Thursday, July 5, 2012

Outer Banks Real Estate News & Updates


MAY2012 OUTER BANKS REAL ESTATE MLS STATISTICS: (top of our homepage, first paragraph of text)

TOPCASH FLOW PROPERTIES TO HIT THE MARKET IN THE LAST COUPLE WEEKS
CURRENTINVENTORY OF FORECLOSURES ON THE MARKET
KILL DEVIL HILLS - The Planning Board last week recommended approval of a zoning ordinance amendment request to clarify language on non-conforming oceanfront lots. The language sent to the Board of Commissioners for approval would allow development of a real estate lot that is 50’ wide or less without having to apply for a variance if all setback requirements can be met.

BEACH PLAN INSURANCE FACTS - With all the controversy in the local press about sea level rise and other coastal issues, many letters to the editor and on-line comments ultimately bring up “problems with the Beach Plan”. Comments include statements such as “due to huge losses in the Beach Plan the rest of the state is paying more in homeowner’s insurance premiums.” In a nutshell, the impression is that the rest of the state has subsidized our insurance. This is totally untrue. It is unfortunate that this message continues to spread.  To ensure that you are informed and aware of the facts: From the inception of the Beach Plan in 1969 through FY 2011, Beach Plan realty policyholders have paid $2.187B in premiums and only incurred $783.834M in losses.  To repeat - $2.2B in premiums earned compared to $784M in incurred losses over 41 years.  That is a difference of $1.4 billion to cover operating expenses, loss expenses, agents’ commission, build a reserve fund and be distributed to Beach Plan Association member companies statewide.  FYI - The data from above was derived from Income Statements forwarded from the NCIUA (Beach Plan) office.  Please help in educating those that continue to disseminate incorrect information.
KILL DEVIL HILLS - No fresh eggs for now! At the June 11th Board of Commissioners meeting, the Board ended up in a 2-2 tied vote (Commissioner Buske was absent) on a zoning ordinance text amendment to allow chicken hens in certain zoning districts on the west side of the bypass.

OUTER BANKS SENTINEL NEWS:

Hearings set for power-rate increase: Dominion North Carolina Power has applied for authority to increase its rates for retail electric service, with a proposed effective date of April 30.
County to allow fishing pier in Hatteras Village:  At its June 18 meeting, the Dare County Board of Commissioners approved a zoning ordinance text amendment adding fishing piers to the list of conditional uses in the C-2H district in Hatteras Village. The approval opens the way for moving forward with plans to construct a facility called the Hatteras Island Ocean Center.
Internet gambling rules set in Nags Head:  At its June 6 meeting, the Nags Head Board of Commissioners approved proposed zoning ordinance text amendments to regulate Internet game machines and Internet Cafes within the town.

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