September 2015 Recap

Posted Heather McLayPosted in News

The Outer Banks, along with the entire Eastern Seaboard, is breathing a sigh of relief as Hurricane Joaquin is passing to the East.  After more than a week of very heavy rain from a stalled front, the last thing we needed was a hurricane.   

In real estate news, the forecast is looking great!  Residential sales are up by 13% for the year thus far, and land sales are also on the rise.  Land is selling for 15% more this year, and residential values are also showing a 5% increase.  Distressed property inventory is now decreased by 52%!  Both residential and land inventory are also down.   

Please note that Dogwood Trail is now closed for the replacement of the Tall Pine Bridge.  This is going to take 6 to 9 months to complete.    

We hope to be seeing a lot of you in the coming months. After the busy rental season has wound down, you can enjoy the best time to be here! Mark your calendars for the Duck Jazz Festival on October 11th and the Outer Banks Seafood Festival on October 17th.  Have a great October!

August 2015 Recap

Posted Heather McLayPosted in News, News Letter

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

Posted Heather McLayPosted in News
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

Posted Heather McLayPosted in News, News Letter

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!