business briefs R E A L E STAT E
COMPILED BY C ATH ERI N E KOZ AK
Outer Banks Beaches Remain a Top Draw
Photo courtesy of Cape Hatteras National Seashore.
Remnants of Old Bridge Now a Restored Fishing Spot To the delight of Outer Banks anglers and visitors, the Bonner Bridge Pier opened in October on the south end of Oregon Inlet for fishing opportunities 24 hours a day. The 1,046-foot fenced fishing pier was once part of the old Herbert C. Bonner Bridge that was demolished to make way for the new Marc Basnight Bridge in early 2019. For much of the 55 or so years the Bonner Bridge was in use, the two piers on its south end were popular with fishermen and women of all ages. While no fees are required to access the new Bonner Bridge Pier, a state recreational fishing license – which can be purchased at ncwildlife.org – is required to fish there. Parking for about 70 vehicles is also available nearby. A New Opportunity to Float Your Boat at the Seashore Cape Hatteras National Seashore’s first officially designated kayak launch opened in late August at the Oregon Inlet Fishing Center. A picnic table and parking for trucks, trailers and other vehicles are located nearby, and interpretive signage provides information about Oregon Inlet and kayak safety. The $17,000 project, supported by sponsors TowneBank and Ocean Atlantic Rentals, was funded in part with $10,000 from Outer Banks Forever – the nonprofit partner of the Outer Banks national parks – as well as a grant from Bass Pro Shops and numerous other private donations.
Real Estate
market snapshot The remarkable blazing-hot Outer Banks housing market amidst Covid-19 impacts has started to cool somewhat, with sales and inventory flattening a bit toward the end of last summer, according to the September 2021 Outer Banks Association of Realtors MLS Statistical Report. 2 6 | W I N T ER 2021
An analysis by Visit North Caroliina, the state tourism office, found that statewide tourism spending declined a whopping 31.7 % in 2020 due to Covid-19 restrictions. By comparison, the Outer Banks only suffered a mild downturn for the year, however, dropping just 2.2 % – even with a two-month closing of the barrier islands last spring. “For our local tourism industry to accomplish what it did, despite the closure, statemandated capacity limits and the operational changes forced by a global pandemic is nothing short of remarkable,” said Outer Banks Visitors Bureau Executive Director Lee Nettles in an October 8 press release announcing the findings of the annual study. “It’s a tribute to the popularity of the Outer Banks and a testament to the hard work and ingenuity of our local tourism partners.” The study, entitled “Economic Impact of Travel on North Carolina Counties 2020,” reported a number of other interesting details: 11,803 tourism-related jobs were counted in Dare County, amounting to nearly one-third of its population; local visitor spending generated $123 million in state and local tax revenue, slashing an average of $3,244 off each resident’s tax bills; visitors spent a total of $1.4 billion in Dare, making the county the fourth largest vacation destination in the state; and that state tourism spending in 2020 totaled $19.96 billion. The study also reported that North Carolina is the nation’s fifth most-visited state. Last of Iconic Kelly Eateries Sold Mako’s Beach Grille & Bar in Kill Devil Hills served its final customer this past October, making it the last of owner Mike Kelly’s three local restaurants to close. Known until recent years simply as Mako Mike’s, the restaurant was purchased in 1994 from the late Frank Gajar, Kelly’s former business partner. In 2017, Kelly sold Kelly’s Restaurant & Tavern in Nags Head to a national grocery store chain, although the property has yet to be developed. Two years later, he agreed to sell his sound-front Nags Head restaurant, Pamlico Jack’s, to the Dare County Tourism Board. Then in early 2021, Dare County announced that it would buy Mako’s in order to expand property for the county’s emergency medical services and the town of Kill Devil Hills’ public safety facilities. Published reports estimate that the revenue from the three sales totaled $9 million.
The year-to-date number of days on the market for residential properties was one of the most notable figures in the report, dropping from 114 days in 2020 to 55 in 2021. Residential sales for September 2021 are still up a respectable 12 percent, with 2,340 units sold versus 2,092 sold in 2020. Land/lot sales topped the charts, however, shooting up 90% this year, with 746 units sold in September 2021, compared with just 392 units over the same period the year before. Inventory has been relatively level for the past three months, the report stated, although residential
properties are still down 31%, from 723 units in 2020 to 501 units in 2021. Lot/land inventory is also down 14 % over 2020, from 664 units to 568 units. The overall September 2021 residential median sales price is up 17% over September 2020, from $423,200 to $495,000 – though numbers in specific areas can vary. Ocracoke Island, in particular, far exceeded other Outer Banks areas with year-to-date sales, rocketing up 169% over 2020. Southern Shores also reported the biggest leap in median sale prices over September 2020, from $510,000 to $760,152 – a 49% increase.
