Below is the current list of available bank owned homes in the Outer Banks.  Bank owned homes often are excellent investment opportunities.


Outer Banks Bank Owned Homes

MLS # Price City
60968 $615,000  Avon
60353 $321,200  Corolla
60976 $440,000  COROLLA
59195 $449,000  Corolla
59119 $629,900  Corolla
60416 $91,400  Currituck
61090 $411,900  Duck
58872 $599,000  Duck
61422 $360,000  Frisco
61367 $1,083,800  Hatteras
60192 $109,900  KDH
61398 $144,000…

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Currently 20 homes are listed for sale in Villages at Ocean Hill.  The prices range from $425,000 for a 4 bedroom 3 and a half bath to $1,650,000 for a 7 bedroom 5 and a half bath oceanfront home with private pool and hot tub  The home generates over $103,000 in annual gross rental income. The homes in Villages at Ocean Hill offer excellent community amenities that include a fishing lake, oceanfront pool, and poolside gazebo to name a few.

Search Villages at Ocean Hill Homes for Sale

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Corolla Light, is one of the Outer Banks finest resort  communities.  Like much of the Outer Banks, many opportunities exist to buy a home in Corolla Light.  Currently there are 39 residences being offered.  The majority of these are single-family homes but there are a couple available condos and townhomes.

The 39 available properties range in price from $324,000 to $4,500,000.  The average list price in Corolla Light is just over $892,000, thus making many homes in Corolla Light excellent opportunities for vacation home ownership.  One home investors may want to consider is MLS #.  It currently offers a capitalization rate over 8%.  If 2009 is another strong year for tourism, this number could likely increase. 

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I came across this article in the Virginian Pilot online.  Despite early season worries, wind driven smoke from wild fires, and gas near $4, 2008 ended up much stronger than expected for many in the Outer Banks.  Many Outer Banks home owners report strong years for 2007.  in 2008 the Outer Banks experienced an increase in gross occupancy numbers.  The increase was 2.92% greater than 2007.  Total occupancy receipts totaled almost $350 million.  Several sectors of tourism in the Outer Banks experienced decline.  Campgrounds and restaurants were especially hard hit.  Hatteras was affected by beach driving closures.

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Pine Island has long stood as one of the premier communities in the Outer Banks.  Its name has long been synonomous with luxury and views that stretch from ocean to sound.  Currently there are 33 homes in Pine Island for sale.  The homes stretch from a low of $699,000 to a high of $5,500,000.

The fall in prices have made Pine Island homes especially attractive to those who are looking to use the home for its income generating possibilities.  Several Pine Island homes have capitalization rates over 7%.  Below you will find the homes in Pine Island with the best ROI.

Pine Island Investment Homes

  • #51784 - Cap Rate 8.60% - 2008 Rents $249,850 
  • #56586 - Cap Rate 7.37% - 2008 Rents $214,250 
  • #61581 - Cap Rate 8.81% - 2008 Rents $233,500

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There is an interesting look at the state of beach rentals by Fox.  The article briefly mentions that rentals are down and many owners are making discounts.  Both Duck and Corolla are mentioned in the article.  My local perspective is somewhat different, from several property managers I have spoken with, rentals are stronger than they appear.  Much of the shoulder season is booked while some of the peak summer weeks remain.  It does seem to be a company by company basis, on how home's are performing.

The biggest conditiion to securing reservations is offering as many amenities as possible.  For those Outer Banks home owners who keep their rental home well maintained and full of amenities, I think they will continue to see the strongest returns as the…

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For those looking to keep up to date on what is happening in the Outer Banks real estate market with bank owned homes, below you will see a breakdown in sold bank owned homes through Sunday May 3rd 2009.  57 homes were sold in the first 134 days of the year at an average price of $318,901.  Those sold homes were on the market for an average of 149 days.  Value can definitely be found among the bank owned homes in the Outer Banks, the key is being ready when you find yours.

Sold Outer Banks Bank Owned Homes through May 4th 2009

Corolla Oceanside 1 $449,000 $449,000 $449,000 48
Corolla Westside 2 $975,500 $487,750 $487,750 51
Pt. Harbor to Powells Pt. 1 $105,000 $105,000 $105,000 252
Jarvisburg to Poplar Br. 3 $516,400

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With spring arriving in the Outer Banks we have seen the buying season heating up.  Definitely one of the words heard from Corolla to Nags Head and further south is bank owned homes.  Bank owned homes certainly can offer an excellent way to purchase a vacation or investment home for less than it is presently valued.  Often though purchasing a bank owned home will require the new owner to furnish or improve the home especially if it is going to be put in a local vacation rental program. 

Here are the current statistics on Outer Banks bank owned homes as of Monday May 4th 2009.  There are 48 active bank owned properties.  The current average price of the listings is $358,385.  On average bank owned homes are only on the market or 109 days.  This is in…

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