Nags Head residents have until Friday March 23rd to register to vote for the Beach Nourishment referendum which will be held on April 17th. You can see a presentation by Willow Kelley to the Nags Head Commissioners on Outer Banks Real Estate. Become informed, register to vote if you have not already and let your voice be heard.
The value of Nags Head real estate has some twists to it depending on which areas of the town you are looking at. Basically, it is broken down into 3 areas, Ocean Side, West Side and Between the Roads. Ocean side is pretty much self explanatory as those properties are located on the ocean side of Rt 12. The west side comprises the properties located on the west side of Rt. 158 and consists primarily of year round residents. The properties located between these 2 roads are just that.It is the properties between the roads where the majority of the summer vacation homes are located and these are the properties that have seen and increase in value for the last 5 years. The slowdown of 2006 did not affect the value of these properties making them a good investment for the money. Visit Nags H...
Protect Nags Head is a site created to promote Nags Head Beach Nourishment and to support the vote for the bond referendum on April 17th 2007. The site offers answers to frequently asked questions, a tax calculator, links to information about beach nourishment and contact information for the organization. The vote is five weeks from tomorrow so do your homework - get informed and most importantly let your voice be heard.
The first question about beach nourishment should be - Does it work? Beach nourishment has helped communities along the coast. Much of the quality depends on where the sand comes from. Many locations that bring sand from a local channel complain about the size of the grain and the muddy texture. The sand to be used in the Nags Head Project according to the engineering firm is some of the best they have seen. The project is estimated to last 10 years according to current erosion rates. There are two alternatives that have been proposed - do nothing or to buy back the properties in trouble. The do nothing approach has already created many problems with access to homes that are not ready to fall into the ocean. In South Nags Head, roads have been destroyed, rebuilt and destroyed a...
Nags Head residents will have an opportunity to vote on April 17th 2007 for a Beach Nourishment Project. The proposed plan will raise $24,000,000 through homeowners tax increases. Dare County has agreed to spend $8,000,000 on the project. The majority of the tax will be charged to a Municipal Servicing District (i.e. those close to the beach) and the other residents will see a slight increase in their property tax bill. For more details, please visit Outer Banks Real Estate, The Town of Nags Head, and Beach Huggers.
Good news Outer Banks. Another vacation oriented organization just discovered what I discovered almost 30 years ago. Trip Adviser published the results of a survey that picked Nags Head as the top US beach for family vacations. Nags Head and the Outer Banks has always been a family beach. This was no accident. We have discouraged the nightlife type of atmosphere and zoned the beach to cater to family friendly vacations. Who needs nightlife, after a day at the beach the kids will be in bed when nighttime falls. The college kids have their places to go to and families come to Nags Head. With a little effort on the part of Nags Head and a whole lot of help from Mother Nature we now have one of the best vacation spots in the whole country. Below is an excerpt from the article.NEEDHAM, Mass....
Nags Head real estate values have taken a hit more so than some other parts of the Outer Banks. While sales of all Outer Banks real estate has been slow some areas have faired off better than others. Unfortunately, the sales of Nags Head real estate has taken the brunt of the decline. The following statistics were derived from the Outer Banks Association of REALTORS MLS. 2006 saw 101 residential properties sell for an average price of $537,581 and a median price of $422,800.2005 saw 168 residential properties sell for an average price of $623,435 and a median price of $500,000.2004 saw 223 residential properties sell for an average price of $548,553 and a median price of $425,000.2003 saw 191 residential properties sell for an average price of $436,451 and a median price of $330,000.
Right now may actually be one of the best times to buy a home. consider these facts: * INTEREST RATES NEAR RECORD LOWS Today's interest rates are comparable to 40-year lows, offering homebuyers a once-in-a-lifetime opportunity.*LARGE INVENTORY WON'T LAST You may never have a better selection then now!*PRICES OVERALL HAVE STABILIZED Contracts for home sales are up and the outlook is for prices to increase next year.*POSITIVE OUTLOOK Former Federal Reserve Chair Alan Greenspan recently said that housing prospects are looking up. "Most of the negatives in housing are probably behind us. The forth quarter should be reasonably good, certainly better than the third quarter". According to industry estimates, 2006 will be the third best year on record for home sales.*REAL ESTATE I...
PENDING HOME SALES INDICATE MARKET STABILIZATIONPending home sales are hovering in a narrow range, another indication that a stabilization is occurring in the housing sector, according to NAR. The Pending Home Sales Index, based on contracts signed in October, slipped 1.7% to a reading of 107.2 and is 13.2% lower than October 2005. The index had trended up from a cyclical low of 105.6 in July, and a decline from year-ago levels is narrowing. In September, the index was 13.6% below a year earlier, while in August the decline was 14.0%. David Lereah, NAR's chief economist, said a fairly steady pace of home sales can be expected for the next two months. "It's important to focus on where the housing market is now--it appears to be stabilizing, and comparisons with an unsustainable boom ma...
