Curious Chatham: How will Chatham Park impact home prices?

More

Downtown offices of Chatham Park, in Pittsboro. Photo by Ryan Alderman/Our Chatham

A lot of you have been asking about Chatham Park. We hear you. 

This week’s question comes from Jo Ann Beal. She asks “What are the pros and cons of Chatham Park as related to other Chatham County property values/appreciation in the next five years?”  

In terms of home prices, the news seems to be good. 

According to data from Zillow, the online real estate database company, home prices are expected to rise by 2.9 percent in the next year, from the current median of over $293,000 to more than $301,000. 

Linda Jacobs, a 29-year real estate agent for Advantage Commercial in Pittsboro, is optimistic about home prices. 

“Chatham Park is going to cause the real estate values to just absolutely jump big time in Chatham County,” she said. 

One way that Chatham’s home prices may increase is if the demand for these homes remains higher than the supply. Jacobs said Chatham Park will provide the community some homes priced between $300,000 and $425,000 – which are currently in high demand – as well as lower- and higher-priced options. 

“There’s just not enough of it to supply the demand,” Jacobs said. “When you get something that you can list for that range, before 24 hours is up, you will have a laptop full of offers that you have to comb through with your seller.”

Despite the positive numbers and outlook, some residents, like Moncure resident Brian Moore, still remain skeptical of the development. 

“For us, [Chatham Park] does nothing good,” Moore said via text message. “Those of us with family land or have significant acreage will be hard-pressed to shoulder the increased tax burden.”

Chatham County’s 2018-2019 tax rate is $0.6281 per $100 of assessed value. Additional rates apply for property located in towns and special districts.

Moore said the main problem is that the county wants more homes on less land, while having few job opportunities. 

“The county benefits when there is a house on every acre or less, that is the bulk of their tax base,” Moore added. “Everybody sleeps here, but nobody works here with the exception of service-level jobs.” 

Jacobs shared a similar view of the problem, but she said the development will bring jobs and a better workforce to fill them. 

“It’s an egg and a chicken kind of situation,” Jacobs said.  “We actually showed a piece of property to someone that wants to put a business there, in Pittsboro, but there’s not enough of a force that they can feel comfortable that they are going to be able to hire the type of worker that they need, even if they’re offering training.”

Jacobs added: “You had better believe every demographic that is published for the Pittsboro, Siler City area is being watched closely by the very big developers who can help these outfits come in and make a location decision.” 

Some residents, like Cheryl Fayne, are simply hoping for the best. 

“I’ve not given it a lot of thought to the effect of [Chatham Park] on my home value, as I think development in Southeast Chatham is a decade or two away,” Fayne said. “But I’m hoping the value will increase, of course. If someone likes the ‘perks’ of Chatham Park, ie. More retail, entertainment options, restaurants, etc. but still wants land and non-cookie cutter house[s], then our 10-acre lot could be more valuable.”  

As Fayne added, “I guess only time will tell.”

Our Chatham’s Adrianne Cleven contributed to this story.

Leave a Reply

Your email address will not be published. Required fields are marked *