Outer Banks Real Estate News 

Welcome to our latest blog post, where we dive into one of the most exciting developments shaping the future of the Outer Banks: the Mid-County Corolla Bridge project. As a trusted source for all things real estate in this beautiful OUter Banks region, we're thrilled to share insights into this transformative project and its potential impact on the local community and real estate market.

The Mid-County Corolla Bridge project is a long-awaited endeavor that promises to improve accessibility, safety, connectivity, and convenience for residents and visitors alike. This vital infrastructure project involves the construction of a new bridge spanning the Currituck Sound, connecting mainland Currituck County to the northern Outer Banks.

Key Benefits and Features:
Improved Traffic Flow: The new bridge will alleviate congestion on existing routes, particularly during peak travel seasons, by providing an alternate route for commuters, tourists, and commercial traffic.

Enhanced Safety: With modern design standards and state-of-the-art engineering, the Mid-County Corolla Bridge will prioritize safety for motorists, pedestrians, and cyclists, reducing the risk of accidents and improving overall road safety.

Economic Growth: The bridge project is expected to stimulate economic growth and development in the region by facilitating easier access to Corolla and other northern Outer Banks communities. Increased accessibility can attract new businesses, spur tourism, and create job opportunities.

Environmental Considerations: Environmental sustainability is a key consideration in the design and construction of the Mid-County Corolla Bridge. Measures are being implemented to minimize the project's impact on the surrounding ecosystem, including wildlife habitats and sensitive coastal areas.

Impact on Real Estate:
The Mid-County Corolla Bridge project has significant implications for the local real estate market. As accessibility improves and travel times are reduced, properties in Corolla and surrounding areas may become even more desirable to buyers seeking coastal living with easy access to amenities and attractions.

Here are some potential ways the bridge project could impact real estate:
1. Increased Property Values: Properties in Corolla and neighboring communities may experience appreciation in value as demand rises due to improved accessibility and connectivity.
2. Expanded Market Reach: The bridge project opens up new opportunities for buyers who may have previously been deterred by transportation constraints. This expanded market reach can attract a broader pool of potential buyers, including second-home buyers, investors, and retirees.
3. Development Opportunities: The prospect of improved infrastructure may incentivize developers to invest in new residential, commercial, and mixed-use projects in Corolla and surrounding areas, further diversifying the housing stock and expanding amenities for residents.
4. Lifestyle Appeal: The allure of coastal living combined with convenient access to amenities, recreational activities, and natural beauty makes Corolla an attractive destination for home buyers seeking a laid-back lifestyle and escape from the hustle and bustle of urban living.

In conclusion, the Mid-County Corolla Bridge project represents a significant milestone in the ongoing evolution of the Outer Banks region, we can no longer keep this place to ourselves, the word is out. With its promise of improved accessibility, safety, and economic growth, the bridge project is poised to have a transformative impact on the local community and real estate market. As trusted real estate investment advisors in Outer Banks real estate, we're excited to witness the positive changes and opportunities that the bridge project brings and remain committed to helping our clients navigate these exciting developments. Stay tuned for more updates and insights from our team as we continue to explore the ever-evolving landscape of Outer Banks real estate.

Winston and Whitney Hawkins

In with the NEW!  That's what a new year promises....A fresh start, new goals and dreams for good things to come.  For the Hawkins family, we are thankful for an awesome 2023.   Grateful for good health, our new graduate of Liberty University who will be getting married in May, our youngest son who is working diligently to finish his Junior year at ECU with goals on traveling as much as possible. Of course, we are super happy that our 11 year old lab "Wally" is doing well and was perky enough to play and enjoy the holidays with the boys. 

All the hustle and bustle of the holidays has passed and we are back to focusing on our business, clients and learning all we can to best serve our real estate peeps in 2024.  

All signs point to lower interest rates as we move towards Spring. The speculation is that will lead to additional homes entering the market and allow some of our buyers that have been on the hunt an opportunity to scoop up their new beach house.  For anyone considering a sale, inventory is still rather low and thus positioning is still strong to achieve a favorable sales price. 

Since every buyer and seller has a unique goal and set of circumstances, there are no one size fits all answers to " Should I Buy or sell right now?"  We love to consult with everyone individually and be sure that we are providing the proper guidance based on the information you provide.

One thing is for sure....property values on the Outer Banks have continued to climb and we continue to be a destination for folks from all over the world for vacations, weddings, fishing, bird watching , historical exploration and more! The Outer Banks , Dare and Currituck County offer so much to such a diverse range of people.

is it a good time to sell my home, I think I could make some money right now!

This is the question we get asked second most, number 1 is what is my home worth?  Well this is an interesting question, sure it is great to sell a home here and WOW your gain would be great, but where are you going what do you intend on doing with this potentially profitable transaction?

There are a few things to consider when you make the choice to sell here are just a few ideas. I think I like the "we are selling everything and buying an RV and just live in that for a while."  This usually make me smile and sounds romantic, but if that is not your gig. Finding out what you want to do is most important.

Are you leaving the beach or wanting to get rid of your beach house and use the money, what is the goal?  First, I would determine the end goal. The goal could be to step to a larger home or we are wanting to downsize (our home is too large).  Another set of goals could be geared more toward your investment property, perhaps you want to take the funds (profits) and put into another investment either here or elsewhere. If so let us know you could possible defer the capital gains taxes on that sale with the use of a like-kind exchange (1031) we assist our clients with this all the time. 

We also here that it is time for us to travel more and see the world or the family and we just want to cash out. This is also a great goal too.  As you can see there are many different things to consider when make this decision, so reach out to us and we are happy to provide some guidance and perhaps helps with your direction.

Let us know what you are looking to do, since 1998 we have been helping our clients with satisfying their goals and dreams. Live your best life and have an awesome time!

Are the homes sold fully furnished here on the Outer Banks?

We get asked this question when selling outer banks real estate.  Many of the homes sold here on the beach are vacation rentals and second homes and the homes are often sold with everything included. Furnishings, electronics, TV's, dishes, bedding and other items often convey with the home to make the home ready to rent.

What if the seller leaves items in the home that are not being transferred to the new buyer by a bill of sale or by other legal means? 

Remember, just because it is in the home when you view it does not mean it is will convey automatically.   Having a list of any items that may be excluded from the sale is important to view in advance of writing an offer.  This eliminates any surprises on closing day. For sellers, its recommended to remove items before listing that are sentimental and that you would not want to have stay with the property.  

Who wants to pay more money in taxes?  If you said yes, then stop reading this. I have had many clients that have made money on their property over the years and went on to pay a big tax bill, then soon after this time they bought another property.

Of course, this was not the way they wanted to do it. There is a simple way to buy another property putting all the tax differed money to use for you into buying the next property.  This is call the 1031-exchange or often referred to as the like-kind exchange.  It is rather simple to do, but you have to plan ahead and have a good team to assist.

Just to let you know, I am not an accountant nor do I give tax advice. Everyone has a different situation and should rely on the advice of a professional CPA.  There are several things to remember when you wish to do the exchange.

1. Sale of the investment property (i.e land, rental property, commercial property, etc.)
2. When you have a sale then you must invest at least as much as the property your are selling. In other words you cannot by a property that cost less than the one you sold.
3. You can however buy multiple properties that would add up to equal or greater than the property your sold.
4. Time lines to remember.  Date of closing on the SOLD property, then you have 45 days from that date to identify up to 3 replacement properties. You must close on the replacement properties with 180 days from the date of the original property closing.

Now remember, the IRS does not like you to handle your tax free money, so you will have to get a 3rd party or intermediary that would take possession of the funds from your sale and this company would provide the monies to purchase the replacement property(ies).

I have had recent situations where one of my clients was able to make his third 1031-Exchange.  He started with a $250,000 rental house. He sold that and bought a commercial building at $550,000.  He then sold the commercial building for a gain and bought warehouses, which in a few years sold for $700,000. Then he used the funds from that sale to buy a multi-unit commercial building which he held for a few years.  He then sold that property for $1,300,000, and from that sale he decided to buy three separate properties. 

Over the years with the initial investment of $250,000, he built it to $1,300,000 and the client has not paid taxes on the property. He used all his initial investment plus his appreciation to remain tax deferred and now is getting the benefit of higher income from the property.

If you are interested in letting your money and appreciation work for you as he has, let us know and we can assist with the details. If you have any questions on how we did this you can call Winston Hawkins. 252-202-2002.

I have talked to hundreds if not thousands of buyers in the past 25 years that are interested in getting a new home or buying a second home. Right now, with a strong Outer Banks spring market in 2020 I believe it would be a great idea to let would be buyers in our market have a major tool necessary to get them the property they desire.  

I have giving a couple ideas to help buyers be successful when trying to purchase a home, whether it is a primary home, vacation beach home, investment home or a first home.  The Outer Banks real estate market can be fast and furious and we want our buyer clients to be best prepared to make their dreams come true.

• SELECTING A GOOD LENDER- this is the most important thing to do if you are not paying all cash. I know it sounds very appealing to go to one of the online companies and they try to make it sound so easy, but at the end of the day, you will still have to have all the same verifications and information provided.  I find that the local lenders on the outer banks are also very comparable in rates and terms to many off beach lenders.  Be certain that you are working with someone that is comfortable working in our market.  For instance the outer banks home buying process is much more intricate and there are more variables than in most primary markets. Most do not have the types of insurance we are required to have, surveys, elevation certificates, fully furnished homes, vacation rentals with income in place. You want a lender that is familiar with the process and has experience in dealing with the area / market specific challenges.  The last thing you need is to have a lender unfamiliar with the process and cost you time, more money and maybe even the home you want. 
• NOT GETTING PRE-APPROVED - There is a difference in getting a PRE-QUALIFICATION letter and a PRE-APPROVAL. They are exactly as they sound, the difference is that one has more bite than the other and that the buyer has provided the lender with documentation that would support the lender issuing a PRE-APPROVAL.  Remember, In a competitive market if a buyer that is not paying cash for a home does not have a pre-approval, they will find that the sellers will be wary, and when more than one person is interested in the property, typically be out bid when it comes to someone that does not have to worry about such things.

Remember this is not everything needed but with these tools in place you are in control of most of the deal and will be comfortable when it comes time to pull the trigger on the right property for you and the family.  Call Winston & Whitney (252) 489-2212 if you need more information or email us at info@thehawkinsteam.com 

The OUTER BANKS is finally getting a NEW BRIDGE TO COROLLA?

One of the hottest topics for property owners and guests alike has been the question of the Mid-County Currituck Bridge.  It seems more certain that the wheels of progress are in motion for this to move forward.  Below is a link to the NCDOT timeline for the project to begin and complete.  

Alleviating congestion on Saturdays and Sundays along with providing swifter evacuation routes for thousands, the bridge is finally becoming a reality. In addition to these important issues, the bridge will certainly make travel from the northern routes much quicker and more enjoyable.  The town of Duck will become less congested, access to 4 wheel drive and northern beaches will be easier for owners, guests and employees.

The NCDOT timeline is:

FOR MORE DETAILS- Follow this link to NCDOT website.

NCDOT Bridge Update Link

Ready for the next lucky owner this amazing oceanfront estate located in the Premier Palmers Island community is just minutes from the Town of Duck. This is currently being used a vacation rental and the new owner could enjoy all the benefits of ownership, purchasing now spring 2019. Rentals are in place. 

Sold fully furnished with many upgrades and sitting atop the Atlantic Ocean, wake up with the dolphins and pelicans soaring past. You can enjoy your own private pool and the grounds, while being a few hundred yards from the Sanderling Inn oceanfront resort.

Take an early morning stroll to discover what treasures the sea has deposited just step from your back door.  The property invites you to explore the beach with a private ocean walk from your home, you are just steps to the sand, surf and ocean breezes.   

Properties like these are very exclusive and Palmers Island homes are limited by only a few, rare opportunity to own in this exclusive community.

Well the Mid-Currituck Bridge that connects mainland Currituck to the Northern outer banks of NC has passed another milestone. I have been here for over 20 years and this has been discussed since my arrival, we were expecting it to be started in 2017, but no cigar.  All in all I think it is a great thing for the Outer Banks, if the local leaders keep a tight leash on development and do not allow the sky high mega hotels, not a fan.  

In March the bridge moved one step closer see the below timeline.  The Environmental Impact March 2010, Final Environmental Impact January 2012, Record of Decision March 2019, and yet to be completed are Financial Close, begin construction and finally open to traffic. Hell I will be 70 by the time this happens at this rate. This is also available online, news and updates on the bridge. BRIDGE UPDATE 

While I am excited and think this is a great economic opportunity for Currituck,  I am sure if you have waited in that line to get on the beach for 3-4 hours you will pay whatever they want to charge to cross that bridge, please can I just get there.  I believe there are other things that will ensue. Here are some things that I see could happen.Traffic.....this will increase on a year round basis, Corolla and the 4x4 area would get more traffic.  Convenience.....our little sleepy town could become a bedroom community to Virginia Beach and Norfolk area, WOW live on the OBX and be able to work in a city.  Travel time..... The total travel time will reduce from 2.5 hours to 30 minutes from Corolla to the State line.  Not a bad commute to the Hampton Roads Area. Safety....we will be able to evacuate the Northern beaches if needed for hurricane and storm threats, now this is a pain.  Property Values..... these will definitely increase due to the ease of getting here and the ease of access. Places like The Currituck Club, Ocean Sands, Whalehead, Corolla Light, Crown Point, Pine Island, Pine Island Reserve, Sanderling and others will benefit. Economic.....The inverse positive effect will be increased economic opportunities for small business owners in Corolla, Duck, Kitty Hawk, Nags Head areas, most of the shops in the Northern Outer Banks have to close during the winter.  I support local small businesses and think this is the back bone of the country.

A few negatives that I can see, the added convenience will open the area up to daytrippers from the Va. Beach, Hampton Roads area this will increase the traffic and crowds in the area especially in the spring, summer, fall times of year. Our precious natural place would have much strain on the resources, wild horses, marshes, water fowl, dunes and beaches.  Our beaches 4x4 especially would become more crowded and driving (fast) could cause a dangerous situation. Future Developement, increased density of the housing, hotels, etc. not a fan at all, but I know we are a popular place and many want to come and enjoy it.  We have to be mindful of the negative possible effects of this advance and plan accordingly.

Let me know if there are some businesses you would like me to review or other things you are interested in hearing about. 

Thanks for listening

Winston (252)202-2002

The nourishment is an incredible asset to our community and if you have not seen them yet, get ready because it is amazing.  Some houses that had worries of be washed away have been saved, not to mention the increases in values because of the nourishment.  Homes for sale on the oceanfront in certain areas are now at premiums once more.  Great investment for our community and wish the entire beach would have been completed.  

We will have to find some new surf breaks as my son mentioned and the fishing will momentarily change in areas, but after a few storms the beach equilibrium will return.  You nourishment haters Be patient and we will all benefit from this investment. After all it is the beautiful beaches that enables us to work, live and earn our living, while providing recreation and delight for the millions of visitors each year.