Corolla, NC Real Estate News

By Terry Rush Cremia
(Shore Realty of the Outer Banks)
I just commented on a fellow poster who is a Home Inspector and I thought I'd expound a little--I LOVE Home Inspectors!  I hear other real estate agents saying how they hate Inspectors but I know there must be fellow real estate agents out there who like them too, right?  When representing buyers, I want the buyer to hire the pickiest Inspector he can get--he's paying for it.  Even on new construction, we always recommend an objective report by a licensed Home Inspector to uncover any hidden structural or mechanical defects, which, in our market, are items that if the buyer requests be repaired, the seller must either comply or remediate in monetary form, or the buyer may terminate with release/return of his earnest deposit.This does not apply to code issues or cosmetic issues.The selle...
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By Terry Rush Cremia
(Shore Realty of the Outer Banks)
I just commented on another post and ended with the above quote, a favorite old restaurant saying that I learned as a stressed young hostess juggling waiting lists of angry, hungry would-be diners waiting (too long) for their tables. I can't cite my source because it was 20 years ago and I can't remember who I first heard say it, but it certainly helps make a point.  The quote's genius is that it rings true for many business ventures--better to lose someone's business very early on in the relationship because they don't like what you have to say, rather than later after you have already done a lot of unappreciated work for them with no reward.I'll bet lots of agents around the nation have done unappreciated and unrewarded listing work, and blamed themselves for not finding buyers for th...
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By Terry Rush Cremia
(Shore Realty of the Outer Banks)
Our market centers on a tiny strip of sand bordering the Atlantic Ocean called the Outer Banks of North Carolina.  You could say we are part of "hurricane central" which can mean occasional flooding.  Here, as you can imagine, we live by the FEMA special flood hazard zones.  The flood insurance coverage we carry (or not) is dictated by lenders of federally-backed or federally-insured loans and the lenders are the entities who dictate what kind of insurance we must carry and can obtain.One of the most popular destinations for vacationers and thusly investment/rental property buyers here is the area of Corolla in the northern Outer Banks.  Corolla lies in Currituck County, which after about 20 years adopted FEMA's new flood maps in December of 2005.You would be shocked at how many owners ...
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By Terry Rush Cremia
(Shore Realty of the Outer Banks)
Why has ceramic tile become the end-all and be-all "upgrade" for residential sales?  Am I missing something?  IMO (and MO is not worth much, I know) it's breakable and break-causing, cold and dirty, and an excuse to say you have something better than the Smiths because of course the Joneses already have it.  Yes, this is snarky, but is ceramic tile really that great?  I mean, after every house on the block has it, it's redundant to even mention it in the listing remarks anymore.  We have sellers of old houses that need lots more than tile floors make a big deal about recent upgrades and it basically makes so many sellers think they can ask higher prices just because they retrofitted some tile.  I've shown many properties with tile floors that are already cracking, have the grout separat...
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By Terry Rush Cremia
(Shore Realty of the Outer Banks)
Corolla ocean side real estate sold market analysis.During the time frame between Sep 1 2007 and Dec 31 2007 there were 20 residential properties sold through the Outer Banks Association of Realtors. The median price was $667,500 and the average price was $808,375 with 185 days on the market being the average time needed to sell a property.During the previous quarter there were 46 Corolla residential properties sold with a median price of $697,000 an average price of $871,726 and 161 days on the market.        
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By Ronnie Roach
(PrimePay Business Services)
Probably not - not even sure if they still have the short buses.  It has been a long time since I was in school.  But if you come to the Outer Banks - there is a short bus you will definitely want to ride.  Actually it is like a mashup between a short bus and a monster truck.  They will give eco tours in the 4WD areas up north.  You can find more details and links to their site here.
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By Ronnie Roach
(PrimePay Business Services)
For those that travel to the Outer Banks from the north, good news is on the horizon (the year 2013 that is).  The North Carolina Turnpike Authority is moving forward with plans for the Mid Currituck Bridge project.  The toll bridge will connect the Currituck Mainland with Corolla.  What this really means is cutting about two hours of travel time during the summer to get to your vacation home in Duck, Corolla, Pine Island or Carova.  For more information on the project, visit Outer Banks Real Estate.  
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By Ronnie Roach
(PrimePay Business Services)
The North Carolina Department of Transportation has hired staff from East Carolina University (Go Pirates) to do a transportation study related to the proposed Mid Currituck Bridge.  The proposed Toll Bridge (I think this will be the only toll bridge in NC) is slated to open in the Fall of 2013.  It sure would help get thousands of tourists off the beach in the event we have an early season hurricane.  
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By Tammy E. Petersen, GRI, e-Pro, ABR
(RE/MAX Ocean Realty)
Because you can buy real estate on the Outer Banks this year for 20% less than you could a year and a half ago.  Because most of the buyers in the marketplace will be two steps too slow. Buyers tend to make two mistakes in the real estate market place. They get out too late and they get in too late. The first mistake has already been made. The buyers should have quit buying a year before they actually did. The second mistake has yet to be made, but it will. The buyers will wait too long to re-enter the market. It is just human nature to wait and see. Always that little question in the back of the mind: Are we there yet?  Is this the bottom? Truth is no one knows for sure when we will have achieved absolute bottom - only crystal balls and hindsight can perfectly answer that question. But...
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By Greg Cremia
(Shore Realty of the Outer Banks)
On June 1, 2007 the state will hold a public hearing at the Outer Banks Center for Wildlife Education on the incorporation of Corolla. Some people are for incorporation of the Village and some are against it. This is your chance to speak your voice and let the policy makers known how you feel. Speakers are limited to 3 minutes in front of the commission. The North Carolina Assembly is considering a bill that would allow the corolla voters to choose whether to incorporate or not. For more info contact Gayle Moses at 919-733-6660 or gaylem@ncleg.net
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By Greg Cremia
(Shore Realty of the Outer Banks)
Click here to Search All Corolla Real Estate and Homes for Sale and browse through the properties available. There are 10 properties per page next to a digital satellite map of the neighborhood with the location of each house marked on the map. Zoom in on your new home.You can search for real estate in any location or subdivision of Corolla in any price range.You can view all of the real estate for sale with the Outer Banks Association of REALTORS in one place. You do not have to sign up or register.
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By Greg Cremia
(Shore Realty of the Outer Banks)
Are you thinking of buying some real estate in the Corolla area of the Outer Banks but are not sure how to start? Does the prospect of sorting through all of the properties available for sale look so daunting you don't even know where to start?How would you like to have the properties that match your price range, location and personal prefernces emailed to you? Wouldn't it be great to get an update of those properties emailed to you every time a new property comes on the market?Sign up for my automatic email updates and you will have a link emailed to you that contains all of the properties that match your criteria and when something new comes on the market you will get it email to you automatically and immediately. Buying a second home is something that you can take your time with and ...
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By Greg Cremia
(Shore Realty of the Outer Banks)
So you want to buy a vacation home on the Outer Banks. Real estate here is not something that you need, like the house you live in. A second home is more of a want than a need, so naturally there is no hurry to make your decision. Take your time and learn the area.For your convenience I can put together a list of properties for sale in the MLS with the town, street address, price and the number of bedrooms and baths in your price range so you can drive around and find the neighborhoods that will work the best for you. I can throw in a street map and set you off in the right direction. There are areas on the Outer Banks that you probably have never even heard of. Fill out this drive by list form for your drive by list of Outer Banks real estate.
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By Michael Hutchins - Consumer Advocate, Chicago
(Michael Hutchins Ent.)
Last year, my 5 siblings and I decided that it would be a really great idea to plan a vacation together.  I'm sure the thought of spending a week with your entire family might be a scary thought to some of you.  However, my family is very close and we live all over the world now.  So we really cherish any opportunity to get everyone back together again, with all of our nephews and nieces (all 12 of them).   We finally decided on going to the Outer Banks in North Carolina.  We had heard about the big houses you can rent on the beach from friends who had been there before and enjoyed their stay.  It sounds like a great place to get away from everything and just have some fun family time together.  The point of my story was to share all of the great resources that are available for making ...
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By Greg Cremia
(Shore Realty of the Outer Banks)
1 st QUARTER SOLD MARKET ANALYSIS Jan 1 to March 31, 2007Corolla Residential OceansideFinanceing        No. of Listings     Dollar Volume      Average Price     Median Price        Average DOMConventional             12             $15,542,100          $1,295,175          $804,250          176Cash                           3              $3,251,000            $1,083,667          $650,000          205Total                          15             $18,793,100          $1,252,873          $677,500          181Corolla Residential West SideConventional              9              $4,829,750            $536,639            $499,000          179Cash                           1              $960,000               $960,000            $960,000          292Total                           10         ...
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By Ronnie Roach
(PrimePay Business Services)
I attended the Outer Banks Association of Realtors meeting this morning.  It seemed like there were as many mortgage lenders as there were Realtors.  I guess it is a sign of the times.  There was a presentation from the founding members for the Incorporation of Corolla.  Four of the five members explained the process and potential benefits of incorporating the Village of Corolla.  They estimate their will be four initial employees - a 5 cent per $ 100 value Real Estate Tax which is the minimum amount allowed per North Carolina.  The NC finance committee is reviewing their application and it sounds like all of the paperwork is in order.  They had over 200 signatures on the petition to incorporate.  They hope to have a government in place which will help them prepare for the Mid-Currituck...
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By Charisse Hill
(Beach Realty and Construction)
                                                                                                                                                                            Corolla                                                        Corolla is home to wide beaches, vacation homes and beautiful sunrises and sunsets. It has been growing fast in the last 10-12 years but it has not loss its charm.  Primarily a vacation spot and not necessarily a year around community.  It has many different communities to chose from and many different prices ranges. It has great dining, movie theater, golf, kayaking and boat ramps, shopping.  So call me, Charisse Hill, for your next vacation home. These Communities have many amenities:Villages at Ocean Hill(Ocean and sound side)Monteray Shores(Sound Side)...
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By Charisse Hill
(Beach Realty and Construction)
                                                             The 4-Wheel Drive Area Of The Outer Banks   This is the start of a series I am doing about the different areas and communities in the Outer Banks.  I am starting at the northern areas and working south.   You want to get a way from it all!  This is the place!  Beautiful beaches, no paved roads, no stores!  Just you and the ocean, the birds, dolphins and a great book!   It is truly a beautiful and relaxing designation.  You need to come and check it out!   The Nature Conservancy (www.nature.org )  owns several tracts of land along this area.  The Currituck National Wildlife Refuge ( owns 4,570 acres.  The National Estuarine Research Reserve (http://ncnerr.org/ ) owns about 950 acres.  This is a beautiful place to own a vacation...
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By Greg Cremia
(Shore Realty of the Outer Banks)
Like many other areas across the Outer Banks, Corolla real estate sales have taken a big down turn. Along with fewer sales comes a loss in property values. Now you have to understand that the barometer that everyone is using is the year 2005 which is unfair because that was a year of exception. The 5 previous years were also exceptional years but no one seems to remember that. I mention this because 2006 is still riding high compared to 2003 and 2004.The following Corolla real estate sales statistics were derived from the Outer Banks Association of REALTORS MLS.2006 saw 120 residential units sell for an average price of $933,111 and a median price of $700,006.2005 saw 300 residential units sell for an average price of $935,708 and a median price of $791,000.2004 saw 390 residential unit...
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