Corolla Real Estate
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Current Corolla Real Estate Market Conditions
Corolla transformed over the last 30 years from a sleepy hunting and fishing paradise to the most affluent resort community on the Outer Banks. Corolla real estate costs considerably more than most other places on the Outer Banks. One reason for that is that much of Corolla is relatively new. There was no paved road to Corolla until the 1980’s and most of the developments in that area were started after the late 80’s or early 90’s. These later developments have a lower density and were thoughtfully laid out to accentuate the natural beauty. Also property values are high here on the promise of the mid-Currituck bridge being built. People have been talking about this bridge being built for thirty plus years.
Subdivisions
The Corolla town is home to a few of the most prestigious subdivisions on the Outer Banks. Ocean Hill on the north end of town is a fabulous subdivision spread out over large tracts of land. Here it does not feel like one house is on top of another. The Corolla Light subdivision is located near the middle of town near the Currituck Lighthouse. It is famous its excellent amenities and well run association. Vacationers who want lots of activities will love this subdivision.
Whalehead is probably the largest ocean side subdivision in Corolla. Lots in this area are generally half an acre so there is plenty of room for a large home and a pool. Pine Island on the south end of town is probably the most prestigious subdivisions on the Outer Banks. It is known for its large beautiful mansions along the seashore. Corolla’s wide beaches and shallow sandbars are perfect for small children. North of town wild horses still roam free. This area is called Corova Beach. It is completely different than every other area of the Outer Banks. Here’s a link to more information on Corova Beach.
Corolla has a different feel than many other parts of the beach. This may be in part because the island is wider than most places to the south giving it a more substantial feel. Also, over the years this area has generally been spared by most of the tropical storms that have threatened the Outer Banks beaches to the south.
Vacationing
The rental season in Corolla is a little shorter than other areas. For the most part it runs from Memorial Day to Labor Day with just a few visitors before and after the summer season. The shoulder seasons became a little longer with the pandemic but they are still not as long as areas to the south. As a result many stores and restaurants close in the winter. This makes wintertime living in Corolla a little more difficult because residents have to go to Duck or Kitty Hawk to get some goods and services. Also, children residing in Corolla have more than an hour bus ride each way to the public school. On the other hand, Corolla in the offseason is a perfect refuge from the daily grind and congestion of every day life.
Corolla’s chances of dramatic change increase as each hurdle is cleared in the way of new bridge construction. However, over the years it seems like for every hurdle overcome a new setback occurs. The rumor that the bridge would be built in just seven years has been spread since the early 1990’s.
If and when this bridge is completed the commute to a major metropolitan area and international airport will be less than an hour creating a whole new level of desirability for this area. Who knows for sure what Corolla will look like in ten or twenty years but it is likely to change more than any other area of the Outer Banks. Now is a great opportunity to purchase Corolla real estate before this area becomes even more desirable. For more information about Corolla real estate and or the town then please contact Scott Team Realty.
