North
West Chapel Hill Development
The 2.5 mile
radius around the intersection of MLK Jr. Blvd and Weaver Dairy Rd.
is at the center of the latest Chapel Hill development. The area is
attractive to developers due to the overall limited availability of
land in the Town’s service district, and North West Chapel Hill’s
proximity to major transit corridors. Developers are proposing at
least 1,400 new housing units and roughly 500,000 square feet of commercial
and municipal buildings. Ongoing projects include the Town’s
operations center and the Vilcom Center expansion with major housing
projects waiting to be approved. This development precedes the 8 million
sq. ft. Carolina North Campus. Local residents are concerned over
health and noise problems in proximity to I-40 and the possible strain
on the area’s traffic patterns. For
full story, click
here.
Email
jdervin@carolinachamber.org
for a copy of the Chapel Hill News front page map of developments
in North West Chapel Hill
North
West Chapel Hill Project Delayed
Chapel Hill Town Council delayed
the vote on a special use permit for the Residences at Chapel Hill
North development until February at the earliest. Crosland’s
project called for 123 rental units in a tract situated east of Harris
Teeter between I-40 and Weaver Dairy Rd. Local residents spoke against
the project, calling into question its proximity to I-40, affordable
housing concerns and potential for increased traffic congestion. The
Residences project is also contentious due to the residential rezoning
it requires. Local residents worry that the projects rezoning would
encourage the approval process for University Station, another proposed
300 unit project adjacent to the Residences at Chapel Hill North.
For
full story, click
here.
Town
Asks State to Delay Weaver Dairy Project
Town officials have requested
that the N.C. Department of Transportation hold off on its $15 million
project to improve Weaver Dairy Road. Current plans would realign
Weaver Dairy Rd. with Sage and Erwin roads, add a traffic island at
the intersection of MLK Blvd. and Weaver Dairy and increase bicycle
lanes beginning in 2009. The Town would like to use $5 million of
those funds to upgrade traffic light signals to improve traffic congestion.
If approved the town would have to replace funding in 2011. For
full story, click
here.
Hillsborough
Growth Boundary Process
The Orange County Planning
Board voted to send the first phase of the strategic growth plan on
to the County Commissioners. Officials said the first phase of the
strategic plan involved a technical analysis of Hillsborough and Orange
County growth and that more public opinion will be requested for the
second phase when specific details are defined. Current plans call
for growth boundary around Hillsborough resembling the rural growth
boundary around Chapel Hill. Town officials hope to define areas of
expected growth and infrastructure demands. For
full story, click
here.
Carolina
North Zoning Talks
Mayor Kevin Foy has been given
direction to begin talks with UNC Chancellor James Moeser over a new
zoning district for Carolina North. New zoning ordinances would outline
important features of the research campus including density, buffers
and building specifics. The Town and University entered into similar
talks five years ago to create a new zoning district for UNC’s
main campus. The UNC Board of Trustees has asked Chancellor Moeser
to make an official proposal to the Town by the end of the year. Chancellor
Moeser is expected to present that proposal to the UNC Trustees in
July. For
full story, click
here.
Town
Could Increase Energy Efficiency Standards
Chapel Hill Councilwoman
Laurin Easthom is leading the effort to require more stringent green
building practices on all new commercial and multi-family developments
in Chapel Hill. The Planning Department is working to develop new
regulations requiring all projects to meet LEED Silver certification
focusing on energy efficiency. The issue came up last month as Councilman
Jim Ward voted against proceeding with Lot 5 development because Ram
Corporation could not guarantee the project would meet LEED Silver
certification. Easthom voted in favor of the measure but said she
will vote against the applicant’s special use permit if it does
not improve energy efficiency by 20 percent and meet LEED Silver classification.
For full story, click
here.
Bio-solids
a Problem on Orange/Alamance Border
Epidemiologists
from the State’s Division of Water Quality believe that bio-solids
spread by Burlington were too close to Orange County homes. Current
regulations stipulate that bio-solids spread by truck must be more
than 400 feet from a structure, 50 feet from property lines and 100
feet from wells. Residents refer to the bio-solids as “sewage
sludge” and are reporting health concerns including respiratory
problems, headaches and nausea. State officials are currently reviewing
Burlington’s permit to apply bio-solids to Orange County which
expired in 2004. For full story, click
here.
The
Triangle
Realtors
Rely on Strength of Local Market
While the Greater Chapel Hill market
is not completely immune to the national adjustment in the real estate
market, it has remained relatively healthy according to representatives
from The Home Team speaking to the Chapel Hill News. According to
Home Team Realtors safety, walk-ability and quality of life issues
are highest on home buyers’ lists. Chapel Hill has benefited
from mixed use developments in Southern Village and Meadowmont and
projects centered on transit corridors. Additionally the availability
of lower end homes is quickly disappearing from the local market.
Major growth will continue to happen south of Chapel Hill in Chatham
County with roughly 10,000 residential lots in the approval process.
The Home Team announced it will be opening an additional office in
Chatham County to accommodate the growth. For
full story, click
here.
Johnston
County Seeks Slow Growth Measures
Johnston
County is looking to decrease the allowable size of residential development
to an average of one home for every two acres. Current density for
subdivisions is at one home per acre but up to three homes per acre
are allowed. Johnston County is one of many counties (including Mecklenburg,
Buncombe and Chatham) around the state who have recently explored
measures to slow growth and raise funds for the cost of expanded infrastructure.
Johnston County’s population is expected to reach 160,000 in
2010, doubling its 1990 population. Long term estimates have the county
reaching 750,000 residents. Johnston County Public School officials
say they will need $235 million to keep up with growth in the next
six years and Johnson Community College will need $70 over the next
5 years to keep up with growth. For
full story, click
here.
State
Democrats
Select Representative Joe Hackney for Speaker
North Carolina
House Democrats named Representative Joe Hackney from Orange County
as their candidate for State House Speaker. Representative Hackney
was chosen during a three and a half hour caucus last Wednesday that
had him beating out Representative Jim Crawford of Granville County
and former Speaker Dan Blue of Wake County. Hackney is likely to be
elected when the General Assembly returns on January 24 because Democrats
control 68 of the 120 seats, their largest majority since 1994.
For full story, click
here.
One
Measure Puts North Carolina Tops in Migration
United Van Lines, who owns about 30
percent of the market for moving household goods, reported that more
of its vehicles traveled to North Carolina than any other state in
2006. United Van Lines has tracked moving trends since 1977. According
to the study 62.5 percent of all North Carolina moves were attributed
to inbound migration. South Carolina and Oregon were next highest
on the list. Michigan and North Dakota tied for the most outbound
migration at 66 percent. For
full story, click
here.
Federal
National
Consumer Confidence is up
Consumer
confidence in December shot upward to an eight-month high of 109.0.
Additionally sales of new homes edged up 0.6 percent in November.
The two figures hint that the worst of the housing correction may
be at its end. National median home prices on existing homes fell
for a fourth consecutive month, dropping to $218,000, down 3.1 percent
from last year. The housing market is expected to stay soft through
at least half of 2007, although forecasts have the Triangle exceeding
national expectations. For
full story, click
here.
30-Year
Mortgage Rate up to 6.21%
According
to Freddie Mac interest on 30-year fixed-rate mortgages jumped to
its highest point since November at 6.21 percent. The rate was up
from 6.18 percent the week prior and 6.15 percent a year earlier.
15-year fixed loans were
up 0.02% to 5.96 as compared to 5.71 percent from a year ago.
One-year rates averaged
5.44 percent this week compared to 5.15 percent a year earlier.
Five-year adjusted rate mortgages were at 6.03 percent, up from 6.02
percent the previous week and 5.76 percent during that same period
in 2006.
From the National Association of Realtors
Additional
Consumer
Protection Information from the National Association of REALTORS®
One
source for identity theft occurs with the transfer of personal information
from credit bureaus to third party marketing and credit companies.
You and your customers can opt out of this credit prescreening process
to prevent identity theft. Follow this
link from the National Association of REALTORS® ID Theft Prevention
Site to learn more.
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
