Real Estates Sales & Rentals
Buying & Renting on the Outer Banks
With more than 100 miles of sugar-cookie sand and unspoiled oceanfront, it is not surprising that thousands of people from around the world have discovered that this skinny strip of barrier islands is a diverse and beautiful change-of-scene place. In addition to the attraction of the beach, the area contains an abundance of coastal habitats, nature paths, and waters for fishing and sports. It also has a surprising assortment of museums, art galleries, antique shops, specialty stores and entertainment.
However, the beauty of the Outer Banks is more than ªsceneº deep. Look past the obvious to reveal a real sense of community here ± a throw back to its days of isolation when residents relied upon one another and family time was a cherished commodity.
"That's the reason we saw such an escalation in property values and in the number of visitors over the years. While competing destinations centered around attractions, we've centered on letting families spend quality time together. Especially during economic times like this, aff ordable family time becomes even more popular and necessary," said Gray Berryman, broker with Carolina Designs Realty. "Add to that our very clean beaches, aff ordability of homes and that we're close to metro areas, and you understand why families have been coming here season after season like clockwork."
Visiting the Outer Banks has always been about making memories, sharing experiences and delighting in the simple things that often are overlooked in the daily grind.
The first time our family vacationed here was in a small concrete home with no TV, no air conditioning. I was probably five years old. We were with my father's brother and his family and I still remember it to this day. The sand, the ocean, the enjoyment of just being together," recalled Margaret Allen, broker with Corolla Real Estate.
Debbie Green, rental manager of Pirates Cove Vacation Rentals, said that she thinks "togetherness is all part of the experience here and vacationers pick up on that. Families can reconnect and make memories in various ways because we off er them a lot to do here together."
The family vacation is what the Outer Banks has always sold, according to David Watson, sales manager and broker-in-charge at Southern Shores Realty.
"There's no question about that. We provide accommodations for family vacations. That's what these six-,seven- and eight-bedroom homes are there for. And, because of that, our numbers are up compared to other resort areas," he said, adding that the area is also popular because people can drive here easily— even as a last-minute getaway— and find excellent accommodations.
"We're within a day's drive of two-thirds of the population from Boston to Miami— that's 200 million people," Watson said.
Once they visit the Outer Banks, a growing number of vacationers discover the beauty of home ownership. Whether purchased for rental income, long-term capital gain, personal or recreational use, property on the Outer Banks has consistently been a good performer. However, predicting the best time to buy real estate in today's market is tricky.
"Everyone's looking for the bottom of the real estate market, but where is the bottom? The only way to see it is to look back and say, "There it is! I should have bought back then!" observed Tim Moore, broker-incharge and sales manager with Joe Lamb Realty. "If we're not at the bottom now, we're so close that there ought to be a line of buyers at the door; but a lot of people are nervous and some come here thinking they will get a $500,000 home for $250,000, and it just won't happen."
Richard Hess, senior broker-in-charge at Sun Realty, agrees and points out that there are indicators that the market is taking an upward turn and that the Outer Banks is returning to its roots.
"The trend is that we've gotten back to how it used to be. Those who are buying property now are people who really love the Outer Banks," Hess said. "So, if you want to own a vacation home here, you should do it because prices will be going up."
That, too, is one of the beauties of the Outer Banks. Thanks to a limited amount of island land, it's only prices that were falling— not the sky
WHAT THE EXPERTS SAY
Here are some professional tips for those buying or renting property on the Outer Banks.
- It's a good time to buy a home because prices are aff ordable.
Our homes had been priced unrealistic for some folks , but
now they're coming back into the market because they know
that the Outer Banks is a very solid value.
—Margaret Allen, Corolla Real Estate - Book next year's rental home while you're here and you won't
be locked into it until the beginning of 2010.
—Tim Moore, Joe Lamb Realty - Because it's a buyer's market, identify multiple properties that
you're interested in purchasing, make off ers and see which
one you can get the best deal on. If you're vacationing here
and lost your job, you may be able to file a claim with the
vacation interruption insurance carrier and get your rental fee
reimbursed.
—Richard Hess, Sun Realty - Schedule a weekend to come to the Outer Banks to see what
your options are and to establish a relationship with a Realtor
who knows the market. Then, when the right property
becomes available, you're armed so you can act quickly.
—Gray Berryman, Carolina Designs Realty - When you're planning your vacation, think about everyone
who will be occupying that rental home. Make sure it's
situated some place where everyone can enjoy the amenities
of either the home or the surrounding area.
—Debbie Green, Pirates Cove Vacation Rentals - Explore the wide, pristine northern beaches of the Outer
Banks. It's a wonderful place to buy property for relocating,
retirement, investment or second-home purposes. What you
could get for your money has always been good here; but now,
it's even better. With the current market, there are a lot of
really good home buys available.
—Margaret Dyer, broker & owner of Karichele Realty - Be comfortable in what you're buying. Buy what you need,
pay for it and enjoy it. The investment part will take care of
itself. That's what everyone who has had a good experience in
Outer Banks' real estate has always done.
—David Watson, Southern Shores Realty
