It’s not uncommon for us to be bombarded daily with all of the negative news out there.  This politician did this, the economy could be turning for the worse, this market is down, that market is down.  We can all relate to these headlines having an impact on our daily lives and these would lead you to believe there is nothing positive in the works.  As someone who is always trying to be as informed as possible on our real estate market and the economic factors that influence it, I want to know why the news stations are not shouting from the roof tops about Opportunity Zones!?! So what are Opportunity Zones? Proposed in 2017, evolved through 2018, and still finalizing the details in 2019, this is a tax incentive created with the intent of encouraging investment in specified areas that have been identified as in need of commercial investment for development and redevelopment.  This incentive will allow investors to place their investments that are subject to capital gains tax into a Qualified Opportunity Fund (QOF) and defer their payment on those taxes as well as reduce or even delete all further gains on that investment from being taxed if held for a long enough term. Can you give us a “thousand foot” view of what this would look like? Bob decides volatility of the current stock market is a bit more risky than he would like so he decides to pull his funds out.  Bob’s tax advisor tells him […]

Its certainly no secret Asheville has been growing by leaps and bounds in recent years which inevitably has created a shortage in inventory for both homes for sale as well as multi-family rental units.  In recent years this has translated to not only record median single-family home prices but also some record multi-family property sales. With this recent history, it should be no surprise that we just beat another record for multi-family. The Asheville Exchange apartment complex sold recently for a record-breaking $56.5 million only a year after being completed.  This 312 unit garden style development sold to Passco Companies based out of Irvine, California. This translates to a per unit cost of $181,000 with a projected CAP Rate of 5.5 and is the highest price ever paid for a rental property in Asheville. Personally, I always try to have my finger on the pulse of the multifamily market, it’s always interesting to see out of town large scale multi-family developers going through the due diligence of site selection and then following through on such a complex and high dollar build.  It is, however, an entirely different animal when you start to see such investment changing hands so quickly for a record-setting number. These types of transactions I believe are a good indicator of the level of national long term confidence in our market that I feel should fuel a great deal of optimism within our local market.   Such transactions obviously raise questions on the future of affordable housing […]

What is it? In 2018 the Asheville department of planning and urban design started with its proposal for a comprehensive plan to transition key areas of the city into what they call “Urban Centers”. The overall goal is to create a new zoning category to add value through denser land development patterns that also support a more walkable landscape as well as being more public transportation friendly. What is happening at the moment with this idea? In phase 1, properties would be rezoned to Urban Place zoning district… the plan is to continue to develop the zoning details over the coming months. Keep in mind this will prevent property owners from making changes that would not comply with the new zoning…more on that later. Following the rezoning, the city staff will develop and refine the zoning details over the course of 6-12 months. In short, this new zoning is centered around the idea of high-density development, in close proximity to urban transit routes with minimal setbacks. Think mixed-use, up to 6 story buildings with multi-tenant commercial spaces at ground level and multifamily units above. As an example, think of areas such as Biltmore Park, Reynolds Village, and Gerber Village. Areas in which you can live, work, and play. Should you not live there then you can conveniently take public transportation to and then easily walk between locations. What will this not allow? A few usages that would have been previously approved for many of these designated areas that will no […]

I grew up in rural North East Ohio near the city of Youngstown.  A place that is the definition of a “rust belt” city. A once-booming steel town that relied on a few very specific industries to sustain its thriving economy and ultimately paid the price for that gamble.  Although I was not born to witness the cities downturn, I grew up in the aftermath. Seeing such a desperate and mismanaged economy through my formative years, one may think it would discourage a business mindset, for me personally however it motivated me.  It motivated me to stand up and make a change. Growing up in a shrinking region with stacking economical and social issues pushed me to dream big and “get out”.  It is no surprise from a young age I became enthralled with aviation and dreamed of one day being a pilot and exploring the world.  I started hanging around the airport at a young age soaking up everything aviation related I could get my hands on. I spent years mowing lawns, working at a grocery store, taking care of a golf course, and washing countless airplanes all while spending every dime on flying lessons.  I ended up earning my private pilots license my senior year of high school and it was a day I will never forget. I did forget to mention a job on that list that ended up being incredibly impactful on my future.  From a young age, I had always enjoyed getting my hand on […]