Greetings from Historic Corolla - Outer Banks Real Estate ...
Happy New Year from the 4WD Wash Woods Lifesaving Station!
I’m back once again to give you a year-end 2009 update on the market and activities on the 4WD area.
The Year in Review
2009 exemplified why Cash is King. As the lending world remains in relative gridlock, cash Buyers accounted for 70% of the market last year. They took advantage of the lower property values and offered Sellers the assurance that their transaction wouldn’t fall through because of lending requirements and availability. Their reward was discount purchases at remarkable price levels, 30% of 2005 peak levels in some cases. Regarding trending, land was clearly most sought after whether as pure investment or as the site for future construction given many new homes constructed would still cost less than most comparable existing homes available on the market. Additionally, demand for smaller homes has increased as some recreational Buyers are reluctant to spend to their capacity during economic uncertainty. This, along with lending and insurance constraints, has significantly reduced the Buyer pool for high-value properties. On the other hand, with attractive prices, impressive income ratios are becoming available in this market segment. Sales volume was on par with previous years although in late 2009/early 2010 activity and contracts are pointing towards a more active 2010. I attribute this in part to increased developments regarding the Mid-Currituck Bridge and perceived national economic stability.
4WD Property Sold Information
There were 10 home sales for 2009 (13 in ‘08, 12 in ‘07) in the 4WD with an average price of $475,900 and 321 days on the market. 39 lots sold in that time (35 in ‘08, 24 in ‘07) with an average price of $117,392 and 218 days on the market. Currently there are 5 lots and 5 houses under contract. Please realize that with very few sales, numbers such as average sales price and days on market can be quite skewed. For more in-depth analysis, including my EOY reports for the past three years, feel free to call or email me.
4WD Property Available
There are currently 31 homes on the market in the 4WD ranging from $199,000 to $2,349,000. There are 99 lots on the market ranging from $47,900 to $1,600,000. Contact me if you would like plats of all available properties mailed to you.
What’s Ahead?
My predictions for 2010 (as they were for 2009) are that we will continue to see exceptional buying opportunities in all price categories as national economic conditions continue to impact current property owners. I expect sales volume to increase more as these lower property values continue to encourage a mixed pool of Buyers to participate. There are also some critical reports due out in 2010 for the Mid-Currituck Bridge that will impact activity. Selling should be reserved only for those who have to sell or wish to consider other opportunities. Attractive pricing and detailed information about a property’s characteristics are critical in order to stand out so Buyers can quickly analyze value among purchase opportunities.
What Can I Do For You?
I offer professional real estate services and consultation, backed by research and experience. I have never believed in mailing “fluff”. I don’t pitch deals of the day or give unrealistic price assessments to get listings. I tirelessly research the market daily out of the only 4WD real estate office at the old Lifesaving Station in North Swan Beach, where new potential Buyers go for information and Sellers go for the facts. Give me a call, send me an email or stop by anytime. All the best in 2010.
• For more information on important non-sales related 4WD issues please visit my blog, Carova Corner at carovabeach.. 2009 topics included Service Districts and road improvements in the 4wd, all Mid-County bridge updates, flood zone and insurance information, CAMA regulations, wild horse updates, etc…
Sincerely,
[pic]
Jason E. Summerton
Twiddy & Company Realtors
Broker-in-Charge
4WD Wash Woods Office
252-457-1136
jasonsummerton@
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