Carolina coast revels in real estate growth

By William R. Toler

The waters that surround eastern North Carolina’s coastal region are reflecting more than cypress trees.

Condominiums and single-family homes are rising on the inland waterfronts of tiny towns throughout the Inner Banks. The coastal hamlets, once home to family fisheries, are giving way to condo communities and modern marinas.

In the past, these areas have been relying on commercial fishing — one of the state’s oldest industries — for the stability of the economy. But with that way of life threatened by what the N.C. Fisheries Association calls “increasingly stringent, unrealistic and ineffective regulations,” county and town leaders see the boom as a boon.

“We have tremendous growth opportunities,” Bob Spivey, mayor of Windsor, told Carolina Business. “I expect our waterfront areas to explode in the next four to five years. That will expand our tax base and create new business opportunities.”

Real estate developers discover inland waterways

Real estate developers are using the historic charm along with the waterfront and other natural wonders of the region to lure in prospective homebuyers. Inland creeks meander through the state’s coastal area providing waterfront alternatives, yet access, to the rivers, sounds and the Intracoastal Waterway.

“We’re seeing a trend in North Carolina toward inland waterway development,” says Dave Wood of Boomer Advertising, a real estate marketing firm. “People are looking for the waterfront American dream, and the Inner Banks and inland waterways offer an affordable alternative to the beachfront.”

PrivateCommunities.com, a real estate Web site, lists 27 new communities along North Carolina’s coast. In addition to those listed on the site, there are numerous others catering to boaters, nature lovers and those just looking for a slower, quieter pace and a warmer climate.

One of those communities is Swan Quarter Landing. Not yet built, the 45-home condominium community is a first-timer for developer Don Faulkner. He told the magazine NCboatinglifestyle that those interested have been attracted by the small-town atmosphere.

“I was talking with a guy from California recently, and he said that one of the major attractions of Swan Quarter Landing is the ambiance of the village at Swan Quarter,” he said. Swan Quarter is a working fishing village with fewer than 1,000 residents located in Hyde County.

The community’s location is also a big draw, according to Faulkner. Four national wildlife refuges, including Lake Mattamuskeet National Wildlife refuge, occupy the surrounding county. Less than a mile away from the community is a ferry that traverses the Pamlico Sound to Ocracoke, the number one beach in America, according to the 2007 list from Dr. Beach.

“There are a lot of people who ride their bikes to the ferry, spend the day at Ocracoke and then ride their bikes back home,” Faulkner told the magazine. “It’s sort of like having Outer Banks access without the high price tag of waterfront property.”

Baby boomers have Carolina on their mind

The National Active Retirement Association announced in August that North Carolina will “become the number one retirement state over the next 10 or so years,” according to Dan Owens, president of NARA.

The projection comes from a study commissioned by Del Webb, the national leader in developing communities for 55-plus consumers. It showed that the Tar Heel State ranked third, behind Florida and Arizona, as a top retirement destination of baby boomers between the ages of 41 and 69.

Owens added that with huge numbers of people turning 50 each year, the survey results portend a dramatic expansion in the number of older adults living in the state. “This trend is the ‘silent growth engine’ in the Southeast and will continue over the next 25 years. Certainly, North Carolina is in the catbird seat...the trends will increasingly favor the state and help fuel the real estate market.”

With the forecast of a bevy of baby boomers beckoning, the number of projects along the state’s inner banks continues to grow. The News & Observer reported, “Nearly 100 subdivisions and condominium projects with more than 34,000 homes are planned or have just begun to be built... Others are certain to follow as baby boomers retire and head for the water.”


Sources:
Many see urgency of saving state's 'inner coast'
Forum brings foes together
http://www.newsobserver.com/news/growth/inner_coast/story/447538.html
Jay Price
June 6, 2007 News & Observer

Don Faulkner Creates a Waterfront Paradise in Swan Quarter
Cindy Hodnett
July 2007 Volume 5, Issue 7
NCboatinglifestyle


A New Face on the South
Retiree In-Migration Is Becoming an Economic Sweepstakes
http://www.retirementlivingnews.com/rankings.html

www.privatecommunities.com

Bertie County Creates A Healthy Economic Future
A Proactive Approach To Economic Adversity
http://www.carolinabusiness.net/index.php?articles=6
Kay Hubbard Carolina Business

Is this any way to run a business?
Reprinted with permission from Fishnet USA
By Nils Stolpe - 10/1/2007
http://www.ncfish.org/article.asp?id=194