Cracoke is a historic Island on the Outer Banks with hundreds of historic structures.
Ocracoke real estate is one of the most expensive options along the Outer Banks; selling on average for about $300 per square foot (sqft) for homes off the soundfront and off the oceanfront. It is however one of the most prestigious places to live in. Bank-Owned real estate in Ocracoke in 2009/2010 on average sold for about 40% lower price per sqft than private sales, making it far more affordable. Short Sales in Ocracoke are not far behind with banks making it easier to short the required pay back sum for distressed borrowers.
According to 2009/2010 Outer Banks MLS statistics of sold homes in Outer Banks, the actual average selling price of Ocracoke realty is a little more than 6% lower than the original listing price.
Nevertheless, this difference between Ask/Sold prices, as well as price per sqft, varies greatly from home to home depending on a few key factors. One of them is location to the sound or access to other waterfront. Second factor on beach houses and sometimes soundfront homes is rental performance; strong past rentals will usually command a higher price. A third factor is the conditon and quality of construction which can vary greatly and may not be as good as initially claimed by the sellers; an exerienced Broker can help you determine both of these, along with your home inspector.
Call us If you would like to get more information on investment opportunities and access to our up to date investment analysis of Ocracoke homes for sale. Our mission at The Dean Agency is to provide our customers with the most complete information on Outer Banks real estate and advise them on the wisest possible decision.