Darci Marchese, wtop.com
He loves the beach, he’s willing to take risks and has the cash to get a piece of the action.
Emory Miller, an executive with a management company in Alexandria, Va., is the proud owner of a luxurious beachfront property in North Carolina’s Outer Banks.
But his adventures didn’t start there.
“I had wonderful experiences visiting the Outer Banks of North Carolina as a small boy,” he says.
He always knew one day he wanted to be able to bring his own family to the ocean.
Miller purchased his first home in the Outer Banks in 2002.
“Within nine months, it increased in value by 25 percent,” he says.
So he sold the home and made a profit. He then found another home online and purchased it immediately.
“I never saw it before I bought it,” he says.
While that sounds pretty risky he adds, “It’s what you had to do. You saw a piece of property that was really desirable you needed to buy it fast.”
He purchased the home for a half million dollars. A couple of years later, he sold that property, breaking even.
In 2008, Miller found another home that was located on great property in Duck. Duck is on the north end of the Outer Banks and is known not only for its waterfowl but also for its quaint shops and dining.
Since he wasn’t thrilled with the home itself, Miller considered tearing it down and building new.
“What we found out was that the cost to build, in our experience, has been probably 25 to 30 percent lower than the cost of about four years ago.”
So the home was torn down in November 2008. By May 2009, a new six-bedroom, luxurious home stood.
The six bedrooms all have private bathrooms. The home has an elevator, game room, pool room, theatre room and a heated pool. It can sleep up to 16 people.
The home is booked solid with renters. He receives $7,000 a week peak season. About $1,700 in the off-peak season.
The rent is helping Miller make a dent in the mortgage.
He’s named the home “Sunny Duck.”
So how have the values of properties in Duck changed?
Information courtesy of the Outer Banks Association of Realtors
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