April 2016 Recap

Posted on Posted in News, News Letter

The Outer Banks certainly experienced its fair share of April showers and typical area winds last month.  Warmer and beach- friendly weather is sure to follow for May.

The Dare County preliminary flood maps are finally being released on June 30th.  Along with Currituck County’s maps they will still face final approval prior to becoming official.  The new maps will be favorable to most property owners, taking them out of flood zones, and for others the base flood elevations will be decreased by 1 to 3 feet.

Currituck County was fined with a $39.1 million fee in the lawsuit against Swan Beach property owners last week.  The lawsuit involves Swan Beach (located in the four wheel drive area) property owners who wish to develop their land for commercial use previously denied by Currituck County.  The future development of Swan Beach will be a hot topic, and we will keep you closely posted.

Currituck County meanwhile approved the rezoning of 80 acres north of Harbinger to be changed from heavy industrial to conditional business zoning.  The Aquatic Development Group has plans to develop the OBX Water Park that will include parking for up to 4,000 vehicles.
In real estate news, things continue to look promising.  Total sales volume is up by 15% and the average sale price is up by 22%.  The number of properties placed under contract in the 1st quarter of 2016 compared to the 1st quarter of 2015 is up by 7%.  Distressed sales are down by 49% with only 27 having sold during the 1st quarter of the year.  Dare County filed only 29 foreclosures during the 1st quarter compared to 45 this same time last year.

As always if you have plans to be on the Outer Banks this summer please stop by and say hello!