Beach nourishment is a very touchy subject along the Outer Banks. Most people seem to either fully support or are 100% against beach nourishment. Often, the difference is where the home is located of the person asked .If their home is located oceanfront or semi-oceanfront, they are often quite supportive of beach nourishment.

 

Both sides have some interesting points. How and when full scale beach nourishment comes to the Outer Banks remains to be seen. It does seem as if something will be done. This week on Channel 20, they are showing Peter Revella's presentation on Beach Nourishment Financing. The presentation was sponsored by Nags Head and the Dare County commissioners.

 

Against OBX Beach Nourishment:

 

 

For OBX Beach…

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There is an article today in the News & Observer, on the value that trails have on tourism.  It mentions the Outer Banks several times.

..."A recent N.C. State University study found that $6.7 million spent to build bike paths and wide road shoulders on the Outer Banks resulted in an annual economic impact of $60 million in increased tourist expenditures and the creation of 1,400 tourism-related jobs..."

..."The Mountains-to-Sea Trail is a 1,000-mile trail stretching from the Great Smoky Mountains to Jockey's Ridge State Park on the Outer Banks..."

It makes some interesting coralations.  Read the rest of the article.

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Outer Banks Foreclosure and Short Sale Information

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Frequently Asked Questions about Outer Banks Foreclosures and Shore Sales

Why should I consider an Outer Banks foreclosure or short sale?

When searching through the current foreclosure list, it is often possible to find homes well under their tax assessed values.  Conditions have made it prime for buyers to take advantage of foreclosures and short sales in the Outer Banks.  Currently, you can find foreclosures in towns like Corolla, Duck, Southern Shores, Kitty Hawk, Kill Devil Hills, Nags Head, Rodanthe, Avon, and more.

Aren't the foreclosed homes often destroyed and in poor condition?

While this…

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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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