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(WTKR)   Residents of North Carolina's Outer Banks are shocked to find their property values fell 40 percent just because people don't want to live at the intersection of hurricanes and global warming   (wtkr.com) divider line 47
    More: Obvious, outer banks, North Carolina, Hatteras Island, property value, global warming, Amanda Halladay, sticker shock, hurricanes  
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5024 clicks; posted to Main » on 02 Mar 2013 at 3:28 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-03-02 12:03:52 PM
The invisible hand of the free market decides, right?
 
2013-03-02 12:41:06 PM
Thought they didn't believe in global warming there. All just a scam by the yankee government. And Obama.
 
2013-03-02 12:59:16 PM
You own property on a sandbar with rising ocean levels and hurricanes to blow away any sand that dares to stick its head above water.
 
2013-03-02 01:34:58 PM
The assessment doesn't phase Outten

Sigh.
 
2013-03-02 03:32:53 PM
Why do people give such a huge shiat about property value?  It baffles me.  It's a place to live. There are plenty of other places to invest your money.
 
2013-03-02 03:45:27 PM

Honest Bender: Why do people give such a huge shiat about property value?  It baffles me.  It's a place to live. There are plenty of other places to invest your money.


That's what my financial adviser has always told me, going back 20 years, even. A house is a place to live; you shouldn't look on it as an investment. Granted he has an obvious bias, but he's sure been proven right by the events of the last five years.
 
gja [TotalFark]
2013-03-02 03:45:29 PM
HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA HAHAHAHAHAHAHAHAHA
.........deep breath.................
HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAH A HAHAHAHAHAHAHAHAHA

Here on Long Island the chuckleheads living on Dune Road in the Hamptons have the same "buuuut, I'm too rich to be bothered with weather" syndrome.

/the environment, no regard for your plans silly humanz
 
2013-03-02 03:45:50 PM
Why do people give such a huge shiat about property value?  It baffles me.  It's a place to live. There are plenty of other places to invest your money.

when it is first and foremost your only investment and you have begged, lied and cheated to get the loan and the value freakin tanks.
 
2013-03-02 03:45:52 PM
Honest Bender: There are plenty of other places to invest your money.

like Pets.com or Crystal Pepsi futures
 
2013-03-02 03:49:20 PM

ultraholland: Honest Bender: There are plenty of other places to invest your money.

like Pets.com or Crystal Pepsi futures


I'd kill a man for some new crystal pepsi.
 
2013-03-02 03:50:43 PM

Speaker2Animals: Honest Bender: Why do people give such a huge shiat about property value?  It baffles me.  It's a place to live. There are plenty of other places to invest your money.

That's what my financial adviser has always told me, going back 20 years, even. A house is a place to live; you shouldn't look on it as an investment. Granted he has an obvious bias, but he's sure been proven right by the events of the last five years.


But we're Americans, so we have to game the system, create a bubble, inevitably get bit in the ass, bring the world economy with us, and then whine about how we can no longer afford the McMansions that we could never actually afford in the first place.

USA! USA!
 
2013-03-02 03:53:51 PM
Don't kid yourselves, rednecks. It's you nobody wants to live around.
 
2013-03-02 03:55:15 PM
Give it a year or two and they'll climb back up again. Human nature is funny that way. We had eight hurricanes pass over our house in 18 months including Katrina, but now it's been several years since even a near miss, and my neighbors are starting slack off on their prep kits and generator maintenance.
 
2013-03-02 04:01:08 PM

Honest Bender: Why do people give such a huge shiat about property value?  It baffles me.  It's a place to live. There are plenty of other places to invest your money.


Many beach houses are not primary residences, they are specifically investment property, often rented out much of the year for income and the owners are hoping to sell for a profit in the future.
 
2013-03-02 04:02:43 PM
Real estate. They're not making any more. Hawaiian Islands and a few places like that, excepted.
 
2013-03-02 04:12:42 PM

12349876: Honest Bender: Why do people give such a huge shiat about property value?  It baffles me.  It's a place to live. There are plenty of other places to invest your money.

Many beach houses are not primary residences, they are specifically investment property, often rented out much of the year for income and the owners are hoping to sell for a profit in the future.


Also the FEMA money they get to rebuild after a hurricane depends on it.

www.foxbusiness.com
 
2013-03-02 04:17:16 PM

Honest Bender: Why do people give such a huge shiat about property value?  It baffles me.  It's a place to live. There are plenty of other places to invest your money.


This.

They want them high when it comes time to put the for sale sign out front, but low when the tax man cometh.

I'm closing on a house next month that I plan on staying in for many years, not just flip it back out when the market gets around to going back up.
 
2013-03-02 04:28:49 PM

starlost: Why do people give such a huge shiat about property value?  It baffles me.  It's a place to live. There are plenty of other places to invest your money.

when it is first and foremost your only investment and you have begged, lied and cheated to get the loan and the value freakin tanks.


No one lives on the outer banks. They are all vacation homes and rentals.
 
2013-03-02 04:33:48 PM
DarthBart : Honest Bender: Why do people give such a huge shiat about property value?

Because if your property values fall, then you get less money if/when you sell your house, which means you have less money to buy your next house.

IE, if property values in this market around $200k, and property values in another state were also around $200k, then someone could sell in their state and move to the other state without much issue.

OTOH, if property values drop 40% in their home market (and not in the other), now they're looking at selling their existing place for $120k, and trying to move into a state where the property is still $200k.
 
2013-03-02 04:39:39 PM
It's cool.  We outlawed climate change.
 
2013-03-02 04:44:00 PM

Speaker2Animals: Honest Bender: Why do people give such a huge shiat about property value?  It baffles me.  It's a place to live. There are plenty of other places to invest your money.

That's what my financial adviser has always told me, going back 20 years, even. A house is a place to live; you shouldn't look on it as an investment. Granted he has an obvious bias, but he's sure been proven right by the events of the last five years.


=============

Yup.  That said, some places will command higher prices that others because of the perceived desirably of living in one place over another.  Like you said, a home you live in should not be considered an "investment"....more like a "durable good".   Why people keep dumping huge piles of cash into repairing 50s era frame houses is beyond me.   Most wood frame houses should be torn down after 30-40 years, and masonry structures shouldn't go more than 70-80 years tops.
 
2013-03-02 04:46:22 PM

Generation_D: Thought they didn't believe in global warming there. All just a scam by the yankee government. And Obama.


They don't. You have to explain it to them using biblical parables. Something about a guy not heeding the word of Jeebus and building a house on sand. The the floods came and the value of that house fell. And great was that fall, up to 40%. Jeebus was a carpenter you see, so he knew where you should and shouldn't build.
 
2013-03-02 04:48:48 PM

Fissile: and masonry structures shouldn't go more than 70-80 years tops.


Yeah, cos who needs history.
 
2013-03-02 04:49:04 PM

starlost: Why do people give such a huge shiat about property value? It baffles me. It's a place to live. There are plenty of other places to invest your money.


Upside down.
If I buy at $200,000, and later it is valued at $150,000...I cannot sell and move to another job across the country without sporting a bigass check to the bank.
 
2013-03-02 04:49:12 PM

Bad_Seed: Generation_D: Thought they didn't believe in global warming there. All just a scam by the yankee government. And Obama.

They don't. You have to explain it to them using biblical parables. Something about a guy not heeding the word of Jeebus and building a house on sand. The the floods came and the value of that house fell. And great was that fall, up to 40%. Jeebus was a carpenter you see, so he knew where you should and shouldn't build.


===============

You mean like this?

there was a guy
an under water guy who controlled the sea
got killed by ten million pounds of sludge
from new york and new jersey
this monkey's gone to heaven

the creature in the sky
got sucked in a hole
now there's a hole in the sky
and the ground's not cold
and if the ground's not cold
everything is gonna burn
we'll all take turns
i'll get mine, too
this monkey's gone to haven

rock me joe!

if man is 5 [3x]
then the devil is 6 [5x]
then god is 7 [3x]
this monkey's gone to heaven
 
2013-03-02 04:50:06 PM

Bad_Seed: Fissile: and masonry structures shouldn't go more than 70-80 years tops.

Yeah, cos who needs history.


==========

I'm not talking about the Pyramids.
 
2013-03-02 04:55:02 PM

Fissile: Bad_Seed: Fissile: and masonry structures shouldn't go more than 70-80 years tops.

Yeah, cos who needs history.

==========

I'm not talking about the Pyramids.


And I'm not talking about monuments that only serve as tourist attractions.
 
2013-03-02 05:05:45 PM

show me: The invisible hand of the free market decides, right?

Get that hand off my thigh you chump -
Fissile: Speaker2Animals: Honest Bender: Why do people give such a huge shiat about property value?  It baffles me.  It's a place to live. There are plenty of other places to invest your money.

That's what my financial adviser has always told me, going back 20 years, even. A house is a place to live; you shouldn't look on it as an investment. Granted he has an obvious bias, but he's sure been proven right by the events of the last five years.

=============

Yup.  That said, some places will command higher prices that others because of the perceived desirably of living in one place over another.  Like you said, a home you live in should not be considered an "investment"....more like a "durable good".

Why people keep dumping huge piles of cash into repairing 50s era frame houses is beyond me.   Most wood frame houses should be torn down after 30-40 years, and masonry structures shouldn't go more than 70-80 years tops.

My home is 110, my families home was built between 1690 and 1710.  Don't tell anyone okay?  Cause we're still livin'n in 'em because you know, they aint castles or McMansions, just old houses.

Been lookin' at factory made housing anyway to be honest.  What do you mean tube and post is up to code?  WHAT?
 
2013-03-02 05:16:17 PM
Darwinism in action.

The North Carolina property owners keep voting for Climate Change Deniers, and pretty soon, there are no more North Carolina property owners.
 
2013-03-02 05:45:19 PM
Good thing they don't live at the corner of Confirmation Bias and Reporting Bias.
 
2013-03-02 06:20:50 PM
Lost Thought 00:

No one lives on the outer banks. They are all vacation homes and rentals.

No, they aren't. Most are but not all. My friend is a charter boat captain in Hatteras. There are plenty of year-round residents. It's not exactly New York City in the off-season but it's not a deserted wasteland either.
 
2013-03-02 06:29:34 PM
Laughing at half the comments here.
 
2013-03-02 06:54:49 PM
Anything south of Oregon Inlet is suspect. Anything north of the inlet is doing just fine - values in Nags Head, KDH, and Kitty Hawk are stable. The problem with Rodanthe/Avon/Buxton is the limited lifespan of the Bonner Bridge, and the fact that any replacement is going to cost way more than the state is going to pay, now that the "Branch Head Boys" political machine of governor-for-life Jim Hunt and his eastern cronies have been deposed by the banking-industry-funded machine of the Charlotte crowd. The years of money flowing endlessly into the pockets of those favored by Marc Basnight and the rest of the 1st district are over. That's the first reason.

Second, the feds were mightily cheesed when the state filled in the inlet north of Buxton that was cut by Hurricane Isabel in 2003. North Carolina pulled the old "ask for forgiveness, not permission" when they filled in the inlet and rebuilt the road on national seashore property. As we all know, the feds never forgive, nor do they forget. When Hurricane Irene cut the "New New Inlet" north of Rodanthe in 2011, the state was informed in no uncertain fashion that if any NC DOT dump trucks were spotted pouring sand in the new inlet, an air strike would be called.

Meanwhile, the feds were busiy closing most of Hatteras Island to off-road driving, something that they had been promising to do since the 1970s, when the first proposals were floated out of the NS/NPS offices in Manteo. And part of that plan was to severely limit public access to the beach via parking along Hwy 12. Pea Island is, after all, a national wildlife refuge.

While everyone was complaining about the fact that they couldn't continue making parts of Hatteras look like a WalMart parking lot on a busy Saturday, State Farm was telling the state that insurance premiums would rise considerably east of I-95, given the losses going back to Hurricane Fran. The state insurance commission figured they'd just make State Farm level out the rates across the whole state - but the folks from Charlotte (remember the folks from Charlotte? They run the state now) said "Wait, what? Pay more insurance so some yuppie from NOVA can have a second home on a sandbar? No farking way."

So anything south of Oregon Inlet is probably going to look a lot like it did in the 1930s within a decade or so. The state probably can't afford a new Bonner Bridge (and the mid-Currituck Bridge has been canceled, that money being re-allocated to a bypass in - surprise! - the Charlotte area), Hwy 12 is threatened by both nature and a federal desire to see it gone, and no one can afford current prices on Hatteras except the folks who want to drive their BMWs right up to the door without having to wait for ferries, or use a 4-wheeler to get to the house.

Which is fine with me. When I started going out there in the mid-60s, the place was populated primarily by surfers, fishermen, and other end-of-the-road types. The surfers and the fishermen will do just fine - well, the fishermen will do fine if we can get the feds to keep the Russians and Japanese from sending their factory boats within sight of shore. But, otherwise, you might be able to sit on your porch again on a nice evening without having to listen to some tourist from Ohio blasting out Jimmy Buffett on his stereo at 95db.
 
2013-03-02 07:06:06 PM

OldManDownDRoad: Anything south of Oregon Inlet is suspect. Anything north of the inlet is doing just fine...


i think what's worse is that the corp of engineers has been dredging oregon inlet for decades, loading the sand on barges and dumping it all the way back up north just for it to filter down and attempt to fill the inlet all over again. nature wants to fill oregon inlet and close it off thereby opening up a new outlet to the sea - straight through nags head proper. either NC or the feds should have closed development on the barrier islands 50 years ago. now it's too late. don't get me wrong, i'm one of those NoVa guys who basically grew up on the banks two weeks a year since the mid 70's and would miss it terribly but it never should never have become what it is now.

/my first time down to hatteras after the storm, i nearly went airborne on that temporary bridge. totally didn't see the 25mph sign before i hit it !
//headin' back down on the 15th
 
2013-03-02 07:10:25 PM
OldManDownDRoad: Meanwhile, the feds were busiy closing most of Hatteras Island to off-road driving, ... While everyone was complaining about the fact that they couldn't continue making parts of Hatteras look like a WalMart parking lot on a busy Saturday,

Hatteras gonna hatt
 
2013-03-02 07:16:35 PM

lordargent: Hatteras gonna hatt


fail. Hatteras gonna hatte.
 
2013-03-02 07:22:37 PM

SevenizGud: Good thing they don't live at the corner of Confirmation Bias and Reporting Bias.


Is that from Fox? Or unicorn whispers?
 
2013-03-02 07:25:29 PM

YouPeopleAreCrazy: starlost: Why do people give such a huge shiat about property value? It baffles me. It's a place to live. There are plenty of other places to invest your money.

Upside down.
If I buy at $200,000, and later it is valued at $150,000...I cannot sell and move to another job across the country without sporting a bigass check to the bank.


Have you seen some of the homes out there? A college party shack will set you back a million or more in some spots.
 
2013-03-02 08:19:25 PM

Fissile: Bad_Seed: Generation_D: Thought they didn't believe in global warming there. All just a scam by the yankee government. And Obama.

They don't. You have to explain it to them using biblical parables. Something about a guy not heeding the word of Jeebus and building a house on sand. The the floods came and the value of that house fell. And great was that fall, up to 40%. Jeebus was a carpenter you see, so he knew where you should and shouldn't build.

===============

You mean like this?

there was a guy
an under water guy who controlled the sea
got killed by ten million pounds of sludge
from new york and new jersey
this monkey's gone to heaven

the creature in the sky
got sucked in a hole
now there's a hole in the sky
and the ground's not cold
and if the ground's not cold
everything is gonna burn
we'll all take turns
i'll get mine, too
this monkey's gone to haven

rock me joe!

if man is 5 [3x]
then the devil is 6 [5x]
then god is 7 [3x]
this monkey's gone to heaven


I think these might be more apt:


Build high, build high (2x)

Cause my old man is bleeding
And my poor dog needs feeding
And this time I'm really broke
So let me feel your leg of hope around me

Build high, build high (2x)
I said build high, yeah, build high
Build high, build high (2x)

Hold me up with pride
Cause I'm not beautiful and
I don't have no pretty friends, can't pretend.
I'm tired of believing in the things that go on here.

Lately it makes me feel just like (some)one's forming in the air air air

Build high, build high (2x)
I said build high, yeah, build high
Build high, build high (2x)
 
2013-03-02 09:31:05 PM
They're really all butthurt because no government agency is willing to spend millions to rebuild and protect their houses and they have to do it out-of-pocket.
 
2013-03-02 10:49:50 PM
"Act of God?"  "Mother Nature?"  More like Lex Luthor, if you ask me.
 
2013-03-02 11:57:00 PM
As long as I can still catch a ferry to Ocracoke a couple of times per year I'll be fine.

/one of those VA guys OMDTR dislikes (sans the Buffet)
 
2013-03-03 12:22:58 AM
Periods of global warming have been good for mankind. The Dark Ages was a cooling period as is our current times. CO2 is good for plants
 
2013-03-03 12:41:44 AM

starlost: Why do people give such a huge shiat about property value?  It baffles me.


Most peoples net worth is tied up in their house.  Doesn't baffle me one bit, it most peoples retirement savings too, since they never bothered to plan otherwise.

What baffles me is flippers and all the people that complained when their scheme of flipping under 5 years didn't work out.
 
2013-03-03 01:20:54 AM

OldManDownDRoad: Anything south of Oregon Inlet is suspect. Anything north of the inlet is doing just fine - values in Nags Head, KDH, and Kitty Hawk are stable. The problem with Rodanthe/Avon/Buxton is the limited lifespan of the Bonner Bridge, and the fact that any replacement is going to cost way more than the state is going to pay, now that the "Branch Head Boys" political machine of governor-for-life Jim Hunt and his eastern cronies have been deposed by the banking-industry-funded machine of the Charlotte crowd. The years of money flowing endlessly into the pockets of those favored by Marc Basnight and the rest of the 1st district are over. That's the first reason.

Second, the feds were mightily cheesed when the state filled in the inlet north of Buxton that was cut by Hurricane Isabel in 2003. North Carolina pulled the old "ask for forgiveness, not permission" when they filled in the inlet and rebuilt the road on national seashore property. As we all know, the feds never forgive, nor do they forget. When Hurricane Irene cut the "New New Inlet" north of Rodanthe in 2011, the state was informed in no uncertain fashion that if any NC DOT dump trucks were spotted pouring sand in the new inlet, an air strike would be called.

Meanwhile, the feds were busiy closing most of Hatteras Island to off-road driving, something that they had been promising to do since the 1970s, when the first proposals were floated out of the NS/NPS offices in Manteo. And part of that plan was to severely limit public access to the beach via parking along Hwy 12. Pea Island is, after all, a national wildlife refuge.

While everyone was complaining about the fact that they couldn't continue making parts of Hatteras look like a WalMart parking lot on a busy Saturday, State Farm was telling the state that insurance premiums would rise considerably east of I-95, given the losses going back to Hurricane Fran. The state insurance commission figured they'd just make State Farm level out the rates across the whole ...


I like you. You're cool.

As a kid my parents and I would always go out to Ocracoke once or twice a year and do some fishing. Those are some of my favorite memories. The last time I was out, several years ago, the place wasn't the same at all. It felt like a tourist trap. That little silver diner, forget the name of it, the local greasy spoon where the entire island would meet for lunch during the off-season and talk shiat to each other about what they'd been catching, had been sold off and were serving "biscuits" from a can. YOU DON"T GET BISCUITS FROM A CAN GOD DAMMIT

Anyhow, I always wished I could be like Mr. O'Neal from the bait shop. Just sit there selling squid and shrimp to fishermen all day and talking to them about what they've been catching, with your lazy dog hanging out and the door propped open.

Been trying to talk my buddies into going during the really-off season at least one more time. It's such a magical place for me. You can see the Milky Way on a clear night out there it's so dark. But I'm afraid it's too late, it's no longer much of a fishing destination. Hope the local hoigh-toiders made some good cash though, there are some really old families out there who had a rough go of it for most of their NC history.
 
2013-03-03 01:55:05 PM

Lost Thought 00: starlost: Why do people give such a huge shiat about property value?  It baffles me.  It's a place to live. There are plenty of other places to invest your money.

when it is first and foremost your only investment and you have begged, lied and cheated to get the loan and the value freakin tanks.

No one lives on the outer banks. They are all vacation homes and rentals.


Many people live on the Outer Banks and have for generations.
 
2013-03-03 03:32:05 PM

fanbladesaresharp: Have you seen some of the homes out there? A college party shack will set you back a million or more in some spots.


Yes. Have seen and rented a few. Was just throwing out numbers in general, not numbers specific to OBX.
 
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