Chatham
Land Transfer Tax
County Commissioners
are asking the State for approval of 1 percent land transfer tax on
the sale of property in the county. The tax would be used to fund
school construction and infrastructure improvements associated with
residential growth. Commissioners agreed to repeal the impact fee
of $2,900 that is currently applied to all new residences if a land
transfer tax is granted. County officials estimate that $7.08 million
per year would be generated from an additional tax. For
full story, click
here.
Council
to Devote Session to North West Chapel Hill Development
Chapel Hill Town Council agreed
to devote an entire work session to reviewing development issues in
the North West part of Chapel Hill centered on the intersection of
Weaver Dairy Road and Martin Luther King Jr. Boulevard. Approximately
100 residents attended a January council meeting to oppose the Residences
at Chapel Hill North development due to concerns about traffic and
the likelihood of future development projects in the area to follow.
Citizens asked the town to invest resources in creating a small area
plan for the region, which can often take one to two years to complete.
Town council will review this topic in early March.
For the Chapel Hill Herald’s coverage of this
issue, email jdervin@carolinachamber.org.
Chatham
Commissioners Deny 90-Home Project
Chatham
County Commissioners were unanimous in their vote again a proposed
90-home subdivision on 144 acres of land off Lystra Road. Commissioners
expressed concern over developing such hilly terrain and the negative
impacts that runoff from the project would have on nearby streams.
The vote stands apart from recent history of approvals from the previous
Board of Commissioners. At the same meeting Commissioners approved
an additional subdivision by RLA Development Co. that would create
50 lots on 87 acres off of Mount Gilead Church Road.
Email jdervin@carolinachamber.org
for original News & Observer article.
Chapel
Hill Approves Lot 5 Agreement with Ram
Chapel
Hill Town Council authorized the Town Manager to finalize the development
agreement with Ram over the mixed-used development of Lot 5 in downtown
Chapel Hill. Under the agreement the town will limit its financial
obligation to $7.245 million for the construction of 330 parking spaces
while Ram proceeds with a project that will create 137 residential
units (21 would be affordable) and nearly 28,000 of retail/commercial
space. Council discussion turned away from the scale of the project
and affordable housing to energy efficiency. Council authorized the
Town Manager to negotiate terms so the project achieves a 20 percent
reduction in carbon emissions. Ram will come back to the Town Council
before March 20th to apply for a special use permit.
Greenbridge
& University Village Projects Receive Mixed Reviews
Affordable housing
was at the center of the debate before Chapel Hill Town Council concerning
Greenbridge Development and University Village. Though most citizens
who attended the public hearing spoke in favor of Greenbridge, it
hit a stumbling block over the town’s affordable housing initiative.
Currently the town requires projects to reserve 15% of total units
for affordable housing or submit a payment in lieu to support existing
affordable housing initiatives. Greenbridge met resistance over their
plan which included providing some units on site and purchasing lots
in the North Side neighborhood to build future affordable units. University
Village, renamed 54 East, was well received by the Council for pledging
to secure 30% of the projects units for affordable housing. Developer
Roger Perry also pledged to levy a 1% transfer fee on all units to
go toward the upkeep of affordable units. For the News and Observer's
coverage of this story, click
here.
For the Chapel Hill Herald’s coverage of this
issue, email jdervin@carolinachamber.org.
UNC
to House Employees at Carolina Commons
The UNC Board of Trustees approved a
site plan for the Carolina Commons development, which would provide
housing for University faculty and staff on 62 acres in Carrboro.
150 single family homes, townhomes and condominiums would be built
in the area of Carrboro off Homstead Road between Lake Hogan Farms
and Fox Meadow. The University would own and lease the units to employees.
Currently the project would fall under the umbrella of Carrboro’s
proposed residential construction moratorium, although University
officials expect to submit plans later this month to the town before
the public hearing on a moratorium. For
full story, click
here.
Hillsborough
Condos Endorsed by Planning Board
By a 9-1 vote the Hillsborough Planning
Board recommended the Town Board approve rezoning and special-use
permit requests for the Courtyard at Sinclair Station. The project
would build 20 condominiums across from town hall in Hillsborough’s
historic district. Opponents have submitted a protest petition which
requires a super majority of the Town Board to green light the project.
Hillsborough is feeling the pressures of growth as the Mayor unveiled
Hillsborough’s strategic growth plan to address traffic congestion,
extending water and sewer lines and repairing old infrastructure.
For
full story, click
here.
The
Triangle
Triangle
Home Sales
January 2007 Average Closing Price
| Orange |
- |
$342,815 |
| Wake |
- |
$242,275 |
| Durham |
- |
$201,172 |
Number
of Single & Multi-family Homes Sold
January 2007
| Orange |
- |
94 |
| Wake |
- |
1,250 |
| Durham |
- |
274 |
State
Homeowner
Insurance Rates Increase Moderately
The cost for
insuring a home in North Carolina will increase by an average of 5.4
percent according to a settlement between the North Carolina Department
of Insurance and the North Carolina Rate Bureau. In Orange, Durham
and Chatham Counties the rate will increase 2 percent, while coastal
communities will see upwards of a 25 percent increase. For example
a $100,000 home in Orange County will pay an additional $14 to pay
$455 per year. Durham City and Raleigh residents will see a 3 percent
increase.
For the Chapel Hill Herald’s coverage of this
issue, email jdervin@carolinachamber.org.
Counties
Push for Special Option Tax Authority
With
the start of the new legislative year, State Legislators are approaching
the General Assembly to approve various local funding options for
capital campaigns. The proposal of a half-cent county sales tax for
school construction appears to be most popular with elected officials.
Measures by officials in Haywood, Davie, Lincoln, and Gaston have
all been introduced individually. Representative Doug Yongue (Scotland
County) is introducing legislation that would grant all counties the
right to levy a one-half cent sales tax for public school construction.
Source: North Carolina Association of REALTORS®,
Inc.
Hackney
Elected New House Speaker
By
a vote of 68-52 along party lines, Joe Hackney was officially elected
House Speaker on the General Assembly’s first day back from
winter recess. Representative Hackney takes over from Representative
Jim Black of Mecklenburg who served four terms as speaker. Representative
Hackney will likely push forth a Democratic agenda based on teacher
salaries, healthcare, managing environmental resources and addressing
the state’s fiscal condition.
Upcoming
Events
NCAR
Legislative Day
The
2007 North Carolina Association of REALTORS® Legislative Day on
April 18th. You will have the opportunity to meet with legislators
in their offices. More than 400 REALTORS® attended last year’s
event.
The
N.C. Association of REALTORS® will pay the cost of renting a van
or bus for groups of REALTORS® who plan to travel together. Contact
Mary Catherine Rouse at 800-443-9956 (ext. 305) or at mrouse@ncrealtors.org
for more information or to arrange group transportation.
Links
Town of Chapel Hill
www.townofchapelhill.org
Town of Carrboro
www.townofcarrboro.org
Town of Hillsborough
www.ci.hillsborough.nc.us
Orange County
www.co.orange.nc.us
Chatham County
www.co.chatham.nc.us
TMLS Statistics
http://trianglemls.com/tmls-stats.html
