Resort Realty

     One of the most remarkable aspect of the Outer Banks Vacation Rentals economy has been its resilience. Even in the depths of the recent recession, as the national economy was shrinking at 5-6%, occupancy in this region shrank a barely discernible 2%. And that figure is based on occupancy tax collections, not vacancies. In fact, even in 2009, the worst year for the Outer Banks, visitation remained at historic levels, and the loss in income was a result of targeted, aggressive pricing to ensure full occupancy for homeowners.

     Since that time, occupancy has shown very strong growth, and 2011 looks to be the best year the Outer Banks has ever witnessed. Vanessa Riddick, Property Manager for Resort Realty, sees the trend first hand. “While we normally keep our overall occupancy proprietary, we can state that we are 10% ahead compared to 2010,” she says.

     It is not just the peak season, though, that is contributing to the growth in occupancy. “We are seeing a positive trend in occupancy during the shoulder seasons,” Riddick reports. “Fall is one of the best times to vacation on the OBX and each year more and more people take advantage of this.”

     What does this mean for the homeowner?

     Perhaps most importantly, it means a reasonable expectation of rental income. It also means, however, that the market is becoming increasingly competitive, and the most Outer Banks Rentals at the best prices are going to go to the homes that are the most attractive to vacationers.

     What are a few things can make a home stand out?  Eye appeal is important, have some sort of interactive map of the home so people know what they are getting, price the property according to property management guidelines. Pricing may be one of the most important things a property owner can do. 

     A property that is priced to high will not rent as quickly as similar properties priced correctly. To fill the vacancy, there is a good possibility that discounts will have to be taken and owner may not even get the recommended price. 

     The bottom line is, if that property was purchased for rental income, it is a business and must be treated as such–investments must be made, it must be maintained and effective marketing is essential.

     Keep in mind, that like any investment, the better return on the dollar the owner can show, the more value it will have. That becomes particularly important if or when an owner chooses to sell the property. “All things equal, the good rentals will . . . bring a quicker sale and a better price,” Linda Powers, of the Resort Realty Powers Team, says.

The “Unpainted Aristocracy” is as much a frame of mind as it is the houses of an historic district in Nags Head. Built between the mid 19th century through the 1930s. These were the Outer Banks vacation homes of the landed gentry of eastern North Carolina–the doctors, planters and business owners of the neighboring counties.

Constructed of woods shipped from inland farms, such as cedar and juniper, they were simple in design, easy to build, never painted and have withstood everything mother nature has ever thrown at them. The homes were designed to take advantage of the glorious ocean breezes and many still lack air conditioning to this day.

It was in these homes that family traditions grew and a unique community took root–whole families, with their servants in  tow, came summer after summer to escape the stifling heat of the  coastal plain. 

Resort Realty Sales Broker, Brimage Silver, is part of that tradition, her Great Great Grandfather, Captain Edward R. Outlaw, built the Outlaw Cottage in 1885, with wood cut on the family farm in Bertie County. Tales of times past are still a part of her life. “My grandmother told me she had to put up black out curtains during the war (WWII)” she says. “So the German U-boats wouldn’t know where the shore was.”

“There is an ambiance to this area, to the families who live here,” she goes on to say. “We’re friends…we’re family. We have cocktail parties on our porches all summer long, and even have a 4th of July parade down the beach road each year.”

Brim just sold a historic oceanfront estate that was not listed for sale, but she perservered on behalf of her clients and made their Outer Banks dreams come true.  Not every property she shows, of course, will be or can be part of the historic homes of the town.

Her current listing, a Nags Head Oceanfront home, is in the heart of the historic district,  although it was built in the 1990s. Nonetheless, the house boasts many of the characteristics of the original houses. The wide wrap around porch invites easy lounging on a lazy summer evening or is ideal for entertaining. “It can weather many a storm or cocktail party!” Brim says.

All four bedrooms offer ocean views, although the panorama from the master bedroom is truly something special. “The view from the master suite is absolutely stunning,” is how Brim describes it.

Still retaining much of the original dune line created in the 1930s, one of the nicest features of the historic homes of this Nags Head Vacation home 

Listing Courtesy of Brim Silver

is the unspoiled feel to the beach. The beach itself is public property, but there’s no beach access in sight in either direction.  “It’s all your friends and family sitting out there.”

The rental projections for the property are eye-opening. “Up to  $60,000,” Brim observes. Yet as important as that is, it is not the only feature that she feels families should know about. “You’re getting a lifestyle,” she says. “A true oceanfront neighborhood, unlike anywhere else on the Outer Banks…this is truly a rare opportunity to own a young home in our historic district.”