I felt with this month’s newsletter I needed to lead with the “Shifting Market”…
You may have heard the crazy real estate market we encountered the last two years is shifting. And yes, we are starting to feel that shift on the Outer Banks as well. What does this mean for you as a seller and/or buyer? Before we get to that, I want to let you know we are highly experienced in shifting markets and will guide you through your sale with the best advice to set you up for success!
To our sellers: If you are thinking about selling and have been sitting on the fence, let us help you jump off that fence now. Just 4 months ago every new listing could expect 15 offers on day 2. Now, you may see 1 to 4 offers on a house. Sellers are starting to negotiate and days on market are longer than they have been in two years. Is it still a good market? Absolutely, but the party part of it is winding down and we want our sellers to know they will need to shift their expectations somewhat from what their neighbor experienced in the last year.
To our buyers: Welcome back to those that had been beaten out on too many multiple offer situations and decided to take a break from purchasing for your dream OBX vacation home. Now is your time! We are not expecting to see a decline in prices; however, our sellers are starting to be a little more negotiable, inventory is increasing, and the environment is less stressful. I would be remiss if I didn’t mention interest rates. Please don’t get stuck on that. They are still manageable and will probably rise over the next year, so in the long run you will be happy you jumped in now!
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Please call us if you are ready to jump in or out of the market. If you have a friend, neighbor, family member that is looking to purchase or sell as well – please send them our way.
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May 2022 - Outer Banks MLS Report
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One of the Best Reasons to Purchase Your Vacation Home on the OBX
The Outer Banks is known for its beauty. We have lived here for over 30 years and never get tired of that scenic drive up Rt 12 to Corolla or down to Hatteras. It’s just beautiful! Why did we move here? Where did we come from?
We lived in Stone Harbor New Jersey, a small beach town in South Jersey with a year-round population of 600 (anyone familiar with Stone Harbor?) We purchased our first home in 1984 for $65,000. It was a 550’ beach bungalow on Stone Court with no heating or air. It was so small; it was impossible to find a place for a washer and dryer. Our lot size was 20 X 40, a block from the beach. After our second child was born, we knew we wanted to find a BIGGER HOUSE and a town with a good size community. Lucky us, we found the Outer Banks!
We sold our house in 1989 for $95,000 and headed to the Outer Banks. We just saw on National news that our little house in Stone Harbor sold this year, 2022, for $1,200,000! That’s right, $2,196.69 per square foot. Did I mention the house was built in the 1940’s. Which brings us to “what can you purchase on the Outer Banks for $1,200,000”.
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New Jersey 550 Square Foot Beach Bungalow
Sold for $1,200,000 This Year
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Stone Harbor, NJ Beach Bungalow
Build in 1940
550’
2 bedrooms
1 bathroom
Lot size 20 X 40
Purchase Price $1,200,000 in 2022
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Corolla NC
Build in 2000
3,204’
5 bedroom
4 full / 2 half baths
Lot size: 100 X 200
Pool & Game room
Purchase price $1,150,000
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Duck NC
Build in 1995
2,596’
5 bedroom
4 full / 1 half bath
Game room / pool
Lot size: 80 X 200
Purchase price $990,000
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Nags Head NC
Built in 1989
2,801’
5 bedrooms
4 full baths / 1 half bath
Lot size 75 X 200
OCEANFRONT
Purchase Price: $1,290,000
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We have a New business on the Outer Banks that provides just the service you have been looking for.
OBX Travel Planner & Concierge obxtravelconcierge.com
Who doesn’t need a Jen Crossman in their life at some point? Jen has been an OBX local for the last 25 years and OBX enthusiast. Her focus is to help people enjoy everything Outer Banks. Where you can find great local music, ghost tours, crabbing, horseback riding on the beach, shrimping, inshore & offshore charters, personal chefs, rum distillery tours etc.
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Want world class live music on the Outer Banks? We found it!
Roanoke Island Festival Park will have you dancing and singing this summer. All Ages welcome, there will be Local Food Trucks, Art Vendors, Live Art Exhibits and plenty of fun for all!
VusicFest.com
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Happy 4th!
Get ready for some fireworks because the OBX knows how to do it up!
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Historic Corolla Park – Fun Night
5:00pm to 9:00pm
Avalon Pier (milepost 7) in Kill Devil Hills
8:00pm to 9:30pm
Nags Head Fishing Pier in Nags Head
9:35pm to 10:00pm
Roanoke Island Festival Park - Manteo
9:30pm
Avon Pier in Avon
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All firework displays are on Monday, the 4th!
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Public Service Announcements
⚠️
Digging Holes on the Beach
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The towns spent a great deal of time and effort making the beaches safe for beachgoers and now they are asking beachgoers to work with them on keeping the beach safe for each other and for us as well.”
The local rescue chiefs in the OBX towns stressed the need for beachgoers to fill in holes that they dig on the beach and if they do dig a hole, it shouldn’t be deeper than the knees of the smallest person in one’s group.
The latest incident in which an 18-year-old died on a New Jersey beach when the sand collapsed on him and his sister while they were digging a 10-foot hole has made our rescue chiefs be proactive.
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Bringing Comedy back to the Outer Banks…
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Laughing Gull Comedy Club will have a regular home this summer. Starting June 13th, standup comedians will perform every Monday through Aug 22nd (except July 4th) at Theatre of Dare in Kitty Hawk. Virginia Beach based comedian Dan Ellison and local funnyman Greg Smrdel will kick off the summer series. Ellison who’s been on the comedy circuit since 1988 draws material from growing up in West Virginia and what he describes as “having degrees in divorce and life studies”. Smrdel brands his style as “dry, slices of life”.
When: 8:00 pm
Where: Theatre of Dare, 3848 N. Croatan Highway, Kitty Hawk (mp 4).
Cost; $25
Info & Tickets: Eventbrite.com
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GUTBUSTERS COMEDY CLUB OBX - Wed & Thursday night at the Comfort Inn in Kill Devil Hills.
Where: 1601 S Virginia Dare Trail, Kill Devil Hills
Contact: 240-808-1607
Cost: $20 in advance $25 at the door
Website: https://www.gutbusterscomedyclub.com
REVIEW: “You will not be disappointed! This is a great date night, a fun girls night out for a few drinks and a bite to eat and so so so much laughter”.
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Standard Golf Carts & LSV’s (low speed vehicles), where can you drive them?
**(LSV’s – are golf carts that have been licensed and are street legal)
Nags Head, Kill Devil Hills & Southern Shores: LSV’s are allowed on roads with a speed limit of 35 mph or less. Golf Carts are not allowed.
Duck: Duck is LSV (street legal) and golf art friendly. LSV’s may be driven throughout the village of Duck, including on Route 12, in all areas where the speed limit is 3 mph or less. Golf carts may be driven in the neighborhoods and side roads throughout Duck but may not be driven on Route 12 outside of Duck Village. The Sanderling community does now allow golf carts or LSV’s.
Corolla: Corolla is LSV (street legal) and golf cart friendly. LSV’s may be driven throughout Corolla on roads with a speed limit of 35 mph or less. Golf carts may be driven in neighborhoods and side roads in Corolla but may not be driven on Route 12. Golf carts may be driven across Route 12, in areas where the speed limit is 35 mph or less.
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WE LOVE TO STAY BUSY & WE ❤️ REFERRALS
Know someone that is looking to SELL OR BUY? Please give them our information! It is a tough market, and we are navigating through this challenging market on top and coming out with happy sellers & buyers.
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*From 2005 to Present | Each office is independently owned and operated.
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