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Outer Banks Real Estate Update www.OBXRealtyGroup.com

SEP/OCT 2010

Real Estate Update Matt Huband, SFR PO Box 2223 Kitty Hawk, NC 27949 Office: 252-255-0221 Cell: 252-480-9283 Fax: 1-866-902-4479 ———————————

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Outer Banks Weather Oct Maximum Temperature

86F

Minimum Temperature

72F

Water Temperature

78F

Precipitation

5.3In

Wind

11mph

Distressed Properties are Hot! The last three months have shown a steady rise in the inventory and sales of distressed properties. Specifically, distressed properties now account for 17% of our residential property inventory and 48% of residential sales. Pending Sales – Currently there are 270 properties in an Under Contract Status and the number of properties place Under Contract in September 2010 is up 9% from September 2009. Inventory – Overall, inventory has declined 14% from 2009 (4087 listings to 3516 listings). However, with this decline in inventory there has been a steady rise in the median sale price for single family homes and is now 8% higher than in 2009. Residential Property Sales – The number of single family home sales has risen 10% from September 2009 and the median sale price has risen 17%.

The number of condominium sales has declined 25% from September 2009; however, the median sales price has risen for condominiums has risen 12%. Mortgage rates are at all time lows averaging 4.2-4.4% for a 30yr Fixed Rate with 20% down. The rental market for the summer was record breaking (see next article) leading to strong rental income for many homeowners making an Outer Banks beach house more affordable than ever!! While the national market continues to search for a bottom the Outer Banks market has turned around and is already starting to recover.

To book your trip to look at real estate on the Outer Banks email: obxrealtors@gmail.com Or

252-255-0221

Summer 2010 One For The Record Books The summer of 2010 on the Outer Banks is shaping up to be one of the best on record according to various economic data that is finally coming in. I live just over the Wright Memorial Bridge in Kitty Hawk and I can say for a fact that the traffic getting onto the island did not stop letting up until 8-9pm, which was about 2 hours longer than normal. Many of the rental companies and hotels were at 100% occupancy for most of the summer. Renters looking to get discounts by booking last minute found themselves without a place to stay. While most business's and restaurants reported strong sales it was not a banner year for those areas. People came to the Outer Banks but were cautious with their spending, but the good news is they came. Below is an excerpt from the Virginia Pilot with the latest economic numbers for the 2010 season. N.C. tourism officials cheer as visitors keep coming "Tourism on the Outer Banks appears to be making a comeback in 2010.After a devastating 2009 season, industry pros report that visitors have returned to North Carolina's barrier islands in droves. In July, hotel occupancy rates were up nearly 17 percent over the same time period in 2009. Food and beverage sales were up 8 percent. August numbers are not yet available, but Outer Banks Chamber of Commerce President John Bone said he believes the month was strong and that the momentum carried into September. In fact, Bone said last week that he believes more people

visited the Outer Banks during the 2010 tourism season than ever before." 1

All information in this newsletter is deemed reliable but not guaranteed.


Outer Banks Upcoming Events October 29 - 31 Marshes Light Marina 1st Annual King Mackerel Tournament King Markerel Tournament with guaranteed first place prize of $10,000. Proceeds benefit Outer Banks Relief Foundation and the Town of Manteo Fisherman's Landing Project. For more information, please call 252-305-4737 or visit marsheslightmarina.com

November 5 First Friday Downtown Manteo Waterfront. 4 p.m. to 8 p.m. First Friday is a fun-filled, family-oriented street festival. The sidewalks pulse with live music, magic, artisans, period-dressed actors, a rock climbing wall and much more. firstfriday-roanokeisland.com

November 9 - 14 Wings Over Water Wildlife Festival Offering over 85 programs in themes ranging from paddling and wildlife photography to birding, natural history and more! (252) 216-9464 or wingsoverwater.org

November 26 - 27 Hangin’ with Santa & Kites with Lights Kitty Hawk Kites, Nags Head. Children can have their free photo taken with Santa in a demonstration Hang Glider on Friday and Saturday. November 27, watch the night sky magically transform as skilled flyers maneuver their lit stunt kites to the sounds of your favorite holiday songs atop Jockey’s Ridge State Park. (877) FLY-THIS, (252) 441-4124 or kittyhawkkites.com

For more information about Outer Banks events go to Outer Banks Visitors Bureau

Local Outer Banks News White Marlin Fishing “Best Ever”

The Fight To Save Hatteras Island Continues

Every now and then after a big storm white marlin will bunch up off the coast of the Outer Banks and the action is epic. Such was the case this week after Hurricane Earl with over 500 white marlin caught in 2 days by the Oregon Inlet Fishing Fleet. It was not unusual for boats to catch 10-20-30 even 50 white marlin over a 2 day stretch. September and October are great bill fishing months on the Outer Banks so if you have ever wanted a shot to catch marlin the time is now.

For many of my longtime newsletter readers you have seen the various updates and pleas to help save the Cape Hatteras National Seashore from being closed forever by a group of environmentalist.

You can go to the Oregon Inlet website to book your charter.

Once again I ask that you take the time to make yourself aware of what is happening to the good people who call Hatteras Island home. A great video was posted on YouTube by a guy from New York that came down to document what is happening on Hatteras Island. Please take the time to view it. The Fight To Save Hatteras Island 2

All information in this newsletter is deemed reliable but not guaranteed


November 13 Outer Banks 8K Kill Devil Hills, near the First Flight Schools Campus. An out-and-back course which will start in Kill Devil Hills, continue through Nags Head Woods Maritime Forest and finish at the First Flight High School track. obxmarathon.org

November 14 Outer Banks Marathon and Half Marathon The marathon starts in Kitty Hawk, the half marathon starts at Jockeys Ridge and both cross the beautiful Washington-Baum Bridge and finish on Roanoke Island. obxmarathon.org

November 25 15th Annual Advice 5K Turkey Trot Duck. A great warm up for your Thanksgiving Feast! Starting on Scarborough Lane in Duck with a finish line full of post race festivities! Runners and walkers of all abilities and ages are welcome. active.com

For more information about upcoming running events check out the Outer Banks Running Club

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All information in this newsletter is deemed reliable but not guaranteed


Matt’s Outer Banks Favorites October 29 - 31 Marshes Light Marina 1st Annual King Mackerel Tournament King Mackerel Tournament with guaranteed first place prize of $10,000. Proceeds benefit Outer Banks Relief Foundation and the Town of Manteo Fisherman's Landing Project. For more information, please call 252-305-4737 or visit marsheslightmarina.com

November 3 - 6 53rd Invitational Surf Fishing Tournament Cape Hatteras Anglers Club, Buxton. Registration – Wednesday, November 3, Team Fishing – Thursday, November 4, Team Fishing – Friday, November 5, Bob Bernard Individual Tournament Saturday, Novembe 6, Tackle Show - Thursday, November 4.

For more information go to capehatterasanglersclub.org

November 19, 2010 13th Annual Manteo Rotary Rockfish Rodeo Outdoor Pavilion at Roanoke Island Festival Park. A fishing tournament sponsored by the Manteo Rotary. For more information call (252) 473-6644 or rockfishrodeo.com

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All information in this newsletter is deemed reliable but not guaranteed.


Matt Huband, SFR-Broker/Owner 252-255-0221 OBXRealtors@gmail.com www.OBXRealtyGroup.com Call or email me today to set up your visit to the Outer Banks and find your beach house!!

Current Listings

Nags Head Duplex with separate entrances, 3 lots to the beach!! $700,000 Call for information

Nags Head-Westside 3Bd/2Bth Great Fixer Upper w/ pool, close to beach $193,000 MLS#63983 Priced Below Tax

Sothern Shores 3Bd/1 1/2 Bth Walk to Beach Pool, Hot Tub $350,000 MLS#67385

Southern Shores 4Bd/3 1/2Bth Walk to Beach Pool, Great Rentals $575,000 MLS#67962

Kill Devil Hills 2Bd/1Bth Walk to Beach Close to Everything $115,000 MLS#68159

Short Sale

Just Listed

Just Listed

Duck Oceanfront 3Bd/2Bth Condo, Oceanfront Pool, Great Rentals MLS#67396 $375,000

Click On The Pictures For More Information

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All information in this newsletter is deemed reliable but not guaranteed.


Outer Banks Real Estate Update Sept-Oct 2010