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Location, Location, Location—the lingo you need
to know to shop for property on the Outer Banks.
On the Outer Banks, location is the single most important
factor in determining property value. If you are considering
an investment on the Outer Banks, this article will give
you some of the specific terminology that you need know.
Oceanfront properties have at least
one boundary determined by the mean high water mark. The
only thing between your house and the beach is a protective
sand dune. With the rising price of land, many oceanfront
homes are on lots that have much greater value than the
structure. For many owners and guests, oceanfront is the
only option they will consider renting or owning.
Semi Oceanfront (1OF) property is defined
as being one lot back from the ocean. A home site one back
from the beach can offer a combination of great views, easy
access to the ocean, and a more affordable price.
You may also consider homes that are farther back from
the beach.
Oceanside property is located east of
NC 12 (also called the Beach Road in Kitty Hawk, Kill Devil
Hills and Nags Head, Ocean Blvd in Southern Shores, Duck
Road in Duck, and Ocean Trail in Corolla). Depending on
the neighborhood, a property 4 lots back may be a short
walk or a hike to the beach. In some neighborhoods smaller
lot sizes can mean a shorter walk to the beach. On the local
Multiple Listing Service (MLS) which lists most of the Outer
Banks property currently for sale, 2OF
and 3OF refers to property that is 2 or
3 lots back from the ocean.
Between the Highways property, specific
to Kitty Hawk, Kill Devil Hills, and Nags Head, is located
between N.C. 12 (the Beach Road) and Hwy 158 (The Bypass).
Soundside (or westside)
property is located west of the bypass in the southern towns
and west of NC 12 in Southern Shores, Duck and Corolla.
Soundfront properties are located on
the western shores of the Outer Banks, bordering a large
body of water known as the sound. Many people love the views
and tranquility of these waterfront properties. While sound-front
homes have always been a favorite of year round residents,
they are becoming increasingly popular with weekly renters.
Canalfront homes are available in many
communities and are perfect for families who enjoy boating.
Canals vary in width and depth and often provide a safe
place to keep a boat in the water. Many canalfront lots
are bulkheaded with wood, metal, or high strength composite
material to prevent the soil from sliding into the water.
While you are looking for Outer Banks property, you may
come across the following terms:
A beach box is a home that has three
bedrooms and the living area on one level elevated on pilings.
The ground level often is not enclosed and is used for parking
underneath the home.
A flat top home is one that has a flat
roof and is usually constructed using cinder blocks. There
were many built in Southern Shores in the 50’s and 60’s.
Although this style is seldom constructed today, many consider
these homes historically significant.
The Old Nags Head style architecture
is defined by a combination of features found in the original
Outer Banks resort cottages including wrap around porches,
cedar shakes, built in benches, propped shutters, pilings
and distinctive roof lines.
A home with a reverse floorplan has
the living area on the top floor and most of the bedrooms
on the middle of lower levels. Many Outer Banks vacation
homes are designed this way to take advantage of views.
Rental Machine is a term used to describe
a home that is designed and furnished to meet the wants
and needs of vacationers. Homes that fit into this category
typically generate significant rental income, may have 6
or more bedrooms, a pool, gameroom, and are located close
to the beach.
A rental projection is an estimate of
the rental income and the number of weeks that a property
could rent in an upcoming season. New homes or homes that
have not been rented in the past often use projections to
show an investor how they may perform in the future. These
projections are estimates and are not guaranteed. Rental
histories are used to show how a home has rented in the
past.
Most property on the Outer Banks is also subject to neighborhood
covenants. Many older neighborhoods have
very relaxed rules and may not require owners’ association
dues. Some newer neighborhoods have rules that are more
restrictive and associations that offer more services and
amenities. You should be familiar with the covenants in
the neighborhoods where you are considering investing.
CAMA, the Coastal Area Management Act, and the North
Carolina Division of Coastal Management regulate the size
and placement of homes and structures near the water and
sensitive environmental areas.
If your home is located in a federally designated
flood zone, flood insurance may be required
by the lender. The zones are determined based on the elevation
of the lot. Most homes are in the “AE” zone which roughly
corresponds to the “100-year floodplain.” Lots in the “C”
or “X” zones are outside of the floodplain, and many lenders
do not require flood insurance on these properties, although
it is still a good idea to have it.
Now that you are familiar with the terminology, call
or email your REALTOR® to help you find a perfect beach
home today!
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