While it is sad to see summer coming to a close, September is our favorite time of year on the Outer Banks, so we are excited! Typically the temperatures cool off just enough in September to maximize outdoor enjoyment. This year has been an exception. The month of August was unusually mild, and the first week of September saw temperatures in the 90s nearly every day. Not exactly what we had hoped for. Summer officially ended for local children just a little early, as Dare and Currituck County schools started back on August 25th.

In real estate news, the year to date summery is out, and there isn’t much new news to report. Residential sales are down from last year by 4%. However, we expect to make up for that this fall. Things got off to a slow start for 2014 because all the snow the East Coast made it difficult for many of our clients to travel to look at beach property. Though August is typically a slow month for sales, this August was very busy for us. We believe this is a good indication that sales will be good this fall. Thus far, lot sales are holding at the same rate as in 2013. Inventory is down from last year but it is expected to spike as we get into the fall season. The wonderful news is that distressed and bank owned sales are still down by 44%.

Interest rates are holding. The 30 year rate for primary and 2nd homes is still in the low 4% range. The investment loan rate is in the mid 4% range. And the 15 year rates are in the mid 3% range.

If you have plans to be on the Outer Banks this fall, you surely want to take note of some of the fantastic upcoming events. The Outer Banks Seafood Festival is scheduled for October the 18th. The Outer Banks Marathon and Half Marathon is scheduled for November 9th. And the Duck Jazz Festival is coming up on Sunday, October 12th over Columbus Day weekend.

As always if you have any real estate related questions please don’t be a stranger. Happy Fall!

Aside from Hurricane Arthur early in July, the weather was very pleasant most all month.  We had the normal 5.2 inches of rain, and temperatures were mild.  As of this writing, tropical storm Bertha is off our coast at a safe distance.  The surfers are happy, but rip currents are high, and visitors should use caution. 

In real estate news, things are going great.  We did experience our typical summer slow down, but it was brief, and things are hopping again now.  We are expecting great sales this fall.  As of the first half of this year, total sales volume was up by 11%.  Inventory saw a slight increase early summer but nothing to worry about.  Bank-owned and distressed sale inventory is down by 43%, which is very encouraging.  The actual number of county foreclosures is also down dramatically by 44%. 

We are enclosing an article about the upcoming Duck beach nourishment project.  The project is scheduled to begin in 2016.  Also of note is the Tall Pine Bridge project, which will begin in January of 2015.  Tall Pine is the bridge on South Dogwood Trail in Southern Shores between Fairway Drive and Tall Pine.  At this time, we are not sure how long the new bridge project will take, but we are very hopeful it will be done by the summer of 2015. Otherwise, there will be no direct access to highway 158 via Dogwood Trail.  We will keep you posted on this and all other Outer Banks news.  Enjoy the last weeks of your summer, and as always, we’d love to hear from you. 

Foremost on everyone’s minds in the week past was Hurricane Arthur.  With the Outer Banks at full capacity, and Arthur’s surprise development into a category 2 hurricane, everyone was concerned for the safety of our visitors and the potential for the summer season to be cut short for many parts of the Outer Banks if the storm damage was significant.  However, the Outer Banks faired extremely well this time.  Arthur’s top wind gust hit 101 miles per hour, but there were no deaths or injuries.  Other than some Sound side flooding in Hatteras, Manteo, and the Dare County Mainland, damage caused by the storm was minimal, and things were back to business as usual very quickly.  We are all counting our blessings as of this writing. 

The real estate market remains steady, and the typical summer sales hiatus is now underway.  We continue to show property nearly every weekend, but over all things are relatively slow for sales right now. 

This month, you will find enclosed along with some interesting articles, a calendar of events for the Duck Town park.  If you are in town, you should take advantage of the summer concert series and other offerings.   Additionally, please make note that the Whalehead Club is also hosting a summer concert series every Tuesday from 5:30 pm until 8pm and Wine Festivals every Wednesday for a $25 admission.  We hope to see you soon! 

After what felt like the never-ending winter, it is feeling like summer on the Outer Banks again! The weather has been almost perfect for enjoying outdoor activities, and we are seeing visitor traffic picking up considerably. Luckily, all four lanes of the Wright Memorial Bridge are now opened again. We are looking forward to another beautiful summer on the Outer Banks and hope your summer plans bring you to the area.

Dare County recently approved a new concrete plant in Waves. There will be restrictions on the facility. And Currituck County has approved a 225 acre solar farm to be built on the mainland sometime next year.

In real estate news, sales have picked up a bit; however, we are still behind last year’s sales for the same period. The total number of properties placed under contract for the past year is down by 26% compared to the same time frame the previous year. The good news is that the total number of distressed property sales has gone down by 35%. Interest rates have gone up just a smidge, the 30 year fixed jumbo and conforming rate is at 4.375%. The 15 year rate is still very low at 3.5%.

As always, please do not hesitate to contact us if you have any real estate related needs that we can help with. We hope your summer is off to a wonderful start.

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!