Pittsboro NC Real Estate Broker Eric Andrews talks about future Chatham Park neighborhoods and if they’ll have an HOA or not. Very interesting information to know if you’re considering purchasing a house in Chatham Park.
Speaker 1: Will Chatham Park have an HOA?
Speaker 2: So I’m actually on the realtor advisory council for Chatham Park and they called us in a couple weeks ago to discuss this issue. And they’re still in discussions, there’s some debate, but they’re probably going to do some special assessment fees instead of having a homeowners’ association. So a lot of these smaller neighborhoods or luxury neighborhoods will have a gated community, they’ll have their own homeowners’ association, they’ll have their own swimming pool and their own fitness center. And Chatham Park says, no, we’re not going to do that. We’re going to emphasize walking trails, sidewalks, and parks, and all of these parks and sidewalks and trails are actually going to be owned by Pittsboro. Well, the way to make that an affordable expense is they’re going to have what’s equivalent of a deed of trust, a bond on the property. So depending on how expensive your house is, you’ll have either say a $25 or a $50 or a $75,000 bond on the property. So you’ll be paying $50, $75, $100 a month for this special assessment fee.
But once it’s paid for, it’s done and it’s transferable. So two years down the road, you want to sell your house, well then someone else gets that bond too. So, these are parks and trails and sidewalks that are owned by the City of Pittsboro. But in order for them to be affordable, there has to be an overall expense. So we’re not going to have HOAs where there’s going to be a little fitness center or swimming pool. They plan on having a large YMCA in the middle of most of what’s going on in Chatham Park. So when these companies come in and take down these subdivisions and whether or not they’re going to actually …
It’s really, really a neat concept. So instead, we have Research Triangle Park and Research Triangle Park is a bunch of companies that have come to a large acreage center in RTP and then we have all these residential subdivisions around it. Well, it looks like what Chatham Park’s model is is they’re going to have these companies come in and they’re going to have their own residential subdivisions around them with different levels of housing. We’re going to have apartments, condos, town homes, some mid-range homes, and then some expensive luxury homes. But no HOA, no homeowners’ association, which homeowners’ associations are quasi government. It’s an overlay on your property rights and not everybody’s really into them. We’ve discussed before in some of our other videos how people don’t have the right to mow their own yard because they’re in a particular homeowners’ association or they can’t have chickens or whatever. So this is going to be homeowner association free, but they’re going to do special assessment fees and I think it’s an interesting concept.