Saturday, April 21, 2007

Cape Hatteras: Mc'Mansionville

I spent a few days on the outer banks of N.C. My impression was ‘Major Speculation’.

I was a windsurfer once in the 80s and 90s. (O.K. I’ve now dated myself.) I remember photos from ads in the windsurfing rags that showed some nice established homes for rent. Now it seems there are several thousand more houses! Maybe I exaggerate, but not by much.

Most of what I saw was new, probably built in the last six years and all of them Mc’Mansions. I did not check but most of them appeared empty. Most of them were also vacation rentals but half of those were for sale. That added up to a lot of properties for sale.

Now as you might surmise, I traveled to N.C. to look at property to scoop up when the market falls further, say three or more years out. I am now a little gun-shy of my first choice, Cape Hatteras. I’m not familiar with the outer banks but I think that the over capacity I see there is a very bad thing, enough to cause problems for their housing market for many year to come, but that is just my opinion.
Any comments are welcome.
Vern

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