COR O LLA TO NAGS HEAD TO CO LUM B I A
Village Realty COROLLA 877.513.9053 VACATION RENTALS
CorollaRentals@VillageRealtyOBX.com REAL ESTATE SALES
CorollaSales@VillageRealtyOBX.com
NAGS HEAD 877.482.4242 VACATION RENTALS
Rentals@VillageRealtyOBX.com REAL ESTATE SALES
NagsHead@VillageRealtyOBX.com ASSOCIATION MANAGEMENT
EmilyLewis@VillageRealtyOBX.com
S PRI N G 2 0 1 5
V R O BX . CO M
The Outer Banks Vacation Rental Market
Steady Growth Despite All For generations the Outer Banks has been a popular vacation destination for families residing in the mid-Atlantic region (NC, VA, PA, MD, DC). Over the last 20 years that area of Outer Banks vacationers has expanded to include most of the eastern half of the United States. This expansion is primarily due to the fact that the Outer Banks is only a one-day drive from most areas east of the Mississippi River. The Outer Banks annually appears in some national publication’s Best Beaches list. This year it was ranked #1 by US News & World Report as “Best Family Beach Vacations.” Aside from the natural beauty and multitude of attractions, the Outer Banks is somewhat unique in that the vast majority of visitors stay in single-
family homes or cottages as opposed to hotels or condominiums. This distinction provides the opportunity for extended family members to gather and share time together under one roof. The annual get-togethers for reunions, Thanksgiving and Christmas have become a family tradition. Up until the 1990s, vacations homes (or cottages) only offered a basic place to sleep and socialize—that was about it. In the beach box homes built during the 1960s and 70s, there was no central A/C in many cases, no in-house linens, and only outside showers were commonplace. Slowly though, more and more features started appearing in new construction: larger homes (5+ bedrooms) to accommodate larger parties, more amenities such as hot
COLUMBIA 877.796.5263
REAL ESTATE SALES & LONG-TERM RENTALS
Columbia@VillageRealtyOBX.com affiliated with
Ocracoke Island Realty 877.218.9986 VACATION RENTALS
Rentals@OcracokeIslandRealty.com REAL ESTATE SALES
Sales@OcracokeIslandRealty.com Data obtained from the Outer Banks Association of Realtors MLS continued on next page
Steady Growth Despite All
continued from previous page
efficient way to keep older homes looking fresh and appealing to potential renters. Home improvement projects, such as replacing flooring/carpet, bath or lighting fixtures, appliances, bedding or décor, are all great ways to keep your home attractive to renters. Other ideas, such as landscaping, replacing counter tops, adding a backsplash in the kitchen, adding a game room or pool, if The building boom in the early 2000s greatly expanded the possible, will all enhance the appeal of your rental property. rental inventory in the Outer Banks market. In 2000, the gross During each off-season, Village Realty rental managers carefully Occupancy Tax receipts in Dare County totaled $199.34M. inspect each rental property and make a list of recommended By 2014, that number had more than improvements or upgrades that will doubled to $414.2M. The graph on the help make every property as attractive previous page shows the steady growth Over the past 15 years…despite the as possible to potential renters. This list over the past 15 years. And, despite the help owners prioritize projects that Great Recession of 2008–2009, and slow Great Recession of 2008–2009… can will contribute to maximizing rental economic recovery in subsequent years, Dare County only experienced one potential. Homes that have annual Dare County only experienced one updates or facelifts, thus remaining year of slightly negative growth in the year of slightly negative growth in “like new,” benefit from earlier Occupancy Tax revenue. bookings, advanced rents to the owners, the Occupancy Tax revenue. Although the Outer Banks real estate and rack rate pricing as opposed to market did see a sharp decline of 60% later bookings, slower cash flow and in sales volume and a 30–40% drop in home values during this discounted bookings. period, it wasn’t to the extreme levels experienced by many Another benefit of maintaining a fresh-looking rental property other resort areas across the country such as Florida, Arizona, is resale potential. Sellers are always looking to sell at the highest Nevada and California. The continued strength and resiliency of price the market will bear. A property that looks fresh, shows the rental market certainly helped cushion the decline in sales great and has a strong rental history is a property that will be and property values. The decrease in property values along with most attractive to buyers, thereby enhancing the chances of a the continued strength of the rental market actually enhanced quicker sale at the highest price possible. the return on investment (ROI) of Outer Banks properties to If you’re interested in getting suggestions for improving your make them more appealing to the investors who were looking to property’s rental appeal contact your Village Realty rental buy. management team in Nags Head or Corolla. Or, if you’d like In order to maximize potential in today’s rental market, owners to get an analysis of the current market value of your property, should try to keep their rental properties looking as up-to-date contact your Village Realty agent. as possible. Selecting one project every off-season is a costtubs, private pools, upgraded features like granite counter tops and hardwood floors, elevators, game rooms, and now theatre rooms. Many renters now seek to enjoy these high-end amenities while on vacation since they may not get to enjoy them in their own homes.
Outer Banks’ Inaugural Brewfest, May 31 The Outer Banks’ inaugural craft beer experience offers tastings, workshops, guest speaker panels, local chef pairings, live entertainment, art and more! The OBX Brewfest will be held May 31 at the Outer Banks Event Site, on the sound in Nags Head. Entrance price is $40, inclusive. OBX Brewfest seeks to inspire and showcase the area’s culinary, performing, and visual arts through a craft beer culture event boasting over 80 tasty libations from around the United States. Expect an experience like no other featuring everything from homebrew demonstrations and beer-centric workshops hosted by industry professionals, to live music. We’ll also be presenting
our unique Games for Grown Folks field-day-style game zone, which will be chock full of activities including life-sized Jenga, keg bowling, human foosball, life-size Connect Four and more. Non-drinkers can also enjoy samples throughout the day in the festival’s Soda Garden, which will house over 20 handcrafted sodas. Several local restaurants will have food available for purchase throughout the event, some of whose culinary teams will also be presenting segments such as Cooking with Beer, Homebrew 101, Beer & Cheese, Repurposed Beer Art, Design Your Own Beer Garden, Plant to Pint: Where Your Beer Comes From, and more. Visit www.OBXBeerFests.com Reprinted from www.OBXBeerFests.com
S e l e c t R eal Es tate fo r S a le
Nags Head, Coastal Cove
3 lots from ocean w/views, excellent rental income, attractive furnishings convey, pool 7 BR, 4.5 BA • $578,000 • MLS 86555
S. Nags Head Semi-Oceanfront
Kill Devil Hills Oceanfront
Stunning ocean views, 5,000 sf, beautifully decorated, elevator, stellar rental income 8 BR, 8 BA, 2 PB • $1,750,000 • MLS 86302
The Village at Nags Head
Ocean view, easy beach access, totally renovated w/all new furn., 4,248 sf, pool, rec rm
Oceanfront townhouse, remodeled kitchen/ baths, very spacious master, excellent rentals
The Village at Nags Head
Nags Head, Quay Condo Oceanfront
3 BR, 2.5 BA • $394,500 • MLS 86747
3 BR, 3 BA • $399,500 • MLS 86920
8 BR, 6.5 BA • $840,000 • MLS 86363
Stunning golf & sound views, meticulously maintained, quiet cul-de-sac, solid rentals
Roanoke Island, Creef’s Ridge
Stunning classic, wraparound porch, fenced back yard, saltwater pool, guest house, barn 4 BR, 2.5 BA • $470,000 • MLS 84304
4 BR, 3 BA • $745,000 • MLS 84819
Remodeled throughout, spacious 1,530 sf, steps to the beach, comm. pool/tennis
The Village at Nags Head
Golf & sound views, 1,580 sf, newly painted int./ext., new carpet, ceramic tile flooring 3 BR, 2.5 BA • $339,500 • MLS 84902
Pirate’s Cove, Ballast Point
Waterfront luxury at its finest, incredible views, custom built, stunning finishes, dock 6 BR, 5.5 BA • $1,485,000 • MLS 83456
Nags Head Semi-Oceanfront
New construction, will have ocean view, elevator, walk to beach, media room, pool 4 BR, 3.5 BA • $639,000 • MLS 86158
Nags Head, Soundside Rd. Lot
Unobstructed view of Jockey’s Ridge, bike to ocean, walk to soundside beach, hiking trails 15,000 sf • $169,900 • MLS 85518
Moyock, RiversEdge
Custom home w/sound access, great comm. amenities, master on 1st fl w/huge walk-in 4 BR, 3.5 BA • $375,000 • MLS 84369
Village Realty vrobx.com S e l e c t R eal Es tate fo r S a le
Old Nags Head Place
Fabulous location, walk to beach, 2,904 sf nicely deorated, saline pool w/hot tub, gameroom 5 BR, 5.5 BA • $479,900 • MLS 85623
Currituck Mainland, Powell’s Point
Ten minutes to the beach, on 1+ acre lot, some updates, beautiful yard, back deck, shed 2 BR, 1 BA • $173,000 • MLS 85717
KDH, Ocean Acres
Ocean view, 2 lots back, short walk to beach, 3,136 sf, pool, gameroom, two masters 6 BR, 4 BA, 2 PB • $529,000 • MLS 86496
KDH, Avalon Beach
Priced to sell, like new, 1,545 sf, bonus room, shed, just blocks from sound, half mile to ocean 3 BR, 2 BA • $234,000 • MLS 86940
Manteo, Nottingham
Pondfront, cul-de-sac, spacious, has perfect Man Shack w/stone patio & fire pit, sun porch 3 BR, 2.5 BA • $275,000 • MLS 85034
Duck Oceanfront
Amazing views, beautiful, upgraded & well maintained, astonishing rental numbers 6 BR, 4 BA • $1,150,000 • MLS 86917