Rumors are swirling that the Mid Currituck Bridge will begin construction in 2009.  This sounds like great news for home owners and vacationers of Corolla.  There might be nothing worse than starting your vacation stuck in bumper to bumper traffic.

The proposed bridge should definitely work to alleviate much of the traffic currently coming over the Wright Memorial Bridge.  The bridge when complete should make getting to places like Corolla Light or Villages at Ocean Hill, much, much easier.  The time savings for everyone looks to be incredible.

The amazing thing about the Mid Currituck Bridge is it looks to be North Carolina's first PPP, public private partnerships. Here is what the NC Turnpike Authority says about PPP, "With a PDA the NCTA will…

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 A concern of everyone in the Outer Banks has been the effect the U.S. economy will have on tourism.  This summer was unaffected by the early troubles of the economy.  The off-season has been slower than the year before, but people are still coming down for the holidays.

The 2009 rental season is one of concern for many OBX home owners and locals.  Initial reports I have received show a drop off from last year but nothing remarkable.  That is very promising considering the daily news coming out of Washington.  We will have to see if the trend continues.

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During this weekend's OBX Marathon, I was having a conversation with some friends about how many vacationers request homes with pools.  I was explaining how having a home that offers a private or community pool can be the difference in renting for many people.  They could not figure out why people would want a pool when the ocean is so close.  I told them about a recent encounter I had with a guest staying in one of the vacation homes managed by Kitty Hawk Rentals.

This guest, who will remain nameless, came into one of the offices to look for a restaurant recommendation.  Luckily, I happened to be in the office at the time.  The guest were treated to hearing about some of my favoriteOuter Banks restaurants .  The discussion turned to how the…

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The month of October experienced a large drop off in the amount of homes sold as compared to the month of September. September had a total of 124 and October was down to 92.  Currently, November seems to be reverting back to the numbers of September.  A number of national factors could have well contributed to the poor numbers in October.

Sold Properties


Residential- 77
Land -15
Commercial- 0
October Totals:  92

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The question " how expensive is owning a home on the Outer Banks?" is often asked.  Many potential Outer Banks home owners are interested in what exactly goes into upkeep on a home on the Outer Banks.  The answer to this question will definitely vary.

The reason the answer will vary, partly will depend on your home's location.  Oceanfront homes definitely require more maintenance than homes located on the westside.  A good rule of thumb is that a home owner who is planning on using their home as a vacation rental should look to reinvest 20% of the gross rent.  While many consider that a large percent, the long term rewards make it worthwhile.

If you own an oceanfront home, be aware that almost everything is going to rust.  Also, it is going…

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Last time in our series on beach house economics, we looked at capitilazition rate.  Today we will take a look at Gross Rent Multiplier or GRM.  GRM is another way to compare similar income producing properties.  GRM like Cap rate is a simple way to start property comparisons.  To compare properties by GMR, you need two pieces of information: sales price and gross monthly rent.

Calculating the GRM:

To calculate the GRM, you need to take the sales price and divide it by the gross monthly rent.

Sales Price: $100,000

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Gross Monthly Rent: $1,250

Gross Rent Multiplier or GRM: 80

While it does have many limitations, including not taking into account vacancy and differences in operating expenses, GRM is a…

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From oceanfront to soundfront,  more condos are being built on the  Outer Banks.  The Outer Banks now offers some amazing condominiums, with more still being built.  Many long distance home owners feel more comfortable owning a condo.

Owning a condo allows them to have a home at the beach, without the time and energy needed to perform yearly maintenance on the home and yard.  Often, coverage for the maintenance of the condo is included in the association fees.  This is not always true, so it is important to check before buying a condo.  The associated fees could be more than you are expecting, in some cases, depending on the level of the amenities the complex offers.

The most expensive condos are going to be the ones on the oceanfront.  Like any home on the…

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Here are the Outer Banks MLS numbers for September. There were 92 residential properties sold and 36 land/lot deals. A total of 128 transactions for September. While not the busiest month on record, it was an increase of 18 transactions over July's 110. Also, it was an increase of 1 transaction since August. It does appear things are slowly picking up on the Outer Banks.

September 2008 Outer Banks MLS Statistics:

Residential: 92

Land: 36

Commercial: 0

Total: 128

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One of the best ways to get exactly what you want is to buy a vacant lot in the Outer Banks and then build on it.  For many, buying a vacant lot and having a home built allows them to build the home of their dreams.  When starting with a bare lot, you are able to plan exactly how you want everything.

For many, having the ability to purchase and build exactly what they desire makes the process of selecting and buying a lot, then working to have a home built worth the extra time.  The Outer Banks is fortunate to be home to many outstanding builders.  A good way to go about finding a builder would be to check the Outer Banks Home Builder's Association website.

When determining the price you are going to spend on a vacant lot, water views are definitely going to…

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The number one reason to buy oceanfront real estate anywhere is location. It is not possible to have a more desirable location than oceanfront real estate. Its status as the most desired location also makes it the most expensive.

Currently, oceanfront lots in the Outer Banks are ranging from $1,700,000 in Whalehead to around $500,000 in Swan Beach (4wd area). The price on an oceanfront lot is also affected by its location, as you can see from the wide range of prices for oceanfront lots. Location for an oceanfront lot is affected by the community or subdivision it is in.

Highly sought after communities with premier amenities will draw more for their homes and the subsequent lots, than homes in a less desirable community. The effect the…

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