Wednesday, June 29, 2011
Tax Value versus Market Value
Monday, June 27, 2011
Best Buys on the Outer Banks!!!
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!
These great deals or for your private showing!
MLS#71113 – This home is located in the heart of Duck. With a short walk to the shops or the beach, it’s a real winner!
Friday, June 24, 2011
What do you have planned for your Outer Banks trip?
Thursday, June 23, 2011
Have you ever hunted Beach Glass on the Outer Banks?
Wednesday, June 22, 2011
Interview with Max the Peek-A-Poo
Tuesday, June 21, 2011
Q & A with Ilona by MortgageRates.com
Ilona Matteson brings a wealth of experience and knowledge to the sales team at Beach Realty & Construction. As a former sales manager for Beach Realty and a former coach for the nationally acclaimed Mike Ferry Organization, Ilona knows the real estate business inside and out. In 2004, she was selected for the annual 30 Under 30 feature for Realtor Magazine and was also a licensed instructor employed by the North Carolina Academy of Real Estate. Ilona has a thorough understanding of market conditions and works diligently for her clients.
In our effort to give you the most up to date real estate information from all parts of the country, please join us in welcoming Ilona Matteson, “Your Outer Banks Real Estate Resource“.
How is housing affordability in your city?
I work and live in a resort market. Pricing here has dropped roughly 30 – 35% from its peak in 2005. The pricing correction in connection with today’s vacation rental ability make buying a beach home extremely affordable. We are seeing homes coming very close to paying for the majority of the annual expenses, which we haven’t experienced since 2001 or 2002.
What’s going on with down payments – are buyers having to make bigger down payments nowadays? And how does that affect the housing market?
Because most of our home sales are a second home or investment, a 20% down payment is required. That has not changed. However, what has changed is the actual dollar amount. Keep in mind, in 2005 putting 20% down on $535,000 (median sales price) was a lot more money to come up with than 20% down on $315,000 (today’s median price.) So once again, buying a beach home has become so much more affordable for people.
How can the homeowner know if this is a good time to refinance?
It’s really going to depend on how long you’ve owned the home and how much equity you have in it at today’s value. If you’re refinancing a second home or an investment, the bank will want the homeowner to have a large vested interest (20% to 30%) so it may require cash down for some.
I'm Going to Kick His ASK!
Monday, June 20, 2011
Best Buys on the Outer Banks!!!
Looking for fun in Corolla this week?
Come out to the 10th Annual Arts Festival sponsored by The Whalehead Club. It’s FREE ADMISSION with a $5 per car parking donation requested. The Currituck Heritage Park is located just past MilePost 11 on Highway 12 North.
Wednesday June 22 from 10 am to 6 pm
Thursday June 23 from 10 am to 5 pm
There will be over 100 artists with mediums ranging from watercolors to clay, photography to haberdashery, wood to stained glass!
Features
Silent Art Auction
Baked Goods Sale
Local Authors Book Signing
Musical Entertainment
The Lost Colony Actors
Fabulous Food
Magic Mike the Clown
NC Marionette Theater Puppets
Rock Climbing Wall – Wednesday
Pony rides – Thursday
Tours of the Historic Whalehead Club
All proceeds are to benefit the Whalehead Preservation Trust.
This will be a fun FAMILY event!
Wednesday, June 15, 2011
Best Buys on the Outer Banks!!!
Each week I will be featuring the SIX best deals on the Outer Banks!! So, 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!!
or for your private showing!
Monday, June 13, 2011
If you PRICE RIGHT...they will come!
MLS# DOM OLP PRD UCD UCP Sold Price |
49420 1408 $459,900 1/3/11 2/1/11 $329,900 $300,000 |
56621 960 $729,000 8/14/10 10/4/10 $499,000 $475,000 |
58750 904 $729,999 3/2/11 3/22/11 $535,000 $517,000 |
58643 878 $339,000 10/14/10 10/24/10 $228,000 $206,000 |
59547 866 $1,099,000 1/27/11 2/26/11 $775,000 $700,000 |
60181 812 $875,000 2/17/11 3/25/11 $599,000 $550,000 |
59663 785 $215,000 2/4/11 2/25/11 $125,000 $117,000 |
60660 762 $579,000 2/25/11 3/16/11 $489,900 $475,000 |
59676 755 $359,900 8/12/10 9/17/10 $239,900 $230,000 |
61567 738 $475,000 11/11/10 3/30/11 $329,000 $319,000 |
60873 722 $1,750,000 1/3/11 1/27/11 $1,3M $1,256,000 |
61600 676 $649,900 12/23/10 2/18/11 $399,000 $392,500 |
64943 444 $625,000 2/24/11 3/22/11 $485,000 $470,000 |
64410 436 $399,000 1/24/11 2/9/11 $315,000 $315,000 |
64511 401 $435,000 3/12/11 3/18/11 $399,000 $375,000 |
65995 347 $219,000 2/2/11 3/15/11 $175,000 $140,000 |
67319 240 $379,000 12/6/10 1/8/11 $299,000 $277,000 |
65718 438 $599,000 4/22/11 6/10/11 $524,900 Pending |
67178 302 $1,535,500 4/8/11 5/6/11 $956,700 Pending |
69264 132 $415,000 6/2/11 6/9/11 $337,000 Pending |
68623 204 $4,500,000 5/31/11 6/8/11 $1,799,000 Pending |
Friday, June 10, 2011
New Price for 103 Beachcomber Court, Duck, NC
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!
Thursday, June 9, 2011
The Outer Banks Distressed Property Report
Here are a few interesting facts about Distress Sales on the Outer Banks of North Carolina.
If you’re thinking about buying a distressed home or condo:
- Right now there are only 79 Active homes or condos for sale that are Bank Owned or Foreclosures.
- There are 171 Active homes or condos for sale as a Potential Short Sale.
- That means our Active Distressed listings are only 13% of all Active homes or condos for sale.
- Last month in Dare County alone 39 new properties were foreclosed on. That’s up from April.
If you’re wondering how well these homes or condos are selling:
- Since Sept 2008, 731 homes or condos sold that were Bank Owned or Foreclosures.
- Since Sept 2008, 360 homes or condos sold that were a Potential Short Sale.
- That means of all sales of homes and condos from Sept 2008 to now, 32% were a distressed sale.
- Only 22 Bank Owned homes have sold in Duck.
- Conversely, 71 Bank Owned homes sold in Corolla.
For a list of Bank Owned homes for sale, check out my website or contact me!
Friday, June 3, 2011
National Home Prices Hit a New Low in 2011 First Quarter
Are you on the fence about whether to sell or wait it out? This week’s headlines might help make your decision.
According to the S&P/Case-Shiller Home Price Indices - National Home Prices Hit a New Low in 2011 first Quarter. David M. Blitzer, Chairman says “Home prices continue on their downward spiral with no relief in sight.”
According to Brett Arends at MarketWatch - It’s official. The house price collapse is now worse than it was during the Great Depression (percentage wise). Oh and in case you’re wondering, back in the Depression, it took 19 years for house prices to recover to their previous peaks.
Right now, we’re experiencing pricing adjustments back to about 2002. So if you purchased before then, it could be a good idea to sell before it drops further.
Normal inventory on the OBX is around 1200 properties…today, we’re over 3300. Basic economics has always told us higher supply equals lower demand. Until inventory levels recover, pricing will be low. It would take 20 months to deplete the inventory we have right now, IF nothing else came on the market.
I know what you’re thinking - Holy Smokes…is there a silver lining at all? Yes. Housing is now cheap. Super cheap. According to Capital Economics housing is now 24% undervalued, and is the cheapest it’s been in thirty-five years nationwide.
So what’s the point to this video? If you’d like to sell your home, we have 160 QUALIFIED buyers each month looking for the best properties! That’s up from last year, which was up from the year before as well.
Bottom line if you ARE thinking about selling go ahead and price it according to today’s market and reinvest your cash into something that will actually GROW over the next few years. You’ll get your money back. Waiting it out is not a good strategy, especially if the home is costing you out of pocket each month. What’s the sense in waiting?
If you DON’T need to sell…fantastic. Keep enjoying your vacations here and hold on for the ride!
Wednesday, June 1, 2011
634 Grebe Court, Corolla, NC
6 Bedrooms 4 Bathrooms
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).
$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.
884 Whalehead Drive, Corolla, NC
$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.