Living on Euler's Line

Outer Banks Beach Closures - that didn't take long

As many already know - there has been a battle going on in the court system over ORV access.  Just last week, there was a settlement but many felt the ramifications would not be in effect until sometime this summer.  Guess again.  Here is the latest announcement from the National Park Service. 

	Cape Hatteras National Seashore NPS Announces First Major Closures under the Consent Decree

 

Date: May 5, 2008 Contact: Outer Banks Group, (252) 473-2111  ext 148   The following temporary closures of popular areas are being installed today in accordance with the requirements of the consent decree signed by U.S. District Court Judge Terrence W. Boyle. 1) Bodie Island Spit – A 150 m buffer is required for an American oystercatcher breeding area located approximately 50 meters from the ocean in a narrow section of beach north of the spit. The buffer will preclude ORV and pedestrian access along the ocean shoreline. NPS is evaluating an option for a pedestrian by-pass, outside the buffer, through the interior of the spit to reach sections of the spit/shoreline that are otherwise open to recreational use, but currently an appropriate option does not exist due to flooded conditions. NPS will continue to work on the pedestrian by-pass option. Ramp 4 north to Ramp 2 is open for 2 miles to ORV and pedestrian access until May 15 when the seasonal closure in front of Coquina Beach goes into effect. 2) Cape Point – A 100 m buffer is required for a least tern breeding area that is occurring approximately 80-90 m from the ocean near the eastern edge of the Cape Point prenesting area, adjacent to the ORV corridor on the northeast side of the Point. The 100 m buffer will preclude access along the shoreline. There currently is not an alternative access option around the buffer; however, NPS will continue to evaluate the situation daily. 3) South Ocracoke – A 50 m buffer is required for breeding adult piping plover (PIPL) that are foraging on the northeast side of the prenesting area. A PIPL nest has been established nearby (within the prenesting area). Adult piping plover are repeatedly foraging on the adjacent shoreline in the 100 ft. ORV corridor. There currently is not an alternate route option available; however, NPS will continue to evaluate the situation daily. Ramp 72 north to Ramp 70 is open for approximately 1.8 miles to ORV and pedestrian access. Other sections of the Seashore were opened over the weekend to ORV and pedestrian access. An ORV safety closure, approximately 1.6 mile in length, was lifted along the Avon beachfront from 0.1 mile north of Avon Fishing Pier to Ramp 38. There is temporarily through-access from Ramp 34 to Ramp 38 until the seasonal village closures go into effect on May 15, 2008. Temporary stabilization work on Ramp 44 was completed last weekend to attempt to alleviate flooded conditions. The ramp was reopened late Saturday afternoon. Park maintenance crews have further plans to remedy the flooded ramp condition by raising the roadbed with appropriate materials and thus reducing closures of the ramp in the future due to flooding. For more information on beach access, the Beach Access Report is distributed weekly on Thursdays. For more resource management information, the Resource Management Field Summary is distributed weekly.

For some great local commentary - be sure to check out the following sites:

View From the Ridge
Outer Banks Republic
Outer Banks Connection Message Board

Three little boxes that can get you in a lot of trouble - Appraisals 101

So you want to buy Outer Banks Real Estate.  Good idea - the property values have dropped significantly since their peak in August of 2005.  One thing many buyers don't consider - the appraisal. 

The appraisal compares your property to like properties that have sold in the last six months.

There are three boxes on the first page of the appraisal that can have a significant impact on the borrower -One Unit Housing Trends.  Here is an example of this small but important portion of the appraisal.

The box above shows the value in an acceptable range for lenders - Values are stable, Demand and Supply are in balance and Marketing Time is between 3-6 months.  If the checks were leaning towards the left - the lenders would be happier but you would not see a break in rates.  But the three boxes on the right makes everyone nervous.

If the lenders get nervous - it is going to cost someone (the buyer) money.  Bottom line - each box on the right checked can increase the down payment minimums by 5%.  Some lenders can also classify a County or Region as a slow market - so regardless of what the appraisal states, your down payment requirements can be higher. 

Bottom line - your lender should explain this information to you up front - nobody likes a surprise at the last minute.  If you have any questions, please feel free to contact me.