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(WTKR)   Residents of North Carolina's Outer Banks are shocked to find their property values fell 40 percent just because people don't want to live at the intersection of hurricanes and global warming   ( divider line
    More: Obvious, outer banks, North Carolina, Hatteras Island, property value, global warming, Amanda Halladay, sticker shock, hurricanes  
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5073 clicks; posted to Main » on 02 Mar 2013 at 3:28 PM (4 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»

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2013-03-02 06:54:49 PM  
2 votes:
Anything south of Oregon Inlet is suspect. Anything north of the inlet is doing just fine - values in Nags Head, KDH, and Kitty Hawk are stable. The problem with Rodanthe/Avon/Buxton is the limited lifespan of the Bonner Bridge, and the fact that any replacement is going to cost way more than the state is going to pay, now that the "Branch Head Boys" political machine of governor-for-life Jim Hunt and his eastern cronies have been deposed by the banking-industry-funded machine of the Charlotte crowd. The years of money flowing endlessly into the pockets of those favored by Marc Basnight and the rest of the 1st district are over. That's the first reason.

Second, the feds were mightily cheesed when the state filled in the inlet north of Buxton that was cut by Hurricane Isabel in 2003. North Carolina pulled the old "ask for forgiveness, not permission" when they filled in the inlet and rebuilt the road on national seashore property. As we all know, the feds never forgive, nor do they forget. When Hurricane Irene cut the "New New Inlet" north of Rodanthe in 2011, the state was informed in no uncertain fashion that if any NC DOT dump trucks were spotted pouring sand in the new inlet, an air strike would be called.

Meanwhile, the feds were busiy closing most of Hatteras Island to off-road driving, something that they had been promising to do since the 1970s, when the first proposals were floated out of the NS/NPS offices in Manteo. And part of that plan was to severely limit public access to the beach via parking along Hwy 12. Pea Island is, after all, a national wildlife refuge.

While everyone was complaining about the fact that they couldn't continue making parts of Hatteras look like a WalMart parking lot on a busy Saturday, State Farm was telling the state that insurance premiums would rise considerably east of I-95, given the losses going back to Hurricane Fran. The state insurance commission figured they'd just make State Farm level out the rates across the whole state - but the folks from Charlotte (remember the folks from Charlotte? They run the state now) said "Wait, what? Pay more insurance so some yuppie from NOVA can have a second home on a sandbar? No farking way."

So anything south of Oregon Inlet is probably going to look a lot like it did in the 1930s within a decade or so. The state probably can't afford a new Bonner Bridge (and the mid-Currituck Bridge has been canceled, that money being re-allocated to a bypass in - surprise! - the Charlotte area), Hwy 12 is threatened by both nature and a federal desire to see it gone, and no one can afford current prices on Hatteras except the folks who want to drive their BMWs right up to the door without having to wait for ferries, or use a 4-wheeler to get to the house.

Which is fine with me. When I started going out there in the mid-60s, the place was populated primarily by surfers, fishermen, and other end-of-the-road types. The surfers and the fishermen will do just fine - well, the fishermen will do fine if we can get the feds to keep the Russians and Japanese from sending their factory boats within sight of shore. But, otherwise, you might be able to sit on your porch again on a nice evening without having to listen to some tourist from Ohio blasting out Jimmy Buffett on his stereo at 95db.
2013-03-02 12:03:52 PM  
2 votes:
The invisible hand of the free market decides, right?
2013-03-02 09:31:05 PM  
1 vote:
They're really all butthurt because no government agency is willing to spend millions to rebuild and protect their houses and they have to do it out-of-pocket.
2013-03-02 04:39:39 PM  
1 vote:
It's cool.  We outlawed climate change.
2013-03-02 04:28:49 PM  
1 vote:

starlost: Why do people give such a huge shiat about property value?  It baffles me.  It's a place to live. There are plenty of other places to invest your money.

when it is first and foremost your only investment and you have begged, lied and cheated to get the loan and the value freakin tanks.

No one lives on the outer banks. They are all vacation homes and rentals.
2013-03-02 04:01:08 PM  
1 vote:

Honest Bender: Why do people give such a huge shiat about property value?  It baffles me.  It's a place to live. There are plenty of other places to invest your money.

Many beach houses are not primary residences, they are specifically investment property, often rented out much of the year for income and the owners are hoping to sell for a profit in the future.
2013-03-02 03:55:15 PM  
1 vote:
Give it a year or two and they'll climb back up again. Human nature is funny that way. We had eight hurricanes pass over our house in 18 months including Katrina, but now it's been several years since even a near miss, and my neighbors are starting slack off on their prep kits and generator maintenance.
2013-03-02 03:45:29 PM  
1 vote:
.........deep breath.................

Here on Long Island the chuckleheads living on Dune Road in the Hamptons have the same "buuuut, I'm too rich to be bothered with weather" syndrome.

/the environment, no regard for your plans silly humanz
2013-03-02 03:32:53 PM  
1 vote:
Why do people give such a huge shiat about property value?  It baffles me.  It's a place to live. There are plenty of other places to invest your money.
2013-03-02 12:59:16 PM  
1 vote:
You own property on a sandbar with rising ocean levels and hurricanes to blow away any sand that dares to stick its head above water.
2013-03-02 12:41:06 PM  
1 vote:
Thought they didn't believe in global warming there. All just a scam by the yankee government. And Obama.
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