Our Brindley Beach Vacations office in Corolla.
Looking over some of the data that’s coming out about the 2014 Outer Banks economy the conclusion has got to be that it’s looking pretty healthy. Occupancy up for the year; sales tax increased and food and beverage sales showed healthy growth.
That’s the visitation side of things. Just as important and in the long term perhaps even more important are the trends that seem to be emerging in the real estate market.
In Dare County land transfer taxes were up 23.7% for the year with almost $5.9 million in collections. That, of course does come with a couple of warnings about data. That number does not include activity in Corolla. It also doesn’t say where there sales occurred, or how many sales there were, but even with those caveats, it’s still hard to see those numbers as anything other that positive.
Every bit as significant, building permits are up 24.5% over 2013. Interestingly fewer permits were issued—a sign of a growing new home construction market. The logic goes, fewer permits but larger value, probably because more homes are being built.
Things do look good for the Outer Banks economy. For investors looking for an opportunity, the future is looking good. Give us a call at Brindley Beach Vacations at 877.642.3224 or check us out online.