Southern Shores real estate is selling on average for about $220 per square foot (sqft) for homes off the oceanfront and off the soundfront. Bank-Owned real estate in Southern Shores in 2009/2010 on average sold for over 40% lower price per sqft than private sales. Short Sales in Southern Shores 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 Southern Shores are usually more affordable than oceanfront homes in Southern Shores On the other hand, oceanfront realty has 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 Southern Shores realty is more than 4% 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, sound or access to other waterfront. Second factor on beach houses is rental performance; strong past rentals will usually command a higher price, especially for larger, oceanfront homes in Southern Shores. 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 homes for sale in Southern Shores. 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.
Outer Banks towns and villages have the lowest tax rates on the East Coast. Southern Shores tax rate for 2010 is set by Dare County to 0.42% total.