In many markets  a good portion of the properties that are selling are either REO or short sale. About 30% of my lisitings are short sales now and I have been able to pick up 6 REO listings ( scraps form the REO fraternity) this year.  Our MLS inventory is less than 6% under contract - My inventory will be 30 to 40% under contract by the middle of next week .

It just seems crazy to me why an agent working for a buyer would "stay away" these opportunities just because of  the pitfalls that come with a short sale . Seems to me we should all jump in and get these distressed homes sold - then these agents can find something new to complain about. We are going to have to MOVE this distressed inventory over the next couple years if we want to " stay away" from them. We  have a duty to  our clients to let THEM decide whether they want to get involved with a short sale.

I would love to hear some comments on what motivates the " I stay away from short sales " talk.

I believe that EGO and laziness are two of the culprits??? any thoughts out there?

Sending a Blessed 2010 from the Outer Banks!

                                                        3 Seasons B&B ~ NOW FOR SALE!

                                                                  Kitty Hawk NC

Well established Bed & Breakfast now for SALE! - ON the golf course at Seascape , Ocean Views ~quick walk to the beach and great restaurants. Priced to sell at $499,000! contact me today for more info. 17 years of repeat business - open only six months a year , steady 40k gross - open all year and boost your cash flow!  Give me a call for more great Outer Banks News!!  ~ Agents - I trhank you in advance for your refferals and looking forward to mailing your check!

        Why are some homes selling quickly and others NOT even getting a showing? - maybe a nice flyer will do it!! LOL- I actually saw that nonsense in a real estate column recently!

 Here on the Outer Banks the price of an average middle class home went from 80k to 120k in 1998 to 280k-350K in a matter of three short years !!  My little home on Palmetto street was worth 80k for about 7 solid years in the 90's - then all of a sudden BANG $295,000!! Let's remember that historic appreciation in real estate is 6 to 8% . This is reality - THAT other thing was a very quick dream - or a nightmare for some.  

One reason The Outer Banks market has a higher than normal absorption rate is because we are primarily a second home market. The real reason is that so many people are stuck in that fantasy price and trying to sell in a brutally real market. Buyers want value and when they see it they are buying without flinching.

Why would they buy an investment property that is only grossing 5% ?? The answer is .. real investors only laugh at this nonsense. This correction has been more painful than the last but consider the huge appreciation in only a few short years. It only makes sense to go back and remember the reality price of your home in 1999 or 2000 and then compare to where you are priced today. Are you at $350,000 when similar homes have sold recenlty for $265,000?? BUt ,but what about my granite & tile ??? SORRY maybe you can get $270,000 then. Most likely it will be $265,000 with the granite helping you up from $260,000- remember the market is moving and prices are declining still.

  While we are going through this market correction and waiting for prices to find their way to buyers reality price -Find an agent with skills and listen to them about price. If your sales person has not been trained and is not constantly honing their skills then maybe there is grass growing under his/her feet while your home collects dust on MLS. If your agent does not  think of him or her self as a trained salesperson then RUN quickly to the nearest trained SALESPERSON and list your home with them!

An agent with skill is one that is actively beating the bushes for buyers for your listing. These people are highly trained on every script and dialog that can occur in real estate buying and selling.  I would rather have an agent that as spent some time and money learning SALES skills than the guy that has billboard and bus bench ads . Why? - usually(not always) these Billboard agents are more passive and are hoping to BUY business through what they call marketing.

 In reality most of the homes that are selling in this market are sold before they even have time to get into print ads. Why??? because the sellers are reading the market stats with the help of a professional , jumping out ahead of the declining price curve and SELLING that home. It is as simple as 123.

 Check out this Myers BarnesVideo about the market - he was my first coach & he tells it like it is.

If  you are having trouble getting your home sold ... Call me today , we will look at market stats and use them in your favor before you ride this curve ALL the way to the bottom. Visit me @ Beachhouseouterbanks.com

If you are an agent wanting to brush up on your skills - then go to you tube and check out myers' free videos!

  Historic Manteo is by far the coolest little Coastal Town in Northeastern North Carolina.  There is an abundance of shopping,coffee shops, book shops, entertainment , watersports , fishing or just plain walking tours of Historic down town. When you come for a visit do not forget to check out the Lost Colony!

Baby boomers are popping up as new residents all over town. Some retiring early and some good and ready to settle in to coastal living at it's finest but using their new homes for weekend getaways until the time comes.  Some are pleasantly surprised when they find that their new neighbor has a soft shell crab operation right in the back yard . Others are attracted to the abundance of the Arts here in Manteo - the county seat of the Dare county Arts council. Others love the history , some are looking for pirates treasure!

It almost feels like Mayberry, in fact if you close your eyes and concentrate you can hear Opie whistling that may-berry tune. There is little doubt that Manteo will be THE hottest real estate micro market on the Outer Banks soon.  With everything at walking or biking distance it will become hard to leave this little sanctuary once you get settled in.

This is the perfect place to settle down and Cedar Bayhas been the overwhelming best seller in the town of Manteo in the last year. We have outsold our competition by 300 to 400% the number of units sold. One local condo/ single family development has sold one to our 4 for the year of 2008. Our competition is tight and we have noticed the other developers hanging around our neighborhood snooping! LOL- just kidding...actually we have noticed they have followed our lead on good pricing and we wish them a great 2009 selling season.  One of our competitors has recently hired one of the most powerful sales managers in the industry! I'm sure that costs a pretty penny and will likely cost you as a buyer as well! Be careful and make sure you shop the whole town to see what suits your needs and your budget.

There are several reasons that Cedar Bay is so attractive - one is price and another is the tranquil location. We are located due west of the Historic Waterfront less than a mile . Our site hugs the 100 acre County Parcel soon to become a new sound front park!  We are less than one minute driving from the US Fish and Wildlife boat ramp and we have four available marsh front westerly sound view lots available-not to mention the style and quality of construction. Make an appointment to visit our site and ask for a free Magnolia Grille or Front Porch Cafe gift card.

If you are interested in Cedar Bay or anything Outer Banks give me a call . If you are a Realtor in DC area , Northern Va or anywhere in the northeast this is a no brain-er for your best clients - send me an outbound referral today - I will start sending checks $$ your way soon!

Opportunity is at an ALL TIME HIGH!!- turn off the boob tube and come out to the beach and visit me!!

Cheers to a great 2009!

January closes out on Outer Banks with 62 single homes under contract for the month. There may be a few that went under contract this weekend with paperwork pending.

There are currently 1997 single family homes on MLS - this means there is a 32 month supply of homes on the market as of today. There were 42 new listings posted over the weekend. Our absorption rate is  three times the national average - Buyers delight!

34 single family homes closed in the month of January with seven of those being REO's. This means that REO's accounted for 20% of the market for January. Lets all get out there and sell these REO's and short sales -the faster we do it the quicker our jobs become less hectic and more predictable.I know these are a pain in the Arse but somebody has to sell em. Let's get back to doing business with real estate pros instead of bankers- It is amazing to me that the investors actually have banks handling these -I will save that mess for another post

 Now is showtime on the Outer Banks- I see an uptick in January on units U/C from the last three months- We have about 4 months before it starts to become difficult to show property . Units sold always dip slightly during high tourist season - no reason for us to slow down as salespeople - just an observation.

If you have sellers that are not priced out ahead of the competition and ahead of the declining curve - DO NOT feel guilty about sliding them to the back burner as long as you have supplied them with the facts showing them how much money they are losing each month--(about 1 to 1.5%) depending upon the sector of the OuterBanks market.  Go out and find sell able listings - they are our there! OK we all have a few that get decent sign calls- still no need to waste time on pie in the sky pricing. Plant the sign and thank the Lord for the calls then go get one that will sell.

If you have qualified buyers that are still waiting to catch a falling sword - they may be greedy or just plain uninformed- sort through them and move on . Don't forget to remind the pole sitters that pigs get fat and hogs get slaughtered! Keep these buyers around but you must move on don't waste valuable time on them- ...  you may have to sort through three times the amount of qualified leads than you did back in 2004 before you get someone worth hauling around or wasting good listings docs on- Do not grow weary - in due season you will reap a harvest!!

Have a great selling season. Opportunity is at an all time High!

Steve Blaisdell puts the REAL in Outer Banks Real Estate

www.cedarbaync.com  

Come to Historic Manteo to find the perfect blend of Mayberry and Coastal Elegance.  You will never want to leave the Island once you are settled in.

Now that Baby Boomers are retiring at rate of about 6 every minute they are looking for that coastal small town place to settle . Cedar Bay in the town of Manteo is the perfect setting. Less tan a mile to the shops, galleries and restaurants on the Historic waterfront it would take one quite a while to see it all. If you are thinking the way many 50 to 60 somethings are then log on or call me today. I will reserve your lot today.

This low country style community has small but not "too small" lots for those not looking to mow . We are located one minute or less from the Public boatg ramp and right next door to a new and coming soon sound front 100 acre County Park.

This is the best new construction value on the Outer Banks and the peaceful setting and convenient location are unbeatable- call me today!!

http://www.youtube.com/watch?v=ojNUUf3ERis  

  Roanoke Island and historic downtown Manteo has turned into one of the hottest micro - markets in this long skinny Island paradise we call the Outer Banks.

I predict Manteo to be one of the HOTTEST areas when baby boomers begin to really retire en-mass. Colingotn Harbor will be another hot spot to look for . The Historic Manteo waterfront wiil be the draw with all of the little shops , studious , the Theater , restaurants and coffe houses. 

Jump across to festival park for concerts and you can get your museum fix while you are there.

This still leaves the Lost Colony and Elizabethan Gardens to visit and you can enjoy the gardens all year round. If you want to really enjoy Coastal living at its best you can be in the sound pulling out a rickfish within 5 minutes of almost anywhere on Roanoke Island. If you want to go offshore then you have plenty of Local Charters - they will have you hooked up in no time.

Come visit me in Manteo or at Cedar Bay on the west side of Dwontown Manteo.  www.cedarbaync.com

http://www.youtube.com/watch?v=ojNUUf3ERis    

I makes no sense to classify a Beach House as an investment when it only does 5% gross return on income. Once you deduct the operating expenses you are at about 3% or less!!!

I would rather buy a CD or something that will put$$$ in my pocket for an investment. Real investors laugh at listings that are $2,000,000.00 and they are grossing $98,000----

 Everyone  one is tired of looking at them collecting dust on MLS-!

 If I want an investment and by that I mean something that will pay on principal then I will buy a bond or CD or something that will actually put the $$ in my pocket and guess what?? I will never have to paint it or cut grass or fix he water heater.

NOW- if I want to buy a beach house and get a little help with rent then I can understand the 5% Gross rent.  Still the savvy buyer wants closer to 10% - we have a Mexican stand off here on the OBX concerning price - be not afraid though because every week or so a seller decides to get real and listen to the professionals .The results??  a contract and quickly!- of course NRA stats suggest it has taken the average seller decide to believe in the suggested price 1.5 years later than it was suggested - what happens then?In most case they have thrown away $$$$$ and for what?

The sooner they decide to list at a price that will cause the home to sell the sooner they will get the place sold and move on.

The housing boom bar is CLOSED, last call was in 2005!! smokem if you've gotem, you don't have to go home but .... you know the rest.

Let me know what you think--

Blaze on the Outer Banks signing off

In 1950's when the US Government took our precious land to create Cape Hatteras National Seashore, the Park Service promised that access would never be deniedand the charter clearly makes our beaches recreational areas.  Man has dominion over the earth and all creatures - this law was laid down before the foundation of the earth- Has the Audobon Society overturned this law with the help of an activist judge?

Little by little our federal government has given way to much power to groups like US Fish and Wildlife. Here is a group filled with extremists with a burning desire to shut down access to any and all federal land that contains wildlife. DO not be fooled , little by little they are closing access to our most prized places . We need to put some power back in the hands of the people in this country, We are a government for the people by the people right?? Then why have we let government get so big and allow our voice's to be turned down to negative 200 decibels?? 

The National Park Service over the past several decades, together with the Interim Protected Species Management Plan adopted by the Park Service in 2007,has created a safe environment for these species with signs that these species have been flourishing, while still providing access to the beaches and traditional fishing and surfing areas.

 These beach closures were a result of a lawsuit filed by environmental groups to protect certain endangered species along the shoreline.  HOW did they get away with it? Because we have all been asleep at the wheel while they have been planing for years to take away our beaches- We need to fight back and we need to ban all of the environmental lobbyist wackos form the floors and halls of Congress-

I have been surfing and fishing at the point and Oregon inlet for thirty years and have never seen a piping plover nesting where we surf , fish and enjoy a day at the beach. WHY have I never seen one ? Because they absolutelyDO NOT live there- it is not the natural habitat for these little birds yet a freakazoid Judge that has never set foot on Cape Point has decided to ban us all from enjoying it.

Excuse me but are we still in the good ole US of A ?? This is ridiculous and I sincerely believe that the Judge has some splaining to do. I also believe he should be found criminally liable for every penny we have lost in tourism since he decided that he was King of the beach. And he should apologize for his ruinous act.

Take a stand now - our personal freedoms are eroding and they are being swept out to sea by Socialist wimps that think the government should run our lives -FIGHT BACK now or do not complain when every park , beach , riverfront , ski resort etc is shut down by these so called environmentalists.

Blaze on the Outer Banks -Signing off - GOD BLESS the US!