Below are the sold prices with the corresponding unit number.  Remember that these prices are BEFORE the 10% buyers premium that was applied to the final bid amount.  All in all, I think this was a win-win for the Landings at Sugar Creek and the new proud owners of this beautiful condo homes!

1. $320,000 – Unit 303
2. $300,000 – Unit 212
3. $262,000 – Unit 306
4. $262,000 – Unit 105
5. $242,000 – Unit 213
6. $237,000 – Unit 207
7. $235,000 – Unit 310
8. $230,000 – Unit 210
9. $217,000 – Unit 311
10. $217,000 – Unit 304
11. $216,000 – Unit 301
12. $215,000 – Unit 313
13. $210,000 – Unit 308
14. $203,000 – Unit 111
15. $199,000 – Unit 209
16. $199,000 – Unit 109
17. $189,000 – Unit 103-B
18. $171,000 – Unit 112-A
19. $150,000 – Unit 112-B
20. $148,000 – Unit 103-A

There are still 21 units remaining in Phase II.  If you are interested in learning more about this Outer Banks Real Estate ownership opportunity, give us a call!

Just got back from the Landings at Sugar Creek condo auction.  All 20 Condos were sold in about an hour and half!  Prices ranged from $320,000 to $149,000.  The format was high bidders choice where a pool with all 20 condos were offered and the highest bidder for that particular round got to choose any unit they wanted.  It went as expected with the two 4 four bedroom units going first, then all 3 bedroom units, and finally the 2 bedroom units. 

Stay tuned for more detailed information on today’s Outer Banks Real Estate event.

Just recently the ownership group of The Landings at Sugar Creek, a brand new sound front condominium community located in Nags Head, announced that they will be auctioning off 20 condo’s in an Absolute Auction on March 27^th, 2010.  So what exactly is an Absolute Auction, and why is everyone making such a big deal?

An Absolute Auction usually occurs in a distressed or liquidation event, when referred to Outer Banks Real Estate.  According to the definition by Answers.com, and Absolute Auction is “an auction in which the subject property is sold to the highest bidder regardless of the amount of the winning bid”.  Usually in Auctions the owner will set what is known as a “Reserve Price” where the property has to sell for at least that amount or the deal does not go through.  This is what makes an Absolute Auction so intriguing as it can yield very good deals for the liquid investor.

However, there are always catches to any perceived “to good to be true” real esate deal.  The Auction company for this particular event has set a “Buyer’s Premium” at 10% of the winning bid amount.  This means, that you the buyer has to pay the broker’s commissions and marketing costs in addition to the bid amount of the property.  While this is fairly normal, it still put’s a little damper on the event as buyers and investors are not used to having to pay these fees when purchasing property in a normal transaction.  This added 10% should be factored in during the bid process, or you may end up with not as good a deal as you first thought.

If you or someone you know might be interested in more information or attending this Outer Banks Real Estate Absolute Auction event, give one of our expert Outer Banks Real Estate Brokers a call at 866-928-2674.

Auction Details:

• Saturday, March, 27, 2010 at 1:00 pm onsite at The Landings at Sugar Creek.
• Inspections are scheduled for Saturdays, 3/13 & 3/20 from 11 am – 4 pm, Friday 3/26 from 1 – 7 pm, Wednesdays, 3/17 & 3/24 from 1 – 4 pm, and day of auction from 10 am – 1 pm
• For complete information package visit Tranzon.com

The view from any of the homes at the Landings at Sugar Creek is like something from a postcard. Some views are better than others, of course, but no matter where you are, there’s open space and water in full view.

Mike Corwin–one of the developers of the property–and I are standing on the balcony of a west facing unit, and all I can think is I wish I had brought a pair of binoculars and a birding book. A pair of cormorant are perched at the end of the pier that’s part of the property . . . a flock of geese skim over the waters of the sound about 100 yards out and everywhere I look, waterfowl are floating on the surface of the water.

Mike gestures to the north of us, pointing out four or five acres that is wetlands and marsh grass. “That will always be there,” he says. “That was purchased under a federal green space grant with the town of Nags Head. There is more open space surrounding this than any other condominium around.”

Walking through the the units the one thing that really comes through is just how different these are from the first generation of condos that were built on the Outer Banks. There’s no way to really describe the sense of privacy that each unit has, but it’s real. As an example, the walkways have segmented walls that separate the common areas from the units themselves, so that the inner walls and windows of the units are not right on the common area.

When architects Ben Cahoon and Mark Kasten designed the building, they used a number of modern construction techniques to reduce or just about eliminate sound crossing from one unit to another. I don’t doubt if someone cranks a stereo up to 100 or 110 and decibels, somebody somewhere is going to hear it, but I suspect that’s about what it’s going to take. In fact, one of the things that really impressed me when I was standing on the balcony overlooking the sound was just how quiet it was. The Bypass was only 100 or 150 yards away, and I could not hear the sound of traffic going by.

Resort Realty has just started selling the units, and they are getting some interest. And people who are thinking about buying should be aware that these units will rent. Mike mentioned that as soon as they put Sugar Creek into the Outer Banks Vacation Rental market last spring, units started renting. “It started right away,” he says. “We had a really strong summer. We have rentals all the way through the fall and into the winter.”

That seems to be consistent with some of the occupancy numbers that are coming out for Dare County. Although overall occupancy for the county seemed to be down a little (about 2% through September), condominiums in general, however, were significantly up over previous years.

Some of that may be that there are just more units, but there is growing suspicion that this may be the beginning of a new trend. “When you rent one of these, you’re not renting a four, five or six bedroom house when you only need two or three bedrooms,” Mike points out. “And you’re not sitting there with neighbors or relatives when you just want to be with your family.”

Overall, as a condominium, Sugar Creek does seem to stand out from the crowd. It’s not on the ocean, but that may not be so bad. The beach isn’t even a quarter mile away and the Sound is much quieter and frankly far more interesting visually. Sugar Creek is located right in the heart of the shopping and restaurant district of Nags Head. Oh, and Jeanette’s Pier should be completed in about 18 months. That will be the new second home of the NC Outer Banks Aquarium.

Submitted By:  Kip Tabb