With Vietnamese carmaker VinFast set to begin production in their new Chatham County, North Carolina manufacturing plant in 2024, can residents expect to see a rise in real estate prices? Local realtor Eric Andrews discusses the impacts this new neighbor may have.
Speaker 2: It already has. I mean, it is, it might be the single biggest impact I’ve ever seen on land prices. I mean, I was around when they were buying up land for Chatham Park. I remember this little old man came in, and I mean this is a time when land in the Pittsboro area was worth like five to 6,000 an acre, and he’s like, he came in with a piece of paper and his hand was shaking. He just gotten offered 20,000 an acre for a piece of landlocked land. But it was, I mean, it was in the middle of what Chatham Park had already bought. So he did well with that, but that’s the kind of impact that we’re seeing in Moncure right now. I mean, almost, almost immediately, it seems like it wasn’t many months ago that Moncure I mean, Moncure’s a great location.
Moncure is between Sanford and Raleigh. It’s right off of US 1, it has a lot of industrial zoned land already, and it has a little town and again, right off of US 1 or whatever. So it wasn’t long ago that land was 10, 15,000 an acre. It just skyrocketed, almost overnight. It’s like 25 to 30,000 an acre on average right now. So it’s had a huge impact. Not only has that plant had an impact on Moncure land prices, but like there are three big tracks, just in the last month in Pittsboro that went under contract. There’s a 176 acre track, and two 400 acre tracks that just went under contract in Pittsboro this month. You know, you have to wonder whether or not that was impacted by that plant, VinFast. And then I just listed a large piece of land on the Wake County, Chatham County line.
This is wonderful thing you’d need to know about real estate. You think it’s going to go this way, and it ends up going this way. I knew for a fact that 90 acres I listed was going to be a residential subdivision. And the vast majority of the calls I’m getting is warehouse space because that land on 64 on the Wake/Chatham line is between Moncure eight miles and RDU, like eight miles. So it’s like right in the middle, is perfect for them. And so we’re getting calls for that on warehouse base. So yeah, having a huge impact already on land prices, but not just in Moncure all throughout the area.