Market Update 
There are currently 11 blog entries related to this category.
Outer Banks Market: Continually Strong Over Others
Friday, May 11th, 2012 at 2:37pm. 26 Views, 0 Comments.
There’s no such thing as a sure thing, but about as close to that as you can get is the tourist industry on the Outer Banks. Of course, that’s easy to say (or write), but investors looking to purchase homes for the rental market need more than words.
The fact is, though, that Outer Banks tourism revenue has grown every year since the early 1990s with the exception of 2008 to 2009. Using Dare County gross occupancy as a bench mark, the loss in revenue was 1.78% during that period, but in the two years since, revenues have increased more than 7%--and that includes last year when Hurricane Irene struck during the last week in August.
The almost 3.8% increase in occupancy revenues 2011 vs 2010 is truly remarkable. Because of Irene, there…
Real Estate Trends & Outlook
Friday, April 27th, 2012 at 10:30am. 63 Views, 0 Comments.
We’ll call this one “The Numbers Game” or maybe, “Statistics Don’t Lie . . . They just Change Their Story”.
The problem, of course, with that ever-changing statistical story is at some point in time no matter how the story is cast, the reality of the numbers takes hold. And looking for a silver lining in the face of declining real estate values is a tough job, but there really are some glimmers of hope.
Wondering how Outer Banks property values stacked up against other resort areas on the East Coast, I took a look at housing sales over the past five years. Using the information on City-data.com, some pretty interesting numbers emerged.
First the obvious. The average selling price of properties fell and fell…
Outer Banks Economic Forecast
Tuesday, April 10th, 2012 at 8:31am. 98 Views, 0 Comments.
Jim
Kleckley, PhD, is the Director, Bureau of Business Research at East Carolina
University and the President-Elect of the Association for University Business
and Economic Research, so when he discusses the economy there is a certain
amount of expertise associated with it. Sponsored by the Chamber of Commerce,
Dr. Kleckley had been coming to the Outer Banks for the past six or seven years
and putting his two cents in about where the economy is heading-- and for the
most part, he’s been remarkably accurate.
So his latest prediction, coming last Tuesday, comes as a relief.
Growth--sustainable growth--has returned to the Outer Banks. Nothing spectacular, but it would appear that the local economies, powered by the strength of the…
Outer Banks Market Update
Monday, April 2nd, 2012 at 3:55pm. 101 Views, 0 Comments.
A reason for optimism in the Outer Banks real estate market at last! Sales are up. Properties under contract are up. Inventory is coming down.
“The first quarter is now behind us and it was a good one,” Roy Singletary, Resort Realty Sales Manager, says. “There was an 18% increase in number of sales over the first quarter of last year.”
Values continue to be outstanding, and this may be the best time to buy. The market continues to be depressed by bank owned properties and short sales, but that inventory is being sold off. “Bank owned properties made up 22% of all sales and short sales comprised 11% of all sales,” Roy says. “Buyers are drawn to these properties because of their less than normal market values.”
Prices are…
Outer Banks Event Homes
Tuesday, January 10th, 2012 at 12:12pm. 269 Views, 0 Comments.
The
Outer Banks Wedding Expo was this past weekend, so this is probably a good time
to talk about the business side of getting married on the Outer Banks. There
is, of course, romance and love (hopefully) involved in getting married, but
there is certainly money to be made as well.
Although specific numbers are hard to come by, a conservative estimate puts the number of weddings on the Outer Banks (Carova to Ocracoke) at a little over 3000. The amount of money the industry produces is huge. The average wedding costs somewhere around $29,000-30,000, and that figure does not include lodging.
It is in lodging that the greatest opportunity for homeowners lies.
Because the majority of Outer Banks weddings occur in the shoulder seasons…
2012 Real Estate Outlook
Wednesday, January 4th, 2012 at 8:33am. 251 Views, 0 Comments.
It’s
hard not to be optimistic at the beginning of a new year, although with real
estate it’s a little more difficult than feeling good about your favorite
sports team, as an example. The analogy with sports teams seems reasonable though. Their success tends to be somewhat cyclical--some more cyclical than
others--a reasonable guess can be made about their chances for success (or
failure) based on observable facts, but ultimately it is the game itself that
decides how well a team does.
That comparison, however, doesn’t really hold up all that well. No matter how much we care about our favorite teams, no matter if they win or lose, in the big scheme of things, it doesn’t really matter. The value of our property, though, the largest…
When is the Right Time to Buy?
Monday, November 28th, 2011 at 1:21pm. 211 Views, 0 Comments.
Buying a house is a lot like having kids--there probably isn’t a ideal time for either, which roughly translates to, “Don’t wait for the perfect moment, because it will never happen.”
That being said, if there is such a thing as an ideal time to invest in Outer Banks property, this is it. Prices in the area seem to have fallen about as far as they’re going to fall, interest rates are at historic lows and banks are starting to write loans again--although they are being very cautious. “The time to buy is now,” Roy Singletary, sales manager for Resort Realty, says.
Like any market, there are unique characteristics to the Outer Banks that both buyers and sellers need to know. The vast majority of homes bought and sold are…
Newly Constructed Coastal Homes - Showcased in Annual Parade of Homes
Friday, October 14th, 2011 at 3:40pm. 262 Views, 0 Comments.
The
Outer Banks Parade of Homes is one of those events that seems to combine just
about everything. Certainly it’s about the business of building, buying and
selling homes--yet it’s way more than that. There is the design, innovation and
craftsmanship that goes into the homes; and there is the setting, for the
Parade of Homes is very much about a way of life and the beauty of the Outer
Banks.
It’s difficult to tell how successful this type of event is until after the fact, although both brokers and contractors felt there was better, and more qualified, interest in homeownership than there has been for several years. It’s difficult to know just what is creating the increased interest in Outer Banks homes, though two thoughts kept…
September Market Update
Monday, September 26th, 2011 at 9:13am. 205 Views, 0 Comments.
The August real estate numbers for the Outer Banks are in and there seems to be a consistent trend toward improvement. It’s certainly not time to break out the Champagne, or even the beer, but the numbers are showing a very gradual--slow--improvement in the marketplace.
It’s certainly a good news bad news scenario, depending on where you are in the marketplace. The Outer Banks market continues to be very much a buyer’s market with downward pressures continuing to depress prices. Yet what is most striking about these numbers is the steady, if unspectacular, increase in overall real estate transactions over the past three years. Coupled with inventories that have consistently declined from their high in the summer of 2008, the…
Interested in Outer Banks Commercial Properties?
Monday, March 21st, 2011 at 10:46am. 289 Views, 0 Comments.
Managing
a business on the Outer Banks is not like running a business anywhere else and
to paraphrase a quote, "The long journey to success begins with the first
step." And the first step on that journey is finding someone who knows the
market and understands your dreams.
Broker Randy Jones has ten years of real estate experience helping people follow their dreams and take that first step to fulfilling their dreams. Resort Realty Agent of the Year in 2009 and 2010, Randy has the unique background and experience that gives his clients added benefits that bring them closer to realizing their aspirations.
A graduate of Wake Forest School of Law, Randy was a practicing real estate lawyer before becoming a broker. He currently owns or co-owns a…
