Monday, February 11, 2008

New Update on Mid-Currituck Bridge, Public Meetings Scheduled

The NC Turnpike Authority is sponsoring 3 informational workshops on the mid-county bridge at the end of this month allowing residents and property owners an opportunity to see what is planned, ask questions, and express their views over the proposed options for the bridge and its various routes. All workshops are from 4pm-8pm and will be held as follows:

Feb 26th Hampton Inn in Corolla
Feb 27th Griggs Elementary School in Poplar Branch
Feb 28th Southern Shores Town Hall

The NC Turnpike has also updated their website featuring new cost figures and also road widening options on both the Outer Banks and mainland terminus points. A recent article on the bridge & meetings can be read here.

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Saturday, December 15, 2007
Latest Report on the Mid-County Bridge

Easily the most asked question I receive is "When is the bridge going to come?" For most of you familiar with the Outer Banks, that questions has been asked for 20+ years now. Lately, we have seen some significant developments that could bring this mythical bridge to fruition. The best source of information on this issue can be found at the NC Turnpike Authority's website. This is the outfit charged with building the bridge and they offer a nice timeline and potential pathways for the bridge. Locally, the most recent article for the bridge can be found by clicking here

The bridge is a very hot topic on the Outer Banks. While there seems to be a general concensus that the bridge will boost property values, there is a strong concern that the bridge will have an adverse effect on the character of the Northern Outer Banks. I'm not sure what the right answer is here, but surely the debate will continue long after the bridge is built.

From an investment angle, so many that I talk to tend to use the bridge as a heavy determining factor when investing (or not investing) on the Northern Outer Banks. Those more skeptical about the bridge are holding off until they at least see some pilings in the water, others are buying now thinking it is inevitable. In my view, I think you will see a positive correlation between property values and bridge development.

Right now, property values are the lowest they have been in years, albeit for a number of factors. A purchase now gets you a relatively low buy-in yet there is NO guarantee of the bridge being built, thus higher risk and higher reward. Once construction begins on the bridge, property values will likely be higher but the guarantee will be greater for bridge completion, thus medium risk and medium reward. Obviously, a completed bridge offers low get the idea.