In this video, Eric reviews past and present land values for vacant lots in Chapel Ridge. As of 2019, many of the lots on the Gold Course are going for around $80,000. However, the topography is a factor that can increase or decrease the value of a lot of land. Average non-golf course lots are selling for around $45,000. Lots have sold for $13,000 – $25,000 in the past when real estate values were low. Originally, many lots sold for 75k – 150k. Prices have been steadily increasing for a while now. This is a great golf course community in Pittsboro, North Carolina.
Speaker 1: What is land worth in Chapel Ridge?
Speaker 2: It’s all over the place, but if you want the most generic of things, lot prices have gone up. I think, I’m guessing our average non golf course lot right now, somewhere between 40 and 50. I think 45 is probably average. Then on the golf course, those are probably around 75,000, so 50% more. The sad thing about that is that back when the development first started, people were probably paying an average of 75 or 80,000 for a non golf course lot, and they were probably paying 120 to 150 for a golf course lot. We’re not up to the original prices yet, but much, much better than they were just a few years ago. Some of them got down into the teens.
We sold one, I think, for $13,000. We sold several of them. For a long time, we were in the mid twenties, high twenties. They have bounced back. Not only do you want to be concerned with whether or not you’re on the golf course in Chapel Ridge, but topography is a big situation too. A lot of people from the northeast and California that are moving here love them some basement lots, but basement lot is code for not great topo, so if that’s a feature you want and you have the grade to do a basement, that’s good because that’s a lot of extra square footage. People really love their basements. Technology’s gotten better in North Carolina where we can make non cinder block basements that don’t leak. People really … There’s a lot of basements in Chapel Ridge, but you need to be concerned with how much dirt you’re moving.
Of course, everybody wants a nice front yard and a nice backyard, and so that’s harder with some of the steeper lots. Then the other thing is where in the subdivision you are. We have these retention ponds and some of them are nice, and some of them aren’t nice. Then Chapel Ridge is a privatized wastewater treatment system. There are fields in Chapel Ridge that are used to semi treat the effluent. It’s not such a big deal in Chapel Ridge. I think we see more of it in the preserve or whatever, but there’s some of the lots there, some of the homes that are closer to the smell. It’s not a strong smell, and it’s only periodically, but that’s something you should be aware of in Chapel Ridge. You should definitely, before you sell or buy a lot in Chapel Ridge, you definitely need an agent that is familiar with a subdivision because not all lots are created equal.