Outer Banks Property Management

According to the NAR, foreign investment in US property is becoming a growing trend.  From May 2007 to May 2008 the NAR estimated 150,000 to 190,000 homes were sold to foreign investors.  North Carolina did not make a top state according to the NAR.  That is not surprising from what I have seen on the Outer Banks.  I personally have not seen a rash of foreign investment along the island. 

The typical investor would seem to fit the profile for Outer Banks home buyers.  This is from the NAR.  The typical international buyer purchased a single-family vacation home costing $297,400. Four in 10 paid for their U.S. property with cash, compared with 7 percent for all domestic buyers. The typical international owner stayed at his or her U.S. property for 2.6 months during the year. 

The NAR also found that many foreign investors were looking to purchase the more expensive homes in an area.  Sometimes as great as 36 percent more than the same domestic home buyers average.  One aspect of foreign home buyers preference, that for condos and townhomes, may not fit well with the Outer Banks.  Besides this small fact it is shocking we have not seen an increase in foreign investment along the Outer Banks. 

This first appeared in the Coastland Times:

SEWER MORATORIUM

The Village at Nags Head Wastewater Treatment and Disposal Facility

Carolina Water Service in Dare County cannot accept the discharge of additional waste to The Village at Nags Head Wastewater Treatment and Disposal Facility effective August 19, 2008 due to problems associated with the treatment system.  Therefore, The Village at Nags Head Wastewater Treatment and Disposal Facility is hereby placed on a sewer moratorium at its waste water treatment plant effective August 19, 2008.

On the basis of thorough staff review and application of Article 21 of Chapter 143, General Statues of North Carolina, Public Law 92-500 and other lawful standards and regulations, the North Carolina Environmental Management Commission has determined that The Village at Nags Head Wastewater Treatment and Disposal Facility is unable to adequately collect and treat waste tributary to its wastewater treatment facility.

North Carolina General Statute 143-215.67(a) directs that no person subject to the provision of NCGS 143-215.1, 143-215.108 or 143-214.109 shall cause or allow the discharge of any wastes to a disposal system in excess of the capacity, which the disposal system cannot adequately treat.  The moratorium on additional sewer connections will remain in effect until Carolina Water Service has rectified the current noncompliant condition of the facility and has obtained written permission from the North Carolina Environmental Management Commission suspending the moratorium.

The permit and other information may be inspected during normal office hours at the Division of Water Quality, Central Files, Archdale Building, 512 North Salisbury Street, Raleigh, North Carolina, telephone: (919)733-7015.  Copies of the information on file are available upon request and payment of the costs of reproduction.

Questions regarding the status of the sewer moratorium should be directed to Mr. Danny Lassiter, Carolina Water Service at 252-240-1398.

As interest rates are a major factor in most decisions to buy an Outer Banks vacation home, it is traditionally good news to see an interest rate drop.  In todays market an interest rate drop can be cause to celebrate.  For the week ending July 31, 30 year interest rates fell from 6.63 to 6.52 and 15 year from 6.07 to 6.18.  While these drops are minimal, it does help anyone currently in the market for an Outer Banks home.