March did not disappoint; it came in like a lion and went out like a lamb.  We are now enjoying some fantastic, warm weather in Duck!  We are hopeful that the worst of winter is now behind us.  We are seeing signs of spring everywhere, but most notably is the increase in the number of properties that have been placed under contract in recent weeks.  This is a sure sign of warmer weather on the horizon. 

March was a busy month for activities on the Outer Banks.  The Kelly’s Saint Patrick’s Day Parade was a tremendous success this year, drawing thousands of spectators despite the cold, wet weather.  The Taste of the Beach that same weekend brought hundreds to sample some of the best cuisine the Outer Banks has to offer. 

Although the new flood maps for Dare and Currituck Counties are not yet available, we are hearing good news.  We are expecting an 82% drop in VE zone structures and a 65% drop in AE zones. 

Many of you have also heard that President Obama signed into law the Homeowner Flood Insurance Affordability Act.  This officially amends some negative changes to the National Flood Insurance Program that were put into place by the Biggert-Waters Act in July of 2012.  If you are in a flood zone and your house was built prior to the establishment of the Flood Insurance Rate Maps (or FIRM) in 1978, you will still see a rate increase of 25% annually until actual risk rates are in place.  For most homeowners on the northern beaches, your homes were built after the FIRMS were established.  Your rate increases are now caped at 15% annually.  The best aspects of the Homeowner Flood Insurance Affordability Act is that once again buyers can assume flood policies already in place by sellers, and grandfathering has been reinstated.  As long as your house was built after 1978 (post FIRM) and was built to code, you will be protected from rate spikes caused by flood zoning changes.   We can all breath a big sigh of relief now. 

As the long and brutal winter of 2014 drags on, many of you are looking for signs of spring.  On the Outer Banks, we’ve been carefully watching for the return of the Ospreys, and they have at last graced us with their presence.   As another winter storm bears down on us this week, it is probably safe to assume that we will be a few more weeks before spring has officially arrived.  We are counting our blessings, none the less, as we’ve had very little snow compared to our neighbors to the north and west. 
 
We are enclosing an interesting article about the Washington Baum Bridge.  The repairs on it will not be completed this winter as planned.  However, we are very grateful that they do plan to reopen the bridge in the spring.  Can you even imagine what a summer on the Outer Banks would be like if we only had one bridge open? 
 
In real estate news, Twiddy & Company is very proud to announce that our offices in Duck and Corolla ranked as number one and two for the entire Outer Banks for both December and January.  Since 2004 our market share has nearly doubled, going from 4.3% up to 7.5%.  This is further evidence that you can trust us to work very hard for you when it comes to buying and selling real estate on the Outer Banks. 

The inventory remained on a downward trend up until this year, but the market continues to make slow and steady progress towards recovery. Currently, the inventory is up by 5% for both residential and land listings.  The spring market is typically a very busy time for buyers, so we expect the inventory to level out in the next couple of months. 
 
As always, if you have any real estate related questions please be in touch. 

A Winter Wonderland best describes the scenery here on the Outer Banks last month. We had three  inches of snow one week and another eight inches the following week.  Temperatures were in the low teens and wind gusts up to 45 mph.  We haven’t experienced weather like that since 2003. Schools were closed a total of five days making for some very happy children and plenty of nerve-wracked parents.  Needless to say, our community is still recovering from this unusual storm!
 
January was a busy month for sales.  We listed four new properties for sale, and we are enclosing flyers for each of them for your review.  The number of pending sales are not as robust as we’d like to see, however.  In fact, they are at an all-time low with only eighteen pending residential contracts on the northern beaches.   The trend of placing homes in the under-contract-continue-to-show status rather than as under-contract is the culprit.  Because of the due diligence provision in the current sales contract, agents are now refraining from placing properties as under-contract until all inspections and loan approvals have been completed.  The due diligence clause allows buyers to walk away for any reason or no reason until the deadline.  This is complicating matters for sellers, but when working with buyers, the due diligence clause is our best friend.  We suspect that the due diligence clause will eventually be eliminated from the sales contract.  In the meantime, expect the number of homes reported as under-contract to be reduced. 
 
In other news, the flood insurance rate hike has been delayed for another four years.  An economic impact study will be done by FEMA.  We will continue to keep you posted. 
 
Let us hear from you!

The month of October held true to expectations, and was spectacular for the myriad of fall outdoor events even though the second week of the month disappointed us a little with daily rain showers.  The Duck Jazz Festival was a tremendous success.  It just seems to get better every year.  The Seafood Festival, held on the third weekend in October is also gaining in popularity and will likely be an annual event.  With live music and strong participation from local restaurants, you’ll want to catch it next year if you missed it, and you will surely want to go back if you attended this year.
 
The closure of the west bound side of the Wright Memorial Bridge has not continued to cause traffic problems.  Now that the off season is upon us, we are finding that one bridge is enough to handle the egress and influx.   
 
In real estate news, fall has helped bring the sales figures for 2013 more in line with those of 2012.  Land sales are up by 6%, and  building activity is noticeably on the rise.  Residential sales are down by only 1%.  The overall market is up by 1% compared to this time last year.  The foreclosure filings remain consistent each month, but the number of residential short sales has declined by 20%.  We are experiencing a slight decline in overall sales for 2013, but overall market health is consistent.