The relocation process of the Outer Banks beach home, Serendipity, which was featured in the movie “Nights in Rodanthe” was completed on January 18, 2010. The oceanfront house was located in an area threatened by storm systems and ocean waves. It was put on the market for sale and the new owners made arrangements for it to be relocated to a lot some distance from the ocean waves.

Measuring 45 feet high, 35 feet wide and weighing 83,000 pounds, the house was loaded onto a trailer where it took just 22 minutes to move it to the new home site. Built in 1988, the home became famous when it was featured in the 2008 feature film starring Richard Gere and Diane Lane. People lined the highway, took photos and walked alongside the house while a helicopter circled overhead.

Q: How much cash would I need in order to purchase a home?
A: Technically you would not need any money. The RD loan is 100% financing so there is no down payment and the seller can pay all closing costs.

Q: Do I have to have perfect credit?
A: No. The minimum credit score is only 620. If your score is currently below 620 we can offer credit counseling to assist you in getting your credit score up to 620.

Q: Does the RD 100% financing loan have a monthly PMI payment like FHA?
A: No. There is no monthly PMI included in your payment. On a $200,000 loan amount this would save you about $91 per month over a similar FHA loan.

Q: Is there a limit to the amount that I can borrow for a home on the RD program?
A: There is no limit to the home price. You are simply limited to the amount that your income will qualify you for.

Q: What are the income limits for the RD program?
A: The income limits are set by county. the limits for Dare and Currituck counties are:
Dare family of 1-4 people $73,600
Dare family of 5-8 people $97,150

Currituck family of 1-4 people $78,500
Currituck family of 5-8 people $103,050

Q: How do I know what payment I can qualify for?
A: the maximum house payment that you can qualify for would equal 29% of your gross income. Your total payments including the house payment and all other payments such as automobiles and credit cards cannot exceed 41% of your gross income. ( gross income is your income before any taxes or other deductions)

Q: I have heard that closing costs can run into the thousands of dollars. will I have to have a lot of cash for closing costs?
A: No. The RD loan programs allows the seller to pay all closing costs for the buyer.

Q: Is the RD loan program only for single family homes?
A: No. You may also get 100% financing on townhomes and condominiums.

Leif is available to answer any additional questions you may have about current loans and financing options. Feel free to drop a comment or email Leif at lrasmussen@metlife.com for further information.

SAGA Construction will be hosting an Affordable Housing Seminar this Saturday in Kill Devil Hills. Speakers will include a CDC representative, a loan officer and SAGA representatives. All individuals are committed to providing affordable housing for the local work force in Dare and Currituck Counties.

This information session is open to the public with an RSVP. It will include guest speakers from Outer Banks CDC, Met Life, a site visit to two local homes and followed by a question and answer session with lunch and refreshments. It is designed to answer any questions you may have about purchasing a home on the Outer Banks, including:

• Do I qualify for government assistance programs?
• What first time home buyer loans options are currently available?
• Do I qualify for the $6,500 federal housing tax credit?
• Do I qualify for the $8,000 first time home buyer federal housing tax credit?
• Do I qualify for a down payment assistance programs?

Feedback will provide valuable information and budgetary requirements for future work force housing. If this seminar would be beneficial to you, please RSVP to info@icrsaga.com or you can contact SAGA directly as (252) 441-9003, ext. 124 with questions or concerns. This will be a “no pressure” event designed to provide information and financing options to interested parties. There will Affordable Housing options starting at $169,000 – $250,000 available.

We look forward to seeing you there !!

Over the last 3-4 months we are seeing more positive than negative articles on the local and national housing market and on real estate in general. Locally we are seeing an increase in primary residence home sales under the 300K range and on investor-based inquiries for over $1M range. Although we are seeing increase in inquires across the board; there is still a very large inventory in the 300k- $1M range. Our new construction inquiries have increased from 2-3 per week in the past 12 months to about 5-7 per week in the past two months. We’ve had several inquiries from large investor groups that want to build multiple investment properties and institutions that are ready to build-out stagnant developments in order to take advantage of lower supply cost and labor costs. Whether or not the bottom is here, we are experiencing a slight decrease in our ability to negotiate good deals for clients which may indicate an upward pressure on longer term pricing. Clients are once again excited about investing!

We work with many financial planners, and they are once again recommending blending some real estate components into their client’s investor portfolios. The significant increase in inquiries certainly suggests that investors are considering real estate purchases for long-term investment returns. Recent talks and developments on the mid-Currituck bridge state construction should begin early in 2010 with completion targeted in 2013. A true economic recovery for the Outer Banks is derived by the confidence of our tourists in selecting us as their vacation destination and the place where they wish to purchase or build a second home or vacation rental investment property. We fully believe the completion of the bridge, ease in traffic flow and our rebounding economy will make the Outer Banks a prime investment area within the next 3-5 years. Visit www.homesbysaga.com to see our project gallery of newly constructed investment homes built in the past 18 months.

The new law bans all forms of intentional contact to reduce potentially harmful exposures to these unique animals. If you visit the OBX this summer, by all means take some time to witness the beauty of these rare, free-range horses, but be aware of these new regulations so both you and the horses can enjoy the OBX.

For Full Story Visit:
http://www.myfox8.com/news/sns-ap-nc–currituckhorses,0,4202575.story

Word is beginning to spread fast about the best kept secret in the Outer Banks – Currituck County. Located on the upper peninsula of the Outer Banks, Currituck allows for seclusion, but offers a short drive South to the more populated areas of the Outer Banks.

With wild horses and an expansive selection of entertainment options and activities, Currituck has surprises everywhere! Click the link below for a full-article published by My Fox DC.

http://www.myfoxdc.com/dpp/weather/beach_zone/Currituck

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SAGA Construction is pleased to announce the development of a new retirement destination in Edenton, NC. Beechwood Community will be the first Continuing Care Retirement Community (CCRC) in the area.

The waterfront town of Edenton is conveniently located to the Outer Banks, the Raleigh-Durham area and southeast Virginia. Often referred to as “The South’s Prettiest Small Town,” Edenton is the second oldest city in North Carolina and provides a charming and idyllic setting for retirement.

Beechwood campus will be comprised of a variety of housing options totaling 440 units. These accommodations are designed to meet individuals’ health and housing needs as they change over time. On-site security,meal preparations, transportation services, grounds upkeep and housekeeping services are just a small part of assistance features readily available to Beechwood residents.

Community and cultural events, planned trips and on-site activities ensure a high quality of life for active retirees. With its close proximity to University Health Systems of Eastern Carolina, and a community wellness center on site, Beechwood Community can provide appropriate caras residents’ health requirements change.

Because real estate brokers are always in contact with people in transition within our community, we often encounter folks who could directly benefit from the financial, social and wellness benefits associated with a CCRC. Whether referring a friend, relative or client in need, our Beechwood Community project is a viable option that provides a wide range of flexible services as our residents’ needs change.

Due to changing age demographics, the number of individuals retiring to North Carolina and the increasing popularity of a CCRC lifestyle, we feel our upcoming Beechwood project will bring referral sales opportunities to all regional real estate brokers.

For more information about our referral program or to obtain locations for our upcoming information seminars, please call 888-441-7891, email info@beechwoodcommunity.com or visit us on the web at www.BeechwoodCommunity.com.

Our Upcoming seminars

June 9th ……………….Virginia Beach

June 10th ……………..New Bern

June 13th ……………..Edenton

TBD……………………..Wilmington

www.DrBeach.org: Dr. Stephen Leatherman named two Outer Banks beaches in his Top 10 Beaches in the United States list. Ocracoke Lifeguarded Beach was named # 1 in 2007 and Cape Hatteras Beach was named # 8 for 2008.
MSNBC.msn.com: The National Resources Defense Council’s annual “Testing the Waters” 2008 report cited Kill Devil Hill’s beaches as one of the Top 13 Beaches in the United States for meeting public health standards
Bizjournals.com: Kill Devil Hills is named one of the Top Ten Dreamtowns in the United States for 2008 based on a study comparing 12 statistical categories.
MSNTravel.com: The town of Nags Head is named as one of the Top 20 Island Summer Getaways in the United States for 2008
SmarterTravel.com / USAToday.com: The Outer Banks is named one of the Five Classic, Affordable Vacations in the World, explaining these locations are “classic and affordable stops you won’t find anywhere else in the world.”
TripAdvisor.com: A travel survey results in Kitty Hawk being named as one of the Hot U.S. Vacation Destinations for the 2008 season.
Travelgolf.com: Four Outer Banks golf courses: (1) Nags Head Golf Links, (2) Duck Woods Country Club, (3) Currituck Golf Club and (4) Sea Scape Golf Links were named as North Carolina island golf courses that test your game!
Forbes.com: The Outer Banks was named as one of the Top 10 Windsurfing Destinations in the United States. A multitude of outdoor recreational activities bring vacationers from across the nation to our doors.

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“The Outer Banks currently has more than 14,000 vacation rental properties bringing in $237 million dollars in 2007. Approximately 5 million vacationers visit yearly with 3 million of those visits occurring during our summer months. Seventy percent of our homes are owned by people who don’t live in the area. In the past 10 years our population has only grown from 26,000 to 32,000 which allows year-round residents to enjoy the beauty of our beaches in relative quiet throughout the off season months.”

- Outer Banks Visitors Bureau / 2008 Statistics

Boat at the sound front

It’s that time of year again … with Memorial Day just around the corner … we are beginning to see the tell tale signs of summer vacationers migrating to the OBX! I just read that “Southern Living” magazine has listed the Outer Banks as it’s #1 pick for “Top 10 Budget Memorial Day Getaways,” based on value-based vacation spots from southern destinations. As always, the traffic is the biggest negative to our summer season, but it appears they are finally making progress on the Mid-Currituck County Bridge. There will always be those who debate whether the bridge will be built – or not – but recent news briefings indicate we are progressing towards a bridge linking Currituck Mainland to the northern beaches by 2013.

Vacationers who arrived this past week should be toting a jacket because it’s been downright cold, windy and rainy. This is typical of our coastal spring climate. One thing is for sure, we will be bouncing between spring showers and sunshine for the next 10 days. Probably best not to unpack your swimsuit quite yet but June is around the bend, rental bookings are picking up and soon we’ll all be waiting in line at Food Lion. Locals should enjoy the last days of quiet before our visitors arrive!