A Special Treat for Corolla Visitors Next Week!

Are you planning a trip to Duck or Corolla next week? Well due to the inclement weather we experienced the fireworks display that was supposed to happen on the 4th has been rescheduled for August 2nd!
Join Currituck County Tuesday, August 2nd for the Festival of Fireworks located at the Currituck Heritage Park. Pre-fireworks activities begin at 6 pm and include:

• Cornhole
• Watermelon Eating Contest
• Children Activities
• Food Vendors
• Live Entertainment

Admission is FREE and the fireworks will begin at Dusk. For more information visit www.ComeToOurBeach.com or call the Welcome Center at 252-453-2947.

New Listing!! 567 White Whale Way! Check out this VisualTour!!

567 White Whale Way

Oceanside

Corolla, NC

$485,000
MLS# 71360
4 Bedrooms / 3 Full Baths

You will absolutely LOVE the views from this great 4 bedroom home. The open space bordering this home gives it a sense of privacy. Check out this short walk to the beautiful beaches of Corolla.

What's Happening on the Outer Banks??

This is what is happening on the Outer Banks:
* The House of Representatives has passed a 5 year reauthorization of the National Flood Insurance Program. The Senate has yet to act. If you'd like to write a letter in support of this vital program please contact me.
* NCDOT has approved a $215M budget for a new bridge over Oregon Inlet. Completion date is spring 2015.
* No word yet on the final environmental impact report in connection with the Mid-Currituck County Bridge. I'll keep you posted once I hear anything.
* Nags Head Beach Nourishment is underway. MP 15.5 to Jennette's Pier is now complete. As of the 23rd of July the dredge is under repair and it's not clear at this point when pumping will continue.
* Sales in Duck have reached a new high! Average sales price is up 14% over last year with 4 fewer sales for the same time range.
* Sales in Corolla aren't far behind. Their average is up 3%! It's nice to see numbers on the plus side for a change.

* I want to invite each of you using a mobile device to take advantage of a mobile site you can use to search the Outer Banks MLS. Just follow this link or use the QR code and create a free account and search anytime you wish to find out the latest properties on the market.

Best Buys on the Outer Banks!!!

Here are this week's SIX best deals on the Outer Banks!!

To see each listing, simply click the MLS number and it will take you directly to the property information!
Don't forget to bookmark this blog, rss feed, like my Facebook page or ask to join my special email list to be the first to receive the best deals in the area!

Great deals don't last long, so don't miss out!!

Contact me today for more information on these great deals for for your private showing!
 

MLS#70757 – Large 4 bedroom home in First Flight Village with 5 living areas! $365,000

MLS#69573 – Brand new Golf Course home! $369,900

MLS#71201 – Buy this home and get a BENTLY for free! $399,000

MLS#70051 – Great Oceanside home in Corolla with a pool for only $399,900!

MLS#71360 – You’ll love the location and views on this Corolla home. $485,000

MLS#71364 – Oceanfront in Nags Head with recent nourishment. $589,000

7 Things you should know about buying real estate on the Outer Banks

Here is a list of the top 7 items I discuss with any new buyer who is looking for their vacation or investment home on the Outer Banks.

1. Be prepared for 20% or more down. Depending on your situation the bank may require more (like when buying a condo) because it’s not your primary residence.

2. You can use up to 75% of the rental income the home generates in order to help qualify you for the mortgage. Keep in mind, this will mean you have to apply for an Investor loan which does carry a slightly higher interest rate.

3. The entire Outer Banks is in a flood zone. Some areas are in flood zone X which means no insurance is required. Most of our area will qualify for the National Flood Insurance Program which usually runs less than $500 a year. (Assuming Congress passes the extension on Sept. 1^st.)

4. If you buy a foreclosure, you’ll have to re-furnish the home. For some reason the banks just haven’t figured out that the furniture in these vacation homes is valuable and needs to stay.

5. The local county and city taxes are very low here. We generate so much revenue from the weekly guests in Occupancy Tax and also in Transfer Tax on the sale of a home that the annual taxes can stay very reasonable.

6. Property Management fees vary based on the services you select from the Manager. It’s sort of an a-la-carte situation these days. Depending on how much you want the Property Manager to do for you will determine the percentage you’ll pay.

7. The Median Sales Price for a home on the Outer Banks in June 2005 was $507,000…June 2011 was $299,000. NOW is a GREAT time to buy your vacation home!

For more information on how to get a home of your own on the Outer Banks, call today!

Best Buys on the Outer Banks!!!

Here are this week's SIX best deals on the Outer Banks!!

To see each listing, simply click the MLS number and it will take you directly to the property information!

Don't forget to bookmark this blog, rss feed, like my Facebook page or ask to join my special email list to be the first to receive the best deals in the area!

Great deals don't last long, so don't miss out!!

Contact me today for more information on these great deals for for your private showing!

MLS#71318 – 3^rd row house in Pine Island with a 9% rental return…Great Deal! $925,000

MLS#71282 – Rare Short Sale in Duck. 9.2% rental return. $759,900

MLS#71334 – Very cute 2^nd row Beach House in Kill Devil Hills. $319,900

MLS#71321 – Golf Course property with recent remodel. $349,900

MLS#71322 – OCEANFRONT with a stable dune in Nags Head for only $825,000

MLS#70866 – Very clean and well maintained home in Section C of Ocean Sands. $435,000

New Price for 580 Ocean Trail!

580 Ocean Trail
Corolla, NC 27927
 
Corolla Westside  Ocean Sands South
NEW Listing Price:  $435,000
MLS#:  70866
Bedrooms:  5
Baths:  3 Full, 0 Half
Year Built:  1993
Approx. Square Feet:  1501-2000
Lot Square Footage:  25000
Listing Date:  06/01/2011

Progress made on erosion in Duck, NC

It comes with the territory of Oceanfront property. At some point in time good ‘ole Mother Nature will take its toll on the shore line. We’ve recently experienced some pretty severe erosion in a section of Duck impacting the Carolina Dunes subdivision.

There is very little beach left in the area. However, according to Andy Garman, the Town’s Director of Community Development, no homes have been deemed uninhabitable at this time. The Town of Duck recently proposed a new ordinance addressing any potential threatened structures as a result of the erosion. A public hearing was held July 6^th and based on various questions raised at the hearing the ordinance was sent back to get some revisions.

So what happened? Well, most likely the cause of the erosion is three-fold. A combination of very high tides, wind and waves from the northeast and the lack of an off-shore sandbar in front of the erosion area. About 20 years ago the community of Sanderling experienced the same issue. In that situation the community established a Special Assessment and actually had the affected dunes rebuilt by bringing in sand and other materials to get it re-established. In addition to that Mother Nature also helped in balancing things out for that area.

I’m pleased to report the Homeowner’s Association of Carolina Dunes has quickly jumped into action. They are promptly notifying all owners and arranging communication with the Town. There most certainly is a solution and really no need to panic. As we speak, the Town of Duck has acquired funding to do a beach erosion study. After the year long analysis a proposal will be made about what if any nourishment will take place. If approved, owners in Duck can expect some kind of assessment to help with the funding, just as Nags Head is currently experiencing.

One thing is certain, the homeowners and Town officials both recognize the vital importance of the beaches. They are definitely an important asset to the Town and it is critical they remain open and unobstructed. It’s simply part of the process of owning beachfront property. A solution will be found!

I’ll be following this story and providing updates. Follow my blog for the most up to date information on this and other issues affecting the Outer Banks of NC.

Why do I LOVE July?

Why do I love July?


It’s simple…the cherries!  Don’t get me wrong, I love all kinds of fruit.  Nothing gets me more excited than fresh, crisp, sweet cherries!

Each May we get nice strawberries, August provides the best peaches, but July’s cherries…that’s my favorite by far.  Living on the Outer Banks means we drive a few miles inland to the farmer’s market where we can get endless fruits and veggies at really great prices…and from the shore, the benefit of the freshest seafood available.  From oysters to rockfish, to shrimp and local crabs…YUMMY!

If you’re planning to visit the area soon, be sure to partake on your own fair share of these tasty treats of the seasons and the area!

I have my own Mini-Me!

I’m not the most technologically advanced person by far. I am overwhelmed by how many new features and devices and widgets and so on and so on come out every minute. I try to stay up to date with all the necessary tools to provide the best service to my clients. I’m so excited to announce a new tool to my bag of technology tricks!

It’s my own Mobile Website, or Mini-Me as I like to call it. After reading reports of how many of us are using our mobile devices to browse for things we want and sometimes don’t need (ha ha) I decided I must jump in.

Of course you can still find my regular website at www.ilonamatteson.com though it’s not quite configured to be easily used on your mobile device.

Problem solved!

Simply click here to get a FREE account to access all the Outer Banks real estate information your heart desires.

On my mobile site you can:

• Do a search
• Save properties or searches
• Make notes about properties you like
• See what’s for sale on a map view
• Email me directly for more information
• Call me directly to schedule a showing
• Search specifically for foreclosure homes
• Link directly to area information and events

I’m so excited to be adding this to my list of services. Please register today!

Are You a SELLER or a GAMBLER?

The best question I can ask sellers today is… “Do you want to sell your home, or gamble your equity?” What I mean by that is simple. We can price your home to SELL, which likely means going lower than you wanted to. Or, we can price it higher and take a gamble on losing some of your equity. When we price the home higher than the competition, we will be gambling that someone comes along and buys it out of the dozens for sale they’ll have to choose from.

Let’s be clear. This is purely a gamble. When your home is for sale in a declining market, prices don’t go up. They go down. So you end up chasing the market down with your pricing. If the thousands of media reports haven’t yet convinced you to pay extra attention to your price, perhaps the graph below will.

Let’s break down exactly what this graph is telling us.

0 – 30 days, sold for 99.27% of asking price

If you’ve priced your home to sell within 30 days of listing it, you’ll get your asking price! And, they’ll pay CASH. There is very little negotiation on the price because buyers see it as such a great deal and will offer what you’re asking. However, only 11 sellers this year have taken advantage of this strategy. That’s less than 2% of our SOLD market.

31 – 60 days, sold for 95.88% of asking price

Basically you’re still priced to sell. But, buyers felt there was a little negotiation room. Chances are, you came on the market at or slightly above market value. The good news is a whopping 12% of sellers took this strategy.

61 – 120 days, sold for roughly 91.5% of asking price

This group actually makes up two columns on our graph but since the numbers were so similar, let’s look at them together. Let’s face it, 61 to 120 days on the market is not a ridiculous amount of time. However, it’s enough time in a declining market to sell for 9% less than your asking price. To sell in this time frame, you weren’t GROSSLY overpriced.

However, this group is probably the silliest. Let’s figure 2 to 4 months of carrying costs while your home is on the market. Chances are that amount of money is probably the same difference your agent asked you to list for to begin with. Yet, you went higher and it cost you the in the end. 25% of our sellers this year so far chose this route.

121 – 180 days, sold for 83% of asking price

An average listing agreement is a 6 month term. Why? If you’re not priced to sell, you’re losing. If it takes you 6 months on the market to figure out the right price, either you’re not paying attention to your agent, or they’re not giving you good information. If it’s you, call them right now, apologize and correct the price so you don’t lose any more equity. Almost 18% of sellers this year can attest to this.

181 – 365 days, sold for 83.55% of asking price

This is an interesting statistic to me. I suppose if you’re on for 6 months, what’s another 6? You’re already down 17% from where you started. My guess would be the listing expires after no price change for 6 months. It’s then re-listed with another agent for a slightly lower price, then everyone gets real, adjusts the price accordingly and it sells. It’s a vicious cycle. Because this group is the highest percentage of sellers at 24%, the best advice is get off the merry-go round!

366 or more days, sold for 72.53% of asking price

I don’t even know what to say here. This number clearly shows you can’t win by chasing the market. Sadly 18% of sellers this year ended up in this group. If your agent isn’t updating you weekly, find out why. If they are, listen to them. It will save you money.

Best Buys on the Outer Banks!!!

Here are this week's SIX best deals on the Outer Banks!!

To see each listing, simply click the MLS number and it will take you directly to the property information!

Don't forget to bookmark this blog, rss feed, like my Facebook page or ask to join my special email list to be the first to receive the best deals in the area!

Great deals don't last long, so don't miss out!!

Contact me today for more information on these great deals 

or for your private showing! 

MLS#71254 - Super CUSTOM HOME with every amenity your vacation home could need! $899,000

MLS#71211 - Charming condo in Duck with ocean views and strong rentals. $239,900

MLS#71242 - Excellent starter home with an excellent price in Kill Devil Hills $142,000

MLS#70872 - Fixer Upper in Duck. Great Opportunity at a great price $329,000

MLS#68504 - Semi Oceanfront in Nags Head with established rental income! $329,900

MLS#70971 - Canalfront in Southern Shores under $300K

365 Days on the Market COULD Cost You 28% of Your Home's Equity!

I was compelled to write this blog after reading the same from J. Phillip Faranda (Link here to his blog called “Compelling Reason to Price Your Home Right”) about the importance of pricing your home at the right price from the start of your listing. When I saw the statistics for his marketplace, I got very curious if the same information was true for the Outer Banks.

Well, what I found was interesting!

You will in fact, make the most money for your home by pricing it to sell immediately. You can spend as much as 28% of your home’s equity by letting it sit on the market for a year or more.

I had typed out a long dissertation about how it works, what to look for, why you don’t want to do certain things. Then I realized the numbers speak for themselves.

Call today to find out how we can get you the most for your home now!
(Please click on photo below to enlarge)

580 Ocean Trail, Corolla, NC

580 Ocean Trail Corolla, NC 27927 Corolla Westside   Ocean Sands South
Listing Price:	$450,000
MLS#:	70866
Bedrooms:	5
Baths:	3 Full, 0 Half
Year Built:	1993
Approx. Square Feet:	1501-2000
Lot Square Footage:	25000
Listing Date:	06/01/2011

Nash Road Lot, Duck, NC

Land, Residential0 Nash Road Duck, NC 27949 Area: Duck Westside Subdivision:
Listing Price:	$120,000
MLS#:	70735
Lot Square Footage:	22000
Listing Date:	05/20/2011
Waterfront Location:	N/A
Ocean/Sound Loc:	N/A

Agent Remarks: Excellent opportunity to own a homesite in Duck. Short walk down Plover to the beach access. Easy access to the Village of Duck shopping. This nicely wooded lot is a great spot for your new beach home. Take advantage of the trees for added privacy

103 Beachcomber Court, Duck, NC

103 Beachcomber Court
Duck, NC 27949

Duck Oceanside / Subdivision: Four Seasons

Now $635,000

MLS# 63641

6 Bedrooms / 5.5 Bathrooms

This is a REALLY great deal in Four Seasons with the New PRICE!

Very nicely furnished and extremely clean home. 2 bunk rooms and game room on ground level. 4 nice sized masters on 2nd level. 2 bedrooms with deck access. 3rd floor with cozy great room, large windows, lots of light! 2 dining areas, screened porch and open deck overlooking pool. Covered deck on the front of home. New carpet in August. 3rd floor tiled for easy maintenance. A must see!

634 Grebe Court, Corolla, NC

634 Grebe Court, Corolla, NC

6 Bedrooms 4 Bathrooms

This is the best time to buy an investment property on the Outer Banks. With today’s prices and rates you CAN find a home that will essentially pay for itself! Even with taking 2 prime weeks for yourself, 634 Grebe Court can be yours with less than $2500 out of pocket each year (with 25% down at 5% interest).

Call today for more information and a cashflow analysis. $499,000

MLS #64832

Check the location on this great beach home. Backs up to the Green Conservation Area for privacy as well as situated on a nice cul de sac. Neighboring homes are not permitted private pools. This is your classic beach rental home with proof of up to $44,000 in rental income potential. Easy walk to the beach and all the amenities of a prime investment property. Recently painted, this home has been well cared for. Ground level gameroom with 2 bedrooms. Mid level with TV area and 3 bedrooms and main floor with open living space, dining room, kitchen and master. Enjoy the top floor deck and ocean views.

6

884 Whalehead Drive, Corolla, NC

884 Whalehead Drive, Corolla, NC 27949
$475,000
5 Bed, 4.0 Bath
2620 SF
This home is very well maintained. The ground floor offers 2 bedrooms, 2 full bathrooms, game room, wet bar area and refrigerator. The large queen bedroom has a private bathroom and sitting area. The top floor offers 3 additional bedrooms and 2 bathrooms, kitchen, dining and great room. There is a hot tub on the top floor deck, which wraps around from back to front. A screened porch is located on the back of the home off the kitchen. Tile floors upstairs for easy maintenance. New carpet in the rest of the home. The twin rooms upstairs have built in dressers in the closet for space saving. Nicely landscaped and plenty of room for a pool.

2947 Martins Point Road, Southern Shores, NC

2048 Martins Point Road

Southern Shores, NC 27949 Southern Shores Westside Subdivision - Martin's Point Section 1

MLS#: 69873

$459,000

Check out this AMAZING Soundfront homesite that's OVER an ACRE! 1.07 Acres. This site is nicely wooded and has two established homes on either side so no surprises later! Prime location and beautiful views are offered with this excellent property.


Contact Me Today!!

The 4th of July and Tomato Pie!

Well if you’re like most Americans over the weekend you had lots of friends, family, fireworks and FOOD!  I’m a much better cook than I am photographer, which you’ll see by these photos from my phone.  However, I can assure you the tomato pie and Vidalia onion corn muffins (pictured here) were to DIE FOR.  

There was so much to eat and so little room!  Our celebration actually started Thursday night and carried into Monday evening as the last of the fireworks popped and fizzled.  We had friends and family we see often in addition to those we see less often.  

The only setback we encountered was the west wind.  When the wind blows from the west, it pushes the Gulf Stream’s warm water out to sea and leaves us with much colder water on the shore.  The temps were about 58 to 60 degrees for most of the weekend.  However, now the wind has shifted and it’s warmed back up.  The other challenge with the west wind is the flies!  And they bite too.  They seek the protection the fabulous tall dunes provide and so we once again dealt with these pesky visitors.

By the time things wound down yesterday afternoon, we were all exhausted and barely made it to the main event – fireworks.  We crashed out for the night after all the fun and excitement from the much anticipated weekend.  We’ll do it all again next year!

I hope your holiday was as safe and fun as ours!

Best Buys on the Outer Banks!!!

Here are this week's SIX best deals on the Outer Banks!!

To see each listing, simply click the MLS number and it will take you directly to the property information!
Don't forget to bookmark this blog, rss feed, like my Facebook page or ask to join my special email list to be the first to receive the best deals in the area!

Great deals don't last long, so don't miss out!!Contact me today for more information on these great deals or for your private showing! 

MLS#69903 – Your own oceanfront homesite in Ocean Lakes for under $900,000!

MLS#70817 – This is a NICE 5 bedroom canalfront home in Avon for only $350,000

 MLS# 70325 – An excellent year round location with a lot of extras $529,000

 MLS#68375 – 2 Lots, private pool, golf course and more! $540,000

MLS# 70874– This is your classic Nags Head beach cottage, completely re-done! $249,900

 MLS#70682 – Tucked away in the trees, yet minutes to the ocean $409,900