OBX Neighborhood

CALL TO ACTION - SAVE HATTERAS ISLAND BEACH ACCESS!

I am writing today to inform you of an issue that has been brewing and one you ALL need to have a say in . . .

Everyone loves the Outer Banks.  No one loves it any more than those who visit here, grew up here, relocated here, or just passed through our beautiful area.  Many areas on the Outer Banks are protected in one form or another by the Federal Government.  Pea Island, Oregon Inlet, and the entire Cape Hatteras National Seashore fall under the purview of the National Park Service which has always allowed "on-beach" access to everyone, including the privilege of driving responsibly on the beach.  How many times have you driven out on one of the Hatteras Island beaches for a day of sunning, surfing, fishing or just soaking in the magnificence of this special place.  This may all come to an end soon.

In the Fall of 2007, the National Audubon Society, the Defenders of Wildlife, and the Southern Environmental Law Center filed suit in Federal Court against the United States to limit or ban access to many of the primary areas of the Cape Hatteras National Seashore including Oregon Inlet, Cape Point, and most of Ocracoke Island.  On March 13, 2008, the Department of Justice Declined to contest the lawsuit which will be heard on April 4, 2008 in Elizabeth City.  This effectively means that vehicular beach access will be closed -- think about the impact this will have on the local economy. 

We on the Outer Banks are asking for your help.  Go to SAVEHATTERAS.COM to get informed on this issue.  Join our fight and click on the "PleaCast" to send a letter to the lawmakers and politicians who can help us protect access to OUR beaches. 

IF YOU CAN'T SELL IT . . . MOVE IT!

The Outer Banks Real Estate Market is full of properties that are "For Sale."  Many are trying anything to sell them . . . price reductions, incentives, bonuses, cars, boats and even a new Hummer H3 have been attempted (The H3 worked!).   Here's a creative approach to getting rid of an older home - move it!  This home most likely left an oceanfront location to make way for a new home with all the bells and whistles. 

Nothing takes the place of a property in great condition.  This one was in a state of "demolish it" or "move it."  Obviously, someone made the choice to move it.  Homes like this one are usually free to anyone willing to take on the expense of moving it.  A licensed house mover will give you the energy needed and perform the job for a reasonable fee.  The power company will charge you plenty - this one cost $11,000 just to raise wires and other utility obstacles as it moved down the Bypass towards it's new location on the westside of Kill Devil Hills.

After arriving at it's new home, this house will be professionally renovated; brought up to current building codes and hopefully, find a new family!

To sell your home, you will need to make its appearance look the best it can . . . buyers are really critical!  If you cannot attract them from the street, you have lost the battle before you even start.  Another crucial weapon is effective marketing from your Realtor -- great photos, effective marketing campaigns, exposure on mulitple web sites, and the ability to reach a nationwide and even a worldwide audience.

2007 - The 5th Best Year in History!

Although it may not seem that way here on the Outer Banks, home sales in the were the 5th best in recorded history.  The good news is that our real estate market is moving.

2007 brought us 1214 Residential home sales. There were 270 pieces of Land sold this year as well. Although this is a far cry from years in recent past, the fact is that real estate is still selling. Most professionals I know here on the Outer Banks are working with numerous serious clients who will buy real estate in the near future. There are some really nice opportunities out there.

True professionals in real estate, here on the Outer Banks and other places, have a wide array of services they offer their clients. The most important seems to be information. Knowledge of market conditions and a view of the direction things are heading are paramount. No one really can truly tell us when the bottom is here, but a professional with a long history of experience and service can make a difference in helping you realize when it is ‘your time’ to make a move.

Helping the client address priorities and goals are really the best ways to help them. Understanding the clients investment goals is a key to a successful real estate investment. A long term approach is the only way real estate works in a true investment comparison. I would suggest that 5 years is a minimum. It may be even longer than 5 years to many.

Buyers and Sellers need to be working with an experienced professional. That agent needs to be effectively marketing property throughout all areas available to them. The Web is a major area most fail to address effectively. Your needs are the only ones that matter. The professional REALTOR should stay current with all areas of marketing opportunities.

Know who you are working with and what they are doing for you.  Hold them to a higher standard. Those REALTORS who are addressing these standards are the successful ones. They are not working for a commission, they are working for you. The commissions take care of themselves when we take care of our customer’s needs.

Should you need some professional consultation about your needs and circumstances, feel free to contact me via email or direct. There is a professional waiting to help.

Our wish to you is a Healthy, Happy and Prosperous 2008! Remember tonight is Amateur’s night. Be careful and celebrate safely, and if needed, use a designated driver or a cab!

ARE YOUR OUTER BANKS REAL ESTATE INSURANCE MATTERS IN ORDER?

Kansas, Missouri, Oklahoma ice storms, Santa Ana winds, and the wild fires, floods, and hurricanes . . . all these events across the country this year have left us all with serious questions.  Are we properly and adequately insured?  Are our papers in order?  Do we have all the papers in a safe place?  Here on the Outer Bank, we need to know our flood insurance issues are in order.

A few weeks back, one of my longtime Consulting Clients sent me a copy of his flood insurance premium for the coming year. It was a wild intro email indicating "How can they raise my premium from $352 to $1526 . . . My home is in an X zone . . . What's Up with That?" . . . I understood why he was freaking out!

FEMA monitors (and administers) the National Flood Insurance Program and has independent business firms administer the backbone of their Flood Insurance Program. They, as many entities have, evolved into using GPS mapping systems in their business model.  With FEMA, the identification system is used to locate property on a US Flood Mapping System administered by the Army Corp of Engineers.  Mortgage Lenders, appraisers and insurance companies use independent firms as an outsourcing of  flood certifications that are required as part of the mortgage lending and servicing business.

My client assumed an existing flood insurance policy from a prior owner when they bought the property back in 2003. It was not originally in a flood zone, and did not fall into a flood zone when the Army Corp of Engineers recently remapped the United States.  Dare County's new flood maps took affect in September of 2006. In a random audit of insurance policies on various properties (according to the Insurance Agent who handles the policy), FEMA's GPS system indicated my client's property's flood zone changed and it was now in an "AE" flood zone. Hence the serious increase in premium. Well . . . the GPS was wrong!  I assured my client, as I always do following a successful sale or purchase of a piece of real estate, I will help you handle this and "get it right".

Your property is "Grandfathered" based on the original elevation and building permit issuing date. This means that the house, unless the elevation or lowest level of living has changed since being built, is allowed to remain in the original "insurable flood zone status" as when originally built. This further means that FEMA cannot force the new flood zone on you, provided your home has had "Continuous Coverage" and you have evidence proving the home is as originally built. You will need an Elevation Certificate and verification of the original building permit date of record with the Town or County.

With so much change of ownership in real estate -- particularly in the Outer Banks real estate market -- many present owners were never given, or did not know to ask for, these documents when they bought their home.  Many, like my client, assumed an existing flood insurance policy. Well everything is different now.  With the losses experienced by the National Flood Insurance Program, these random audits are apparently being done. They have been occuring based on the remapping in Currituck and Dare County according to few local independent insurance agents.

When and if this happens, you will need to do your research fast!  Normally, the notice comes just a few weeks before renewal. Sometimes, unless you can find a copy of the Elevation Certificate and the original permitting date for the building project, you will need someone to do the research. If your insurance agent is like mine, they are limited to just communication of information. You need to get the information they will need to communicate to your insurance carrier. In our case, the agent was a great help in understanding a strategy and what would be needed. He also went to bat with FEMA for a manual opinion beyond an impersonal computer decision.

Better yet, why not start today and get these items together.  Keep copies readily accessible for when you need them. Documents can be saved in a PDF format or in a paper file, but the original should be kept in a safe fireproof and dry place. The difference in not having them and letting a new premium status be applied is just one bad part of this issue . . . it can contribute to a less salable property in the future! This could cost you far more than a premium increase annually.

Counties and Towns are destroying files from years back and many original files are no longer available. Being prepared is something I committed to years ago when I earned my Eagle Scout Rank. It is our motto!  Ironically, it has become a staple in life!  It is better to be prepared than to have to scramble at the last minute. Fortunately, for my client, they had me. I routinely help solve these issues for my clients and others.

As an Accredited Consultant in Real Estate, I am qualified to consult with you regarding your Outer Banks real estate needs.  Many find it is a great help to have a Consultant assist them in their decisions in business.  Why not consider the assistance of a Consultant in your Real Estate matters? It is a small investment in a good strategy; Should I sell?  Should I buy?  Should I remodel?  What Improvements should I make before I sell or after I buy?  Are my insurance policies in order?

Flood insurance is only one part of your Outer Banks real estate Insurance needs.  Now is a good time to review all your needs for your property here.  Your active involvement is critical to a successful ownership experience! 

Do you need Qualified Professional Consulting?

Bill Holt, Accredited Consultant in Real Estate- ACRE
On The Outer Banks, NC ~~ www.obxmls.com
Bill@obxmls.com ~~ 252.619.7010 - Direct

Welcome to OBX Neighborhood!

OBX Neighborhhood has been launched to provide a community for information, lifestyles and humor about our wonderful Outer Banks Real Estate Community. Family, Friends, Vacation Guests and Property Owners will find this On-Line Community a delight in sharing and fun. We will drift through our ever changing real estate market, myths and facts. We intend to celebrate our special lifestyle here on the Outer Banks and feed the community with interesting bits of thought, information and knowledge to facilitate a diverse community as they live and enjoy this special place we call home.