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Outer Banks 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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Real Estate Update

SEP/OCT 2010 www.OBXRealtyGroup.com

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

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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 prop-

erty 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 Con-

tract in September 2010 is up 9% from Sep-

tember 2009.

Inventory – Overall, inventory has declined

14% from 2009 (4087 listings to 3516 list-

ings). However, with this decline in inven-

tory there has been a steady rise in the me-

dian 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

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."

Summer 2010 One For The Record Books

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Outer Banks Upcoming Events

Local Outer Banks News

All information in this newsletter is deemed reliable but not guaranteed

White Marlin Fishing “Best Ever”

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.

You can go to the Oregon Inlet website to book

your charter.

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

The Fight To Save Hatteras Island Continues

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.

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

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

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All information in this newsletter is deemed reliable but not guaranteed

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 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 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 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

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 Satur-

day, Novembe 6, Tackle Show - Thursday, November 4.

For more information go to capehatterasanglersclub.org

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Current Listings

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!!

Nags Head

Duplex with separate

entrances, 3 lots to

the beach!!

$700,000

Call for information Click On

The Pictures

For More

Information

Nags Head-Westside

3Bd/2Bth

Great Fixer Upper w/

pool, close to beach

$193,000

MLS#63983

Priced Below Tax

Southern Shores

4Bd/3 1/2Bth

Walk to Beach

Pool, Great Rentals

$575,000

MLS#67962

Just Listed

Duck Oceanfront

3Bd/2Bth

Condo, Oceanfront

Pool, Great Rentals

MLS#67396

$375,000

Sothern Shores

3Bd/1 1/2 Bth

Walk to Beach

Pool, Hot Tub

$350,000

MLS#67385

Short Sale

Kill Devil Hills

2Bd/1Bth

Walk to Beach

Close to Everything

$115,000

MLS#68159

Just Listed