August 2016 Recap

Posted on Posted in News, News Letter
Tropical Storm Hermine was the big news for us most recently.  The Outer Banks and many of our neighbors to the south and east experienced lots of heavy winds and rain.  The storm intensified while it was tracking over the Outer Banks, and sustained wind gusts were reported at 80 miles per hour.  The high winds caught many off guard as we were forecast to have much lower winds.  Hatteras Island took much of the hardest impact while most along the northern Outer Banks experienced minor damage such as shingles and limbs down.  Southern Shores took quite a hit and lost many very large trees.  Pictured above is a large pine tree that came down on the Duck Woods Golf Course.  One home in Southern Shores was destroyed when 2 large trees fell on it.  If you have storm debris check your town website to get a schedule of debris pick up in the coming weeks. All in all the damage being reported is less than 3 million, so we do feel lucky.  The last big weekend of the summer was not the producer that local business had hoped for.  Many visitors left the area prior to the storm.   
 
In real estate news things continue to improve.  The interest rates are at all time lows, and many investors recognize that this is an excellent time to buy real estate.  Residential inventory is down by 11% which is the lowest it has been since 2007.  Single family home sales remain down just slightly, but both land and condo sales are up.  Bank owned sales are down by 30% while distressed property sales are down by a drastic 59%.  
 
As the summer comes to a close, don’t forget that fall is the best time to be on the Outer Banks.  The temperatures have already become pleasant, and the crowds are thinning out.  The Town of Duck’s annual Jazz Festival will take place on Sunday, October 9th in the town park.  The Mustang Music Festival will also take place the weekend of October 7th and 8th at the Whalehead Club.  If you can’t be here over Columbus Day weekend, The Outer Banks Seafood Festival is another crowd pleaser on October 15th.  We hope to see you in Duck soon!