Real Estate – Chatham Journal Newspaper http://chathamjournal.com Experience the World of Chatham County, NC Thu, 11 Jan 2018 22:25:31 +0000 en-US hourly 1 https://i1.wp.com/chathamjournal.com/wp-content/uploads/2015/06/10888465-four-newspaper-pile-isolated-on-white-background-Stock-Vector-newspaper-icon-headline-5580d7a0v1_site_icon.png?fit=32%2C32 Real Estate – Chatham Journal Newspaper http://chathamjournal.com 32 32 Experience the World of Chatham County, NC Real Estate – Chatham Journal Newspaper Experience the World of Chatham County, NC Real Estate – Chatham Journal Newspaper http://chathamjournal.com/wp-content/plugins/powerpress/rss_default.jpg http://chathamjournal.com/category/business/real-estate/ TV-G 63016882 Proposed hotel incentives need to be amended to protect Chatham County taxpayers http://chathamjournal.com/2016/08/11/proposed-hotel-incentives-need-amended-protect-chatham-county-taxpayers/ Thu, 11 Aug 2016 14:36:04 +0000 http://chathamjournal.com/?p=6805 by *protected email* Siler City, NC – Chatham County will receive public comments at its August 15, 2016 session on one-time incentives for a proposed 100-room hotel in Pittsboro (story here). Hotel officials have stated that incentives are needed to…

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by *protected email*

Siler City, NC – Chatham County will receive public comments at its August 15, 2016 session on one-time incentives for a proposed 100-room hotel in Pittsboro (story here). Hotel officials have stated that incentives are needed to make this a viable project, due in part to being the first hotel in an untested market. The proposed “recommended incentive level would refund the hotel the following percentages of annual property taxes over the first five years before ending in Year 6:”

Year 1 – 90%
Year 2 – 80%
Year 3 – 75%
Year 4 – 75%
Year 5 – 60
Year 6 – 0%

I would suggest that the order of percentage change be reversed. Or at least that the rebate only begin with the opening of the hotel.

hotel signIf starting with 0% that would require that the hotelier have adequate capital and be rewarded later for successful operation. Sure, it’s a new market, but venture capital takes a risk for promised reward, and the county will reward the capital risk if they stick it out long enough to be successful.

Understand that with the proposed 90% rebate the first year the hotelier is asking the taxpayer to take more of the risk with them. May be worth it to all of us.

This uncertainty is what risk is. “The hotel would be part of the Russet Run development, a phase of Chatham Park developed by the Eco Group.” “include the hotel as well as a brewery, senior living center, movie theater and grocery store.” How bound together is all this, and does the property tax incentive include the property taxes of any or all of the other entities?

Are Russet Run and Eco Group created so either may avoid the tax liability or abandon the debts of the other?

The concern is if the hotelier is doing this with “Other People’s Money” it is a lot easier to abandon the project and take ‘other people’s money’ and move on to another project. If they have more skin in the game, they will be more likely to stick it out rather than leave us with a white elephant.

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The rush in on to zone all of Chatham County before the November elections http://chathamjournal.com/2016/06/29/long-range-planning-sessions/ Wed, 29 Jun 2016 13:20:18 +0000 http://chathamjournal.com/?p=6573 By *protected email* Goldston, NC – I attended the Goldston community input session for the long-range planning committee put on by the Chatham County Long-Range Planning Committee. Did you attend? No, I didn’t think so, based on the turnout. You…

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By *protected email*

Goldston, NC – I attended the Goldston community input session for the long-range planning committee put on by the Chatham County Long-Range Planning Committee. Did you attend? No, I didn’t think so, based on the turnout. You could have attended any time between 5 and 7 pm, and you gave up an opportunity to have a say in the county’s direction. There were maybe 30 citizens at the Goldston meeting.

chatham comprehensive planTrusted sources tell me that turnout was low across the three sessions at Pittsboro, Chapel Hill, and Goldston. Sources also tell me that the Pittsboro session included posters and information about zoning in the County. Apparently that generated so much interest that it was not presented at the Goldston session. When asked why, county staff reportedly responded that it would confuse the citizens, and that they only wanted input on the long-range plan.

At the sessions there were posters about county wealth and income distribution, housing, transportation, environment, and recreation. Citizens were invited to place sticky notes with their comments on the posters. County staff were friendly, knowledgeable and very open to input from those attending. At least one commissioner was at each session. Hopefully we as citizens of the county will be able to see comments were given to the county staff, and before they have been homogenized by consultants and approved by the commissioners.

I keep wondering why the push for zoning so quickly. I don’t see a lot of developers anxious to build McMansions in the southwest part of the county. Why? Perhaps because it is 30 miles to the nearest Wal-Mart!

The composition of the commission may change from the extreme liberal to more conservative in the November elections. After that, the zoning process may become more open to county input and may not fit current commissioner desires.

As always, follow the money. If zoning R1 and R5 is in place, anyone wishing for a variance will have to request permission from the board of commissioners. Permission requests cost money to file, perhaps additional money for legal fees, certainly for inspections and permits. Is the zoning push really a means of gaining more funds for the county which can then be spent by the commissioners on their particular priorities?

Overheard at the Goldston event was a comment that what we need is smaller government and more churches. How profound!

This information and more is posted on Raymond’s blog at countrylivingpolitics.blogspot.com

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The Retreat at Haw River development sold to Flying Crown Ranch LLC for $4.2 million http://chathamjournal.com/2016/06/22/retreat-haw-river-development-sold-flying-crown-ranch-llc-4-2-million/ Wed, 22 Jun 2016 20:37:52 +0000 http://chathamjournal.com/?p=6529 Pittsboro, NC – CBRE|Raleigh has announced the sale of The Retreat at Haw River, a 646.69 acre master-planned residential community in Pittsboro, NC. The property sold on June 10 for $4,200,000 to Flying Crown Ranch LLC. Cary real estate investor…

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Pittsboro, NC – CBRE|Raleigh has announced the sale of The Retreat at Haw River, a 646.69 acre master-planned residential community in Pittsboro, NC. The property sold on June 10 for $4,200,000 to Flying Crown Ranch LLC.

Retreat at Haw River

Cary real estate investor Tim Smith is a partner in the Preston Development company that is developing the 7,200-acre Chatham Park. He formed the new limited liability corporation, Flying Crown Ranch, and purchased the undeveloped land along the Haw River across from Chatham Park. Smith claims the Retreat at Haw River land deal is separate from his holdings with Preston.

The Retreat at Haw River is an approved 395-lot single family residential development located off Bynum Ridge Road in Pittsboro. The site includes over 10,500 linear feet of walking trails and over 427 acres of open space, with a community pond, garden and amenity center. Located along the Haw River, the property offers aesthetically pleasing riverfront views with convenient access to Chatham Park, Fearrington Village, the University of North Carolina at Chapel Hill, Jordan Lake and the overall Triangle region.

The sale consists of four parcels totaling +/- 646.69 Acres. It is currently zoned R-1 & R-5. The site plan approved is based on Conservation Subdivisions Alternate Standards for Development, which allows the development density to be increased by ten percent as long as the minimum of forty percent of the area can be retained as conservation space. Of the retained conservation space, a minimum of eighty percent must be natural space with the remainder open space. Municipal water and private sewer.

The original asking price was listed as $5,950,000.

“Large, entitled, single family deals like this one are becoming very hard to find,” said Chester F. Allen with CBRE|Raleigh. “With all of the explosive growth in Western Wake County, we anticipate seeing more growth in this area of the Triangle.”

retreat at haw river break out

Senior Vice President Barry Bowling, Senior Vice President Chester F. Allen and Vice President Carlton Midyette III of CBRE|Raleigh represented the seller, Crescent Communities in the transaction.

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Briar Chapel breaks ground on new “Veranda” commercial segment http://chathamjournal.com/2016/02/28/briar-chapel-breaks-ground-on-veranda/ Sun, 28 Feb 2016 23:55:30 +0000 http://chathamjournal.com/?p=5839 Pittsboro, NC – Briar Chapel broke ground on the first of its four commercial segments Thursday, February 18 in Chatham County. “After nearly 10 years of strategic planning, this commercial development marks a milestone in Chatham County’s economic growth,” said…

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Pittsboro, NC – Briar Chapel broke ground on the first of its four commercial segments Thursday, February 18 in Chatham County.

“After nearly 10 years of strategic planning, this commercial development marks a milestone in Chatham County’s economic growth,” said senior project manager Lee Bowman.

Briar Chapel’s commercial section, known as Veranda, will have four buildings with approximately 42,500 total square feet.

It will feature restaurants, office space and medical care facilities.

They are planning open Veranda in late-2016 or early-2017.construction

“Not only can Briar Chapel residents enjoy convenient dining and shopping options within a short stroll of their own backyards,” Bowman said. “The creative retail offerings will position Veranda as a destination that visitors from Chatham County and beyond will want to return to time and time again.”

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Chatham-Siler City Advanced Manufacturing Site reaches another site readiness milestone http://chathamjournal.com/2016/01/04/chatham-siler-city-advanced-manufacturing-site-reaches-another-site-readiness-milestone/ Mon, 04 Jan 2016 20:35:43 +0000 http://chathamjournal.com/?p=5572 Siler City, NC -The United States Army Corps of Engineers signed off on an approved jurisdictional determination for the Chatham-Siler City Advanced Manufacturing Site in mid-November. The delineation and verification services were completed by ECS Carolinas, LLP, a geotechnical and…

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Siler City, NC -The United States Army Corps of Engineers signed off on an approved jurisdictional determination for the Chatham-Siler City Advanced Manufacturing Site in mid-November. The delineation and verification services were completed by ECS Carolinas, LLP, a geotechnical and environmental engineering consulting firm, with survey work completed by Bill Durham of Level Cross Surveying.

Chatham-Siler City Advanced Manufacturing Site“With the jurisdictional determination letter and signed survey in hand,” Chatham Economic Development Corporation President Dianne Reid said, “We are able to precisely identify land preparation costs, including expenses for stream and wetland mitigation. This is a critical step in site readiness.”

Stream and wetland identification is a thorough and lengthy process. ECS Carolinas started evaluating the site in May 2013, and completed the first step, stream and wetland determination, in February 2014. After the delineation was complete, precise locations and the extent of surface waters on the site were outlined and verified by a survey. The field delineation began in June 2014. After approximately 18 months, the U.S. Army Corps of Engineers reviewed and signed the site survey plat to complete the approved jurisdictional determination for the site on November 17, 2015. The approved jurisdictional determination is valid for five years.

The U.S. Army Corps of Engineers and North Carolina Division of Water Resources regulate and permit construction of roads and structures that may impact ponds, streams, and wetlands, as determined by the Clean Water Act. With the exact locations of surface waters on the site verified, an end-user can include mitigation and storm water management designs in construction plans without delay.

The Chatham-Siler City Advanced Manufacturing Site is a 1,802-acre, shovel-ready North Carolina Certified Site in Chatham County, North Carolina. In another site readiness step, the boundary survey of the property was recently completed. Visit chathamadvancedmanufacturing.com to learn more.

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Best of Chatham County survey returns http://chathamjournal.com/2015/10/12/best-of-chatham-county-survey-returns/ Mon, 12 Oct 2015 05:19:44 +0000 http://chathamjournal.com/?p=5258 by Gene Galin Pittsboro, NC – The popular Best of Chatham County has returned. You can access the survey immediately at https://www.surveymonkey.com/r/2015bestofchatham Folks are welcome to share the survey URL and encourage their family, friends and neighbors to vote for…

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by Gene Galin
Pittsboro, NC – The popular Best of Chatham County has returned.

You can access the survey immediately at https://www.surveymonkey.com/r/2015bestofchatham

Best of Chatham CountyFolks are welcome to share the survey URL and encourage their family, friends and neighbors to vote for their Best of Chatham.

The survey runs through November 10, 2015.

There’s about 80 categories. You do NOT have to make a choice in each category. Please go through and chose those that you are knowledgeable about. You will be able to go back and forth within the survey before submitting your choices.

This year the results of the Chatham Chatlist Best of Chatham County survey will appear online on the Chatham Journal newspaper web site at http://www.chathamjournal.com. We’ll also appear in print issue of the Chatham Magazine.

The purpose of the Best of Chatham County has always been to help promote local commerce inside Chatham County. Because of that only Chatham County based selections will be included in the final tabulations.

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Chatham residents hosting paid guests must pay occupancy taxes http://chathamjournal.com/2015/06/18/chatham-residents-hosting-paid-guests-must-pay-occupancy-taxes/ Thu, 18 Jun 2015 16:29:40 +0000 http://chathamjournal.com/?p=4110 Pittsboro, NC – AirBnB has taken steps to pay state and some local occupancy taxes on lodging in North Carolina beginning June 1, 2015. More than 400 homes around Chatham County have space listed as lodging options through such services…

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Pittsboro, NC – AirBnB has taken steps to pay state and some local occupancy taxes on lodging in North Carolina beginning June 1, 2015. More than 400 homes around Chatham County have space listed as lodging options through such services as Airbnb, HomeAway and VRBO. These are popular options for visitors looking for affordable or unique lodging that meets specific needs.

Airbnb smartphone appState and local laws require state sales tax and occupancy taxes to be paid regardless of the venue used to market lodging options. The contracts with Airbnb, HomeAway and other services also require hosts to collect and remit all applicable taxes.

If you rent out your home, a room(s) in your home, a cottage or vacation property for at least 15 combined days per year, you are required to collect from your guests a 3% county occupancy tax plus state sales tax. However, if you rent it for a consecutive period of 90 days or more, this is considered a short-term rental situation and taxes do not apply.

According to Margaret Goldston in the Chatham County Tax Office, local homes hosting paid guests should register with the Chatham County Tax Office. A monthly occupancy tax report should be filed on or before the 20th day of the month, along with payment of the 3% occupancy tax by check or money order.

Click here to get more information on the occupancy tax and the reporting form. If you have questions, call Margaret Goldston at 919-542-8224 or email her at *protected email*

After June 1, the NC Department of Revenue will have reports from Airbnb, along with state sales tax payments, so a database of homes doing business through Airbnb will exist.

Neha Shah with the Pittsboro-Siler City Convention & Visitors Bureau (CVB), which serves the entire county, said, “This is an important issue because the more traditional lodging entities, such as bed and breakfasts and hotels, have been collecting the occupancy tax from guests and remitting it to the county. News stories across the state have reported that some traditional entities have been hurt by losing business to those not paying the required taxes.”

As required by law, revenues generated by the occupancy tax must be spent on visitor marketing. In Chatham, the revenues have been used as the sole funding source of the CVB, which markets and promotes these businesses to potential visitors. The CVB has consistently increased visitor spending in Chatham County every year and has won numerous awards for its marketing of local establishments.

People renting out areas of their homes through Airbnb, HomeAway and other such places also may be required to have inspections or permits from Chatham County or one of the towns. For example, requirements related to kitchens, fire safety, building codes, food service, and water and septic systems may apply. For more information on what might be required, contact Central Permitting at 919-542-8230.

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