THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Sunday, December 17, 1995 TAG: 9512140154
SECTION: CAROLINA COAST PAGE: 09 EDITION: FINAL
TYPE: Real Estate
SOURCE: Chris Kidder
LENGTH: Medium: 97 lines
Sonny Cobb, owner and president of Nags Head Construction & Development, is building a house. Since I'm building one myself right now, I can sympathize with all the decisions he has to make.
But Cobb's decisions are more weighty than mine. What features make a house sell? What colors, what finishes? Do people want more rooms or more open space? Are buyers looking to step up or scale down?
I need only please myself. His decisions must inspire prospective home buyers to buy.
``My problem is that I keep second-guessing myself,'' Cobb says. With about $7.5 million in projected sales on the line, I can understand why.
Cobb is the developer and builder of South Ridge, a 155-home community at the 14 Milepost in Nags Head. The house he's building is a model home for Dolphin Run, the newest of 20 neighborhoods now on the books in The Village at Nags Head, about a mile down the road from South Ridge.
Dolphin Run's 42 lots are between the highways near the Village Beach Club and across the street from a public beach access. About half of the subdivision's lots have ocean views.
Prices at Dolphin Run will start at $151,000 and peak at $200,000 for house and lot. Buyers have their choice of four models, ranging from 1,625 to 2,200 square feet. Cobb's company does the building.
While his detractors label his subdivisions ``tract homes,'' Cobb prefers to think of them as ``semi-custom.''
``We've built over 100 houses at South Ridge,'' says Cobb, ``and I doubt that any two are exactly alike.'' But building from models allows Cobb an economy of scale that keeps his prices down.
It worked well at South Ridge. Although sales didn't start until model homes were complete, once the neighborhood started taking shape, his building crews couldn't keep ahead of sales. Plans to have an inventory of ``for sale'' houses never materialized.
``It's a good problem. I'm not complaining,'' laughs Cobb. ``But we hope to have five or six spec houses ready at Dolphin Run for the spring market.''
Signs aren't encouraging for home buyers who want to walk off the street into a furnished, turn-key house. ``We picked up seven reservations during development and have turned three of those into firm contracts,'' says Cobb.
Cobb may not hang on to his inventory of unsold homes, but his model homes are an important key to his success. He may be stewing about design details now, but come Easter, when all four models will be open, he expects to enjoy the same success he had at South Ridge.
Two of the Dolphin Run models will be his best-sellers from South Ridge, with new exteriors conforming to village architectural standards. Two will be new designs.
The emphasis will be on open space, says Cobb. Buyers want bigger great rooms; they want ``light and bright.'' He's switching from wood-finish cabinets to white. He's using more vaulted ceilings. Options include fireplaces, whirlpools and hot tubs.
All models will have multiple, steeply pitched, roof lines, covered with cedar shakes. Exteriors will be painted in the traditional Nags Head grays and beiges. Half-round windows, lots of decking and ground floor entries are standard.
Three of the four floor plans will be reversed plans, with bedrooms on the first floor, living areas on top for maximum views.
South Ridge was proof that part of the Outer Banks market of home buyers wanted to be part of a no-frills community. There was no homeowners association, no amenities.
The Village at Nags Head proves that the rest of the market craves all the frills it can get. The village is a well-rounded resort community that offers something for everyone: golf, swimming pools, sound and ocean beaches, tennis, jogging and bike paths, professionally managed activities for adults and children.
Restaurants, shopping and services, movie theaters and other entertainment are within walking distance for many villagers, minutes away for the rest. In-season, the homeowners association provides shuttle bus service within the village and to nearby shopping centers.
Dolphin Run residents will belong to the master homeowners association (annual dues: $250), giving them options to join Nags Head Golf Links, a semiprivate golf club, and the Village Beach Club (private tennis and pool facilities).
Cobb expects most Dolphin Run buyers to be investors. Location and village amenities give the neighborhood excellent rental income potential. ``Projections from three different rental companies show that it might be one of the few on the beach to get a positive cash flow,'' says Cobb.
I'd have to caution readers to investigate such claims carefully before basing a purchase decision on them. But The Village at Nags Head has a well-documented track record and Cobb's houses at South Ridge have proved to have rental appeal.
``I think Dolphin Run is a winner,'' says Cobb. He may be right.
(For more information about Dolphin Run, contact Nags Head Construction & Development, P.O. Box 1791, Kill Devil Hills, N.C. 27948. Phone: 919-441-2800.) MEMO: Send comments and questions to Chris Kidder at P.O. Box 10, Nags Head,
N.C. 27959.
by CNB