After 13 years of land acquisition and planning, Preston Development is about to unleash Pittsboro’s “800-pound gorilla” known as Chatham Park. Preston Development is known locally for their high-end residential communities of Preston and the Prestonwood Country Club, MacGregor West, Wessex, Weston Estates, Camden Forest, Magnolia Woods and Stanton Place.
Chatham Park is a 7,000+ acre technological Live-Work-Play community bounded by the Haw River on the North and East, Highway 15-501 and the town of Pittsboro (pop. 5,000) on the West, and Rte. 1 and Sanford to the South. Think of it as a more integrated and “suburb-urb” version of Cary combined with RTP.
The theme is integration and harmony of work, home, and social life. Clusters of multi-use structures offer the convenience of residential living (22,000 homes) in close proximity to retail, restaurants and other amenities. The development will be broken up into four or five villages that are made up of neighborhoods. A new bridge over US Hwy 64 Bypass connects the North Village Phases now under construction.
Thale’s Academy, a K-12 private school emphasizing strong character in its students, and with campuses in Raleigh and Apex, is now under construction. Swimming pools and fitness facilities will also be in the mix. Green features include Smart-meters (for electrical-use monitoring), purple pipe for recycled water, car charging stations, and park-like open spaces. Build-out is planned over the next 12-14 years.
The Vineyard is the first residential area of North Village beginning sometime in 2018 with approximately 650 single-family detached homes and townhomes. Among those first offerings will be 25 traditional single-family homes with prices starting at $375,000, along with 31 cottages (850– 1,250 square feet) starting at $225,000. To date, only the cottages have been officially approved by Pittsboro for construction and builders have yet to be designated. This enclave of homes comprises the heart of the Park, and is walkable to downtown Pittsboro. (See Map)
Eco Group, a joint venture of John Fugo of Montgomery and Kirk Bradley of Lee-Moore Capital Company, is developing MOSAIC, the commercial phase of Chatham Park. The master plan for MOSAIC will encompass an $800 million, 350-acre mixed-use development featuring restaurants, grocery store plus other retailers, banks, a movie theater and a 120-room Hampton Inn.
It will also have 320 apartments, 120 of which will be for residents 55 and older. Construction will take about 3 years for this commercial phase. Fritsch Milling and Sizing, a German tech/manufacturing company, has chosen Chatham Park as the home of their new United States office and represents the first technology business to commit to the Park.
Preston has already constructed a 25,000-ft. office building on Grant Street, housing several tenants, including Chatham Park, R. B. Fitch, MHAworks Architecture, and WithersRavenel Engineering. UNC Heatlhcare has also constructed a building near the northern entrance to the Community in cooperation with Chatham Hospital and UNC Hospice.
Penguin Place, developed by Ron Strom of Chapel Hill, will open soon near the intersection of Hwy 15-501 and Hwy 64 Bypass, across from the entrance to Northwood High School. Penguin Place consists of over 14,000 square feet of retail and restaurant space, including The Root Cellar Restaurant’s second location.
Some Chatham County residents say they are still worried about all the changes happening around them, including the effects on water, open space and traffic. A group called Pittsboro Matters raised about $100,000 to sue the town of Pittsboro over Chatham Park, but a judge dismissed the case. Elaine Chiosso, Haw Riverkeeper, and member of the Haw River Assembly, is still sharing her concerns about the loss of thousands of acres of forested land. “It’s an enormous impact on the Haw River and Jordan Lake to have a new city built on the watershed and this close to the Haw River and Jordan Lake.” (Kay Trogdon – N&O – 7/17)
A professional realtor is your best ally in buying or selling a home, no matter what the season. When it comes to the real estate market, we stay on top of the numbers and we want you to be knowledgeable too. Check out the update to date market stats on Chapel Hill, Carrboro, Hillsborough, Durham, Pittsboro, Raleigh, Wake Forest and Cary, Apex and Morrisville
If you are interested in learning about available properties in the greater Triangle area, visit us online. Call us today at 919-928-5131 or e-mail us at [email protected] for additional information.
[cta id=”13980″ vid=”1″]
You might be familiar with Zillow. “The leading real estate marketplace” that allows you to search through millions of for-sale and rental listings.
Zillow provides a huge wealth of information on all kinds of properties, all over the country. Many people turn to Zillow to look at property values and check out features of a home they’re interested in. Zillow’s property values are called “Zestimates “. Zestimates are an estimated market value for an individual home. These estimates come from a special algorithm designed by statisticians for Zillow. While it’s a starting point to determine a home’s value, Zestimate aren’t appraisals. Zestimates can also create a prediction of a home’s Zestimate a year from now based on current information on a property. These Zestimate forecasts also work to create an estimated monthly rental price.
The Zestimate takes into account information like special features, location, and market conditions. However, it’s important to remember to take other information into account, too, when comparing properties. You want to consider a comparative marketing analysis from a real estate professional, an appraisal, and actually visiting the house. A Zestimate can not tell if one house has an updated kitchen or bathroom, or a screened porch or outstanding landscaping. These are things that take “boots on the ground” to see and evaluate.
Accuracy of the algorithm of Zillow’s Zestimate software depends on location, and availability of data in a certain area. You’ll find some counties with much more information on houses like number of bedrooms, bathrooms, and square footage while some counties have none of that information. The algorithm has a median error rate of 5%. Here’s a great example to explain that number. In Seattle, Zestimate for half of the homes are within 4.9% of the selling price, and half are off by more than 4.9%. Zestimates are within 5% of the final sale price 53.9% of the time.
What does that information look like within North Carolina? As of February of 2017, let’s take a look.
North Carolina Zillow Accuracy
- Zestimate Accuracy: “Best Zestimate” with four stars
- Homes on Zillow: 363,200 homes listed
- Home with Zestimates: 321,500 homes listed with Zestimates
- Within 5% of Sale Price: 57.3%
- Within 10% of Sale Price: 82.6%
- Within 20% of Sale Price: 93.6%
- Median Error: 4.3%
- Zestimate Accuracy: “Tax assessor’s value” Unable to compute Zestimate accuracy
- Homes on Zillow: 48,300 homes listed
- Home with Zestimates: 44,300 homes listed with Zestimates
- Within 5% of Sale Price: None listed
- Within 10% of Sale Price: None listed
- Within 20% of Sale Price: None listed
- Median Error: None listed
- Zestimate Accuracy: “Fair Zestimate” with two stars
- Homes on Zillow: 34,400 homes listed
- Home with Zestimates: 25,800 homes listed with Zestimates
- Within 5% of Sale Price: 45.6%
- Within 10% of Sale Price: 66.7%
- Within 20% of Sale Price: 77.8%
- Median Error: 6.1%
- Zestimate Accuracy: “Best Zestimate” with four stars
- Homes on Zillow: 103,100 homes listed
- Home with Zestimates: 87,000 homes listed with Zestimates
- Within 5% of Sale Price: 52.2%
- Within 10% of Sale Price: 71.7 %
- Within 20% of Sale Price: 85.2%
- Median Error: 4.6%
So, what does this information mean? Most houses in North Carolina are on Zillow. What’s more is that most of the houses in Wake, Durham, and Chatham counties have Zestimates. However, Orange county homes don’t have Zestimates at all. While 48,300 homes are listed on Zillow in Orange county, there isn’t any information to describe the home values of the area. This is a great example of why we can’t rely on Zestimates alone to appreciate the value of a home.
In Chapel Hill
There’s no shortage of beautiful properties for sale in Chapel Hill. Of course, some of them are listed on Zillow. Consequently, they have a Zestimate on their listing page. While many of the homes have Zestimates, there are many in Chapel Hill in Orange County that don’t. A home off of Hayden Pond Lane in Chapel Hill with 3 bedrooms and 3 bathrooms at 2,500 square feet is listed at $498,000. However, there’s no Zestimate for the property; we can only tell it was sold prior in 2011 at $483,500.
Zestimates tell you something. They’re starting points of information, and they can help shed light on to the values of homes. However, they’re not as accurate as looking at true comparable sales, and making adjustments for the differences between properties.
There are several things the Zestimate won’t tell you, especially in an area like Orange County where there isn’t a lot of data regarding the percentage of houses sold within 5, 10, and 20% of their list price. The Zestimate won’t tell you about the local amenities near the property you’re looking at. It won’t be able to provide insight on construction prices and actual costs of items such as an extra bedroom in a comparable home.
A great source for neighborhood information is a local realtor or real estate professional. Real Estate Experts can help! Here, our company has provided the most current Triangle-area listings, hot off the press. You’ll want to visit us daily to check out new listings, as well as market trends, property tax data, school report card information, and more.
As always, give us a call at 919-813-6449 for more information about all things real estate!