OBX Real Estate

Kill Devil Hills Market Report

Wondering what is happening with homes in Kill Devil Hills?  I have your local market information.  Kill Devil Hills westside was the area of KDH with the most sold homes, 49 and shortest days on the market, 146.  We saw a total of 64 homes sold so far in Kill Devil Hills. 

Prices of sold Kill Devil Hills homes range from $80,000 to $705,000.  The average sale price through the first 5 months of 2009 for Kill Devil Hills is $234,846.  Good news for those looking to sell a home or condo in Kill Devil Hills, the average days on the market is down to 175 even less for those on the westside. 

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Kill Devil Hills Market Report

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Outer Banks Hardware Stores

If you own a home in the Outer Banks, chances are you are going to have to make repairs.  If your like many Outer Banks home owners you will enjoy improving and maintaining your property.  The closer you live to the water, seemingly the more repairs you have.  If you are making repairs, you have a few choices where to get your supplies.  All the choices in the Outer Banks are good, just depends what you are looking for. 

There is a Home Depot, six Ace Hardwares, and 3 branches of a local store, Kelloggs.  All 3 stores offer your basic home repair needs.  Home Depot has the largest store of the three but only 1 location.  Ace offers smaller stores but has a 5 location on the beach including Corolla, Kitty Hawk, and Nags Head, Manteo, and Avon.  Kelloggs…

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Outer Banks REO Market Report

Below are the numbers for Outer Banks bank owned homes total sales through May 31, 2009.  There were 75 total homes sold.  Those homes had a combined value of $23,264,821 and 24% of all bank owned purchases were cash deals.  The average days on market was 140 days.  Recently, the market has seen the good opportunities, are being picked right up..  Corolla bank owned homes were seemingly snatched right up, with an average of 48 and 64 days on the market. 

For bank owned homes pre-qualification is a necessity.  For additional information and to find out what homes are currently available, join the Outer Banks bank owned home list. 

 Outer Banks REO - Bank Owned Homes Sold Data

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May 2009 Outer Banks Market Statistics

     Often analyzing a market can help you find the best areas for opportunity.  May was a strong month for the Outer Banks real estate market, 95 residential properties were sold for a total of $36,059,099.  There was a wide disparity on how long those properties were on the market.  The shortest time a home was on the market was 21 days to a long of 1115 days with an average length of 197 days.  (For those looking to sell, it is on average a little longer than 6 month process from listing to sale)  The list to sale price has been trending close and closer and this month the average difference was only $35,978.

Some Interesting Points in the OBX MLS Statistics

• 15.78% of all buyers paid cash                                       
• Colington Harbour…

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OBX Bank Owned Homes

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

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Villages at Ocean Hill Market Report

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.

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Corolla Light Market Report

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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2008 Outer Banks Tourism Recap

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 Real Estate Report

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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Outer Banks Vacation Rental Report

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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