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Old 01-11-2007, 02:28 PM
 
112 posts, read 728,528 times
Reputation: 68

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Great forum. Tarheels are certainly are passionate about their state as evidenced by the thousonsa of posts.

I'm one of those Outer Banks "absentee landowners." You know the story: years ago I inherited a small lot in Dare County that was bought dirt-cheap 50 years ago, and only seemed to really take-off in value in the last few years (over the course of the last 2 reassessments). The property is "west of the highways," as they describe it down there.

I get a lot of unsolicited offers to sell. Many from builders/speculators who think I just fell off the turnip truck and will sell cheap. I used to get balnk sales contracts. It actually gave me pleasure to throw away their unopened FedEx envelopes to see them waste $8 in overnight courier fees.

Now, I'm starting to wonder if I missed my chance, with this whole "bursting real estate bubble" thing. The R.E. tax really shot-up and is starting to be budensome. Our friends say there are TONS of properties for sale (condos, land, cottages) in the OBX and things aren't moving.

So my question is: What are the possibilities of selling in this market without discounting the price a ridiculous amount? Should I wait for the market to pick-up ..... will it ever pick up? Any advice, inside information, and glances into your crystal balls would be appreciated. Thanks.
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Old 01-11-2007, 05:27 PM
 
Location: Miami. Florida
942 posts, read 2,370,075 times
Reputation: 892
Where is OBX??? I am not familiar with the abbreviation. More info please.
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Old 01-11-2007, 05:59 PM
 
Location: East central NC
212 posts, read 989,594 times
Reputation: 262
OuterBanX.

I'm not a real estate mogul, but I doubt you would be receiving mass mailings to sell if your property didn't have some real attributes. I believe most any buildable property in that area would hold value well. Your land probably has some grandfathered-in perks that make it desireable or something. Perhaps you could have it appraised by a firm in Va. Beach or Chesapeake to get out of the local loop.

Funny story...my Dad bought a 1/2 acre lot in far North Corova, just a patch of sand, not even a road to it, you had to drive up the beach. Sold it in the mid '80's for $48,000.00 (purchased for $6,000.00) Turns out it was zoned one lot back from oceanfront, and now fetches an astronomical sum for the same reasons he sold it way back when, no road, no traffic, people, etc.
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