Outer Banks Real Estate

Online Word Processing

Google recently re-released Writely which is an online word processor.  If you are one of those that still uses Microsoft Word '97 and you don't want to shell out $100 for the latest version, you might want to give Writely a try. 

Some of the cool features are online collaboration and the ability to save as a pdf, HTML, RTF, Word .doc format and even publish an RSS feed.  You can upload your existing documents and then access them from any computer.  Best of all - it's free.

Here is Google's take on Writley:

                                                       

·	Share documents instantly & collaborate real-time.
	Pick exactly who can access your documents.
·	Edit your documents from anywhere.
	Nothing to download -- your browser is all you need.
·	Store your documents securely online.
	Offsite storage plus data backup every 10 seconds.
·	Easy to use.
	Clean, uncluttered screens with a familiar, desktop feel.

Hurricane Preparedness

With the future of Tropical Storm Ernesto uncertain, I thought I would link to articles about being prepared for the storm.  The National Hurricane Center offers a "Be Prepared" site full of helpful information including how to secure your home.   

Most of the models predict Ernesto will stay a tropical storm, but there is a lot of uncertainty - mainly how long it will be over the warm Gulf of Mexico and the Gulf Stream before it makes landfall once or twice. 

Ernesto aiming for the OBX

Tropical Storm - Hurricane - Tropical Storm to become Hurricane Ernesto is forcast to visit the Outer Banks this weekend.  We have family and friends coming for the Labor Day weekend and Ernesto is trying to spoil the fun.  This storm has litterly been all over the map so we will have to wait and see what really happens.  Let's hope it keeps shifting to the east so all we have to deal with is a little wind and great waves. 

Outer Banks Four Wheel Drive links

Sandfiddler Road in Carova has been approved for road improvements from the NC Department of Transportation.  We are not talking about paved roads, just grading improvements.  The idea is to divert traffic from the beach to a road just west of the dunes. 

The 4WD area is unique to say the least.  If you are looking for a vacation where you can escape the hustle - this is the place to be. 

Links to Northern Beaches:

• Fruitville Beach Civic Association
• North Swan Beach Property Owners Group
• Swan Beach Property Owners Association

The Corporate Blogging Book by Debbie Weil

Debbie Weil has recently published The Corporate Bogging Book - Absolutely Everything You Need to Know to Get It Right.

Debbie covers all of the blogging basics - Why Businesses Should Blog, Tips for Writing an Effective Blog, Choosing the Right Platform and Sample Blogging Policies. 

The book is a great tool for the entrepreneur or business that is considering jumping into the blogosphere.  It will give you a jump start on the learning curve and help you avoid costly mistakes (see Dooced).

More Local OBX Bloggers

Another group of local bloggers - this stuff must really be catching on...

Bill's OBX Beach Life - This is a diary of living on the Outer Banks for a 36 year old ocean sports enthusiast who works from home as a sofware engineer and windsurfs, surfs, and kiteboards when "off the clock!"

Outer Banks Sentinel - Outer Banks newspaper that now offers RSS feeds!  Feeds include Top Stories, Business, Politics, Editorials, and the almost famous Obituaries. 

Daily Advance - Local newspaper that covers Elizabeth City and Currituck County.

Outer Banks Sports - A forum for all who follow sports in Dare County to speak their mind, albeit not through slanderous or means of profanity. Whether it's followers of Cape Hatteras, First Flight or Manteo, or ones for sports such as surfing and fishing, this is a place to speak, well, type.

Sandbags allowed to stay in Nags Head

The Nags Head Board of Commissioners decided to allow sandbags to remain in Nags Head.  The town was considering an ammendment that would not allow a homeowner to place new sandbags or repair existing sandbags in the oceanfront zone.  You can read the full details at the Outer Banks Sentinel. 

On another exciting note, the Outer Banks Sentinel started offering RSS feeds for their news articles!   

Picture courtesy of the Outer Banks Sentinel.

Outer Banks Real Estate Market Conditions

I received an email from a vacation homeowner and I thought I would share his questions and thoughts (with permission) and my response.

Ronnie---

I came across your site by accident. I can't remember who linked to you.

In any event, I'd be curious to learn your take on the Hatteras market.

I own an oceanfront cottage  and, of course, am interested in what the
future holds.

Here is my amateur 10 cents:

I've been tracking some similar properties that are for sale (my house
is not). For example, one has been on the market more than six months.
It was first listed at a truly outrageous price. Then, the seller cut
10%. Nothing happened. Finally, the seller cut another 5%. My guess is
that he'll have to come down at least another 5% to get some interest.

Nonetheless, I can't help but wonder if prices may fall substantially
further a) because of all the new Inner Banks housing that will soon
come on line; and b) because weekly rental rates won't cover high mortgage payments. If so, could another 15-25% fall in prices be possible?

My response:

I am glad you found my site. 

Here are my thoughts on what is happening with the Outer Banks Real Estate Market Conditions:

Hatteras Real Estate is moving slow like everything else on the Outer Banks. Oceanfront properties are moving the slowest of all up and down the coast.  Price drops are typically the largest mover on the MLS system. Market stats for the last 7 days are:

• New Listings - 125
• Price Changes (drops) - 193
• Sold - 30
• Expired Listings - 91

As you can see from the numbers, we have a correction in progress.  The problem is that many owners believe they should still be able to demand 2004 prices with modest appreciation gains.  That is not the market we are in now.  Some Realtors have a flat percentage they suggest dropping the price to increase interest.  I don't believe it is that easy.  I had a boss early in my career that had a saying "It is what it is". While we laughed at it's simplicity, he applied it to almost any situation.  The market will bear what the market will bear and no more. 

Another factor is the rental market.  The rental season started off hot at the beginning of the year but plateaued in late spring.  I have talked to a few rental agencies that are up 5% over last years rentals.  Some are down considerably.  In most situations, the rentals will not cover the entire costs of the vacation property.

I am not sure how much lower prices will drop.  Many believe that the market will not pick up until next spring or summer.  Large drops in interest rates might help but that does not appear to be in the cards.

The housing developments on the Inner Banks are not comparable to the Outer Banks Market.  It is typically a different investor, vacationer or homeowner.  Many investors are moving that direction because of the relatively low cost of waterfront property vs. the high cost and limited availability of land on the Outer Banks.

I hope this answered your questions.  Please feel free to contact me if you have any additional questions.

Good news - Inflation is slowing and Mortgage Interest Rates are down.

The good economic news continues for mortgage rates.  Core CPI did not increase as much as expected which has given the mortgage bonds a kick in the pants.  As the bond continues it's path upward, mortgage rates have dropped to a low we haven't seen in six months.  It appears that Ben Bernanke was on track with the recent pause in raising the Fed Rate since inflation seems to be waning.

Housing Starts and Building Permits were a little lower than expected which also helps.  If I had to generalize how mortgage rates change daily, it really boils down to a few fundamentals:

• Weaker than expected economic news helps improve rates
• Stronger than expected economic news drives rates up
• Mortgage Bonds and Inflation are like oil and water.

If you have any questions about the market and how it can affect your mortgage, please don't hesitate to contact me. 

Initial Jobless Claims

The Initial Jobless Claims came out a little higher than expected - up 319,000 (estimates had it increasing by 315,000) which should help the bond market today which in turn should help lower rates again.  The last three weeks have been great for mortgage rates.