“The final environmental impact statement has been released on a proposed toll bridge over the Currituck Sound that would stretch between the mainland and Corolla.

The N.C. Turnpike Authority plans for construction on the bridge to start before the end of 2012, with the span opening to traffic by 2017.”

NCDOT states that the Mid-Currituck Bridge will:

• Substantially improve traffic flow on NC 12 and US 158;
• Substantially reduce travel time for persons traveling between the Currituck County mainland and the Currituck County Outer Banks; and
• Substantially reduce hurricane clearance time for residents and visitors who use US 158 and NC 168 during a coastal evacuation.

For more information and history on the Mid-Currituck Bridge, visit www.ncdot.gov/projects/midcurrituckbridge.

ProjectMap

“I employ the best local craftsmen and personally oversee to be sure each home is well built in a timely and efficient manner.”

There are only a handful of home sites available at Marshes Light, and one or two will boast panoramic views of the Sound. Marshes Light is a unique location connected by a boardwalk to shops, restaurants, theater and Festival Park in downtown Manteo.

Wishing you and yours a happy and healthy New Year!

Photo by Amanda Mager

By Les Christie @CNNMoney December 15, 2011: 1:44 PM ETN

NEW YORK (CNNMoney) — Mortgage rates sunk to record lows again this week. The average rate on the 30-year fixed mortgage fell to 3.94%, matching the all-time low hit in early October, according to Freddie Mac’s weekly mortgage rate survey.

Meanwhile, 15-year fixed-rate loans hit a new record low of 3.21%, surpassing the record set on October 6.  Five-year adjustable rate mortgages also plumbed new depths, hitting 2.86% for the week. “We’ve been hanging around record lows for a few months now and we finally hit another one,” said Keith Gumbinger of HSH Associates, a provider of mortgage data.

Low-interest mortgages will be available at least through mid-2012, according to Freddie Mac’s chief economist, Frank Nothaft.

The low rates can translate into big savings for home buyers. Five years ago, a home buyer would have been lucky to land a 5% rate on a 15-year loan. On a $200,000 mortgage, that would have meant the borrower would have paid $1,582 a month. Should a borrower land a 3.2% rate on a $200,000 loan now, the monthly mortgage payment would come to $1,400 — a savings of $182 a month.

]]> http://www.marsheslight.com/blog/index.php/2011/11/manteo-community-comes-together/feed/ 0 http://www.marsheslight.com/blog/index.php/2011/09/what-the-market-stats-are-saying-about-the-outer-banks-real-estate-market/ http://www.marsheslight.com/blog/index.php/2011/09/what-the-market-stats-are-saying-about-the-outer-banks-real-estate-market/#comments Tue, 20 Sep 2011 19:14:14 +0000 Lee Whitley http://www.marsheslight.com/blog/?p=1273 This article is reprinted with permission.

By Hugh “Scooter” Willey, Jr. (email: hughwilleysunrealtynccom)
NC Real Estate Broker with Sun Realty of the Outer Banks

The real estate market has been a bruising one, for both pockets and egos, over the past several years. Yet, signs of stabilization are beginning to show in the Outer Banks Real Estate Market. Buyers are in all earnestness beginning to search for homes, sensing the “bottom” is near (or passed), inventory is down (good for sellers) and ‘bank owned” properties have slowed. It is also noteworthy that as a resort community the median sales price is increasing.

For those interested in the Outer Banks Real Estate Market, I have posted the following comparison of the first 8 months of 2011 to the first 8 months of 2010 (source: Outer Banks Association of Realtors MLS).

Overall Sales

* Insignificant

Distressed Property Sales

Median Sale Price

Inventory

Along the Outer Banks, we are busy cleaning up and putting our lives back together. There has been a great outreach by locals and local businesses, the Red Cross and the Outer Banks Community Foundation to help those in need. Here are some links for information and donations:

http://www.obcf.org/home.htm

http://outerbanksvoice.com/

http://www.gaacarc.org/ (local chapter of American Red Cross)

After it was all over, aside from the cleanup efforts, there was much to appreciate, most of all is the beautiful weather we are currently enjoying. There’s always treasure to be found after a storm, such as these intact conch shells and beach glass found on the beach near my house the day after the storm.

Marshes Light Marina & Community

The Town of Manteo is known for its exceptional downtown waterfront, Victorian-inspired architecture and the large selection of bed and breakfasts in the Outer Banks. Situated on the eastern side of Roanoke Island, Manteo lies between the North Carolina mainland and the barrier islands of the Outer Banks along the Shallowbag Bay.

The town’s theme is decidedly nautical, with the daily weather reports coming in the form of flags flying from the Manteo Weather Tower. Beacons of light from the Roanoke Marshes Lighthouse still guide boats in safely, and charming shops and cafes line the city’s waterfront.

While the residents of Manteo embrace the modern charms of the seaside village, they are also keenly aware of the island’s historical importance. Over 420 years ago, a group of 117 men, women and children, with the blessing of Queen Elizabeth I, settled on the island. An ideal location for an English settlement because of its lush vegetation and mild climate, they established a colony only to subsequently disappear. “The Lost Colony,” as it has come to be known, today remains one of history’s biggest mysteries.

Three hundred years later, Union forces took control of the waters of northeastern North Carolina, and the groundwork of modern Manteo was laid when freed slaves lived and worked on the island. Nearly 4,000 freed slaves had become part of this ‘Freedman’s Colony’ until its official closing in 1867.

Today, the town’s tree-lined streets, shops, restaurants, fishing charters and bed and breakfasts reflect its history while keeping one foot firmly planted in the present as well.

Marshes Light

Close to history and close to the water, Marshes Light is a one-of-a-kind waterfront community located within walking distance of the shops and restaurants of historic downtown Manteo. The last opportunity for new construction within the historic district, Marshes Light includes homesites, single-family homes and marina villa homes in addition to a host of amenities including a 60-slip marina, all while reflecting Manteo’s unique character and charm.

Mayo Boddie, chairman of developer Boddie-Noell, pointed out, “I have always loved Manteo, and it’s why we decided to develop Marshes Light there. I own a condo there, I dock my boat there, and I love to spend time there, which is why I’ve been so passionate about Marshes Light and about connecting the community to historic downtown Manteo.”

(This article originally appeared in Ideal Living Magazine.)

Date: Thursday, June 16, 2011, 8:02am EDT

“Foreclosures on N.C. homes fell 38.3 percent in May from a year ago and were down 3.4 percent from April. Some 2,689 homes in North Carolina were in foreclosure proceedings in May, or one in every 1,584 households, according to RealtyTrac Inc.    The state ranks 36th in the nation for the rate of filings, RealtyTrac says.

Foreclosures nationwide dropped 33.4 percent last month from May 2010 and dipped 1.98 percent from April. There were 214,927 filings last month across the nation, or one in every 605 households.”

WASHINGTON, Jun 16, 2011 8:30am EDT Reuters

by Lucia Mutikani, Editing by Andrea Ricci

“U.S. housing starts rose more than expected and permits for future construction touched a five month high in May, a government report showed on Thursday. The Commerce Department said housing starts rose 3.5 percent to a seasonally adjusted annual rate of 560,000 units, retracing almost half of April’s steep decline. Economists polled by Reuters had forecast housing starts rising to a 540,000-unit rate. Compared to May last year, residential construction was down 3.4 percent.

Last month, there was an increase in groundbreaking for both multi and single family homes. Starts in the West were the highest since August.

Multi-family home starts rose 2.9 percent. Single-family home construction, which accounts for a large portion of the market, rose 3.7 percent.”

The Wall Street Journal: He Says Maine. She Says Florida

How couples navigate one of the trickiest issues in retirement: where to live, by Kathleen A. Hughes.

It may be the trickiest and most troublesome issue couples face when approaching retirement: Where are you going to live?

The prospect of a new locale, of course, is enticing. Why not seize the moment and settle (finally!) in the destination of your dreams: the mountains, the beach, the city—even overseas. Baby boomers in particular, who begin turning 65 this year, seem ready to do just that.

The Wall Street Journal – Smart Money: A Bull Market in Rental Housing

By Annamaria Andriotis.

Five years into the real-estate bust, the market for single-family homes seems weaker than ever. According to the most recent S&P/Case-Shiller housing data, prices fell 3.3% nationwide in February from a year earlier.

The ongoing malaise, paradoxically, is only boosting the opportunities for investors in multiunit rental properties.

The days of buying and flipping a property for quick profit are long gone. But investors who purchase apartment buildings, perhaps as part of a retirement portfolio or estate plan, are seeing better deals now than at any time in the past decade, says Dan Fasulo, managing director at Real Capital Analytics, a real-estate research-and-consulting firm. On the cost side, housing prices are low and falling in many areas, while mortgage rates are near historic lows. On the income side, apartment rents are near all-time highs.

Inventory is shrinking in many markets, as homebuilders built far fewer homes during the recession. And, now that troubled properties are finally being bought up, this has reduced available inventory of homes. According to the article, in 41 cities, “a total of 78,000 houses are now either vacant and for sale, or under construction. That’s less than one-fourth of the 343,000 units in those two categories” at the peak in 2006.

In areas that suffered with fewer distressed properties, “the existing home inventory is lower, closer to seven months on average. So a modest increase in demand will translate into strong gains in both prices and new construction.”

And even in those markets with more distressed or foreclosure properties, “those properties are finding plenty of renters, since the rental market is still extremely strong across the country.” As such, the supply of renters has increased dramatically, causing considerable increases in rental rates, while price declines have been such that it is now actually more expensive to rent than to own for most people.

“Let’s state it simply and forcibly: Housing is back.”

In an earlier interview with Fortune, Economist Karl Case of the widely followed S&P/Case-Shiller Home Price index said “The lack of new home building is a huge help that a lot of people are ignoring….housing is looking like the little engine that could.”

What does this mean for the Outer Banks? A comparison of SOLD properties on the Outer Banks* (from Multiple Listing Service) during the time period January 1 through April 28 for 2010 and 2011 revealed that activity is up:

                246 sold  1/1/2010 – 4/28/2010

                291 sold 1/1/2011 – 4/28/2011

Yet, the average price of residences and land dropped slightly from 2010 to 2011, which means there are some great properties available at good prices on the Outer Banks.

*Outer Banks properties included Corolla, Duck, Southern Shores, Kitty Hawk, Kill Devil Hills, Nags Head and Roanoke Island, residences, land, and commercial.

You can read the entire article by clicking here, and you can learn more about the opportunities to own at Marshes Light by clicking here.

http://finance.fortune.cnn.com/2011/03/28/real-estate-its-time-to-buy-again/