Hatteras Island Real Estate: National Flood Insurance Program update

On March 21, President Obama signed into law H.R. 3370 – the Homeowner Flood Insurance Affordability Act.  This law amended several provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 (BW-12) which made major changes to the rate and premium structure of the National Flood Insurance Program (NFIP).

While well-intended, the Biggert-Waters legislation was poorly drafted, resulting in increases in flood insurance premiums that were so large that they could have caused some policyholders to lose their homes.

After the legislation was enacted and after legislators began hearing from their constituents about the potential financial impact of the changes, bills were introduced in both the Senate and in the House of Representatives to delay some flood insurance rate increases. The result of these legislative actions was the passage the Homeowner Flood Insurance Affordability Act.
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Ocracoke Observer is under new ownership

Islanders Connie Leinbach and Peter Vankevich in March purchased the Ocracoke Observer from Linda Rippe and will run this free publication made available throughout Ocracoke Island and connecting points and areas in Hyde and Dare counties.

The new owners, while looking to enhance the Web presence of the paper, believe in the worth of print newspapers and the special niche this monthly has for Ocracoke Island.  
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Bill awaiting President’s signature will help with onerous increases in flood insurance

Legislation that forestalls onerous increases in federal flood insurance has been sent to the President, who is expected to sign it, giving coastal realtors and homeowners much-welcomed relief from fears of financial ruin.

Known as the Homeowner Flood Insurance Affordability Act, the bill limits annual premium increases to no more than 18 percent and restores the grandfather clause that allows older homes to continue to be subsidized.  
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Outer Banks Chamber unveils new magazine

The Outer Banks Chamber of Commerce celebrated the arrival of the Outer Banks Experience Magazine today a brunch buffet for advertisers at Kelly’s Outer Banks Restaurant and Tavern in Nags Head.

Thirty-five advertisers supported the publication, which will serve as the Chamber’s quality-of-life piece for 2014. 
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Hatteras Island Real Estate:  A profile of buyer preferences

Real estate market statistics can be analyzed in many different ways and for many different purposes, says columnist Tom Hranicka. For this article, he used market data to develop a profile of buyer preferences based on last year’s sales results. His thought was that the best way to identify those preferences was to see how buyers voted with their purchasing dollars.
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Koru Village purchases Avon Pier property

Koru Village in Avon has purchased the Avon Pier property from EWN Development Co. Inc., which is owned by Ed Nunnally. The property is directly across Highway 12 from Spa Koru and almost adjacent to the Beach Klub, which the Koru Village opened in 2012.

In a news release on the purchase, Koru Village said it was “driven by the mission of offering residents and visitors of Cape Hatteras unique experiences” at its adventure resort. 
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Insurance Department orders hearing on homeowners’ rate hike request

Insurance Commissioner Wayne Goodwin has ordered that a hearing be held in the matter of the insurance companies’ request to raise homeowners’ insurance rates, stating that the proposed rates appear to the Department of Insurance to be excessive and unfairly discriminatory.  
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Companies seek another rate hike on homeowners’ insurance

Just six months after it was granted an increase in homeowners’ insurance rates, the North Carolina Rate Bureau, which represents the interests of insurance companies, has asked for another increase.

Under the new request, the insurance companies want homeowners rate increases of 25 percent statewide. Some areas would see reductions of 2.7 percent, according to the North Carolina Department of Insurance, but some property owners on the coast would see increases of 35 percent.  
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Hatteras Island Real Estate:  Questions owners are asking

Real estate columnist Tom Hranicka catalogues some of the questions owners and potential buyers are asking about the market on the island and the challenges it faces.  He thinks the chief factor keeping real estate sales flat are questions of access to the island and its beaches.  
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Changes in building code could add to higher flood insurance concerns

There’s another potential headache looming for North Carolina residents who live in flood zones, and it has nothing to do with the recent changes in the federal law that are spiking rates in flood insurance.

Instead, recent changes made in state building codes could affect discounts awarded to participants in the National Flood Insurance Program’s Community Rating System, translating to higher flood insurance policy rates for homeowners.  
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Hatteras Realty is sold to worldwide company, Wyndham Vacation Rentals

Hatteras Realty, one of the island’s largest real estate and property management businesses has been sold to Wyndham Vacation Rentals, the world’s largest professionally managed vacation rentals business.

The sale was completed on Jan. 1.  
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Hatteras Island Real Estate: Perspectives on national flood insurance changes

Some critics are saying that as a result of the Biggert-Waters Flood Insurance Reform Act of 2012, flood insurance premium increases will be so great that some people will not be able to afford to stay in their homes. Others are saying that the changes may not be all that bad, and still others admit that they just don’t know what the fallout from the legislation will really be like. 

In fact, all of these opinions are almost certainly true depending upon individual case circumstances, but the most accurate statement at this point in time is that no one knows or can know what the ultimate future impact of the National Flood Insurance Program (NFIP) changes will be on an individual policy holder.
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Griggs Lumber takes over Dare Building Supply

Dare Building Supply Co. closed its doors earlier this year after almost 50 years in the Hatteras community, a loss mourned by builders, repair people, and do-it-yourself folks.
However, on Sept. 23, the building supplier reopened as Griggs Lumber, and the new owners are hoping for a seamless transition.

When you visit the new lumberyard, you’ll see many of the folks from Dare Building that you have known over the years, and that’s the way Griggs likes it.  
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Mary Helen Goodloe-Murphy chosen as Outer Banks Citizen of the Year

The Outer Banks Chamber of Commerce and PNC Bank have announced that Mary Helen Goodloe-Murphy of Rodanthe has been chosen as the 2013 Outer Banks Citizen of the Year.  The award will be presented at the Chamber’s Annual Meeting and Awards Dinner at 6 p.m., Tuesday, Oct. 8, 2013 at the Ramada Plaza in Kill Devil Hills. 
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Hatteras Island Real Estate: What is a property worth?

At some point in a real estate transaction, it seems like everyone wants to know the value of a property.  Owners want to be sure that they are receiving full value for the properties that they are selling.  Buyers are concerned that they are paying fair prices for the properties they are purchasing, and lenders want some assurance that the loans they are making are backed by realistic property values.  The central question for each of these stakeholders is the same – “What is the value of this property?”  The answer can be both simple and complex.  To quote the attorneys’ familiar refrain, “It all depends!”  
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Ocracoke Real Estate:  A struggle to sustain the fishing village atmosphere

I have spoken about the resources with which our community has to work. Some are not tangible but have a powerful effect on the quality of life on the island. Others are obvious. 

I see our natural setting, protected by The National Park Service, as a valuable asset. We can rest assured that our beach will generally look the same through the decades. How we get to use the beach may change, but development will not alter the face of such a perfect environmental event.

Friendly people and a laid-back attitude round out a picture that produces a passion in our visitors, leading them to come back year after year and causing tears as they depart on the ferry.

After the planning board meeting in July, it was apparent that we are placing this passion in jeopardy. What I am hearing from my own customers in The Slushy Stand, as well as from neighboring store owners, is that the village is losing this appeal, the historic and quaint feel of a fishing village. The guests have gone so far as to beg for something to be done about the changing face of Ocracoke.  
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