Carova, NC Outer Banks Real Estate

Predicting the future of the Real Estate Market on the Outer Banks pt.3 - What about the rest of the Outer Banks?

This is the conclusion to my predictions of the future of the Real Estate Market on the Outer Banks.  In Part 1 we discussed if and when prices will get back to what they once were.  In Part 2 we discussed the role that the Mid-Currituck Bridge will possibly play on real estate values for the communities between Northern Duck and the Virginia state line.  Now we can look into the possible future of the other areas of the northern Outer Banks.  Once again I must remind everyone that my "crystal ball" before in my life and it could be way off on this one too.  Only time will tell.

As I have stated before the markets will be affected differently at different stages of construction.  Where I believe the "Mini Boom" will be felt in the beginning of the construction of the Mid-Currituck Bridge for Parts of Duck, Corolla, and Carova.  I believe that Duck from the 25MPH zone and south to Southern Shores and parts of Kitty Hawk will get the "Mini Boom" at the end.  Imagine the market going crazy upward for 3 plus years as the speculators buy up everything they can to resell once the bridge is completed.  then once the it has been completed they all go on the market at once.  To make things worse, there almost all vacant lots, and the buyers driving the market at this stage are looking for houses for their families to vacation in and enjoy.  Meanwhile the lower half of Duck and Southern Shores suddenly don't have nearly the traffic problems that they have had for the past 20 years.  That couple with the fact that their prices have not been climbing at nearly as fast a rate during the construction now makes them a prime target for the families looking for their own beach house on the Outer Banks.

Oceanfront Southern Shores, NC

No doubt the next five years will be very interested for the development and economic status of the Northern Outer Banks. I have made my best guess as to how it will all play out.  Now all we can do is wait and see.

 

Jean-Paul Peron
REALTOR
Living & Working in 4-Wheel Drive
The Outer Banks Real Estate Company
 
Work:  (888) 457-7376
Mobile: (252) 564-9390
JPPeron@EscapeThePavement.com
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0 commentsJean-Paul Peron • November 30 2010 06:39AM
Predicting the future of the Real Estate Market on the Outer Banks pt…
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This is the conclusion to my predictions of the future of the Real Estate Market on the Outer Banks In Part 1 we discussed if and when prices will get back to what they once were. In Part 2 we discussed the role that the Mid-Currituck Bridge will… more
Predicting the future of the Real Estate Market on the Outer Banks pt…
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This is another question I am hearing more and more as it appears that the Mid-Currituck Bridge is actually going to become a reality. Again, my "crystal ball" is far from perfect, but it will be interesting to look at these posts years from now… more
Predicting the future of the Real Estate Market on the Outer Banks pt…
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I often get asked to predict when the market will rebound and more precisely "When will my property be worth what I paid for it? " First let me just point out to you that my “crystal ball” is seldom 100% accurate, but I assure… more