Oceanfront in Duck!
Just listed! Check out this beautiful 6 bedroom oceanfront home in Duck.
Great construction and design/layout. Perfect setting with amazing ocean views! Great rental or 2nd home. MLS 89500. $1,399,000.
SOLD!
August 2015 Recap
The pace of life along the Northern Outer Banks has begun to slow. Children in Eastern North Carolina are entering the third week of school now, and our neighbors to the north are also back at it this week. Fall remains our favorite time of year to be on the Outer Banks. Traffic problems are virtually non existent and the weather is practically perfect.
In real estate news, we expect that recent activity on Wall Street will keep interest rates very low for the time being. It has been a great year for sales thus far. Eighty-two units closed during the month of August on the Northern Beaches alone. We have been fortunate enough to close nearly 12 million in sales this year and are in the top 10 agents on the Outer Banks. We hope the trend will continue. It is an amazing time to invest in Outer Banks real estate, and the momentum seems to be picking up.
Don’t forget to mark your calendar for the Duck Jazz Festival the second weekend of October. And, if you are lucky enough to be on the Outer Banks in September, please stop by and say hello!
July 2015 Recap
If you found yourself on the Outer Banks this summer, it was obvious to see that the popularity of the area continues to grow. Summer is now starting to wind down. We always look forward to the cooler temperatures of September and a slightly more laid back atmosphere that it brings.
You might have heard rumors about the proposed expansion of highway 158 from Kitty Hawk to Whalebone Junction. There has been talk about potentially widening Highway 158 to a 6 lane highway and adding raised medians and sidewalks. Because it would be a drastic change and may not be the solution we need, any large-scale projects are at least a decade away. NCDOT reported that a project of this nature scored very low on the priority list.
Meanwhile, the town of Southern Shores is putting a task force in place to attempt to find a solution to the traffic problems facing the Dogwood Trail corridor during the summer. The task force will be made up of 11 unbiased members. The goal is to simply determine the best way to make the roads safer for everyone. The mayor and the town council are not involved in proposing solutions and have essentially divorced themselves from the issues. Dogwood Trail will be closing in October to allow for construction of the Fairway Drive Bridge. This project will take about 9 months to complete. We are hopeful that it will be finished in time for the summer of 2016.
As always, please let us know if we can be of assistance to you. And if you are in Duck, stop by to say hello.
June 2015 Recap
Our summer season is in full swing! The beaches are packed, and local business owners are happy. Surprisingly, traffic was very mild during June, and visitors enjoyed free-flowing traffic into Duck up through the last weekend of June. As for many areas on the East Coast, June also brought some excessive heat. We are hopeful that isn’t a sign of a warmer than normal August to come. Despite national media coverage, shark sightings have not seemed to deter any visitors from enjoying the ocean.
The market continues to show signs of improvement. Residential sales are up by 8% as of the June report with single family homes leading the way at an increase of 9%. Land sales are also looking strong with a 9% gain over last year. The inventory is down by 10%. We continue to see dramatic decreases in the number of distress property sales and foreclosures for the area.
If you are in Duck please stop by and say hello. And do not hesitate to ask if you have any real estate related needs. Have a great July!
Just listed in Whalehead!
Beautiful home on prime corner lot, just steps to the beach! Great rental home with strong history. $615,000. MLS 88761.
SOLD!
Spectacular Oceanfront!
Exclusive Palmer’s Island. MLS #88712.
Don’t miss this AMAZING oceanfront home in the most beautiful area on the Outer Banks!
$2,699,999. Call for details and/or a private showing. 252-261-8311.
SOLD!
May 2015 Recap
The busy season is well underway on the Outer Banks. Traffic has been manageable thus far, but we expect to see big changes in the coming days. We savor this time of year, as the return of visitors to our area signifies a healthy local economy.
If you find yourself in Duck be sure to take advantage of the upcoming events on the Duck Town Green. Morning yoga, movies and the summer concert series are about to begin. You can visit www.townofduck.com for a complete schedule of events.
Many of you will be relieved to know that the Town of Southern Shores postponed the closure of the Tall Pine bridge until October. Dogwood Trail serves as a lifeline for many local residents on the weekends during the busy season.
Real Estate news is excellent this month. Single family residential sales are up by 8%. Average sale prices are down slightly but things are moving in the right direction overall. Land sales remain strong and are holding with a 16% increase this year. Residential inventory is down by 16%, and distressed sales are down by 32%. The improving market is being fueled by low interest rates. Both primary and 2nd home loans are in the very low 4% range for a 30 year loan, and 15 year loans are available in the low 3% range. Investment loan rates are also outstanding with 30 year rates coming in the mid 4% and 15 year rates in the mid 3% range. We look forward to continued improvement for our local real estate market.
As always if you have any real estate related questions please do not hesitate to contact us. Have a great summer! And please don’t forget to send us your email address.
April 2015 Recap
April was a great month for both tourism and sales activity in Duck! Both the Flying Pirate Half Marathon and bike week brought lots of visitors to the area this year. Duck hosted the Duck and Wine Festival again this year also and the turn out was fantastic.
We are pleased to announce that the westbound lanes of the Wright Memorial Bridge are now reopened! The project is now complete, just in time for our busiest months. On another traffic note, be aware of your speed when traveling in North Duck. The seasonal speed limit has been reduced to 35 mph.
In real estate news, things continue to improve. The first quarter sales statistics are in, and residential sales have increased by 5% while land sales have jumped up by a tremendous 27%. Inventory has continued to decline, residential inventory is down by 6% and land inventory is down by 11%. Distressed property sales have also drastically declined with short sales down by 20% and bank owned down by 31%. We are feeling very optimistic that the market will continue to improve.
We hope that your summer plans will bring you to the Outer Banks. As always don’t hesitate to ask if you have any real estate related questions or need an updated market valuation.
