TheRealOBX's Blog: Outer Banks

The name Nags Head was once synonymous with the entire area known as the Outer Banks.  Today it defines one town.  Like the area the real estate market is constantly changing.

Nags Head still remains a much sought after community to own a second home or investment property.  For those looking to buy a home, conditions are especially strong.  Nags Head foreclosures are one way people are taking advantage of the current market conditions.

We are also seeing opportunities besides foreclosures, such as short sales and even many homes that are normal purchases have come down in price. The biggest question is, for how long will this buyers market remain?  It looks like the market could be boosted by an extension in the Homebuyer's Tax Credit.  In addition to…

Monteray Shores is one of the beautiful communities of Corolla, North Carolina.  The idyllic location of Monteray Shores and its beautiful community amenities make it a desired community to own a vacation or investment home.  The community amenities at Monteray Shores include a community pool, tennis and basketball courts and more.  The community is also located close to the Timbuc II shopping center. 

Currently we are tracking 26 available homes in Monteray Shores.  We see the homes ranging in price from $129,900 to $1,275,000.  Of the 26 homes available only 1 is an available Corolla foreclosure.  The average home in Monteray Shores has been on the market 251 days with a median days on the market of 160.  Often when you see days on the market this…

The Currituck Club is one of the Outer Banks most desired communities to own a home.  The community is highlighted by an 18 hole Rees Jones golf course.  Besides the amazing golf course, the community is home to some world class amenities including clubhouse, outdoor pool, indoor fitness facility and more. 

So far for the first 9 months of the year we saw 15 homes sold in the Currituck Club.  4 of the 15 sold homes were foreclosures.  (Currently we are tracking 3 available - Currituck Club foreclosures.)  Currently there are 54 homes for sale in The Currituck Club.   We continue to follow excellent opportunities in homes throughout the community. 

Currituck Club Sold Homes Data for January to October 2009

• 15 homes sold (4 foreclosures)
…

Outer Banks foreclosures or distressed property sales continue to be a main focal point of many of today's real estate buyers.  Many buyers are finding bank owned homes, homes that have been through the foreclosure process, being priced well below tax value.  Recently we have seen a few foreclosures come on the market as low as 55% of tax value, which can be a significant saving on someone who is looking to purchase an oceanfront or semi-oceanfront home.

As of writing this, there are 28 foreclosured or bank owned homes on the Outer Banks.  The homes range from Corolla to Ocracoke and you will find some in every town of the Outer Banks.  Prices also have a wide range from $134,000 for a 2 bedroom Kitty Hawk townhome to $1,975,000 for a 8 bedroom Nags Head…

If the month of July was any indicator, Outer Banks foreclosures will continue to be a large percentage of sold properties.  For the month of July, distress sales made up 29% of all residential properties sold in the Outer Banks.  Distress properties include short sales and bank owned homes.  Bank owned homes made up 20% of all sold residential homes for July.  This is a large number but a positive sign if the Outer Banks real estate market is going to continue to strengthen. 

For the market to continue to strengthen we need to see the distressed properties continue to clear out.  Once we are dealing with less distress sales we should begin to see prices stabilize and the market slowly return to normal.  A very positive sign was that we saw over 100…

The town of Duck is home to many amazing communities north to south from ocean to sound.  One of the most desired communities to own a home in Duck is the Four Seasons.  The Four Seasons has long been a vacationers and owners paradise due to its beautiful homes and its proximity to the center of town.  Many of Duck's fine shops and restaurants are only a walk or bike ride away.  The homes from ocean to sound are some of the Outer Banks finest.  The amazing Four Seasons homes are highlighted by outstanding community amenities.

The community amenities in the Four Season include:  community clubhouse, indoor and outdoor pools, trolley service, soundside pier, and trashcan rollback service.  Life at your home in the Four Seasons is usually just another day in…

One of the highlights of owning or buying a home in the Outer Banks is the accessability to water.  From the Atlantic Ocean to the numerous sounds and lakes, if you enjoy life on the water, the Outer Banks is for you.  No matter if you enjoy surfing, fishing, kiteboarding, parasailing, or just sitting on the edge of the water, life in the OBX is a water lovers dream.

The proximity of the Outer Banks to the Gulf Stream allows for some excellent fishing on and off shore.  For those that love to surf the area is home to some good breaks.  If you enjoy kiteboarding depending on the direction of the wind you can find yorself in the sound or ocean.  Anyway you look at it, life on the water is good.

For many part of the dream is buying a boat slip in the Outer…

Pine Island homes have long stood as the pinnacle of luxury on the Outer Banks.  Many of the homes in Pine Island benefit from both ocean and sound views.  If you are fortunate to own one of these homes, you can enjoy the sunrise over the Atlantic and the sunset over the Currituck Sound without ever having to leave your home.  The beautiful homes in Pine Island will continue to stand as the pinnacle of homes in Corolla.

Besides opulent homes Pine Island is also home to some amazing community amenities.  The beautiful oceanfront community pool and tennis courts are two of the highlights.  The homes are also located across from the Audubon Bird Sanctuary, so there is almost no chance of more homes being built.  There are currently 36 homes for sale in Pine…