Ever wonder how these Outer Banks Oceanfront cuties get a full makeover?
The vacant lots themselves are typically not buildable and here is why. To build brand new, the current rule of thumb is that the property has to be 60′ back from the 1st line of stable vegetation, and in some erosion cases as much as 90′ back. If you get CAMA approval, you then still have to meet the town setbacks, which for KH are currently 25′ off the roadside in the front of the property as you see here.
However, if there is an existing structure on the property then the 50% rule applies. The remodeled homes you see on the Oceanfront in Kitty Hawk and parts of Kill Devil Hills are able to remodel and change no more than 50% of the current property value. If you use the tax value, you still do not have a lot of room to make many improvements; however, the town will go off of 50% of a current appraised value. You can order a private appraisal, which will more than likely be much higher than the tax value and work off of that value to make improvements.
More questions on the Outer Banks real estate market? Contact Heather Sakers at Coldwell Banker Seaside Realty.