Salvo is quiet, mostly residential, village. It is historically named as Clarksville. It is the southernmost town of the tri-village community.
Salvo real estate is selling on average for nearly $200 per square foot (sqft) for homes off the oceanfront and off the soundfront. Bank-Owned real estate in Salvo in 2009/2010 on average sold for nearly 35% lower price per sqft than private sales. Short Sales in Salvo are not far behind with banks making it easier to short the required pay back sum for distressed borrowers.
As with all the Outer Banks (OBX), Soundfront homes in Salvo are usually more affordable waterfront homes than oceanfront houses in Salvo. On the other hand, oceanfront realty has a much higher return on investment (ROI) for annual vacation rentals. Co-ownership of an oceanfront home or an oceanfront condo are good options for investors with lower budgets.
According to 2009/2010 Outer Banks MLS statistics of sold homes in all the Outer Banks, the actual average selling price of Salvo realty is more than 7% 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 ocean or sound. Second factor on beach houses is rental performance; strong past rentals will usually command a higher price, especially for larger, oceanfront homes in Salvo. 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 Salvo 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.