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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Governor Bev Perdue recently signed legislation authorizing construction of the new aquarium pier in Nags Head.  The pier is expected to bring immediate economic impact to the Outer Banks and especially Nags Head.  The facility is slated to function for many purposes. 

This is excellent news for the Outer Banks, it is an additional way to boost tourism and help educate visitors and locals alike in the importance of our marine ecosystem.  For more information view the release.   

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Outer Banks 1st Quarter Market Report

     Below you will find the sold information for the 1st Quarter in the Outer Banks.  It is a handy way to be able to compare towns and locations side by side.  You will find information on Area, total number of units sold, average price for that area, days on the market, % of price to original price and finally price range.  Whether you are buying or selling, this is information you can not do without.  Below you will find a statistical representation of what was sold.  If you would like the full Outer Banks market report it also also available to as a pdf, that includes graphs and additional information. 

Free Outer Banks 1st Quarter Market Report

 

Outer Banks MLS 1st Quarter Statistics

Area # Sold Avg…

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     Living in Kill Devil Hills, I think Run Hill is one of the most beautiful locations in the entire town.  Its secluded location keeps total number of visitors down, it is a great place to enjoy the Outer Banks as it was before people came.  If you get there early in the morning it often is possible to see some of the beautiful wildlife that makes Run Hill home. 

Run Hill State Nature Area:

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Interesting Look at the Future of Vacation Rentals

In order to maximize the rental income of your OBX investment it is paramount to know what your target audience is looking for. One of the fastest growing markets in tourism are tech savvy travelers. Recently a study was done by HotelMotel.com on this growing trend of vacationers. Perhaps the most amazing thing found in the study was the age makeup of tech savvy travelers. Tech savvy travelers are ” are equally likely to be Echo Boomers (18-28 years of age) as Baby Boomers (43 to 61 years of age)”. For many Outer Banks home owners there potential renters are definitely in the 28-61 years of age. The tech savvy travelers were also found to be “highly educated” and with 30% of households making…

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Hey it may be the middle of February, but as they say better late than never. You can now download a 5 page color, Outer Banks real estate market report. It is a great way to get a handle on what happened along the Outer Banks in 2008. The market has some great opportunities currently available. If you are looking for more information on what types of homes are available, search the Outer Banks MLS.

Download the 2008 Outer Banks Real Estate Report - Outer Banks Real Estate Report - Recap 4th Quarter 2008

If you have any questions about the report give me or call or send me an email, I will be happy to discuss it.

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