5 Things to Watch in Housing in 2014 - Wall Street Journal

For housing, it was a tale of two halves in 2013. During the first half, unusually low supplies of homes and low rates spurred bidding wars, pushing prices up sharply. During the second half, the frenzy cooled amid a sudden spike in interest rates. While more markets are now reporting increases in inventory, the number of homes for sale remains quite low.

The bull case for 2014 goes something like this: those low inventories will support rising prices. Below-average levels of household formation, the argument goes, must ultimately pick up, boosting construction. Mortgage rates, while higher, are still historically low. Credit standards will stop getting tighter, and might loosen as home prices rise. Finally, mortgage delinquencies are dropping. While some states still have elevated foreclosure inventories, the worst of the distressed-housing problem is in the rear-view mirror.

The bear case, meanwhile, says that the recovery is a mirage built on the back of the Federal Reserve’s stimulus that has done little more than inflate asset values, including home prices.
Record low interest rates, the argument goes, unleashed demand from both borrowers and all-cash investors seeking returns on something—anything—with a decent return. These investors built large rental-home companies that remain untested at scale. How can first-time buyers take the baton from investors at a time when prices are up almost 20% in two years and when interest rates are rising?

Full text  here  7 Jan 2014 10:58am By Nick Timiraos  WSJ

First Colony Inn, Outer Banks, NC, Wins Prestigious WeddingWire Couples' Choice Award

The staff at First Colony Inn know that bridal couples want their Outer Banks wedding to be perfect and is committed to helping achieve that dream. 

The inn offers a stunning venue for weddings and receptions. The four-acre lawn provides ample room for tents, floral arrangements and guests. A private walkway to the beach makes it easy for the wedding party to get to the oceanfront ceremony. 

Exclaimed a recent guest: “First Colony Inn was the ideal reception location for our 220-person wedding. Sarah Close and staff were fabulous to work with. The building is unique and historic; the rooms are comfortable and welcoming; the staff is patient and warm. I cannot recommend them highly enough.”


About First Colony Inn
Placed in the National Register of Historic Places, the completely refurbished 26-room inn stands on the coast at Nags Head as the sole remaining beach-style hotel, welcoming new generations to the old-fashioned pleasures of the Outer Banks. Featuring comfortable rooms, grand wraparound porches, a charming breakfast service and traditional Southern hospitality, First Colony Inn hosts small, intimate weddings, and large wedding parties and receptions on the Outer Banks for local residents and visitors alike. 

Contact information
6715 S. Croatan Highway, Nags Head, NC. 27959
252.441.0310
Read the full story at http://www.prweb.com/releases/2014/01/prweb11494572.htm

Google’s $3.2B Nest Labs acquisition, and what it means for real estate

Tom Flanagan Contributor   Jan 21, 2014

Last week, Google announced it had an agreement to acquire Nest Labs, the startup that created the smart connected digital thermostat and smoke detector, for $3.2 billion.

Initially, I was surprised by the announcement. Nest was reportedly close to completing a lucrative round of funding, and the company seemed poised to take its products to the next level. I was also surprised to learn that Apple wasn’t even in the mix.

Tony Fadell, the founder and CEO of Nest, has deep ties with Apple. Fadell and his team brought the iPod to market and helped integrate the iTunes platform back in 2001. He left Apple in 2008 and launched Nest two years later with former Apple executive Matt Rogers. Nest products are also advertised and sold across Apple stores.

However, the more I thought about it, the more sense the deal made. Google acquired a talented team of engineers who have developed a successful product. Of equal importance, the search engine giant has expanded its ability to integrate hardware and software.

With that said, many people were disappointed with the announcement. In fact, the news ruffled quite a bit of feathers.

Technology journalist Nilay Patel wrote for The Verge: “Outside of the players directly involved in the deal, there was a second, more visceral reaction: disappointment.”

Patel said that’s because Nest was part of a new wave of hardware startups built by engineers and executives ready to put their experience building smartphones to work in new markets.

Google’s acquisition of Nest “seems to have undercut the optimism those companies represented,” Patel wrote — not to mention fueling the distrust of the company shared by “regular consumers, tech investors and privacy advocates alike.”

Why is the Nest acquisition important to the real estate industry?

The real estate implications are obvious. Many analysts believe that the home and auto industries are ripe for disruption and innovation. I ranked the “Internet of Things” No. 2 in my top 10 tech trends for 2014, and noted that it could be the most disruptive trend of the year.

IT research and advisory company Gartner predicts that, by 2020, the total “economic value add” for the Internet of Things will be $1.9 trillion a year, and benefit “a wide range of industries” including health care, retail and transportation.

Smart connected devices and appliances will have a significant impact on homes this year, and with Google’s acquisition of Nest, I think it’s safe to say the Internet of Things has finally hit home.

I think this is a good deal for Google, and I believe Nest has a bright future. But now that the dust has settled, I can’t help but to think: What if a real estate company like Realogy or a major franchise like Re/Max acquired Nest or any comparable product in this space?

I fully understand that these types of companies don’t have the infrastructure to accommodate tech acquisitions of this nature, and there are dozens of variables and details. But if you suspend your disbelief for just a moment, you realize the branding and marketing opportunities alone would be beyond profound.

The potential to develop a product that resides in one’s home and the opportunity to become a trusted brand would be priceless. Personally, I would rather see this type of investment by a major real estate player than an overpriced, overhyped commercial during the Super Bowl.

Chad Curry, managing director for the Center for Realtor Technology, recently described the “Iterative Smart Home” and why this matters to real estate professionals. Curry gives three reasons why real estate pros should be acclimated with connected devices:

Tom Flanagan is the director of information technology at Residential Properties Ltd. in Providence, R.I. See more

2014 Outer Banks Wedding Expo—Great Food and a Great Time

Outer Banks event vendors and businesses have done an extraordinary job of transforming First Flight High School and First Flight Middle School into a series of mini venues and storefronts. Some, of course, much more complex and striking than others; couples and families are about to embark on one of the most joyous moments in their lives so almost everyone is in a good mood; and just about every restaurant and caterer on the Outer Banks is there and most of them are pulling out all of the stops.

As a side note to the catering and food—it is entirely possible to gain three or four pounds over the course of the two day event, and still not sample everything. Although there is an extraordinary range of food choices, two things are clear—shrimp and grits comes in a wide variety of styles and flavors and all of them are good, and every Outer Banks restaurant and caterer knows how to do pulled pork and do it right.

The bottom line, though, is the bottom line. Weddings and events have become a huge part of the Outer Banks economic picture and the industry continues to grow. Last year’s attendance at the Wedding Expo was a record setting 1200 visitors; the final count is not in yet, but it appears as though this year was slightly better.

Weddings alone would seem to account for $240-250 million of the local economy and that doesn’t include events—family gatherings, business meetings—a growing segment of that industry.

The need to accommodate all those guests and provide a site for the event is why so many of the biggest names in Outer Banks property management were there as well as almost every bed and breakfast, hotel and motel on the Outer Banks.

In walking around the event, the remarkable diversity of the businesses involved becomes apparent. Event planners and event homes are well-represented; caterers, photographers, videographers, hair and make-up—it’s all there, and all necessary.

The draw to the Outer Banks is that it is a beautiful destination, but because it is a destination, staging a wedding becomes a little more complex and requires some extra layers compared to a ceremony at home.

That, however, is the why, the where and the business of staging a wedding on the Outer Banks—and none of that touches on how special the location or the people involved are.

People come to the Outer Banks because of its beauty, but they get married here because of the professional level and range of services available. Walking around the expo—and there is a lot of walking to do—that becomes apparent as couples and their families huddle with vendors to discuss details. The discussions certainly seem professional, yet there is a lot of laughter involved as well.

That’s how it should be. Getting married, for all the stress the ceremony holds, is ultimately an amazing experience—a way to celebrate with family and friends a lifetime commitment, and the hope and joy that promises. To do so at a place of wondrous natural beauty seems to be the icing on the wedding cake.

Read more at the North Beach Sun     and    OBX Wedding Association