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"Front Row" Premium
 

"Front Row" Premium

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It's been a while since I hit this topic, but it's about time we circled back to the awesome BLUEMiND2 conference that was held on the Outer Banks in early June....

It's been a while since I hit this topic, but it's about time we circled back to the awesome BLUEMiND2 conference that was held on the Outer Banks in early June.

You can find more info about the conference in our Blue Mind blog category or on our webpage dedicated to the Blue Mind event, but for this post, I want to focus on a specific talk from the BM2 conference; "The Ocean View Premium."

How much is the ocean view worth? And is it worth the added cost?

As I discussed in a recent post about planning an Outer Banks vacation, we understand the trials and tribulations that go into organizing a vacation. It's a thankless task, but someone needs to do it. :) One of the largest challenges for the planners is choosing the house, and a difficult aspect of that choice is location.

Should you go front row, oceanfront, or should you save a little money and be a little further from the beach?

We can always walk to the beach, right? And the money we save can be used in other ways - food, equipment rentals, souvenirs...maybe even a great new IPad to bring with us! Is this the right trade-off?

Oceanfront vacation rental homes can be expensive, but are they really worth the added costs? This was one of the questions we tried to tackle at the Blue Mind conference.

We recruited Gordon Jones, local OBX resident and President of Coldwell Banker Seaside Realty for 22 years, and Dr. Scott Huettel, a Duke University neuroscience professor to, dissect the "Ocean View Premium" from a practical, real estate perspective and a scientific mind/reward perspective. The results are not unexpected, but also very fascinating.

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    "Front Row" Premium "Front Row" Premium Presentation Transcript

    • Ocean View PremiumWebcam
    •  Owner & CEO ◦ Coldwell Banker Seaside Realty – real estate sales ◦ Seaside Vacations – vacation rental homes ◦ Since 1990
    •  Oceanfront - No homes or buildable lots between the home & the ocean. Semi-Oceanfront - Semi-oceanfront homes are located one lot back from the ocean and may or may not require crossing the road. The distance to the water, beach accesses, and views vary. Oceanside - These homes are located east of the "Beach Road" (Route 12) and there are no primary/major roads to cross. These homes have two or more homes between them and the ocean. These homes may or may not have an ocean view and the distance to the ocean varies.
    •  4 Similar Corolla Homes Used for Comparison:  All Sold Since January, 2012  Normal Sales – No Foreclosures or Short Sales  Comparable Size, Amenities, & ConditionCOROLLAOCEANFRONT                   Address Sq. Footage Date Sold Sold Price Sold $ Sq. Ft #Bedrooms #Baths 2011 Rental Inc 2011 High Weekly $ # Weeks Rented787 Columbia Road 3919 4/10/2012 $1,200,000  $308.75  6 6.5 $101,500  $7,800  21501 Sandbucket Arch 3200 3/22/2012 $1,265,000  $395.31  6 6.5 $105,213  $7,630  22AVG 3560 $1,232,500 $352.03 6 6.5 $103,357 $7,715 21.5TWO BACK FROM OCEANFRONT                Address Sq. Footage Date Sold Sold Price Sold $ Sq. Ft #Bedrooms #Baths 2011 Rental Inc 2011 High Weekly $ # Weeks Rented981 Whalehead Drive 4100 3/20/2012 $765,000  $186.59  7 7.5 $59,137  $5,795  26506 Breakers Arch 3932 3/9/2012 $850,000  $216.17  7 5.5 $67,020  $6,255  18AVG 4016 $807,500 $201.38 7 6.5 $63,079 $6,025 22  Sq. Footage Date Sold Sold Price Sold $ Sq. Ft #Bedrooms #Baths 2011 Rental Inc 2011 High Weekly $ # Weeks RentedOCEANFRONT VALUE vs. 2 BACK 89% 153% 175% 86% 100% 164% 128% 98%
    • Comparison of Similar Corolla Properties Sold Since January, 2012 Oceanfront Address Sq. Footage Date Sold Sold Price Sold $ Sq. Ft #Bedrooms #Baths 2011 Rental Inc 2011 High Weekly $ # Weeks Rented787 Columbia Road 3919 4/10/2012 $1,200,000  $308.75  6 6.5 $101,500  $7,800  21501 Sandbucket Arch 3200 3/22/2012 $1,265,000  $395.31  6 6.5 $105,213  $7,630  22AVG 3560 $1,232,500 $352.03 6 6.5 $103,357 $7,715 21.5 787 Columbia Road 501 Sandbucket Arch 6 BR / 6.5 BA 6 BR / 5.5 BA Private Pool & Hot Tub Private Pool & Hot Tub
    • Comparison of Similar Corolla Properties Sold Since January, 20122 Back from the Oceanfront Address Sq. Footage Date Sold Sold Price Sold $ Sq. Ft #Bedrooms #Baths 2011 Rental Inc 2011 High Weekly $ # Weeks Rented981 Whalehead Drive 4100 3/20/2012 $765,000  $186.59  7 7.5 $59,137  $5,795  26506 Breakers Arch 3932 3/9/2012 $850,000  $216.17  7 5.5 $67,020  $6,255  18AVG 4016 $807,500 $201.38 7 6.5 $63,079 $6,025 22 506 Breakers Arch 981 Whalehead Dr. 7 BR / 5.5 BA 7 BR / 7.5 Bath Private Pool & Hot Tub Private Pool & Hot Tub Ocean View from Open Space No Ocean Views
    •  Oceanfront. Fragile Magic – 10/20 = $2,150 No ocean view. Panasea – 10/20 = $1,195