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What's the latest data on OBX Real Estate market?

What's the latest data on OBX Real Estate market?




Is demand still high for OBX properties? Any sense that home prices will drop dramatically or keep steady at the current market values?


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RE: What's the latest data on OBX Real Estate market?




The price of homes is not coming down. At least not like people would want you to believe.

Homes are sitting on the market longer but they are still selling to the right buyers.



RE: What's the latest data on OBX Real Estate market?




Homes are sitting on the market a lot longer....but that's just my feel from actively looking the last month, Tim could pull numbers, smiley

It will be interesting to see what the market looks like in the fall with all those who bought in the last couple of years being told they would make 10+ GROI and they are well below that....


RE: What's the latest data on OBX Real Estate market?




I’ve been sent listings for rentals that have been seriously discounted. One PM sent a list of 23 homes with reduced prices well into the summer months.


RE: What's the latest data on OBX Real Estate market?




I’ve been sent listings for rentals that have been seriously discounted. One PM sent a list of 23 homes with reduced prices well into the summer months.

LollyGirl

Same here, along with 15% discounts from hotels for this weekend... Memorial Day.


RE: What's the latest data on OBX Real Estate market?




Even last year we rented a nice place in SNH for a significant discount. It was early in May but we were thrilled to get it.


RE: What's the latest data on OBX Real Estate market?




Things must still be good at SAGA.

"Our simple approach to income producing investment homes allows you an average of 10% – 15% return on your investment. Best of all, it’s an investment you can use with your friends and family!"

Click to follow link...

Of course, like it says, that 10 to 15 is an "average". But they don't say over what period of time. Five years? Ten years? Thirty years?


RE: What's the latest data on OBX Real Estate market?




I own a small, affordable family home and this is the first time in 28 years that Memorial Day week and the first week of June has not rented. The economy has a lot to do with that. If you can't put food on the table, you can't afford a vacation. Thanks Joe Sick smiley


RE: What's the latest data on OBX Real Estate market?




I own a small, affordable family home and this is the first time in 28 years that Memorial Day week and the first week of June has not rented. The economy has a lot to do with that. If you can't put food on the table, you can't afford a vacation. Thanks Joe Sick smiley

obxaddict


Everything starts to add up.
Gas - up
Food - up
Restaurants - way up
Tolls (especially during what they like to refer to as “peak times” The CBBT is now charging $21 for “peak” traffic time. It now costs us close to $100 just in tolls! to drive from NJ)

The elites can always afford whatever they want.
Prices don’t affect them.
It’s the regular families that are strapped and have to do without.





RE: What's the latest data on OBX Real Estate market?




One asks how the sales market here is and then many talk about rental income. The two have a little to do with each other, but not much. Rentals are down and most, or all, PM's will agree on this. Sales of homes here have slowed down since the peak in 2021-2 and prices have come down a little. The thing we see more is that prices are no longer going up and up - for the most part. Good oceanfront properties are still being purchased in short time if they are in good shape, make good rental income and in a good location. We recently put a 1.9 mil oceanfront up for sale and was under contract in 10 days. We have a 4.25 mil property listed right now. I am seeing more inventory coming online which is a return to more normal times here. Will you see prices return to 2018-9 prices? Never again, but they should drop a little from where they are if demand drops, which it has , but only a tiny bit.

It is still a good time to be a seller, I am not sure I would be a buyer in the current market.



RE: What's the latest data on OBX Real Estate market?




I would say the market is still going strong. I sold and closed recently on Hatteras Island at 20% more than I expected and 10% more than my highest hopes receiving 2 offers on the the first day it was listed.


RE: What's the latest data on OBX Real Estate market?




Here are the properties that "sold" and closed in the last 3 days (north of Hatteras since I don't follow Hatteras). You can see the sold vs asking prices (most are lower) and the DOM days on market, this is how many days before there was an agreed contract price. The difference in the report today vs 2 years ago is that 2 years ago the sold price would be over the asking price and most DOM would be under 15 days and there would be twice as many closings.




RE: What's the latest data on OBX Real Estate market?




Thanks all! Great feedback. I am thinking that prices are pretty much going to stick to these levels as well. I do think that we will see an uptick in foreclosures in the next few years because the math won't work for a lot of these homes that were bought based on past years rental numbers as many of you have pointed out that there are vacancies and discounted rates for many homes and fixed expenses have gone up tremendously and the cost of repairing anything has shot up as well. Owning a beach house is not for the faint of heart. You do have to love it!


RE: What's the latest data on OBX Real Estate market?




Thanks all! Great feedback. I am thinking that prices are pretty much going to stick to these levels as well. I do think that we will see an uptick in foreclosures in the next few years because the math won't work for a lot of these homes that were bought based on past years rental numbers as many of you have pointed out that there are vacancies and discounted rates for many homes and fixed expenses have gone up tremendously and the cost of repairing anything has shot up as well. Owning a beach house is not for the faint of heart. You do have to love it!

Babylin


Foreclosures - yuck, but you are likely correct. Many bought homes here thinking the rent they got in the last 3 years is what they will always get and they will start realizing that they have been given inflated numbers. If you look at listings you will often see two or more documents showing the actual rental income received and another document showing a "projected" income if they owner was to switch to then as their PM. I saw one yesterday where the actual income last year was $38k and the projection, if they switched to their company, would be over $100k. That just a lie and should be illegal, but it's an opinion so they can say it. One company, that loves to over inflate the projections, their name starts with V.


RE: What's the latest data on OBX Real Estate market?




I own a small, affordable family home and this is the first time in 28 years that Memorial Day week and the first week of June has not rented. The economy has a lot to do with that. If you can't put food on the table, you can't afford a vacation. Thanks Joe Sick smiley

obxaddict

This is exactly what I was going to mention people where I work are complaining about the food prices car prices and their mortgages. No one is talking big vacations. Some short cruises or a weekend trip. People with families are paying way too much money for groceries and if u have teen boys that love to eat.


RE: What's the latest data on OBX Real Estate market?




Eat and feed family OR go to the OBX???

I think people will make the right choice Theeth smiley Wink smiley Whistle


RE: What's the latest data on OBX Real Estate market?




When we bought our house here 20 years ago I had learned location, location, location was very important. We bought a modest canal front house in Colington Harbour with the belief "they" likely won't be developing another community like this one ever with all the environmental restrictions now on the books. Not even Saga could develop one like this. So even with downturns in the market I feel like we haven't seen any decline in our house inflated value. Pray During Covid houses here were selling FAST above asking price with no contingencies. Those market conditions have ended. Houses are still selling here. They just take longer to sell.

I've noticed many of my new neighbors have New Jersey tagged cars & trucks. What's up with that? USA Flag


RE: What's the latest data on OBX Real Estate market?




Lots of people want out of the corrupt cesspool that NJ has been for the past 6 decades.
I say that as someone who has spent my whole life in Jersey and has witnessed first hand the disgusting corruption.


RE: What's the latest data on OBX Real Estate market?




OP.... The last place to get financial advice on buying is here.... the posts above confirm this...


RE: What's the latest data on OBX Real Estate market?




Lots of people want out of the corrupt cesspool that NJ has been for the past 6 decades.
I say that as someone who has spent my whole life in Jersey and has witnessed first hand the disgusting corruption.

LollyGirl


I'll take some of those gold bars!!! Hahahhahahha!

Bad bad bad .......hard to believe


RE: What's the latest data on OBX Real Estate market?




Tolls (especially during what they like to refer to as “peak times” The CBBT is now charging $21 for “peak” traffic time. It now costs us close to $100 just in tolls! to drive from NJ)

LollyGirl


You mean combined, right?

NJTPK $20.62 (from end to end)
D95 $4.00
DRMB $5.00 (southbound only)
KWVMH $6.00
CBBT $21.00 (Peak hours toll)

TOTAL $56.62 (Southbound, $51.62 northbound)

Please tell me you aren't wasting $9.00 (peak) or $4.00 (normal) on the Chesapeake Expressway. On turn days, you make better time if you avoid the toll and get on after Great Bridge.

What am I missing?


RE: What's the latest data on OBX Real Estate market?




I’m talking round trip.
We certainly do not take the expressway.
We should probably stay off Rt 1 in Delaware and just take 13.


RE: What's the latest data on OBX Real Estate market?





I'll take some of those gold bars!!! Hahahhahahha!

Bad bad bad .......hard to believe

Bentmtn

The good thing about government jobs is they can take someone who couldn't hold a minimum wage job and make a millionaire out of them.


RE: What's the latest data on OBX Real Estate market?





I'll take some of those gold bars!!! Hahahhahahha!

Bad bad bad .......hard to believe

Bentmtn

The good thing about government jobs is they can take someone who couldn't hold a minimum wage job and make a millionaire out of them.

Greg MD


Don't you know! I was freaking April 15th writing a check to the IRS from the Frisco post office and me being the OCD person that I am taking a pic of it AND the envelope thinking what the heck????!! We always pay our share according to the rules and it kinda makes me sick.

I mean...I had sticky notes in our little cottage to remind me. We always get stuck paying which is what it is. We do the right thing as opposed to some.


RE: What's the latest data on OBX Real Estate market?




Owing the government money until it needs to be paid is a good thing, Bent. They just send it to some foreign country without our consent anyway.

I'm glad my wife is an accountant, we always pay just in time and we always owe just under what would cause us a penalty. We adjust our withholding about twice a year but it's a piece of cake with the ADP app.


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