I don't know how to work the 'quote' function here, but page up to the top and read JC's theories on disbursement and the effect on value.

Back already? Okay, here's another thought on the geographic location issue, as it relates to Okracoke and Cape Blanco.

Okracoke and Cape Blanco compare well to each other in John's theory. Look a little deeper even. It's possible that one thing driving the value of Okracoke, that Cape Blanco can never have, is it's North Carolina address. As one of the NC lights, Okracoke is a member of a more exclusive 'club' of desirable HL's than is Cape Blanco. It may be nothing more than the luck of production scheduling, but until Tillamook and Gray's Harbor were released last year, the Oregon and Washington lights were among the least attractive and sought after in the catalog.