Outer Banks Real Estate

Creative Advertising

This post is a little off the beaten path but it fits my brain capacity today.  The folks at Cadbury have an ad campaign out that is great.  It delivers a lasting message and more importantly - it is viral marketing candy.

Now I think this is awesome.  I actually like it better than the Head On - Apply Directly to the Forehead commercial.  Not to slam the Head On folks - the commercial is annoying enough that you will remember the product forever.  The problem as I see it - I will never buy Head On just because it annoys me to no end.  On the other hand - watching this Gorilla makes me want to try their chocolate bar.

Now for the viral part.  There are now many versions available online:

Eclipse from the Heart

50 cent (nsfw or kids)

Deep Purple (for the rocker Monty)

You can find more of these created every day.  The beauty for Cadbury - they are getting some serious face time on the internet.  Just a little fun for the day.  Next post will be back on topics relating to the Outer Banks.

The Coast Guard needs your help

The Virginian Pilot reported on Friday that the Coast Guard has been receiving hoax distress calls off the N.C. coast.  The following is from the article:

Coast Guard officials are asking the public for help with information about hoax distress calls off the North Carolina coast. 

Some of the calls are believed to have been made by the same person, but investigators believe more than one person could be in involved, according to a news release.

False distress calls have been received by the Coast Guard during the past year, the agency's release says. The most recent was Wednesday and two others were received on
Sept. 18 and 13.

This story bothers me in many ways.  Living on the Outer Banks, we see quite a bit of the Coast Guard.  These men and women risk their lives to save others.  According to their site, the Elizabeth City Air Station averages 360 search and rescue missions each year.  The agency is offering a reward for information, the news release says. For information or to provide help with the case, call (910) 772-2229.

Fed cutting interest rates today?

The Federal Open Market Committee meets this afternoon and we should know the results just after 2 p.m. eastern time.  Vegas odds are leaning towards a .25% cut but some are hoping for more.  The current rate is 5.25%.  Many analysts are concerned that if the rate is cut too much and/or too quickly, we will see inflation rise above acceptable levels. 

From the Mortgage Market Guide:

FOMC Meeting

The Federal Open Market Committee is a twelve-member committee made up of the seven members of the Board of Governors and five Federal Reserve Bank presidents. It meets eight times per year to determine the near-term direction of monetary policy, such as setting guidelines for the purchase and sale of government securities and setting policy relating to System operations in the foreign exchange markets. These changes in monetary policy are now announced immediately after FOMC meetings. Most importantly, the Fed determines interest rate policy at FOMC meetings. Market participants speculate about the possibility of an interest rate change at these meetings, and if the outcome is different from expectations, the impact on the markets can be dramatic and far-reaching. The interest rate set by the Fed the federal funds rate serves as a benchmark for all other rates. A change in the fed funds rate, the lending rate banks charge each other for the use of overnight funds, translates directly through to all other interest rates from Treasury bonds to mortgage loans. It also changes the dynamics of competition for investor dollars: when bonds yield 10 percent, they will attract more money away from stocks then when they only yield 5 percent. The level of interest rates affects the economy­ higher rates tend to slow activity; lower rates stimulate activity, a ripple effect that expands into all sectors of the economy.

POTENTIAL IMPACT ON INTEREST RATES: HIGH

Update - the Fed cut both the discount rate and the fed fund rate by 1/2 %.  Markets went crazy - stock market went up by 200 points in minutes and the mortgage bonds went up by 44 basis points (bonds go up = rates go down). 

Alan Greenspan in the news

Alan Greenspan is on a book tour and is sharing some insight on his tenure as Federal Reserve Chairman.  He is also sharing his ideas on our current Real Estate and Mortgage market conditions. 

Financial Times published an article with some interesting quotes about where we stand and what he believes lies ahead. 

Mr Greenspan said he would expect “as a minimum, large single-digit” percentage declines in US house prices from peak to trough and added that he would not be surprised if the fall was “in double digits”.

Alan Greenspan, April 2005

                                                                                                                                                                                              

Photograph by: David Burnett

The Federal Reserve will meet on Tuesday and most analyst believe we are in for a .25 or .50 percent reduction in the fed rate.  The fed rate (currently at 5.25%) is the basis for the prime rate (typically fed rate + 3%) which most Home Equity Lines of Credit are based on. 

Mr. Greenspan could not have picked a better time to release his memoirs.

Battle brewing over road improvements in the 4WD area of the Outer Banks

The Great Yogi Berra once said - This is like deja vu all over again.  It sure does seem that way for the 4 wheel drive area of the Outer Banks.  The Currituck County Commissioners are meeting on Monday night to discuss creating a service district to help maintain the sand roads crater sized mud holes in Carova.  This idea has been proposed many times but the 150 or so permanent residents have fought to have the proposal defeated each time.  The article in the Virginian Pilot states:

Commissioners could approve the project after a public hearing planned for 7 p.m. Monday at the Historic Currituck County Courthouse. Real estate officials, the sheriff and emergency agencies support the project. In the summer, nearly 5,000 visitors a week stay in the area, and emergency vehicles struggle to navigate the roads.

Many of the approximately 150 permanent residents in Carova Beach, North Swan Beach and Swan Beach oppose the project and plan to speak Monday. Better roads would draw more traffic and speed up development, they say, and further shrink the habitat for the Corolla wild horses.

They listed Real Estate officials at the top of the list - not exactly sure what a Real Estate official is, but it might have something to do with the sales and service folks that maintain the rental properties.  Every week during the summer, you have 5,000 visitors checking in and 5,000 checking out.  You also have cleaning services, property management, Outer Banks Real Estate Agents showing properties and delivery services picking up and dropping off goods.  That is a lot of traffic already for a sand road.

The emergency agencies have a valid argument.  If someone gets hurt and the emergency service is delayed - it sure might open the door for potential lawsuits.  Currituck County would probably be pretty high on the list of parties to sue. 

So, if you come to a fork in the road while in Carova - take it.  The permanent residents are saying that it aint over til it's over.  I will post an update with the meeting results later in the week. 
 

Update:  No road improvements authorized.  About 70 Carova residents lined up to protest any improvements.  According to the Daily Advance Article - the board of commissioners motion did not get a second.  Some of the residents are concerned that if you got rid of the mud holes - it would open the door for a flood of development.  Poor choice of words on my part.  In my opinion, the flood insurance is the thing that will keep development low in the 4WD area of the Outer Banks, not the leveling of the sand roads. 

50th Grander caught in the world out of Oregon Inlet

For those that know fishing - you know a grander is the cream of the crop.  For everyone else - a grander is a blue marlin over 1,000  pounds. 

From the Mold Craft Bragging Board: 

On Thursday, August 30, 2007, the custom carolina sportfishing boat Swordfish set out of Oregon Inlet, NC, on what was to be a casual day of white marlin fishing amongst friends of the crew. The crew included Austin Robins, first mate and Jimmy Hillsman, second mate, along with Clay Estes of Elizabeth City. "The white marlin bite has been real strong" says boat owner Brant Wise. We released nine fish during the Virginia Beach Billfish Tournament, and some of the other Oregon Inlet boats have been releasing up to six and seven fish a day." After a slow day of trolling their patience paid off. Captain Justin Ringer stated that he saw a huge shadow under the right teaser, "it was too big to be a fish and (I) thought its too small to be a whale". "The fish faded off the teaser and went straight for one of our dink baits". The crew had set out their spread for white marlin and sailfish using smaller baits and 20 pound tackle, but as always, mate Austin Robins had the elephant gun, a large 80 Shimano reel with 600 pound wire leader at his side. Captain Ringer said "elephants eat peanuts too."

               

As the party cranked in the smaller baits, mate, Robins, grabbed his pitch bait and dropped back to the fish. Robins was able to switch the fish off the teaser and hooked-up. Robins said the fish came up to the bait all lit-up and quivering, she was hungry. They had no idea at the time how big the fish was, "we knew she was big, but not having seen anything so big before we had no idea" Robins said.

               

Two of Robins friends, Billy Landes and Steve Daniels, were visiting the Outer Banks from Gloucester, Virginia. They stopped by the boat the night before just to see about getting t-shirts, little did they know they would be invited to go fishing. Landes, who had never been off-shore fishing before, jumped in the fighting chair and Robins passed off the Rod. The fight went on for just over 3 hours. "The fish grey-hounded several times where she came completely out of the water" Captain Ringer said. "She came up to the boat and rolled up, unfortunately large fish like this do not live after such a fight, they spend so much of their energy that they rarely live."

               

"The fish was so long that the bill was sticking into the salon of the boat and the tail was hanging out the tuna door." stated Robins. The fish measured 186 inches overall and was 143 inches from fork to bottom jaw. The girth was 74 inches and the fish weighed in at 1,077 pounds.

               

This is the first grander in over 16 years brought in to Oregon Inlet.

               

Although Wise was not on the boat this particular day he stated "no one deserves this catch more than my crew. I have the utmost respect for Justin and Austin they take marlin fishing seriously, everyday is a tournament day to them." "We have put in the time as a team and it paid off for them." Wise said "this is every off-shore angler's dream, to catch a grander and I am proud of my boys and happy for Steve."

If you are interested in chartering the Swordfish for a deep sea excursion while on the Outer Banks - you can contact them at 252-441-0216.  These guys obviously know what they are doing.

Gabrielle to visit the Outer Banks

From the Dare County Website about Gabrielle:

Affects from Tropical Storm Gabrielle Expected Sunday 

Subtropical Storm Danielle is moving west-northwest towards the North Carolina coast and Dare County Emergency Management continues to ask  residents and visitors to closely monitor weather reports from the National Weather Service, and make necessary preparations since the storm is expected to start impacting southern portions of Dare County by Sunday morning.      

Based on the current forecast, winds on Hatteras Island will begin to increase Sunday morning and are expected to reach 50 to 60 m.p.h. later in the day. Areas north of Oregon Inlet will begin to see these same effects by Sunday afternoon.  The storm is expected to exit the area by early Monday morning.   

Residents and visitors are advised to secure loose items outside the home before tropical storm force winds reach the area and remain indoors during the event. 

Ocean side flooding should be minimal as the strongest winds will pass at low tide around midnight. Surf conditions are expected to increase and rip currents are strong. Swimming is not advised.  Rainfall on Sunday associated with Gabrielle is expected to reach 2 to 3 inches.

We sure could use the rain but not the erosion.  We are starting to see the first high level clouds come ashore.  Here is the latest satellite view: 

Tropics heating up?

The folks at The Storm Track have been monitoring this system off the Florida Coast for a few days.  Good news - it is not tropical as of yet.  Bad news, they predict it will be heading our way in a few days as a minor hurricane.  We will keep you posted.

Sammy the Surf Dog

One of my favorite blogs that I follow is Queen of the Surf Pirates.  Paula and her crew are a daily read for me.  When I first started reading blogs, I frequented the big named bloggers.  Now I find myself following the local boys and girls more than anyone else. 

Paula's dog Sammy was hit by a car this weekend.  Sammy has been transported to the NC Veterinary School in Raleigh and we all hope for a speedy recovery.  If you read Paula's blog, please leave her a comment to let her know your thoughts and prayers are with them.