What $1 million Buys In . . .
The Outer Banks
The house whose deck is shown here is in Ocean Crest, a community of about 70 homes in southern Duck. It listed for $999,000 in December and is a few steps from the beach. The restaurants and shops of Duck are within a mile and easily reached on a bike trail.
With the first floor eight feet above grade, this house has a typical layout for North Carolina’s Outer Banks. The living and dining area is on the top floor. Each of the two living levels has a master suite. There are three other bedrooms plus three full baths and one half bath. The house was built in 1996 and has recently been re-sided with HardiePlank. Landscaping provides privacy for a 15-by-30-foot pool. There’s also a community pool; homeowner-association fees are $1,250 a year.
“There’s been a lot of activity, but it’s still a buyer’s market,” says listing agent John Myers of Twiddy & Company. “A lot of sellers are in denial about true value and unwilling to come down to what will sell.” As of May, the average 2012 sold price in Duck was $517,500, down by about 30 percent from $752,666 in 2011. In 2011 and so far in 2012, foreclosures and short sales have accounted for about a quarter of all sales. Houses are also sitting for a while—the average time on the market in the Outer Banks is 231 days.
This four-bedroom, three-bath house in the Delaware resort’s quiet Pines neighborhood has been on the market since September 2010. Originally listed at $1.2 million, it’s now $999,000. Reductions of more than 10 percent in asking prices are common for properties on the market more than a year in Rehoboth, but bargain hunters may be disappointed if they’re looking for deeper discounts.
The house has two master suites, the larger of which has a private balcony. There are hardwood floors throughout the main level and a fireplace in the living room. A 240-square-foot screened porch runs the width of the rear of the house, where you’ll find an outdoor shower and landscaping with an irrigation system. Seven blocks from the beach, the house is being sold with all furnishings, dishes, and linens. It has off-street parking for up to four cars. Homes in the Pines typically sell for $750,000 to $3 million. Though this property hasn’t been used as a short-term rental till recently, listing agent Susannah Griffin estimates it could bring in $3,500 to $4,000 a week during summer.