Rain, rain go away! June was certainly not a dry month for our area. We had only 14 days with no rain, and our rainfall total was nearly an inch and half more than our normal June rainfall totals. Even though all of this rain has made everything very lush and green, we hope it clears up soon.
Dare County will be voting on a 1% occupancy tax increase on July 15th. The current rate is 5% and is 1% less than Currituck County currently charges. The County needs to make up funding for the proposed beach nourishment projects in Kill Devil Hills and Duck. The town of Kitty Hawk is also working on a large scale plan to reduce storm flooding. These projects are critical to the long term enjoyment of the area.
The town of Duck may soon be cracking down on oceanfront properties. On June 5th, 2013, the Town Council of Duck held a public hearing in regard to a proposed ordinance that would require oceanfront pools, decks, dune decks and gazebos to be located a minimum of 30 feet from the first line of stable natural vegetation. CAMA currently requires a minimum setback of 60 feet for these types of structures but does not regulate placement within that setback. Thus, in some ways, the proposed ordinance is more restrictive than current CAMA regulations. The ordinance also has other requirements and bans. We will keep you informed on this matter.
In real estate news, interest rates are on the rise. Rates are still low, but the days of 30 year fixed rates under 4% may soon be over. With the first half of 2013 now behind us, we have some concrete numbers that indicate that this year will not be as good for sales as 2012 was. The total sales volume is down by 12%. Residential sales are down by 6%, but land sales are still up by 3%. The good news is that the number of distressed properties on the market continues to decline. Distressed properties now account for only 9% of the total inventory, compared to 13% at the close of 2012. During the first quarter of 2013, distressed properties made up 31% of the total sold properties, and that number is now down to only 16%. This is a big improvement, to say the least.
If your summer plans bring you to Duck, please stop by and say hello. And, as always, please let us know if you have any real estate related questions.
