Win for Internet Sales Tax Fairness

In a win for commercial real estate, the U.S. Supreme Court announced a ruling today that states should be able to require online sellers to collect and remit sales tax on purchases. The National Association of REALTORS® submitted a friend-of-the-court brief in favor of this position, because it helps create an even playing field between brick-and-mortar retailers and online businesses. In the case, South Dakota v. Wayfair, Inc., the Court ruled that the “physical presence” requirement which previously controlled is out of date in an e-commerce era.

NAR’s position is that online retailers today have an advantage over brick-and-mortar stores. Brick-and-mortar stores must charge sales tax on purchases while the obligation to collect taxes in online purchases does not fall on the retailer.

Access the decision

Posted in Industry, Legislative, Technology

Matthews Considering Small Area Plan Zoning Overlay Districts

The Matthews Town Board this week held a public hearing on a proposal to create a new Zoning Overlay District that would make the land use and development policies in three Small Area Plans enforceable on all new development, regardless of whether or not a rezoning is involved.

REBIC spoke against the proposal, as did a small group of property owners who shared our concerns about the restrictions the Overlay would place on their property. The Overlay would impact all parcels in three Small Area Plans adopted by the Town between 2014 and 2017:

While a Land Use Plan serves a policy guide, a zoning overlay district has the force of law on all property in its defined geography, and supersedes any zoning rights in the underlying district. The proposed Overlay District would incorporate policies ranging from building design to lot setbacks, and apply to both new development and redevelopment in all three Small Area Plan geographies.

REBIC told members of the Town Board that the scope of the proposal necessitated careful review by both property owners and members of the development community, and warned that the portions of the ordinance could violate North Carolina law.

The Board of Commissioners agreed to extend public comment on the overlay district until July 9th, and agreed to schedule a work session next month to more closely discuss the proposal. REBIC will continue to work with the Town of Matthews to ensure the interests of the real estate industry are represented.

Posted in Industry, Local

SiteIndex Subscription Renewals Due by June 28

SiteIndex is a member-only benefit that provides up-to-date information within the region while being committed to remaining effective and economical.

Renew your subscription by clicking the link below to access the CRCBR web portal. Click here to view commonly asked questions. SiteIndex subscription is a CRCBR member only opportunity.

Or copy and paste this link into your web browser:
https://crcbrportal.ramcoams.net/Login.aspx?ReturnUrl=%2f

NOTE: All payments MUST be received by 5:00 pm Thursday, June 28 to avoid an interruption in your subscription.

If you have questions about paying your subscription online or printing your invoice, click here for detailed instructions or contact Sheila Favuzza, Membership Coordinator, at 704-940-7381 ext. 107.

Posted in SiteIndex, Technology | Leave a comment

Members on the Move

Send us your News and Transactions
Did you know that the Members on the Move post is our most viewed and reaches over 1,000 CRCBR members in our Voice Highlights newsletter? We are always looking to recognize our members for their achievements. Please send any recent news or transaction information to thevoice@crcbr.org.


Congratulations to the following CRCBR members on their recent achievements:

Gibson Smith Realty Co. – Kevin Doherty
Kevin Doherty, a Broker Associate with Gibson Smith Realty Company, represented East Bay Farms, LLC and Kershaw Investments, LLC on the recent sale of their 100,000 sf industrial distribution center located at 8610 Air Park West Drive, Charlotte, NC in the Air Park West Industrial Park. The former Trane building included 8.63 acres and SOLD for $7,150,000.

MPV Properties and Northwood Office – Robbie (Branstrom) Adams, and Stephen Pharr
Northwood Office announces that popular Baja-style concept Cabo Fish Taco is coming to Ballantyne, located in front of the Brigham Building at 11625 N. Community House Road. Cabo Fish Taco will be located adjacent to Potbelly Sandwich Shop, which announced its third area location in February 2018. Potbelly is scheduled to open this fall, and Cabo Fish Taco is targeting a late-fall opening. Robbie (Branstrom) Adams and Stephen Pharr with MPV Properties represented Cabo in their lease.

Posted in Local, Members on the Move, Membership | Leave a comment

Welcome New CRCBR Members

We are proud to introduce our new association members! The following is a list of individuals who have joined CRCBR since June 6th:

  • Lee Allen, REALTOR®, JLL
  • Doug Irmscher, Corporate Associate – Office/Industrial, Beacon Partners
Posted in Local, Membership | Leave a comment

Leadership Class Member Spotlight: Jaime Boast

CRCBR’s Leadership Class offers an exclusive opportunity for members to become successful and build relationships with the goal of becoming future leaders of our organization and the commercial real estate industry. This year’s class is made of up eight participants. Here’s a little about one of them, Jaime Boast.

Name: Jaime Boast

Company Name: JLL

Current position/Industry Specialty: Senior Associate, Tenant Representation

Years in the industry: Commercial Real Estate (12), Brokerage (1.5)

Hometown: Born in Omaha, Nebraska but for the most part grew up in Northern Virginia.

Most satisfying part of your job: Meeting new people and learning about them and their business.

Last book you read: The Subtle Art of Not Giving A F*ck by Mark Manson

Favorite vacation spot: Hawaii – tie between the Big Island and Kauai because they are so incredibly different.

Favorite restaurant in Charlotte: Good Food on Montford

Hobbies/Interests: Traveling (I don’t get to do nearly enough of it), anything outside (usually kids sports these days), foodie, beer lover, Hokie Football fan.

One thing on your bucket list: Norway to see the Northern Lights

If you could have lunch with anyone (living or dead) who would it be and why? My grandfather. He passed away before I fully grasped what he accomplished in life and the impact his big personality had on everyone he met.

What you like best about CRCBR: The ability to build a relationship with a person you may be negotiating with one day and partnering with the next.

Posted in Leadership Spotlight, Local, Membership | Leave a comment

Looking Forward Through The Rearview Mirror

By George Ratiu, Managing Director of Housing & Commercial Research, NAR

We find ourselves in the ninth year of economic expansion, with most indices pointing in an upward direction. According to the Expectations & Market Realities in Real Estate 2018 report, published by Deloitte, the National Association of REALTORS® and Situs RERC, most global economies toiled under sunnier skies over the past year, with about 75 percent of countries experiencing gains.

In the U.S., gross domestic product has been expanding steadily, boosted by a combination of higher consumer spending, rising business investments, and solid export activity. For consumers, the pace of job creation and wage growth spurred increased optimism, which led to higher spending. Employers added 2.2 million new jobs to payrolls during 2017, bringing the 2010-17 total number of new jobs to 17.8 million. The unemployment rate declined from 4.8 percent in January of 2017 to 4.1 percent by January of 2018. For perspective, the unemployment rate clocked at 9.8 percent in January 2010, not far from the Great Recession-high of 10.0 percent. Just as importantly, employment gains over this period have been broad-based, across most sectors.

The pace of economic gains was also reflected in the Federal Reserve’s monetary policy actions. The Federal Open Market Committee voted for three rate hikes during 2017, citing the low unemployment rate and signs of upward pressures on inflation. The Consumer Price Index (CPI) moved in a narrow range most of the year, around 2.0 percent, according to the Bureau of Labor Statistics. However, the cost of housing — both rent and owners’ equivalent rent, which comprise about a third of the CPI—advanced at a faster clip during 2017, averaging close to 3.5 percent. In addition, the Fed also moved toward further monetary tightening, when it announced in October of 2017 that it would commence divesting some of its $4.5 trillion in assets starting in 2018, by allowing maturing bonds to roll off its balance sheet without reinvesting the payments.

Commercial real estate matures

For commercial real estate fundamentals, the economic gains translated into solid demand for space. While the performance of each property sector offered more nuances in 2017, on balance, commercial markets recorded rising rents, placing cash flows at the center of shifting investor expectations.

This shift in investor expectations was a defining characteristic of the commercial real estate landscape in 2017. While the bifurcation in investment trends continued along valuation lines, with pricing reaching new highs and interest rates moving higher, investors refocused their strategies away from returns based on appreciation gains and cap rate compression, and toward cash-flow-centered returns.

The refocus was evident in transaction volumes and pricing. Investment volume in the large cap space closed 2017 with $463.9 billion in transactions, a seven percent decline from 2016, according to Real Capital Analytics (RCA). This marked the second year of sales declines. Sales volume declined in each of the four quarters, with the last one posting a 13 percent drop.

Click here to read more.

Posted in Industry