The OBX Beach'n Life

SNOW….ON THE OUTER BANKS….WOW!

2009-01-22T09:31:00.002-05:00

Ellen and I moved to the Outer Banks almost eleven years ago and since that time there have been only a couple of occasions when we had accumulated snow. It seems that every time that occurred we were away on vacation. Normally this time of year we are off to some warm tropical location, since life slows down and it gets a little too cold for me here, it is a perfect time to get away. Years past have found us in places like Hawaii, Barbados, Anguilla, and of course the Florida Keys. There is nothing like the warmth and beauty of the tropics to take the chill off and to renew the spirit. This year we decided to stay home and get a jump start on the year to come, and we were rewarded by a rare beauty right here on the Outer Banks. Now, mind you, I am definitely no fan of snow, but what a sight it was on Tuesday with the snow coming down, at times sideways, being propelled by the wind. Everything covered with a blanket of white injects a sense of calm and peace. They say we had between 2 and 3 inches, not much compared to what our neighbors to the North experience during a winter but it was enough to shut down businesses, government, and the schools for the day. It seems we can handle Nor’easters and hurricanes fairly well but tend to freak out with a little snow. Like I said it was pretty to see, but honestly it was enough for me and it really wouldn’t bother me if I didn’t see it again for another 11 years.

Thanksgiving is Never Really Over

2008-11-28T09:30:00.002-05:00

Well, Thanksgiving Day is now but another memory. It was spent like so many before. Ellen and I spend Thanksgiving with her mother at our house, it’s always a quiet and peaceful day. We did a little yard work in the morning after the turkey was started on the way to becoming the star of the day. A flurry of activity followed preparing all the traditional side dishes, setting the table just so, and everyone getting in each others way. Then the meal was served, and as always it was done and over with before we knew it. All day preparing and then its done, kind of anti-climatic.
Today the celebration begins anew. The kids and grandkids will be arriving this afternoon, this too has become a tradition since Ellen and I moved to the Outer Banks years ago. A tradition we very much look forward to. Turkey will not be on the menu; by the time everyone gets here they have had their fill. No, this year we will be smoking pork butt for Carolina bar-b-cue, something I prefer over turkey any day. The boys do the smoking of the meat, will play some golf, and watch some football. The girls want to take the kids to the aquarium and do some shopping while the guys do some babysitting. Now for my point, all of the above serves to remind me during good times or bad times that I have a lot to be thankful for, the love of family, the opportunity to spend time with each other, the joy that traditions bring, and the opportunity to start new traditions.
I hope everyone had a wonderful Thanksgiving Day, and that we all can find something to be thankful for everyday.

Jim

DIGGING DEEP

2008-10-31T15:22:00.002-04:00

It was very hard to find, buried deep in the news stories, but in the past week there was some good news concerning the national real estate market. New home sales were up 2.7% and the inventory was down from an 11.4 month supply to 10.4 months. That is certainly a step in the right direction. According to the National Association of Realtors for the first time in 3 years existing home sale were up over the previous year by 1.4%, another significant step. At the same time according to NAR prices were down 9% compared to September ’07. The median price of new homes stood at a 4 year low of $218,000. It is good to hear some positive news, it certainly helps the psyche.

This may or may not mean anything to you in your market since all markets are local with their own trends and circumstances. The biggest problem with this or any down market is that it is impossible to tell where the bottom is. The only way to know for sure when we reach the bottom of the downturn will be when we see it behind us, and that could be too late. The Outer Banks has experienced steep declines in pricing some upwards of 40% and there are phenomenal deals to be had, we are seeing prices below what they were in 2004. If you have considered owning property on the Outer Banks now is the time to start the process, we have plenty of inventory from which to choose and interest rates are still low. Do not put yourself in the position of looking back and saying IF ONLY I HAD…...

Oh No, Not Politics!

2008-10-26T09:53:00.004-04:00

Politics is probably not the best subject to breach when you want to keep the friends you have or to make new ones, but I feel the need to talk a little about how I have been thinking lately.
With a little more than a week before we vote for our next president I can’t help but wonder and worry about the direction this country may be heading. One candidate wants to tax one segment of the population so he can give tax relief to another, including sending a check to those who pay no tax at all. I don’t know….is that right? One wants to reduce taxes on corporate America with the hopes it would encourage business to grow and create jobs. I don’t know….is that right? Neither one seems to have a good answer for health care in this country or a real plan for leading us out of the financial and housing mess we find ourselves in. Both have different plans for ending the war we are involved in, stay as long as it takes to finish the job or immediately start withdrawing troops. I don’t know….which one is right?
It seems this election raises more questions than it answers. My feelings are that neither party has chosen the best possible candidate, but it is what it is and we have to make a choice. I have made my choice, whether or not it proves to be correct only time will tell. So I encourage you to make best choice you can and go to the polls and vote it is your duty, your right, and your privilege. I do know….that is right! Jim

Now May Be The Best Time

2008-10-22T10:16:00.006-04:00

2528… What does that number mean? The number represents the residential properties listed as active on the Outer Banks MLS. Why do you care? Because of the old law of supply and demand. When supply is high and demand is low, prices are even lower. We are currently experiencing the lowest prices we have seen in years, real bargains can be had in any price range. If you have been planning for an Outer Banks property now is the time to make the move. We tend to think of the beach and vacations during the warm weather months, and holidays and snow blowers at this time. This time of year on the Outer Banks is wonderful, warm weather, the crowds are gone, and the pace is slow. Because of the reduced number of renters it is much easier to view homes since we are not limited to showings only between guests leaving and new ones arriving. Don’t miss out on the chance to own your Outer Banks dream home, contact us today and let’s get the ball rolling! Before you know it warm weather will return and you will be the proud owner of your very own vacation spot.

I seem to be hung up on Warren Buffett quotes lately but here goes anyway:
“Price is what you pay. Value is what you get.”

We have asked several of our local lenders to share their perspective on the current market and in the coming weeks we will share them with you.

The first is from Bob Walker with Carolina State Mortgage
Contact: bob@carolina-state.com or kaye@carolina-state.com

THE FINANCIAL MARKETS AND RESIDENTIAL LOAN PRODUCTS

“The past year has proven to be one of enormous lessons learned and rapid adjustments in the market place. The housing market had been struggling since late 2006 as interest rates were being methodically increased to slow an overheating economy. During the following two years prices adjusted accordingly. Throughout this time a number of events brought about a radical change in the residential mortgage industry and the result has been a streamlined product offering and tighter underwriting standards. Most of the “hybrid” products are gone.

The key to profitable investing is timing and recognized value. There is no doubt that we are at or nearing a fulcrum point in the business cycle. The bottom, in terms of sales volume and pricing will usually occur as we pass through the middle of the cycle, from there things will be improving. If we follow history we are basically there now or between now and year-end. You can’t time it much better.”

Please indulge me one more from Warren Buffett
"If you wait for the robins, spring will be over"

To see what our clients have to say about us and to view the services we offer visit our we-site:

www.OuterBanksRealEstate4Sale.com

WOW WHAT A RIDE

2008-10-17T11:13:00.002-04:00

Have you been watching the stock market lately? If so I imagine you are getting pretty dizzy about right now. Down 700 points up 900, down 700 up 400 it is very hard to watch. We hear everyday about the financial “crisis” and of the looming gloom and doom. For sure there are people who are hurting, and I am in no way making light of the situation. I am just trying to put things in perspective. Things are tough right now but we must realize that we as a nation have been through these cycles many times in the past and have immerged stronger each time. Following is a link to an article about some of these cycles, very informative, enlightening, and maybe a little calming.
http://app6-clients.thedesignpeople.com/aic/losgatos-saratogahomes.com/htdocs/newsletter_details.php?news_ID=130

With the right guidance it could be the time to buy.
Remember what Warren Buffett once said:
“We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.”

The housing market is also in turmoil, while 95%-98% of all mortgages are current and being paid, it is of little comfort to those that are in trouble. Many circumstances have contributed to a great number of homes either being in or close to foreclosure. If you are in this situation you MUST act now. The first step is talk to your lender tell them of your situation, they are willing to work with you, remember they are not in business to own houses. Here are some web-sites to go to for some guidance:
www.hud.gov/foreclosure/ www.hopenow.com

Another great source of information and help is a local REALTOR who studies and understands the current market, and the programs and help that are available. If you feel Ellen and I can be of any help to you please do not hesitate to contact us, we would be happy to help in any way we can.

One more quote from a guy named Buffett this one being Jimmy:
“Count all your blessings remember your dreams.”
Jim

Rewards

2008-09-25T10:09:00.003-04:00

Ellen and I have just recently closed a sale which we consider to be one of the most rewarding to date. Working on the Outer Banks most of our transactions involve either investment clients or people buying second homes as vacation property. We get very few opportunities to work with first time homebuyers, and this was one of those chances. A young couple with a small child wanting to stop paying rent and get into a home of their own. It wasn’t without challenges. First of all, the home in which they were interested in was a short sale which neither we nor the listing agent were aware of at the beginning. This brought another party (the lender) into the negotiations and consumed more time than normal. The client was using FHA financing with down payment assistance, a program that is set to go away October 1st so this added another deadline for us to work within. At same time working closely with the clients to help alleviate the fears and uncertainties that almost always arise.
We conquered all of the challenges and a closing date was set, and we did a pre-closing walk-thru with the clients. Well guess what, one more challenge; the refrigerator which was included in the sale was no longer cooling, so here we go again. This obstacle was also overcome and a new fridge has been ordered.
In real estate they say that as an agent you should not be tied to the outcome, and I agree. I also agree that for every rule there is an exception. This was the best deal available for this couple, a home at a great price that would give them equity on day one and the financing they needed. We had to make it work, and through hard work, diligence and perseverance we did.
While far from being the most financially rewarding transaction we have been involved with, it is one we will remember for long time. Being able to share in the new homeowners’ joy and excitement and seeing the pride they have gives a sense of job well done.

Jim

If we can be of any help to you please give us a call and in the mean time please visit our web-site: http://www.outerbanksrealestate4sale.com/

Waiting and Watching

2008-09-05T08:54:00.000-04:00

The Outer Banks is bracing for the effects of tropical storm Hanna this morning, while keeping a cautious eye towards two other systems brewing in the Atlantic. Hanna is not expected to be a devastating storm for us, more akin to the nor’easters we have during the winter and early spring, and for that we are thankful.
What comes to mind during this time is the resolve and unselfishness of people. After every disaster that strikes this country, be it natural or not, people band together to help their fellow citizens. People are tough they pick themselves up and get on with life. The government can also help. We have seen in the past a government that was slow to react, not just the federal government but state and local also. With the recent storms in the Gulf we have seen that some lessons have been learned and improvements have been made. I guess the key word here is “help”, the government can help, but we the people that live in disaster prone areas must be prepared to help ourselves. It is primarily our responsibility to protect our lives and our property if a dangerous storm is heading towards you; you secure your property and get out of the way.
I have ridden out some storms and I have gotten out of the way of others, it usually depends on the path and strength of the storm. I can not understand those that refuse to leave no matter how ferocious the storm. They claim they are staying to protect their property; we have all seen pictures of what a major hurricane can do to property. Please tell me what could be done to stop that. There is no property worth you health or your life.
Fortunately Hanna looks likes she’s just going to give us a little reminder that it is hurricane season and maybe help us be a little better prepared for what ever lies ahead.
I do know that wherever future storms head that people will always be ready to help people. Jim

As always if we can be of any help please feel free to contact us:

jim@thebeachnlife.com

http://www.outerbanksrealestate4sale.com/

A LOOK AT THE REAL ESTATE MARKET

2008-08-20T08:59:00.000-04:00

The National Association of REALTORS® is reporting that in the second quarter nearly one fourth of metropolitan areas showed home prices rising above last year.
Lawrence Yun chief economist for NAR says “The biggest homes sales gains over the previous quarter have been in some of the markets with the steepest and fastest price drops.”
Some further evidence that the market could be reaching a bottom and starting to level out is the latest pending home sales index. This index measures signed contracts that haven’t yet closed, and is a leading indicator of home sales for the next few months.
The index was up nationally by 5.3% last month, and showed an increase in every region of the country. It was up 9.3% in the South, in the West by 4.6%, the Northeast by 3.4%, and in the Midwest by 1.3%.
There is more good news for the housing market. The Housing and Economic Recovery Act of 2008. What this act does is provide a $7500 tax credit for first time homebuyers.
A first time homebuyer is described as anyone that has not owned a home in the last three years. The purchase must be closed between April 9, 2008 and July 1, 2009 when the act will expire. Also you must meet income requirements, under $95,000 single or $170,000 married. However if your income exceeds the above you may still be eligible for reduced credits. Keep in mind that this is a credit not a deduction and it must be paid back interest free starting after two years at a rate of $500 a year. If you sell your home before paying the balance and there is sufficient profit from the sale the balance must be paid. If a profit sufficient enough to pay the balance is not realized the remaining will be forgiven.
The National Association of REALTORS® is projecting that 2 million sales could be generated by this act.
The major news channels today are reporting, once again, the gloom and doom. Their reports today are about new housing starts being down, not one word on the statistics I have given you. This may be bad for the stocks of the larger builders, but for the housing market in general it is a good thing. We must clear existing inventories before the market can return to normal.
While everything may not be completely rosy there is some encouraging news, if you are in the market now may be the best time to buy , don’t let it pass you by. You don’t want to be looking back and see that the bottom and lower prices are behind you.
If you want further information visit our web-site:
http://www.thebeachnlife.com/ or http://www.outerbanksrealestate4sale.com/
Remember you can send an e-mail with questions anytime we'll be happy to help:
jim@thebeachnlife.com
Jim

Family Visits

2008-08-18T16:56:00.000-04:00

When Ellen and I decided ten years ago to move to the Outer Banks one of our main concerns was that we would be moving away from family and friends. We soon found there was no need for concern. Living at the beach seems to be a major attraction, and we tend to see our loved ones as much or more than we did when we lived in the same city.
The desire to have them visit is what motivated us to build a three story 3400 sq. ft. house, with enough room for everyone to spread out. Well, it didn’t take us long for us figure out that this was way more house than we needed when we were by ourselves, we were using maybe a thousand square feet for us to live. We have since sold that house and downsized to about 1800 sq. ft. where we added additional outdoor living space. This was the answer, when you have a houseful of people if you can keep them outside in or around the pool it is truly enjoyable and plenty of room for all.
The week-end before last our son, daughter-in-law, and grandson were here, and this past week-end my brother, his wife, twin boys, and daughter were here. In early September we are expecting Ellen’s mom and sister. Sounds like a lot, but we truly look forward to every visit.
Ellen is a planner, everything for every visit has to be just perfect, every bed made, every towel hung, every guest soap and shampoo placed just so. It also means every meal has to be planned and multiple trips to the grocery store made. It just drives me crazy, but after all these years I have learned to deal with it.
What I am trying to say in this tale is that having family visit can be work, hard work sometimes and by the time the end of the visit comes you are ready for it. The strange part though, is by the time they leave the driveway you are already missing them and wanting for a return visit.
Yes living at the beach is a blessing. But the biggest blessing of all is spending time with family.

Jim

An Outer Banks Morning

2008-08-04T08:04:00.000-04:00

What a beautiful morning on the Outer Banks. Skies are clear, humidity is down, and the temperature is perfect. The beaches will be full of visitors today, enjoying this glorious day. According to an article in the paper this morning despite high gas prices and an unsure economy, visitors have flocked to the Outer Banks more than they did last year.
Gross occupancy receipts increased by 7% in June over last year, and are up by 4% for the first half of the year.
It seems that it doesn’t matter, all the gloom and doom people hear reported every day, the gas prices, price of food or whatever, they just have to forget about it all for one week a year and get away. The Outer Banks is the destination of a great many visitors, because it is within a days drive to so many densely populated areas. Tourist who are visiting our shores this year may be spending a little less once they are here, but here they are, and in great numbers. I want to say welcome and I hope you thoroughly enjoy your stay. Please return year after year, and tell your friends about us.
If you are thinking of investing in Outer Banks real estate or are just curious please visit our web-site from there you can browse the entire MLS.
www.OuterBanksRealEstate4Sale.com
www.thebeachnlife.com
Jim

Jumping In

2008-07-29T12:15:00.000-04:00

I have been reading blogs for a few years now and finally decided to jump in and create my own. This will be a learning experience that I am looking forward to. If it becomes too obvious that I need a little guidance please feel free to offer it.
My goal with this blog will be to share with the world what life is like on The Outer Banks of North Carolina, a tiny sliver of sand approximately 100 miles in length. We will talk about current events, the state of the real estate market, fishing, golfing, vacationing here, you name it I will do my best to tell you all about it.
My wife's name is Ellen, you will need to know that as I'm sure I'll be mentioning her a lot. One of the things we truly enjoy is traveling to tropical islands when time and finances allow. We would like to hear your tropical experiences and we'll be sharing ours.
That's it for now, I need to finish setting all of this up, but please let me hear from you.
Jim