"Visitor’s ease of getting to their destination should also benefit the rental income generated on the property, which has an effect on the return on investment, thus increasing property values." - Pamela Smith, Vice President of Coldwell Banker Seaside Realty
KITTY HAWK, N.C. (PRWEB) March 29, 2019
Last week, the North Carolina Department of Transportation (NCDOT) announced that they had received federal approval for a Mid-Currituck Bridge. The official Record of Decision was received March 6, 2019. NCDOT officials will now work toward obtaining necessary permits and the land needed for the project in order to move forward. The completion of the Mid-Currituck Bridge could have considerably positive impacts on local real estate sales and the vacation rental industry.
NCDOT first identified the need for a potential bridge across the Currituck Sound in 1975 with official planning starting in 1995. In 2006, the Turnpike Authority joined the project. Those in favor of the bridge argued that it could substantially alleviate traffic during peak tourism months. The approximately 40-mile shortcut could potentially save some drivers up to 2-hours of travel time. Additionally, this will provide an alternate route out of the Outer Banks during hurricane evacuations which is imperative because as of 2018, Outer Banks evacuation times did not currently meet the state standards.
Proponents of the bridge also believe that it will give an economic boost to both Currituck and Dare counties. With less congestion, travelers will find that that accessing the Outer Banks is much easier which will have an overall positive effect on the tourism industry. With steady tourism, businesses in the area will be in a better position to provide steady year-round employment to residents who will in turn look to purchasing homes.
“After speaking with several of our agents, the consensus is that the largest impact of the Mid-Currituck Bridge will be on the vacation rental market first followed by the real estate market. Vacationers who have experienced frustrating commutes on the weekend will be more likely to come back and visit the OBX. It’s not just the northern beaches that will benefit from the new bridge. The bottleneck of turning north on 12 in Southern Shores causes a backup well before you cross the Wright Memorial Bridge, effecting traffic heading to the southern beaches and all areas of the Outer Banks. Visitors' ease of getting to their destination should also benefit the rental income generated on the property, which has an effect on the return on investment, thus increasing property values. Property located on both ends of the bridge should be impacted positively as well, in particular the mid-Currituck area. Being able to travel from a home in Aydlett, for example, to Corolla in less than 7 miles will bring a tremendous value to homeowners in the area. As a local resident, I will look forward to being able to go out to dinner in Duck on a Saturday night in the summer!” said Pamela Smith, Vice President of Coldwell Banker Seaside Realty.
The Mid-Currituck Bridge will be built as a 1.5-mile long bridge across the Maple Swamp and a two-lane 4.7-mile long toll bridge across the Currituck Sound. This will connect mainland Aydlett, NC to Corolla, NC. According to NCDOT, the project’s total estimated cost will be around $440 million dollars with part of these funds being reimbursed from toll revenue. The project also includes some upgrades and changes to parts of N.C. 12. The estimated completion date is still to be determined.
About Coldwell Banker Seaside Realty: Coldwell Banker Seaside Realty firm has sold the most real estate on the Outer Banks for the third year in a row was the #1 ranked firm on the Outer Banks*. Family owned and operated with nearly 30 years of local knowledge and experience, the company offers real estate services across the entire Outer Banks as well as all of northeastern North Carolina. Combined with the Coldwell Banker brand, one of the largest and most influential residential real estate brokerage franchises in the world, Seaside Realty offers top-tier real estate services to buyers and sellers throughout the region.
- Based on information from the Outer Banks Association of REALTORS® MLS for the period 1/1/2016 through 12/31/2018.