The summer season is just about done here on the Outer Banks, and it looks like we had more visitors than we’ve ever had. Of course the final figures aren’t in yet, but the figures from earlier in the summer plus what we have been able to observe here at Brindley Beach, seem to tell the same story–vacation home rentals were at an all time high.
The Outer Banks economy overall has continued to grow and thrive, but there are some areas that we need to improve. Again, the final reports aren’t in, but in talking to our friends in retail and restaurant businesses, and looking at some of the early reports, it looks like neither sector showed the strength we saw in property management. It wasn’t a bad year by any means for either one of them, but from what we can see, they’re going to struggle to get to last year’s figures.
Trying to sort through all the reasons for the difficulties in those two areas is way beyond the scope of any one article or blog and besides, at Brindley Beach we specialize in property management and real estate sales and that is what we know best.
The Outer Banks real estate market is poised for an extraordinary rebound.There are, of course, no guarantees and we don’t have a crystal ball that can predict with absolute certainty what the future holds, but there is growing evidence that the incremental increases in real estate activity over the past three to four years are about to become more robust.
In Dare County the number of building permits is up by 25% and the amount is almost double last year’s dollar figure. That is a clear indication that larger permits–read houses–are being pulled and housing construction is about to boom again.
Although Currituck County building permits for the year are not as strong as its neighbor to the south, it is keeping pace with last year, which was a very strong year.
The roots of what appear to be a building boom go back to what we do best–property management and vacation home rentals. From mid June through August, we are at 100% capacity. At 100% capacity, we are probably turning people away, and that information is not being lost on investors.
There are a couple of important points this raises. First of all, for investors, this is the time to start the research needed to make an informed decision about an investment property. We don’t want to exclude homeowners looking to buy a vacation home either–and actually the same rules apply to them. This is the time to start looking–and if you find something to meet your needs, property values tend to be more flexible now than in the summer when maximum revenue is flowing in.
For our existing property owners–this is a cautionary note: a competitive market is going to get even more competitive. Make sure your property is ready to stand out when our visitors come calling.
Give us a call here at Brindley Beach Vacations. Whether your needs are property management or investment, we are the Outer Banks experts and can help you make the right decision to maximize the return on your investment, your revenue, or the pleasure you can have from owning a vacation home.