Summer 2008 Update

Ahhh!...Summer on the Outer Banks! Hard to believe it is almost over. The Elbow Beach Water Park here at Bermuda Bay has been a tremendous success in 2008…families playing in the pool and relaxing in the sun – a really neat scene to be a part of. Smiles Everywhere!

The new short term rental program at Cambridge Cove has been a great success, with visitors from as far away as Liverpool, England to San Francisco, California. Most of our guests however, are from Virginia, Maryland, & Pennsylvania with a surprising number from close by in North Carolina. Check out the website at www.CambridgeCoveOBX.com. We have added a few of the villas in Hamilton Cay to the program and expect to have more on line for next season.

The most popular length of stay was 3 nights, with a 4 night stay close behind, although we had plenty of folks stayKayak Trip for 5 or more nights. Everyone likes the location of the community – central to all the cool things the Outer Banks has to offer – public access to beautiful beaches, great restaurants, shopping, biking trails, the Wright Brothers Memorial, lighted tennis courts at Dare County Parks and Recreation, fishing piers. It’s like one of the guests said to me, “It is truly impossible not to find fun things to do on the Outer Banks” If you would like to see more about what the Outer Banks has to offer, check out the Tourist Bureau web site, at www.outerbanks.org

If you get the feeling that Bermuda Bay is headed more in the direction of a resort, you are correct and do not be surprised in you see more steps in that direction in the future. Additional amenities are likely to be a part of the picture…possibilities include a miniature golf course, a trolley to the beach, and an indoor pool.

We are in the process of working on our rental projections for 2009. If you would like to see how the numbers look, please drop us a line.

A note regarding the market; when is the right time to buy? There are opinions on both sides and I am sure you are hearing the arguments for buying now or waiting. At the moment, it seems to me the positions are just about balanced on whether now might be a good time to shop for a deal. One thing for sure, the trend is toward “now is the time”.

Bottom line is no one knows for sure where the bottom is, but I can promise you that you won’t know it until you’ve missed it. So, here’s a challenge to a group of you out there – those of you that decided to buy in the last real estate boom but didn’t because by the time you got around to it, the market had already turned. Maybe there was a reason you were waiting; maybe it was just procrastination, whatever it was, it is your good fortune, because conditions are much better for you today.

But now you have to ask yourself…what will I do this time…sit back wait for all the media to acknowledge the market has tuned back up? You know what that will mean…you missed it. You were almost ready before; you are ready now. Rates are low. Prices are down 20%. Get in the game. Buy Now and Buy Low!

 

David Weybright
RE/MAX Ocean Realty
2503 N. Croatan Hwy, P.O. Box 8
Kill Devil Hills, NC 27948
Cell: 252-305-2400
dweybright@mindspring.com
Each Office Independently Owned and Operated