March 2013 Recap

Posted on Posted in News Letter

The cool weather we are experiencing on the Outer Banks this month and last has not deterred the spring break crowds from visiting, and local businesses are enjoying the summer-like influx of visitors. Pretty soon it will be beach weather again! As a reminder to beach-goers, much of the Outer Banks have passed ordinances that do not allow personal items to be left on the beach after 5 pm. This means you must disassemble beach tents in the afternoon and remove them, or they may be gone the next day. You must remove all chairs, hammocks, umbrellas, and any other items that you want to keep.

We also want to make you aware that new flood maps are soon to be issued for both Dare and Currituck Counties. Currituck County expects to have maps near December of this year. Dare County will not have new maps until sometime in 2014. We are expecting that some properties that are not currently in flood zones could be changed to flood zones. Therefore, if you are considering a ground floor enclosure you would be wise to get it done as soon as possible, as you may not be able to get a building permit after flood zone changes go into effect. We’ve enclosed some recent articles on the flood zone changes.

In real estate news, we are disappointed to report that sales for the first quarter of 2013 have not been as good as we had hoped. Residential sales are down by 14%. However, land sales have jumped by 49%, helping to soften the weaker residential numbers. Residential under-contract properties are down by 2%, while land is up by 19%. We also saw a dramatic jump in distressed property sales early this year with 40% of all sales being distressed sales. That is the highest we’ve seen in 7 months. These statistics are for all of Dare and Currituck counties including the mainland. If we focus only on the northern Outer Banks the numbers are as follows: There are currently 8 bank-owned properties in the multiple listings as active listings and 36 short sale properties. There are 6 bank-owned properties that are currently under contract and 26 short sale properties that are under contract. Eight bank owned properties and 7 short sale properties have sold so far this year on the Northern Outer Banks. The inventory is holding steady. It seems the road towards our market recovery is a long, slow one.

As always if you have any questions or concerns we are happy to help.