Outer Banks Real Estate locals quoted in the Friday edition of the Wall Street Journal
Posted by admin under: Main Feb 10The Wall Street Journal has had a number of interesting articles lately about Real Estate – even Outer Banks Real Estate. My wife reads the Wall Street Journal every day. If she finds an interesting article that relates to my field – she saves it for me to read once I cut off the computer. There were two recent articles she saved for me and another I found through Digg.
Since some locals made it in a paper from New York City – I thought I would talk about them first. The article was in Friday’s Weekend Journal and Tim Cafferty from Outer Banks Blue Realty Services and Stewart Couch from Hatteras Realty discussed the state of the rental market on the Outer Banks. Tim stated the average summer rental week is running $3,107 a week – up 5% from last year. Stuart mentioned that some of the older houses were seeing a decrease in the number of weeks rented. He said part of the reason was the supply of like houses on the island. From what I hear – the rental market for 2008 is shaping up to be a great one.
The second article I read dealt with the changes in attitude about foreclosures. It was also in Friday’s paper in the Opinion section. The title of the article was The Rise of the Mortgage ‘Walkers’ written by Nicole Gelinas. The article discussed the shift in public attitude about walking away from a mortgage. It seems that many are making the decision to walk away from their home when their debt is greater than the value of their home. Nicole had some interesting lines:
Such behavior, where not precipitated by willful fraud, shows that American homebuyers supposedly duped by their lenders aren’t so dumb. They’re perfectly capable of acting rationally without political interference.
Another point she made – vacation homes and investment properties are even easier to let go.
Finally – I read and article through Digg about Renting out a second home while keeping your sanity. The couple purchased and were renting their lodge in Vermont on their own. I thought it was interesting that they had only owned the property for three months. It would be interesting to talk to them again this time next year to see if it was really worth the headache of "doing it themselves".
Source: Outer Banks Real Estate locals quoted in the Friday edition of the Wall Street Journal
Sunday, February 10th, 2008 at 3:42 am and is filed under Main. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.