On Friday, September 25th, residents of Hatteras Island attended a public meeting at which North Carolina Governor Beverly Perdue, State Senator Marc Basnight, State Representative Tim Spear, a panel of scholars, and an executive from Duke Energy presented research supporting the construction of a wind turbine farm in the Pamlico Sound west of Avon, Buxton, [...]
As the year progresses, there are very encouraging signs that the real estate market on Hatteras Island may be on the road to recovery. Consider these market indicators:
Average selling prices are moving closer to the historical growth curve that we saw prior to the boom years.
The supply/demand curves are starting to trend slowly toward each other [...]
As you may recall, earlier this year there was quite a controversy concerning changes in homeowner insurance rates, deductible amounts, and surcharges that the North Carolina Insurance Commissioner approved for policies written in the coastal counties. Thanks in large measure to the combined efforts of the Dare County Attorney and the Government Affairs Director for [...]
When studying real estate market indicators it is easy to research and report the statistics. It is much harder to try to understand and interpret the data that we are seeing. The 1st Quarter of this year is a classic example of this challenge. Here are the raw numbers comparing the first three months of [...]
Good News! We received an e-mail last night indicating that a stay has been granted on the Beach Plan surcharge increases and deductibles that were approved on November 21, 2008!
On March 20th, Wake County Superior Court Judge William R. Pittman granted a Motion to Stay the November 21,2008 increases in homeowners’ insurance deductibles and surcharges under [...]
Significant changes in homeowner insurance rates, deductible amounts, and surcharges have been approved by the North Carolina Insurance Commissioner. If implemented as approved, the revisions will substantially increase the cost of homeowner’s insurance coverage provided by policies written through the Beach Plan. These modifications are being challenged at both the legislative level and in a [...]
2009 has gotten off to a good start for the Hatteras Island real estate market. President’s Day weekend was especially active - agents called to show our properties; prospective buyers called to ask about the prices of specific properties; sellers called in to reduce their asking prices, and, several properties went under contract or have offers working [...]
If we were to summarize the current state of the Hatteras Island real estate market, we would say that some components have stabilized while others are still trending downward. The number of residential properties that are listed for sale has remained relatively constant over the past year, ranging from 450 to 500 homes per month. [...]
While the present level of properties on Hatteras Island entering the foreclosure process is relatively low compared to other places around the country, the number of owners facing financial hardship can be expected to increase over the next three years when a substantial wave of Adjustable Rate Mortgages (ARMs) and exotic loans are forecast to reset. In [...]
We believe that foreclosure activity on Hatteras Island is certainly important, but it is by no means of crisis proportions. Approximately 22 properties that are either listed for sale, are under contract, or were sold this year are foreclosed properties (three tenths of one percent of the total number of real estate parcels on Hatteras Island). While the number [...]
