By: johnbt
7/27/2024 4:28 PM
Oops. Yes, Ocracoke. There are more 2BR places than you might imagine. Some were built as simple houses and later had a vaulted celling done in the LR/DR and a 10' x 16' screen porch added..
Yes, less to clean. Oh, and it had a fortified roof done the end of 2021. Fwiw, the grant money is taxable income.
I'd been waiting on a 3BR I liked and then this came along. The thing is, my stepson, wife and 2 little boys can only get to Ocracoke for a week each summer due to their jobs and vacation time, etc. For what we saved by going small we can rent a large place for all of us to use for a week every August and only use up part of the yearly earnings on what we saved. And then there's the savings on taxes, three kinds of insurance, utilities and all that.
We are excited.
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Speaking of prices, and the latest data.on OBX real estate, the prices on Ocracoke can be challenging. It's popular.
NOT OUR COTTAGE Here is a place that sold in December of 2023 NOT OUR COTTAGE
www.realtor.com/realestateandhomes-detail/98-Cabana-Dr_Ocracoke_NC_27960_M58378-17203
"1 bed
1 bath
399sqft
modular on piers
5,285sqft lot
Sold on December 11, 2023 for $320,000
We met the owner on the beach one day. We both had our dogs out.
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By: OceanBlue
7/27/2024 4:37 PM
Oops. Yes, Ocracoke. .....We are excited.
Congrats! Welcome to the sandbar 
Super cool you found your spot!
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By: johnbt
7/27/2024 4:40 PM
Fwiw, I looked at the Ocracoke Island Realty rentals and counted the 2BR and 1 or 2/BA cottages. There are 36 right now. Rentals come and go.
Fwiw # 2, from the OIR site, "No restriction on the amount of time you reserve for yourself in your property"
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By: johnbt
7/28/2024 7:34 AM
"Welcome to the sandbar"
Thank you. We had been looking and looking and trying to be patient.
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By: Greg MD
7/28/2024 9:05 AM
$320,000 for 399 sqft. = $800/sqft. On a tiny lot? Jeeze!
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By: johnbt
7/28/2024 2:29 PM
All true.
High demand and the village is only, at most, 4 square miles and not all of that is buildable. And of course there are stores, restaurants, shops, the school, two small campgrounds, and such. And the ferry terminal and parking lot.
Springer's Point Preserve alone is 122 acres that will never be built on.
Little lots are advertised for $200k and up. There is also a 1.56 acre lot for sale that runs from Silver Lake back to Lighthouse Rd and it's only $1,750.000.
I like it. Life slows down and is relaxing. A 20 mph speed limit in the village, not a stoplight anywhere, no burger chains, one gas station, etc.
Ocracoke got its first official street names and street signs in 1999 when they got a 911 system.
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By: Tim-OBX
7/28/2024 4:35 PM
It seems like prices are not climbing, at least not like they have been. I think we will see prices level out and decline as inventory improves.
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By: Tim-OBX
7/28/2024 4:37 PM
Number of sales have slowed down, Hatteras is a bit slower than farther north.
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By: KDHBreeze
7/28/2024 5:15 PM
It seems like prices are not climbing, at least not like they have been. I think we will see prices level out and decline as inventory improves.
Nice. Thanks for sharing.
Why shop for what you want (whether investment or primary home) and not try to time the market? Because timing the market isn't a thing. Ask all the people who told me in Q4 2019 to wait for prices to drop more as we got into winter....
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By: Bentmtn
7/28/2024 7:10 PM
It seems like prices are not climbing, at least not like they have been. I think we will see prices level out and decline as inventory improves.Nice. Thanks for sharing.
Why shop for what you want (whether investment or primary home) and not try to time the market? Because timing the market isn't a thing. Ask all the people who told me in Q4 2019 to wait for prices to drop more as we got into winter....
I totally get that, KHD, and no one knew what was going to happen with the pandemic which changed everything. We were looking for a sound front home in 2019 and 2020, but things were selling slowly on HI until the pandemic hit. We just didn't know how long our little Avon canal front cottage would be on the market during that time frame, so we didn't make a move until fall of 2020. Prices were down as we hit a couple of open houses in January of 2020. And stayed that way until late Spring. Then, the market when nuts summer of 2020 with people wanting to work remotely and thinking they better grab when they could. You just never know what will change the attitude.
Homes are selling well in our Brigand's Bay neighborhood. They are on the market a bit longer, but a canal home for 1.1M just sold and three other homes are pending. I'm sure it's the interest rates if they have to obtain a mortgage.
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By: KDHBreeze
7/29/2024 6:21 AM
We'll probably be seeing interest rates go down, which the not real estate savvy buyers always think is a good thing, but for every 1% drop in interest, on average home prices rise 5%, which on some of these homes is quite a chunk larger than buying that home at a higher interest rate and doing a refi when rates dip.
From a human behavior aspect, you're also likely to have higher pricing and more bidding wars not supported by appraisal or longer term value in lower interest rate periods because the larger proportion of non investment buyers means more decisions made on emotion than on pro forma data. Investors will stay within what pencils, even often when buying a lifestyle asset. But all of this pent up home shopping frustration lures would be homeowners into overspending relative both to home value and to their own finances. At least when they exceed their budget in a high rate market they can refi for breathing room.
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By: Tim-OBX
7/29/2024 8:52 AM
It seems like prices are not climbing, at least not like they have been. I think we will see prices level out and decline as inventory improves.Nice. Thanks for sharing.
Why shop for what you want (whether investment or primary home) and not try to time the market? Because timing the market isn't a thing. Ask all the people who told me in Q4 2019 to wait for prices to drop more as we got into winter....
I totally get that, KHD, and no one knew what was going to happen with the pandemic which changed everything. We were looking for a sound front home in 2019 and 2020, but things were selling slowly on HI until the pandemic hit. We just didn't know how long our little Avon canal front cottage would be on the market during that time frame, so we didn't make a move until fall of 2020. Prices were down as we hit a couple of open houses in January of 2020. And stayed that way until late Spring. Then, the market when nuts summer of 2020 with people wanting to work remotely and thinking they better grab when they could. You just never know what will change the attitude.
Homes are selling well in our Brigand's Bay neighborhood. They are on the market a bit longer, but a canal home for 1.1M just sold and three other homes are pending. I'm sure it's the interest rates if they have to obtain a mortgage.
Here is a little bit of what is for sale in Brigand's Bay today. Days on market is circled.
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By: Bentmtn
7/29/2024 9:09 AM
It seems like prices are not climbing, at least not like they have been. I think we will see prices level out and decline as inventory improves.Nice. Thanks for sharing.
Why shop for what you want (whether investment or primary home) and not try to time the market? Because timing the market isn't a thing. Ask all the people who told me in Q4 2019 to wait for prices to drop more as we got into winter....
I totally get that, KHD, and no one knew what was going to happen with the pandemic which changed everything. We were looking for a sound front home in 2019 and 2020, but things were selling slowly on HI until the pandemic hit. We just didn't know how long our little Avon canal front cottage would be on the market during that time frame, so we didn't make a move until fall of 2020. Prices were down as we hit a couple of open houses in January of 2020. And stayed that way until late Spring. Then, the market when nuts summer of 2020 with people wanting to work remotely and thinking they better grab when they could. You just never know what will change the attitude.
Homes are selling well in our Brigand's Bay neighborhood. They are on the market a bit longer, but a canal home for 1.1M just sold and three other homes are pending. I'm sure it's the interest rates if they have to obtain a mortgage.
Here is a little bit of what is for sale in Brigand's Bay today. Days on market is circled.
Thanks, Tim! Yep...on the market longer probably because of the interest rates. Funny that the Snug Harbor one shows as sound side, but technically it is. But, it is on a canal a couple of blocks from the sound front.
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By: oldmember
7/29/2024 11:58 AM
"Cary population in 2022 was 185,000."
Cary 1973
SAS Institute incorporates in 1976, chooses Cary, North Carolina as it's home after being at NC State. The rest for Cary is history.
My guess would be unless you are an 'old nerd' , most would not know what the SAS Institute is/was.
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By: OceanBlue
7/29/2024 3:30 PM
"Cary population in 2022 was 185,000."
Cary 1973
SAS Institute incorporates in 1976, chooses Cary, North Carolina as it's home after being at NC State. The rest for Cary is history.
My guess would be unless you are an 'old nerd' , most would not know what the SAS Institute is/was.
Haha! I’m thinking Apples new NC facility will have a significant impact on RE
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By: johnbt
8/1/2024 8:34 AM
It appears sales have picked up quite a bit in Ocracoke this year.
Looking at page 14 of the June report of the Outer Banks Association of Realtors, Ocracoke shows 7 residential units sold through May compared to 9 in all of 2023.
Year to Date Count %Chg
2024 7 -22%
2023 9 -44%
2022 16 -33%
Looking at the Ocracoke Island Realty site just now, there are 9 houses listed as pending. And I know of one purchase - by our sellers - that closed in July and has dropped off the OIR site.
The question that comes to mind is whether the Associations' sales numbers are direct from the Dare and Hyde County offices or are they generated from only the sales that went through a member office. I would guess they are government numbers, but what do I know. In other words, will our private party purchase eventually be reflected in the Associatoin's Ocracoke tally after we close in a couple of weeks? I'm just curious.
Richmond VA used to make it easy to track real estate sales. The morning newspaper printed a list of recent transactions that included the seller's name, buyer's name, and price. I googled Outer Banks sales a couple of times but never stumbled across a master list of transactions.
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By: Tim-OBX
8/1/2024 12:18 PM
The report you are looking at comes from Outer Banks Assoc of Realtors and it shows what was sold, through the MLS system, that covers the area including Ocracoke. 2023 was a slower year for sales than 2024 has been so far. Our office is up over 200% from last year. We just put a lot under contract down there and they will build on it this fall.
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By: johnbt
8/1/2024 1:18 PM
"through the MLS system"
Thank you.
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