North Ridge Estates, Nags Head - Just Listed: 3405 Buccaneer Dr, a 1,700 sq. ft., 2 bath, 4 bdrm 2 story. Now MLS® $199,000 - Great house, great location, great pool, bad tenants. This 4bd/2bth house was in great shape but was rented out. Now it needs a new owner to bring it back tolife. With a little work this house would be a true gem. Carpet, paint, applainces, yard work and some minor repairs will bring back this house to it's formerglory. Close to beach, shops and restaurants. According to the seller new roof in 2004, HVAC in 2005, pool pump in 2005. Great Price for a year round, 2ndhome or rental house.
Matt Huband is Broker/Owner of Hometown Realty in Kitty Hawk, NC. Working with buyers and sellers from Corolla to Hatteras interested in foreclosures, short sales, 2nd home, investment property, new construction, and condo sales. Put Matt's extensive area knowledge to work for you.
The Virginia Pilot reported today that construction on the Mid-County Currituck Bridge is scheduled to begin in February or March next year. While there are still many details to work out it is seems that after 20 years the bridge will finally get built. Once completed, scheduled for 2013, the bridge will help ease the summer traffic coming onto the Outer Banks for everyone. Those tourists traveling to Corolla will save at least an hour of travel time if not more by using the bridge. For many it will be a huge sigh of relief when this bridge is finally done.
Matt Huband is Broker/Owner of Hometown Realty in Kitty Hawk, NC. Working with buyers and sellers from Corolla to Hatteras interested in foreclosures, short sales, 2nd home, investment property, new construction, and condo sales. Put Matt's extensive area knowledge to work for you.
The Outer Banks real estate market continues to put up good numbers as we head into the last quarter of 2009. For the 5th straight month the number of sold houses were over 100. If the number of sold houses continues on its current pace in October it will be 6 months in a row. Buyers are realizing that the prices and mortgage rates are just too good to pass up. Out of the 126 sold properties only 24 were either foreclosure or short sales. There are some great properties on the market that are not distressed.
There has also been an increase in higher priced homes selling in recent months. This can be attributed to mortgage rates for jumbo loans dropping and the availability of 10% down programs for 2nd homes. In my opinion, the buying environment will be extremely favorable for the next few months. Sooner rather than later mortgage rates will be going up and that is going to impact every buyer. The cost of waiting to buy can significantly impact the price of the house you can afford. The tide of the real estate market on the Outer Banks is turning!!
About the author of this blog:
Matt Huband is Broker/Owner of Hometown Realty in Kitty Hawk, NC. Working with buyers and sellers from Corolla to Hatteras interested in foreclosures, short sales, 2nd home, investment property, new construction, and condo sales. Put Matt's extensive area knowledge to work for you.
I wanted to pass along a great story that was posted in The Outer Banks Sentinelabout a local cancer survivor named Ed. I am sure everyone in America knows someone who has had cancer, both my parents are cancer survivors. Each and every person who survives cancer goes through a great amount of shock, grief, and then the torture of chemo or radiation. Like so many other survivors Ed has as a story to tell. He was able to take is own personal experience and capture it by writing a book titled"Ed ... It Was Malignant". The book talks about the struggles Ed endured and the great resources that are available that helped him get by each day. Ed now trains for the OBX Marathon which falls 1 year and 1 day from the time he was diagnosed with cancer. Ed thought it would be a great testament to all those who inspired him and to those who lost their fight to be able to finish the marathon. If you know someone who is currently battling cancer reach out to them and pass this article along.
Ed is donating a portion of the proceeds from his book to The American Cancer Society. Each and every year my family donates and takes part in the American Cancer Society's Relay For Life and I encourage everyone else to do so. To read the story go to When Cancer Called Ed
About the author of this blog:
Matt Huband is Broker/Owner of Hometown Realty in Kitty Hawk, NC. Working with buyers and sellers from Corolla to Hatteras interested in foreclosures, short sales, 2nd home, investment property, new construction, and condo sales. Put Matt's extensive area knowledge to work for you.
It's great that Corolla is finally getting a bike trail. I see so many people walking and biking along Hwy 12 and it is very dangerous. The roads are curvy with lots of blind spots so this trail will help keep the locals and tourists safe. After all the money the government has wasted over the last few years of bailouts I am glad to see that at least some of it is going to good use. Below is an article from The Daily Advance on the bike trial.
Thanks to a $500,000 state grant, Corolla residents will soon have a trail for walking, jogging and biking.
Currituck County officials announced Friday that the county has been awarded the grant by the North Carolina Parks and Recreation Trust Fund. The $500,000, combined with $500,000 in county funds, will help pay the $1 million cost of constructing a 10-foot wide, 1.2-mile paved trail in Corolla.
"We're really excited about it," said Holly White, senior planner in the Currituck Planning Department. "Right now there's nothing there, so people are riding bikes and moms are pushing strollers along the side of the road." To learn more go to Corolla Bike Trail
About the author of this blog:
Matt Huband is Broker/Owner of Hometown Realty in Kitty Hawk, NC. Working with buyers and sellers from Corolla to Hatteras interested in foreclosures, short sales, 2nd home, investment property, new construction, and condo sales. Put Matt's extensive area knowledge to work for you.
No matter when you come to the Outer Banks there always seems to be a breeze blowing. Now Mother Nature is going to work when Duke Energy plans to install 3 test wind towers off the coast of Hatteras next year. The test towers will be monitored to see how effective and what impact they will have on generating "green" electricity. If the test proves to be successful a large scale wind farm will be built approximately 7 miles off the coast of Hatteras in the Pamlico Sound. For years the state had plans to try and harness the wind that continually blows on the Outer Banks. Now with the "green" movement all the rage the timing is right. Many local and state leaders were in Hatteras last week to kick off the campaign and talk to local residents. There are already 2 wind towers on the Outer Banks, one at the Coquina Beach access and at The Outer Banks Brewing Station.
I think the project can be a great asset to the Outer Banks if done properly. Many residents on Hatteras and the Outer Banks lose power during storms. Hopefully these wind towers can provide the power needed to keep the lights on and ultimately help lower our energy bills.
Matt Huband is Broker/Owner of Hometown Realty in Kitty Hawk, NC. Working with buyers and sellers from Corolla to Hatteras interested in foreclosures, short sales, 2nd home, investment property, new construction, and condo sales. Put Matt's extensive area knowledge to work for you. To learn more about Outer Banks real estate go to www.HometownOBX.com or email MattHuband@HometownOBX.com
If you have been following the financial news lately you may have started to hear talk about when the FED is going to raise interest rates. It should be no surprise that sooner or later the FED will have to raise rates since they have been at all time lows for many years. The FED is going to have to be extra careful when the time comes to raise rates. When do they do it?? How much?? When do they stop?? In the next 3 to 6 months I think we will find out the answer to all of those questions. In the meantime it's time to start thinking about how is it going to impact you,me, everyone.
First and foremost raising rates will hurt anyone currently making payments on revolving lines of credit like credit cards, home equity lines, and any loan based on the prime rate. Those minimum payments are going to go up each time the FED raises rates. Many people are struggling to make ends meet and rely heavily on credit to get by and now is the time to make those extra payments to pay down some of that debt if possible. Another thing to consider might be moving all of the remaining revolving debt to a fixed loan and take advantage of low fixed loan rates. The payments may be more in the short term because you are paying down principal and interest but in the long run may save you if rates increase dramatically. Do your homework to see what options are right for you. On a more positive note for everyone who has been getting those ridiculously low interest rates on checking, money market, cd's and money market accounts will be happy as those rates will rise paying out more interest.
Now let's talk about what affect all of this will have on mortgage rates. Finally the real estate market is starting on the road to recovery, at least here on the Outer Banks it has, and low mortgage rates have had a big impact on that. When the FED does decide to raise rates mortgages will follow suit as well. As mortgage rates rise it decreases a buyer's purchasing power substantially.
Example: If a buyer is qualified for a maximum monthly principal & interest payment of $1500 month with 20% down a buyer can purchase a house for $418,750. However when mortgage rates go up 1% the buyer can only purchase a house for $375,000 to still have a P&I payment of $1500 a month.
Just a 1% increase in mortgage rates decreases a buyer's purchasing power by $43,750!! If you are currently looking to buy or on the sidelines waiting you need to consider what kind of impact rising mortgage rates will have on your ability to buy. Get with your local lender and Realtor to find out what prices are doing in your area(remember real estate is local not national) and ask them to help you figure out how much rising mortgage rates will hurt you. You may realize that now is the time to jump off the fence and get the house you have always wanted.
OK, it's time to breath again after a busy summer season on the Outer Banks. Now comes what I consider the absolute best time to visit the Outer Banks, Fall!!
As for the Outer Banks real estate market many of you have been waiting and waiting for what you would consider the "right time" to buy. Here on the Outer Banks for the 4th month in a row home sales have reached 100+. This has not occurred in over a year and so far this month we are on pace to make it 5 in a row. Also the percentage of distressed properties sold peaked in Feb. 09 for Short Sales and March ‘09 for Foreclosures Mortgage rates are still hovering around 5% and lenders are anxious to lend money, underwriting standards are easing and old mortgage programs are available again. With prices back to 2003-2004 levels and sellers still willing to negotiate on price ( 6% on avg.), to say it's a buyer's market is an understatement.
The most glaring statistic that shows the Outer Banks is bottoming out is the average sold price decreased just 1.6% at the end of August compared to July. I anticipate this price stabilization will continue and by next year start to go in the other direction. Due to the unique nature of our market, statistically the Outer Banks has always been ahead of the national real estate market in terms of a decline and recovery. The Outer Banks started to decline almost 2 years ahead of the national market. If the same holds true our recovery is already 8 months underway which means the national market is about a year away from stabilizing. Remember, real estate is local and therefore what you hear on the TV or read about does not accurately reflect what is happening in every location. Every market is different and is recovering at a different pace.
The Outer Banks market is well on the road to recovery!!
Opening on Thursday, October 8, with 29 homes spanning Corolla on the Currituck Banks to the laid back atmosphere of the towns on Hatteras Island, the Outer Banks Home Builders Association's 17th Annual Parade of Homes promises a fresh perspective on newly constructed coastal homes. This year's sampling of homes has incorporated new designs, technologies, green building methods and new product innovations and furnishings. It is your best opportunity to walk through and study all 29 of our showcase homes covering 121 miles of our beautiful coastline while enjoying the relative calm of the off season and the stellar weather fall brings to our shores.
The participating builders and associate members of the Outer Banks Home Builders Association hope you will join us for this annual Parade. And our tour is your tour - to be taken on your own timetable Thursday, October 8 through Sunday, October 11. All Parade homes are open from 10 a.m. to 6 p.m. all four days of the tour. These homes are each a unique interpretation of life at the beach - be it design of the home, themed décor, location or purpose- with tremendous diversity among the offerings.
The Outer Banks real estate market has seen a dramatic increase in buyer activity and sales since the beginning of the year. The Outer Banks market has leveled off and prices are stabilizing!! For more information about Outer Banks real estate and to sign up for a FREE Foreclosure & Short Sale list go to www.HometownOBX.com or contact MattHuband@HometownOBX.com
Come to the Outer Banks for your big summer weekend!
(Outer Banks, NC) September 1, 2009 - Take advantage of cool summer deals this weekend at one of the hottest East Coast beach destinations. The Outer Banks of North Carolina is a wildly popular place to get away from it all, and what a way to officially celebrate the summer of 2009 than a trip to the barrier island coast. Finding a place to stay is as simple as browsing our Great Summer Offers at outerbanks.org. You'll find something affordable no matter what your budget. From living simple to lavish, Dare County has a wide selection of hotel and motels, rental cottages and inns, campgrounds, condos and cottage courts to suit your taste and pocketbook. For dining, you'll find brand new restaurants mixed among your tried and true Outer Banks favorites from Duck to Hatteras, and for those who prefer to do their own cooking, you can pick up fresh NC seafood harvested from local waters at one of several real fish markets and fresh produce stands.
With 130 miles of free access beaches and free parking for everyone, not to mention the unbridled nature and wildlife of the Cape Hatteras National Seashore as your setting for fun in the sun, you and yours can have a blast doing things found nowhere else! Go hang gliding off 85 ft. sand dunes, or play a round of golf at a waterside Scottish style links. Climb the tallest lighthouse in North America or walk where the Wright Brothers flew the world's first powered airplane. Learn about the first English colony in what would become America at Roanoke Island Festival Park. Charter a trip offshore to catch billfish, tuna or mahi mahi or just cast out from the shore to reel in dinner! Treasure hunt among the great retail sales going on for just the right gift of clothing, souvenirs or beach home decor. Give us a call and we'll help you get started on your Outer Banks vacation or weekend getaway at 877-629-4386 or go online to see everything the islands have to offer at outerbanks.org.
This beach scene near Avon, NC is typical of what you'll find along the villages of the Outer Banks of North Carolina, particularly among the villages of the Cape Hatteras National Seashore. But like all beaches in Dare County, parking and public access are free, and there is plenty of room for everyone to enjoy. Aaron Tuell photo courtesy Outer Banks Visitors Bureau.
Outer Banks Visitors Bureau One Visitors Center Circle, Manteo, NC 27954 252.473.2138
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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