Nags Head Golf Links and OBX Golf Association member. “It’s a great honor for Nags Head to be in the Top 100, especially after having to recover from Hurricane Irene. We feel like the club is a hidden gem as a great test of golf located in a beautiful place.”

The Top 100 courses are determined by a scoring system where panelists are asked to consider among these factors: conditioning, routing, design, strategy, memorability, fairness, variety and aesthetics. The panel’s rankings are published annually in the April issue of Business North Carolina magazine, and are detailed on the panel’s Web site (www.NCGolfPanel.com).

The No. 71 Currituck Club, routed by world-renowned architect Rees Jones, rolls across diverse coastal terrain with sound-side views distinctly its own on the northern end of the barrier island. The grandest design along the coast is also the area’s most demanding, especially when the wind kicks up.

Located on the mainland and five minutes from the Wright Brothers Bridge, No. 84 Kilmarlic is a popular Tom Steele design nestled along the marshland of the Albemarle Sound and host course for both the 2004 and 2009 North Carolina Opens. For the past three years during the autumn months, Kilmarlic also hosted the Old Dominion/Outer Banks collegiate championship.

No. 98 Nags Head, crafted by Bob Moore, plays hard along the inner waterway on the southern end. The front and back nine closing holes along the sound are particularly spectacular. Nags Head’s bar and restaurant, not surprisingly, is also home to the most dramatic sunsets in town, with views not only across the immediate Roanoke Sound, but towards three other sounds (Albemarle, Croatan and Pamlico) that flow into it from the north, west and south as well.

The OBX golf experience is enhanced by two other courses on the mainland but certainly worth leaving the island to go play. The Pointe Golf Club and The Carolina Club are a pair of the most immaculately manicured and impeccably conditioned golf courses around. After all, the sister layouts are owned and operated by a man who also runs one of the region’s major turf grass companies, and both courses were built on what had previously been fertile farm land.

Learn more about these courses and the OBX golf experience at www.PlayOBXGolf.com or 800-916-6244.

~Article courtesy of WorldGolf.com.

US 64 Drawbridge Repair Detours Traffic for 12 Days Starting April 2nd

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NCDOT is repairing parts of the drawbridge across the Alligator River on US 64 that could cause an extra 30 miles of travel time for some heading to the Outer Banks. Bruce Siceloff of the News & Observer reports that the drawbridge will be shut down for 12 days beginning April 2nd, to repair “the replacement of balance wheels, worn-out gears and shafts, and the pivot itself – a bronze disk 24 inches in diameter that bears the weight of the entire bridge as it opens and closes.”  To find out more about the road closures or to read the full article, Click Here.

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

girl_bucket

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.

Outer Banks Vacation Home Buyers Return

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!

Market Conditions Just Right for Vacation Rental Real Estate – Even MSNBC Says So!

Magic 8 Ball  - Signs Point to Yes

Magic 8 Ball - Signs Point to Yes

Over the past couple months we’ve been talking about the stellar real estate activity on the Outer Banks. The winter months are generally a slow period for the real estate market, but the winter of 2012 has been anything but slow.

The Outer Banks is currently experiencing market activity that we have not seen for quite a while…and we just ended the 1st quarter!

Here’s a link to the Seaside Report from March that gives a full overview of the OBX real estate market through February – including vacation rental activity. (Side note: April’s Seaside Report will be out next week.)

And here’s a quick overview from the March Seaside Report to give you a little taste of the great activity…

Year-to-Date Sales

  • Overall – up 24% (254 units vs 206 units)
  • Residential – Up 19% (202 units vs 170 units)
  • Land – Up 45% (48 units vs 33 units)
  • Commercial – up 33% (4 units vs 3 unit)

Year-to-Date Under Contract

  • Contract Overall – up 25% (381 units vs 306 units)
  • Residential – up 15% (283 units vs 247 units)
  • Land – Up 51% (89 units vs 59 units)
  • Commercial – Up 200% (9 units vs 3 units)

If these trends continue, 2012 will be a fantastic year for real estate on the Outer Banks. And according to MSNBC.com, the conditions ARE right for these conditions to hold up. In fact, MSNBC.com even calls it the “Perfect Storm.”

“According to a new survey by the National Association of Realtors and Home Away… sales of vacation homes pushed up 7 percent in 2011 over the previous year.”

Has the perfect storm arrived for the OBX real estate market? There are no certainties in life, but according to my Magic 8 Ball, “all signs point to yes.”

If you’re in the market for an Outer Banks vacation home, we’d love to help you find the home of your dreams. Please reach out to us at www.ColdwellBankerOBX.com.

And to help you feel confident about your OBX realty company choices, here are the top 5 Outer Banks realty companies in February 2012 ranked by volume:

Top 5 Outer Banks Real Estate Firms: February 2012

Rank

Firm

Volume

1 Coldwell Banker-Seaside – Kitty Hawk

$20,832,100

2 RE/MAX Ocean Realty – Kill Devil Hills

$14,057,176

3 Sun Realty – Kill Devil Hills

$11,218,720

4 Corolla Classic Vacations – Corolla

$7,935,708

5 Midgett Realty – Avon

$7,891,356

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

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 2011Seaside 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 – January 2012
Seaside Report: Average Booking Window - YoY Variance - January 2012Seaside 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 2012Seaside Report: Average Length of Stay – January 2012
Seaside Report: Average Length of Stay - YoY Variance - January 2012Seaside 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 2012Seaside Report: Average Stay Value – January 2012
Seaside Report: Average Stay Value - YoY Variance - January 2011Seaside 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 2012Seaside Report: Bookings – January 2012
Seaside Report: Bookings - YoY Variance - January 2012Seaside Report: Bookings – YoY Variance – January 2012
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