dway@heraldsun.com; 419-6654
CHAPEL HILL -- It was not so long ago that developers were swooping into Chatham County with grand designs for expansive development in what was then considered one of the hottest real estate markets in North Carolina.
That bubble has been rudely popped by an unwelcome recession that has delayed, and in some cases, killed, plans for housing and mixed-use developments, according to Bill Whitmore, president of the Greater Chapel Hill Association of Realtors.
The jarring turnaround in fortunes will be part of Whitmore's presentation at the fourth annual Chatham County Development Briefing to be held at Governors Club from 8 to 10 a.m. next Tuesday. More than 150 real estate professionals, elected officials and business leaders are expected to attend the event, which will focus on the current status and future of residential and commercial real estate projects in Chatham County as well as proposed policy changes affecting development.
Whitmore, who has been studying Multi-List Services real estate transaction trends in preparation for his remarks at the housing conclave, said those interested in how that segment of the market is performing will be able to get up-to-the-minute data by attending the session.
The markers most prominently surfacing over the past few years have been a chilling effect on development.
Whitmore said some companies have concerns because of the recession and others have been affected negatively. That has prompted some to postpone development until financial conditions are more favorable while others have given up and moved on altogether. Some developers were stuck with expensive infrastructure already in place while battling an inability to carry through with the building phase, and still others transferred their interests to other buyers who may try to make a go of the plans at a later date. Still others plunged forward and finished their projects.
Although the information at the session will be useful and timely, Whitmore said it is impossible to predict when frozen lending conditions thaw enough for the boom to resume.
"If we knew that, we'd be living in Key Biscayne with a 70-foot yacht," he said.
Cindy Poindexter, executive director of the Chatham Chamber of Commerce, said based on what she's hearing, new life may be stirring in real estate and economic development interest in Chatham County.
"I think it's getting better. I wouldn't say right now that it's robust," she said.
Adam Klein, vice president of the Chapel Hill-Carrboro Chamber of Commerce, said Orange and Chatham counties have at least one trend in common.
"Last year I did notice that Chatham, like Orange County, saw a major slowdown in home sales above $350,000. Those are the higher end," Klein said. Wake County had a similar situation, he said.
Partnering with the Chatham Chamber for the upcoming event is beneficial for members of both chambers, Klein said.
"We've got a number of members who are in Chatham County," he said. "A lot of our members operate businesses in Chapel Hill but part of the market and customer base is in Chatham County, so it's important for our members to know what's going on in Chatham County ... to know what businesses are going in there and to drive customers to their businesses."
IF YOU GO WHAT: Fourth annual Chatham County Development Briefing.
WHEN: 8-10 a.m. Tuesday. Registration will start at 7:30 a.m.
WHERE: Governor's Club.
WHO: Sponsored by the Chapel Hill-Carrboro and Chatham Chambers of Commerce, Greater Chapel Hill Association of Realtors and Home Builders Association of Durham, Orange and Chatham Counties.
COST: Seats are $25 for members and $35 for nonmembers and includes a full breakfast and event materials.
TO REGISTER: You can register online at www.carolinachamber.org or by calling Laura Morrison at (919) 357-9989.
