Yeah, that's the one. Also, worth checking out Jennette's Pier. It's a fishing pier with a small aquarium. Two bucks to walk the pier for the whole day. 14 to fish. Great way to get a full view of the beach from the ocean without getting a boat.
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Also, definitely worth checking out the sand dunes at Jockey State Park. Love the sunset views.
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In the other direction, there's a solid museum at the end of the road before the ferry.
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There are lots of antique stores and some places sell handmade stuff. There's an interesting place that takes refuge and turns them into pieces of art.
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Food suggestions:
FroYo that let's you build your own bowl.
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Food Dudes Kitchen - Small hole in the wall restaurant that serves Caribbean style food and some seafood based entrees.
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Tale of the Whale - High end seafood restaurant. Both times I went to the Outer Banks with my family, I took them here for my dinner night (others just make food for their day). Really popular among family members. They're not used to high end food because they're not the kind of people who would find fancy food worth paying for. They have a gift shop. They do not take reservations, but they do take call ins the day of if you have a large group (I had 14 this past May). They have a bar, but I don't know if they serve food. If you want to try out high end seafood, this is the place.
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I can suggest more places, if you want. Most are going to be Nags Head and north. Traveling from Duck/Corona down to Waves and Hatteras takes a LOT of time and I had to be back to the house by 5PM every day in order to participate in the dinners. There are some solid burger joints, diners, and pizza by the slice places. Also, there's a Target in Nags Head (it'll be closer to you than the Walmart).