Oceanfront OBX Property For Sale
The Outer Banks has an Excellent Oceanfront Market with a wide Range of Values and Opportunities from S. Nags Head North to Corolla – with Beachfront Homes Offered from $400K to $6M … There is something for Everyone!
From a cute Older Beach Bungalow, to a Premier Pine Island Oceanfront producing gross rents in the $300,000 Plus Range Annually, you will find something of interest to you.
If you intend to finance, Jumbo Money is available, and rates are attractive. There is a Great Selection available right now and Sellers remain pliable and willing to negotiate … it is the Time to Buy!
To receive a List of all Currently Offered Oceanfronts, you can accomplish this Multiple Ways within this Website:
- You Search and Select Properties of Interest … simply go to the Home Page and Complete the Property Organizer Form – you can manage and watch the status of any Oceanfront(s) of Interest.
- For a Quick Look at Oceanfronts, simply go to the Home Page and select the Search Properties “Oceanfronts” under each area of Interest, or scroll back to the Link at the Top of This Page which will take you to Current MLS Results showing All Oceanfronts For Sale.
- Select “Receive Free Automated Email Reports” to sign up to receive an initial List of All Oceanfronts meeting your Specific Requirements regarding Location, Price Range and whatever additional features you require. You will receive an initial Email with all Oceanfronts Meeting your Requirements.
Then, after that, you will be set to receive an “Automated Email Notification” Direct from the MLS each Time a Newly ListedOceanfront enters the Market, or an Existing Listed Oceanfront has a change in Price. This way you do absolutely nothing – it is all automated and it is done for you. This will be done with No Obligation and can be done completely through the Email process- No Phone Calls required.
The Outer Banks Market cycles every approximately 15 Years. The last bottom cycle we experienced was in 1996. 15 Years Later here we are now yet again at the next Bottom Cycle. Although the Media is not yet touting it as such, it is here. We may see some slight softening in values this coming year. This is likely to occur until the Foreclosures clear out of inventory.
Below is the most recent Article I wrote for the Outer Banks News Newsletter which expounds on the subject of our Outer Banks Market Cycles in more detail …
The Outer Banks News (OBN 2014) has arrived!
Some Good News! The Outer Banks Real Estate Market is showing “some” signs of stabilization. Stabilization is a good thing! You remember when we saw our Market Peak in 2005 (Do you realize that was 8 + years ago – wow how time flies!), after which we saw values here begin to soften. The years 2006 and 2007 showed slight, but steady softening. We all remember the year 2008 … that was the year when the bank failures and the stock market decline really hit everyone … it was during the last quarter of 2008 and the first quarter of 2009 that we experienced a roughly 25% decline in real estate values here on the Outer Banks. During that 6 month period, values plummeted. The reminder of 2009 was a very difficult market here as it was elsewhere in the Country. Foreclosures and Short Sales were kicking into high gear and banks were scrambling to organize departments, train staff, and set up protocols for handling the tens of thousands of foreclosures and short sales that they knew were heading their way.
The years 2010 through 2013 have been a time of processing through the aftermath of this economic down cycle which included a continued softening trend … and we are not yet out of it. But there are some differences which occurred in 2013. During 2013 we have seen a decrease in the numbers of foreclosures and short sales, but we still see new ones entering the market about every day. Statistics are available, but the bottom line is that with this element of our market appearing to be decreasing one can conclude that we are cycling out of that phase, but not as quickly as we would like. Looking back it is possible 2013 is the first year of our next phase – the “Stabilization Period” (see below). 2013 has brought with it another positive … an increase in new construction. New Construction had been missing from our Market since 2006 to 2007. Many people in this industry (builders, trades) were very hard hit by this down cycle resulting in many leaving the area to look for work / better opportunities elsewhere. The builders who had positioned themselves for this down cycle were able to weather it and are now busy with new clients – mostly custom contract homes. This business mostly is coming from people who already owned their land – perhaps purchased their building site (Lot) some time ago and have decided that now is the best time for them to build. Rates are great, and builders, while many are busy, most are not too busy to talk with you and provide a detailed bid for your plans. That said I have also worked with several clients who have purchased land recently and began construction of their new home. Even though there are great values in the resale home market, many people prefer new construction and they just can’t find anything in the existing resale market that excites them and so building a new home the way they want it is an exciting alternative.
Along with the resale home market softening trend, we have also experienced a similar trend with raw land (building Lots). This trend is likely to continue to follow the resale home market … until we experience a market shift into a seller’s market.
The Speculation Market (a builder purchasing a lot, building a house and then offering it for sale with hopes of selling it to make a profit) was alive and very strong in the 1999 through 2004 time period (a strong seller’s market), and business was very good for spec builders then as there was a tremendous demand from consumers for new homes in our market. However, many builders who focused on spec building found themselves with too much inventory and no demand in 2006-2007 which resulted in significant reductions in cash flow and many were not able to survive unscathed by the down cycle. One thing I have seen over the years is that most of the people in this type business are entrepreneurs and are very determined people, and the good ones learn from it and many will come back stronger than before.
This Brings us to 2014 … to today. What can we expect in 2014? Well, remember my mention above regarding my conversation with Rob and his reminding me of my analysis of our 15 year peak to peak cycle … well, by my math that puts us at our next “peak” cycle at 2020. But, wait … so when will we start to see growth in real estate values here on the Outer Banks? I’m going into my bottom left hand drawer where I keep my crystal ball and it is telling me … well, I wish I had one of those crystal balls! Without a crystal ball and relying on experience and interpretation, here is what the market is indicating to me … I believe we are now in the beginning phases of what I call the “Stabilization Period”. I think 2013 may have been the first year of this phase, but there is not enough evidence of it to convince me of this. I think this will be more clear in the next 2-3 years as we look back on it. In the aftermath of the down cycle, just like the last down cycle we experienced during 1990 through 1996, it was followed by 1997 and 1998 during which values were stable but still a buyer’s market. I believe that is where we are now – we are in 1997. So, if this is correct, then we should expect that values will remain stable (not decreasing and not increasing) through 2014. We should see continued consumer demand. MLS statistics indicate that 1596 homes were sold (our MLS system covers a large area from Ocracoke to Carova and the Currituck Mainland, as well as Manteo and Columbia and areas beyond, so these are not reflective of the main core of our market but a widespread area. During the same time period during 2013 approximately 1539 sold – a bit down from the prior year. The big difference we are seeing is that inventory is reduced – the selection of homes in any given market area is less than it was a year ago, and that is also a positive. So, perhaps during mid – 2015 we may start to see values begin to show some slight increase (always slight at first), and likely a slightly better year in 2016 with the growth cycle running its course through 2020. Won’t this be nice!
Factors which could stifle this pattern could include Government policies of the type we have not previously experienced and therefore do not know the long term consequences that may result, rates increasing as the Fed reduces its subsidizing of long term mortgage rates, and long term unemployment. Without the Fed subsidizing long term mortgage rates at present rates would be more in the 6.5 % range.
Flood Insurance … has become a significant concern. For those of you who may not be aware you may want to Google the Biggert-Waters Act – this is legislation that was passed by Congress during the Fall of 2012 that was supposed to be implemented October 2013. The far reaching repercussions to affected homeowners were finally explained to our law makers who had passed this bill apparently without fully reading it or understanding it. The financial implications of it on property owners … not just on the Outer Banks, but all across the Country, are significant. There was recent legislation that has delayed its implementation, but has not yet killed it. Here is the skinny – Katrina, Irene & Sandy bankrupted the Federal Emergency Management Agency (FEMA) which subsidizes (has for 40 plus years) the individual policy holders cost to obtain flood insurance. Along with this, FEMA has re-mapped the flood zones and continually does so about every 5-8 years. Each time more area is placed in a flood zone and so it becomes more restrictive. The single largest impact is for any property built previously in a less restrictive (X,C,AE) zone which was then re-mapped to a VE (most restrictive) zone … homes with ground floor enclosures in a VE zone would have to either remove their ground floor enclosure (potentially) or pay flood insurance premiums in the neighborhood of $20,000 per year or more. In other words, FEMA took action to eliminate Grandfathering (which has been in existence for decades) for existing structures which were built according to Governmental requirements at the time. The single best resource for the most current information on this will be your insurance agent – Call your agent for details!
2013 Tax Assessments … By now you have all received your New 2013 Tax Assessments for your property. Dare and Currituck Counties have both completed and provided all property owners with their new tax assessment. So, where does the new Tax Assessment fall in relationship to actual Market Values? Well, in short, they are all over the place. During 2013, I have had Clients whose property sold for a value about 10% to 20% above their tax assessment – which seems to be more the norm in the market as I look at properties. But I have had an equal number whose property sold for about Tax Assessment or for less – in some cases significantly less – because ultimately, the Market is the Market and no matter what calculation your Tax Assessor’s Office placed on your property it will still only sell for what a buyer is willing to pay for it and what you as a seller are willing to sell it for. This is the crux of our Free Market Economy played out every day in this industry.
I began my career here on the Outer Banks in 1985 – by my Math that makes me feel kinda old … I prefer “wise”! Mary, my incredible and wonderful wife, tells me that (I’m 55) that the 50’s are the new 40’s! I like that idea! So with 29 years as a Full Time Realtor here on the Outer Banks, having weathered the ups and downs of our market along the way, I still love what I do. I attribute this to the many people and their families and friends I get to meet along the way. It is truly a blessing.
Life is Amazing and Wonderful, and a Gift … Especially at the Beach!