Posts Tagged Outer Banks

Outer Banks Bonner Bridge Update

Jul 21

Posted by Mike H. in Uncategorized | No Comments

Bonner BridgeThe Bonner Bridge spans Oregon Inlet, linking the northern Outer Banks with Pea Island and Hatteras. It is an aging bridge, put into service in 1963 with an expected life span of 40 years.

Beginning in 1993, NCDOT in cooperation with the Federal Highway Authority (FWHA) began studying how to replace the bridge. The plans have been mired in controversy since the first Environmental Impact Statement was issued and even with a final determination about how to proceed, controversy and legal actions continue to dog the project.

At the heart of the debate over how to replace the bridge are environmental concerns, access to Pea Island National Wildlife Refuge and cost.

Although a number of proposals were examined, two competing views of how to connect Hatteras Island with the rest of the world emerged. The plan favored by environmental groups, would create a new bridge corridor paralleling Pea Island in the Pamlico Sound. The bridge would be 17.5 miles in length and would completely bypass Pea Island, making landfall on the north end of Rodanthe.

NCDOT, however, chose a phased approach that would first replace the aging Bonner Bridge with a parallel span about a quarter mile to the west and then make adjustments and changes as needed to the existing road as it goes through Pea Island National Wildlife Refuge.

Neither option is a perfect solution. Pea Island is an extraordinarily dynamic stretch of shoreline, prone to constant over wash and ever shifting sands. As an example, the road just north of Rodanthe–the “S” curves–has been an inlet in the past and will be an inlet again. The fazed approach, in fact, includes plans to bridge to build a bridge over the area that will become an inlet and allow nature to take its course.

One of the problems with the phased approach is that the road must remain within the existing right of way. Pea Island is administered by U.S. Fish and Wildlife, and by law, Fish and Wildlife is not permitted to grant a new right of way. There are some circumstances under which they may be able to do so, but there is no guarantee that would be the case.

The 17.5 mile bridge would certainly answer concerns about Refuge right of way and the dynamic nature of Pea Island. However, access to the wildlife refuge would be severely limited. State Route 12 (the highway that goes through the refuge) is maintained solely because it is a transportation corridor. If it is no longer needed to connect Hatteras Island with the northern Outer Banks, it will not be maintained.

The biggest problem, though, with the 17.5 mile bridge is the cost. At approximately $1.5 billion over the next seven years no agency or government body could see how the project could be financed. That decision was made a year ago, and government treasuries have become even more restricted since then.

Nonetheless, the Southern Environmental Law Center on behalf of a number of environmental groups, filed suit to stop the parallel bridge with phased approach from going forward. According to the legal brief, NCDOT failed to properly study how access through Pea Island would be maintained. The suit was filed as NCDOT was putting the project out for bids. 

NCDOT, in a statement concerning the suit, indicated the project would go forward as the courts decided the fate of the bridge. According to their statement, “(NCDOT) finds that the information presented has already been studied and addressed numerous times over the past 20 years . . .”

Let’s hope this time we will see actionable progress for this long overdue project that is so vital to Hatteras Island and the Outer Banks as a whole.

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Resort Realty Announces New COO & General Manager

Jul 6

Posted by Mike H. in OBX Real Estate, OBX Vacation Rentals, Resort News | No Comments

Stuart-Pack-webJuly 5, 2011 (Nags Head, NC) – Resort Realty, one of the Outer Banks most innovative and fastest growing vacation rental management and real estate sales companies, has recently announced the addition of Stuart Pack as their new Chief Operating Officer and General Manager to oversee the day-to-day operations of their nearly 500 homes under management. Pack brings to Resort nearly ten years management experience in the vacation rental and real estate sales industry.

“With a solid background in vacation rental management operations, we are excited about the continued growth and success of Resort Realty with Stuart leading the charge!”says Michael Harrington, CEO of Resort Realty.

During Pack’s nine years at Hatteras Realty (based in Avon, NC), he held positions of Director of Accounting to Vice President and General Manager overseeing approximately 575 vacation rental homes.  In addition, Pack was most recently the COO and General Manager at Vacation Rental ProsLLC, in St. Augustine Beach, Florida, in charge of all day-to-day operations. 

“Resort Realty is an industry leader and is committed to “A New Generation of Vacation Excellence”.  I personally agree and will promote this philosophy. Furthermore, I will support Resort Realty’s mission for clear communications, excellent maintenance and housekeeping, and maximum rental incomes for homeowners. I believe in great customer service and same day callback communications.”

With three offices and a staff of nearly 75 (including 35 sales agents), Resort Realty under the leadership of Harrington and Pack, will continue to grow by utilizing the most innovative techniques and unparalleled customer service.

“I worked with Stuart at Hatteras Realty and am confident that together with our dedicated staff, we will continue to foster admiration and respect among our peers and loyalty from our vacation rental homeowners and real estate sales clients,” states Harrington.

Pack has a true understanding of the Outer Banks rentals market having lived in the area for many years and is excited to return again to put his experience to work. He currently resides in Kitty Hawk with his wife Suzanne, a math teacher at Manteo High School, and four children. 

About Resort Realty: Resort Realty is one of the Outer Banks leading sales and rental companies of vacation homes.  Resort Realty’s Sales division is affiliated with the strongest global referral network, Leading Real Estate Companies of the World.  With offices located in Duck, Corolla and Nags Head, Resort Realty has served the area for 24 years. Resort Realty currently manages approximately 500 vacation homes on the Outer Banks, from Corolla to South Nags Head.  To learn more about owning or renting a beach getaway, visit www.resortrealty.com or call 800-458-3830. 

Media Contact:

Jenna Pempek, Marketing Director

(252) 441-5000, ext. 2048

Jenna.Pempek@resortrealty.com

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Outer Banks Economic Forecast

May 16

Posted by Mike H. in OBX Real Estate, OBX Vacation Rentals | No Comments

                 At a recent Economic Forecast breakfast at the Hilton Garden Inn in Kitty Hawk, Dr. James Kleckley, Director, Bureau of Business Research, Department of Finance at ECU, painted a cautiously optimistic picture of the Outer Banks economy. “We’re going in the right direction, though we’re not going as quickly as we would like,” he said.

                A number of factors went into his positive assessment, although he did raise concerns about gas prices and noted that the national debt is a sword of Damocles that must be addressed.

                Of more immediate and local interest, Kleckley discussed why visitation to the Outer Banks has remained consistently high. Even as the U.S. economy was shedding jobs with a national unemployment average that topped 10%, people continued to come and stay in Outer Banks vacations rentals.

                Kleckley pointed out, that neither Virginia nor Raleigh–the primary markets for this region–saw the large scale contractions other parts of the country did. Unemployment in the Raleigh area ranged from 6.3-7.5% and in Virginia, the state’s unemployment rate never rose above 8%.

                Retail sales–which are linked to tourism–will continue to grow. Even as the nation’s retail sales dipped 6-8% in a quarter, the tax revenues from this area did not show the same level of decline. Over the past two years, retail sales are showing 4-5% annual growth, significantly outperforming the national average.

                The housing market is showing signs of life again, although Kleckley did not see a quick recovery, “I don’t think that what you’re going to expect is something in line with the real boom that you had,” Dr. Kleckley said. “I think it’s very unlikely that you’re going to get back to the real high levels (of growth) that you had before.”

                He noted that the downturn on the Outer Banks did vary from both the national and state norms. “What you saw when you went through your bubble here, the (housing) downturn started much sooner and it was much more severe, than the rest of the state,” Dr. Kleckley said. “But since just about 2007, it’s been pretty steady in terms of existing home sales. In 2009 it (pricing) really hit bottom at the same time the state did, but the average value starting to recover. Not a whole lot, but recover nonetheless. North Carolina went up and then down and now it’s stayed down. It certainly doesn’t help because your levels are low, but you are doing better than the state as a whole.”

                “Existing home sales are recovering, and this trend will continue,” he added. “I think your real estate (recovery) is going to be something more in line with what you had before the boom.” 

                  Reviewing the data he compiled on the Outer Banks, Dr. Kleckley predicted a good season now and into the near future. “Things will start growing again. There will be a sustained level of growth from year to year,” he said. “The tourists will still come. But their patterns will remain conservative. Maybe they won’t go out to eat as much as they did before.”

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Life on the Outer Banks

Apr 13

Posted by Mike H. in Resort News | No Comments

Outer Banks Bike WeekWe forget sometimes, why people love the Outer Banks, why visitors come back year after year and why being here is in some ways that small slice of paradise.  It’s easy to do–especially if you live here and a series of late winter and early spring storms churn up the coast and turn the horizon an endless shade of gray and the Ocean into a churning cauldron of angry waves (Although if you do live here, you begin to appreciate that too.  There is an amazing beauty to the forces of nature.)

Then the weather breaks and there is an explosion of color.  Trees in every imaginable shade of green, the sky a deep blue that doesn’t seem to exist in a city.  During the spring dogwood trees are everywhere, their flowers seem to sparkle among the foliage in shades of pink and white.

One of the most surprising things about the Outer Banks is how heavily forested it is–so heavily forested, in fact, that until just about 1920 there was a very significant commercial logging operation in Kitty Hawk.  That’s one of those small amazing facts that you learn as you spend more time here.

For good reason, people come to the Outer Banks and stay in Outer Banks Vacation Rentals because of the beauty of the beaches.  From Corolla in the north, to Nags Head, all the way down to Ocracoke there’s over 120 miles of some of the finest shoreline in the world–and that’s not hyperbole.  There may be other places that match it’s beauty in shorter distances, but you would be hard pressed to find any other place that has such an extended shoreline holding such exquisite splendor.

The reason, though, people keep coming back, and the reason so many people want to own a home here, is that the beach is only one part of that story–important and as beautiful as it may be. 

The Outer Banks is a bike rider’s dream come true–beautiful scenery, relatively flat with miles after mile of interconnecting paved bike paths.  And once again, the annual Outer Banks Bike Week is back to bring these kindred spirits together.  

So, how interconnected is the Outer Banks for motorcyle lovers?  It is possible to ride from the Currituck Beach Lighthouse in Corolla to Bodie Island Light in South Nags Head, and except for some short stretches, never be on the main road.  Actually there are ways to avoid almost all of the highway in Corolla, but you’ll need a mountain bike for that and that’s a story for another time.

The lighthouses that line the shoreline of the Outer Banks are another part of the fascination of the area–for this is a place that is rich in history.  The lighthouses are the most visible evidence of that, yet there are stories dating back to the first European settlers (The Lost Colony), and archeological digs are unearthing earlier stories.

Even more recently, there are the 20th century tales of the Wright Brothers, the explosive growth of the hunt clubs along the Outer Banks sounds and Cape Hatteras National Seashore which was established in 1953.

All in all, a pretty complex place, yet for all of that, life seems to move to a slightly slower beat.  You look outside, see the sun is shining, the temperature is warm and think about the things you have to do.  Review your options, get on your bike and take a ride through Kitty Hawk  Woods and then, perhaps with a sigh, make your phone calls, place your orders and go to work.

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Harrington of Resort Realty to speak at VRMA Eastern Seminar

Apr 1

Posted by Mike H. in Resort News | No Comments

[Outer Banks, NC] – Michael Harrington, CEO and Principal Broker of Resort Realty of the Outer Banks, Inc. has been selected to speak at the upcoming Vacation Rental Managers Association (VRMA) Eastern Seminar April 4-5 in Hilton Head Island, S.C.VRMA

“The VRMA Seminars have a history of bringing together the top decision-makers in the industry and providing insightful tips that vacation rental managers can implement to make their businesses more successful,” Harrington said. “I am honored to have been selected to speak at this event, and I look forward to sharing the successes we’ve had at Resort Realty as a model for other businesses.”

A committee of industry leaders selected Harrington because of his expertise in using technology to create a more efficient management program for his company’s homeowners. Harrington, who has been in the vacation rental industry for 7 years, will present a session titled, “Using Technology to Streamline Operations.” This session will focus on how companies are using existing technologies and best practices to communicate more effectively with homeowners and guests, and streamline the back-end processes of managing a vacation rental home.

Over 350 attendees are expected at this Seminar, which will provide two days of education and networking opportunities with the most influential players in the vacation rental industry.

ABOUT R. Michael Harrington:  R. Michael “Mike” Harrington is the CEO and Principal Broker for Resort Realty of the Outer Banks, managing almost 500 properties.  As CEO, Mike is charged with all phases of Resort Realty’s business growth and profitability.  Since beginning his career in the Real Estate and Vacation Rental Management industry, Mike has worked in just about every capacity from Rental Management, Maintenance and Housekeeping, to Marketing.   Since taking over as CEO at Resort Realty in 2007, the company has developed and implemented a variety of Outer Banks homeowner centric programs and offerings to maximize their investment potential.  Mike is a two time graduate of East Carolina University, obtaining his MBA with a concentration in Development and Environmental Planning.

ABOUT VRMA: The Vacation Rental Managers Association (VRMA) is the professional trade association of the vacation rental property management and hospitality industries. Founded in 1985, VRMA has more than 600 property management and associate members throughout the United States, Canada, Mexico, and the Caribbean representing approximately 150,000 vacation rentals, condos, and villas.

As the united, authoritative voice of the vacation rental industry, VRMA works to advance the lodging category by providing members with invaluable educational and networking opportunities, promoting the value of the vacation rental experience through its public awareness initiative, Discover Vacation Homes (www.discovervacationhomes.com), and by fostering broad professionalism and growth.

To learn more or to register for the VRMA Eastern Seminar, visit www.vrma.com.

ABOUT Resort Realty – Outer Banks, NC: Resort Realty is one of the Outer Banks leading sales and rental companies of vacation homes. The company currently operates 3 offices located in Duck, Corolla and Nags Head.  In addition to offering high-end Real Estate Sales services, Resort Realty also manages nearly 500 Outer Banks vacation rental properties. To learn more about Resort Realty and/or how you can own or rent an Outer Banks vacation home, call 800-458-3830 or visit www.resortrealty.com.

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Future of Mid-Currituck Bridge Clouded by Finances

Mar 28

Posted by Mike H. in Resort News | No Comments

Mid-Currituck Bridge

Preferred Alternative

So close and yet so far–that seems to be the story of the Mid Currituck Bridge, and now when the project is closer than ever to actually becoming reality, the specter of a financial straight jacket is raising its head. 

Anyway you look at it, the bridge is the best way to alleviate the horrendous traffic jams that have plagued the Outer Banks and Outer Banks Vacation Rentals traffic on Saturdays and Sundays for the past 20 years or so. Also, about the only way to get people out of here in a timely manner in case of an evacuation.

The alternatives? Way more expensive and not as effective. 

Widen Route 12 through Southern Shores and Duck? Even with property values where they are right now, it’s still prohibitively expensive.  And that doesn’t even consider what it will do to the towns. It would ruin the residential character of Southern Shores and absolutely destroy the commercial district of Duck.

Doing nothing?  That’s what we’re doing now, and look what it’s getting us.

The solution before us is probably the best one by far, and that is remarkable considering the path we have taken to get to where we are today. It has been a path filled with confusion, false starts and misinformation–yet here we are, at the brink of moving this forward with minimal cost to the state.

When the Turnpike Authority announced the project would go forward as a private public partnership (PPP if  the acronym is used), it seemed at long last that a solution had been found to getting the bridge built.  PPPs are being used increasingly to complete new road projects internationally as well domestically as governments at all levels find themselves strapped for cash but still needing to develop road systems.

The initial steps of this are being handled by ACS International, a Spanish company that specializes in this type of work.  The concept here is simple–the company that builds the project (probably ACS, though that has not yet been determined) issues bonds, the state guarantees those bonds and the builder of the project collects revenues from the bridge.  In this case, tolls that are being planned for the Mid Currituck Bridge.  Admittedly, this is a very stripped down version of what is involved, but for our purposes, it gives an idea of what will happen.

What will it cost the state of North Carolina? $15 million per year for the next three years to build a $670 million project.

And here’s the problem. According to our new state senator for Dare and Currituck Counties, Stan White (D), when he asked the Republican leadership in the legislature if the funding for the bridge was still in the budget, he was told that although funding for the bridge is still in the budget, nothing is cast in stone.  Meaning the budget axe could fall on a project that has been a part of NCDOT’s transportation improvement projects (TIP) for over 20 years.

Yes, there is a $2.5 billion budge gap to fill, but it would take 166 projects of this size to fill that hole. It may look like low hanging fruit, but this is money that needs to remain on the tree and ripen.

Not going forward on this will restrict the growth of a sector of our economy that continues to expand–and therefore pay more money to cash-strapped state coffers. And, frankly there are circumstances under which not building the bridge could endanger lives.

Yes–times are tough, and we all have to pull together to make some very difficult decisions; but those decisions must reflect what is best for our future.

Guest Post By:  Kip Tabb

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Outer Banks Real Estate – A Buyer’s Market

Mar 4

Posted by Mike H. in OBX Real Estate, OBX Vacation Rentals | No Comments

Outer Banks Occupancy TaxIt’s too easy to say “It’s a good time to buy.” Let’s be honest here–we’re realtors, we’ll always tell you it’s a good time to buy. And, when you look at historic trends of real estate, how it appreciates over time, the intrinsic value of owning something tangible, a piece of property that means something to both you and your family, well . . . we’re probably not too far off the mark–any time is a good time to buy.

Nonetheless, there are some times that are better than others, and this is one of them for Outer Banks Real Estate.

There are a number of factors that have come together to create a buyers market that may never be seen again.  Market pressures continue to force sellers to keep prices competitive, there are a number of Outer Banks bank-owned properties and short sales still in the pipeline that will continue to influence how aggressive a seller can be, mortgage rates are at very favorable levels, sales have picked up over the past year, but there is still a tremendous backlog of unsold properties.

Which paints a great picture if you’re in a position to buy.

The wild card in this, though, is that the Outer Banks is a vacation market, and almost every home that is purchased, is for either investment or rental–very often both.  And the Outer Banks vacation rentals market has remained remarkably consistent and strong. In fact, at a time when the overall Outer Banks average housing sale price fell by 26.5%, the number of people visiting the Dare County grew by 15%.  Currituck County visitation figures, although not yet available, have closely paralleled its neighbor to the south.

Those occupancy numbers are reflected in the stability of the Oceanside market overall.  With the exception of Corolla (where the average sale price of over $1,000,000 in 2006 was probably not sustainable), every Oceanside real estate market has either shown negligible declines or has actually increased slightly in average sale price.

Not every vacationer stays on the oceanfront, of course.  The area between the highways (the Beach Road and Bypass) actually house more visitors than the oceanfront, and the average home prices in those areas is very attractive right now.

For buyers looking for a home that will be used primarily as a vacation home for the family, take a good look at properties on the west side of the Bypass. Primarily residential in nature, some of these properties offer spectacular vistas of the sounds.  Prices in these areas are very reasonable right now, and westside properties are largely isolated from the hustle and bustle of the Oceanside business districts. 

So . . . is it a good time to buy? Yes, it certainly is.  A little bit confusing–the Outer Banks Real Estate market has segmented as it never has before, which is why the Real Estate professionals at Resort Realty are so important in helping you make your decision.  But it really is a good time to buy.

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Outer Banks Short Sales . . . Opportunity or Nightmare?

Feb 18

Posted by Mike H. in OBX Real Estate | No Comments

Outer Banks Short SalesAs adjustable rate mortgages (ARM) have adjusted and property values have modified, a new kind of real estate sale has reared its head on the Outer Banks. If a seller can no longer afford their mortgage and must sell their home and the value of the mortgage is greater than the value of the property, it is a short sale. It can be a convoluted, confusing and time consuming process, and–contingent on how committed the parties are–it can be an opportunity or a nightmare.

A short sale can be both, it just depends if all the parties involved are prepared, punctual and persistent (we’ll call that the three “P’s”) or if they are sloppy, slow and slack (three “S’s”). The three “P’s” will serve you well if you follow them closely.

The seller must establish that continuing to make their monthly payment will place their household in a hardship situation, and therefore they will not be able to continue to make those payments. Because of this, the seller must be prepared to disclose all financial information. The paper work to confirm this is monumental and is best accomplished with the help of a REALTOR®. The lender will then assign a loss mitigation officer to oversee the process. The failure of anyone in this process to be punctual results in the file being placed on the bottom of stack–and it is a large stack!

There are thousands of short sale properties out there and Outer Banks Real Estate is not immune.  In addition, there are just a few loss mitigation agents to handle the huge backlog of applicants. Be persistent and diligent in contacting the mitigation agent offering any help to speed along the process. The three “S’s” will result in a property never going to the closing table. If the process gets bogged down, the buyer may become impatient and withdraw their offer, seeking either a new property (most likely NOT a short sale) or they just remove themselves from the market. 

There does not seem to be a clear map to the closing table because of the different policies each lender has. What may have worked with one lender may not work with another. The seller must also be aware of possible tax liabilities in doing a short sale and if the lender is looking for recourse for part of the loan. Sellers would be wise to contact a tax attorney or CPA for financial advice.

The buyer must be patient and prepared with all financing in place and all contingencies satisfied including home inspections, insurance and utilities and have them ready to activate. Being prepared, punctual and persistent in these matters will ensure the buyer they have successfully avoided a nightmare and seized a real estate opportunity.

 If you are thinking of selling your home as a Short Sale, or would like information on buying an Outer Banks Short Sale property, please give the professionals at Resort Realty of the Outer Banks a call at 866-928-2674 or view all the available Outer Banks Foreclosures and Short Sale properties on our website.

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