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Sept. 30, 2019

An Update on Our Fall Market & the Post-Dorian Cleanup Effort

As we look toward fall, it’s a good time to buy or sell in our Outer Banks market.
 
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Today I want to give you a quick market update as we enter the fall of 2019.
In short, our Outer Banks market is still brisk and active. If you’re thinking of buying, there’s a good deal of inventory to choose from. If you’re looking to sell, now’s a good time to enter the market as well—September, October, and November traditionally have a high number of homes going under contract.
On a related note, if you’re interested in volunteering to help with the post-Dorian cleanup effort or you’d like to donate money to this cause, the Outer Banks Community Foundation and the Buxton United Methodist Men are two organizations I recommend reaching out to. They’ve each done a phenomenal job raising money and helping local families in need.
If you’d like to know more about volunteering for these two organizations or making a donation, just reply to this email. If you have any more questions about our Outer Banks market, don’t hesitate to reach out to me as well. I’d love to help you.
Sept. 16, 2019

Listing Spotlight: 3800 Elijah Baum Road, Kitty Hawk

Today let’s explore the historic property located at 3800 Elijah Baum Road in Kitty Hawk.
 
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Today, I’m standing in front of a home that we’re prepping for sale at a historic location: 3800 Elijah Baum Road, Kitty Hawk, NC.
This is a gorgeous location and property. Built in 1955, it’s an old 2-bed, 2-bath house that sits in the midst of ancient live oak groves. These trees have been documented to be between 250 and 300 years old or perhaps a bit older. That means they’ve been around since before Wilbur landed in the Kitty Hawk Bay in a schooner on September 13, 1900!
In today’s message, I just wanted to give you a peek at the property, including showing you the ancient groves, discussing the history of the area, and showing you what we’re doing to restore this beautiful property.
To see and learn more about 3800 Elijah Baum Road, I encourage you to refer to the video above. You can read more about this historic property in this interesting article.
As always, if you have any questions, don’t hesitate to reach out to me. I’d love to speak with you.
Sept. 5, 2019

Why Buy an Existing Home Instead of a Lot?

Why buy an existing home instead of a lot to build on? The answer boils down to cost.
 
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Why buy an existing home instead of a lot?
 
The answer boils down to the price of existing homes versus what it costs to build. Say you consider buying an $85,000 lot. On top of that, you have to tack on development costs (clearing trees, installing a septic tank, etc.) and building costs. Furthermore, over the past four or five years, building material costs have risen—most builders are quoting anywhere between $160,000 and $225,000.
 
That’s a pretty wide range, so let’s give a couple of examples for scale. If you’re building a little beach box with just carpet and vinyl flooring and maybe upgraded countertops, you’ll pay closer to $160,000. If you’re installing heart pine floors, upper-end cabinets, tile surrounds in your master bedrooms and bathrooms, etc., your price will be closer to $225,000. 
 
So if you buy that same $85,000 lot, but you find out that building a 2,000-square-foot home would cost $200,000, that’s when things start to get expensive. This is why single-family home sales are far outpacing lot sales in our market.
Over the past four or five years, building material costs have risen—most builders are quoting anywhere between $160,000 and $225,000.
A lot of people are curious about buying lots because between 2008 and 2014, you could buy one for as little as $20,000. However, that’s not the case anymore. 
 
That being said, lots are still a viable long-term investment if you’re thinking of building a beach house, so give me a call if you want to get the ball rolling on this project. 
 
As always, if you have any other real estate needs, feel free to reach out to me as well. I’d love to help you.
Posted in Home Buyer Tips
Aug. 22, 2019

Should You Sell Your Outer Banks Property in 2019?

If you’ve been thinking of selling your Outer Banks property in 2019, this message is for you.
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If you’ve thought about selling your Outer Banks home in 2019, there are a few things you need to understand about our market before making that decision. Over the last 12 months, interest rates and inventory have both been on the rise. This tends to cause the market to slow down. 
In our Outer Banks market, where many of the properties are second homes, the decision to sell comes down to supply and demand. And judging from the 12% increase in supply and the 4% decrease in closed sales we observed in July, it’s clear that the local demand for homes has become somewhat stagnant.
You'll need to be more strategic about your approach if you do decide to make a move.
 
This doesn’t mean that there are no opportunities for sellers this year, however. It simply means that you’ll need to be more strategic about your approach if you do decide to make a move. To learn more about whether selling in 2019 is right for you, please reach out to me. I would love to discuss your options.
As always, if you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
Posted in Home Seller Tips
July 1, 2019

A Quiet Walk in the Maritime Forest

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There’s no telling what you might find in the Maritime Woods here in the Outer Banks—you might see some hawks, an osprey, rabbits, squirrels, and the occasional coyote, but watch out for turtles and snakes!
 
Beyond the wildlife, you’ll find interesting articles of history like the covered bridge. And that’s not to mention the myriad hiking trails that wind through the area.
 
Walking through the Maritime Forest in the morning, you don’t hear much at all. I used to say that the soft, silicon sands of the beach wash away the stresses of daily life here in the Outer Banks, but I’ve recently learned how good for your soul a quiet walk in the woods can be.
 
If you have any questions for me in the meantime or need any assistance at all when it comes to real estate, don't hesitate to reach out and give me a call or send me an email. I look forward to hearing from you.
June 3, 2019

Make the Outer Banks Your Next Travel Spot

I've got a brief message about the Outer Banks for you today.
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It’s easy for us, whether as residents and/or agents, to lose sight of all that makes living here in the Outer Banks so special and why we love to call it home. If you’re not a resident at the present time, hopefully one day you’ll be able to call it home too.

In the meanwhile, I encourage you to check out Outerbanks.org and maybe consider us for your next vacation. There’s no limit to what you can see and experience here, from the Fort Raleigh National Historic Site to the lighthouse at Cape Hatteras to the newly renovated First Flight and more. 

If you’re looking to buy or sell real estate in the area, we’re always here to help. You can visit us at either our Kill Devil Hills office or Hatteras Island office. You can send me an email at John@ColonyRealtyCorp.com or give me a call at 252-592-4629 for any and all questions you have. Until we see you here at the beach, thank you and talk to you soon!
Posted in General, Outer Banks
May 20, 2019

Can Buyers and Sellers Take Advantage of Our Current Market?

 

According to the latest numbers, it’s a great time to buy or sell in the Outer Banks market.
 
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Where does our Outer Banks market stand as we near the end of spring?

In short, things are still moving briskly—the number of vacationers moving to our area is rising every day, which makes it an opportune time to buy or sell. 

How do the numbers from last April compare to the numbers from April 2018? 

First off, inventory is up 11% in unit sales—for residential sales, it’s up 9%. Lot sales, meanwhile, are up 3%, and the median sales price also increased slightly. 

The number of vacationers moving to our area is rising every day, which makes it an opportune time to buy or sell.

In Hatteras Island and the southern beaches of the Outer Banks, the number of sales rose 10%, and the median sales price rose from $305,000 to $342,000. This is evidence of a stronger market, and we’re gaining some appreciation we lost during the economic downturn of 2007 to 2014. 

If you’d like to know more about our market or you’re thinking of buying or selling soon, don’t hesitate to give me a call or email me. I’d love to help you.

Posted in Market Update
March 4, 2019

Our First Look at the New Bonner Bridge

 

The new Bonner Bridge is finally complete, and, for today’s message, we’ve brought you a quick video of what it looks like.
 
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I recently had the pleasure and privilege to head on up to Hatteras and cross the new Bonner Bridge.

This upgraded bridge has greatly improved the flow of traffic, meaning your travels to the Outer Banks will now be smoother and safer than ever.

If you’re thinking of purchasing property in our area, this new bridge is just one more benefit of living here in the Outer Banks.

Posted in General
Feb. 12, 2019

It’s Always a Good Time to Buy in the Outer Banks

 

Is the winter getting you down? Trade the cold for the beautiful, sunny beaches of the Outer Banks.
 
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Why would you want to buy a house on the beach during this time of year? Though people think the market typically cools off in the winter months, that’s not the case here. 

The soft, silken sand of the Outer Banks can wash away the stress of daily life.

The weather has been remarkable, but I’ll let you see that for yourself in today’s video.

The soft, silken sand of the Outer Banks can wash away the stress of daily life, so why wait to jump into the market?

Reach out to us and we’ll be more than happy to get you started on your home buying journey. We look forward to hearing from you soon.

Posted in Home Buyer Tips
Jan. 22, 2019

The Past, Present, and Future of Our Outer Banks Area Market

 

The latest data from our market is in, and we’ll be covering everything you need to know today.
 
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We’ve entered into yet another new year, which makes now the perfect time to discuss the state of our market. I know that looking at data isn’t always the most thrilling thing, but our team is committed to bringing you the most up-to-date information possible. Better yet, we’ve condensed the latest market trends down for you into a simple, straightforward update. 

Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch the full message or use these timestamps to browse specific topics at your leisure: 

1:34 - How has market activity changed year over year?

2:40 - What does the change in activity mean for our market?

3:47 - Why is it important to review these statistics?

4:11 - How did statistics concerning vacant lots change year over year?

4:36 - How prevalent were distressed sales in 2018?

4:59 - How prevalent were new construction sales in 2018?

5:18 - How to contact us to ask questions, get more information, or request your own copy of this data 

Posted in Market Update