SiteIndex Charlotte Hotsheet – April 26, 2023

Click here to view this week’s SiteIndex Charlotte Hotsheet (also below). View previous hotsheets here.

Want your listings featured?

Simply click the link below and fill out the form with your property details, or email us directly at charlotte@catylist.com. Your listing may be featured in one of our upcoming weekly Hotsheets sent out to hundreds of brokers in Charlotte.

Send in Your Listing

The Promise & Risks of ChatGPT

By David Conroy

Commercial real estate is buzzing about ChatGPT, an AI-powered chatbot that generates human-sounding responses to text prompts. Here are a few examples of the tool’s promise and risks.

The Promise

1. Efficiency. ChatGPT can start a draft document you might need as part of a transaction, generate property descriptions and help with customer service aspects of the job.
2. Low learning curve. Log in and start typing as if you’re texting a person.
3. Image creation. Open AI, which built ChatGPT, can create images. That could mean generating renovation previews, listing photo modifications (be sure to disclose) and stock photos.
4. The right tone. You can ask ChatGPT to describe something in a certain tone—for example, the voice of a commercial broker or social media influencer—and it will do just that.

The Risks

1. Inaccuracy. The results of ChatGPT-created text are 80% to 90% accurate; the danger is, it sounds confident even on the inaccurate parts.
2. Copyright issues. Cases are in the courts about whether work generated by AI can be copyrighted. If so, who owns that copyright—the person who used the tool or the designer of the tool?
3. Lower the bar for quality. Bots like ChatGPT make it easy to turn out fake, computer-generated content.
4. More spam. Spammers will probably use the bot as widely as they do cell phones.

Bottom line: ChatGPT is a cool tool and may jump start creativity. But your experience will be needed to verify accuracy.

David Conroy is director of emerging technology for the National Association of REALTORS®.

SiteIndex Charlotte Hotsheet – May 11, 2023

Click here to view this week’s SiteIndex Charlotte Hotsheet (also below). View previous hotsheets here.

Want your listings featured?

Simply click the link below and fill out the form with your property details, or email us directly at charlotte@catylist.com. Your listing may be featured in one of our upcoming weekly Hotsheets sent out to hundreds of brokers in Charlotte.

Send in Your Listing

Leadership Spotlight – Thomas Hipp

Get to know CRCBR’s members in our Leadership Spotlight series. In an upcoming edition of The Voice, we’re featuring Thomas Hipp of Whiteside Properties. Thomas is also part of our 2023 Leadership Class. Check out our Q & A:

Name: Thomas Hipp

Company Name: Whiteside Properties

Current Position: Vice President

Years in the Industry: 3

Hometown: Columbia, SC

Most satisfying part of your job: The Team at Whiteside Properties.  It truly is the best team I have been a part of. We all encourage each other to be successful and care for each other.

Last Movie You Watched: Top Gun: Maverick

Favorite/Dream Vacation Spot: Safari in Africa is something I would love to do.

Favorite Restaurant in Charlotte: Phil’s Deli in Strawberry Hill – I take my son Hodges every Saturday morning. Phil, Denise, and staff make you feel like family.

Hobbies/Interests: If one could make money knowing useless sports facts, I would be a top producer. I am an avid Gamecock and Atlanta Braves fan.

One thing on your bucket list: To take my son to a game in every MLB stadium. Hopefully he loves baseball.

If you could have lunch with anyone (living or dead) who would it be and why? Anthony Bourdain

What do you like best about CRCBR? The ability to learn from more experienced brokers in the Charlotte community.

What’s something that most people don’t know about you? I am a certified scuba diver.

Members on the Move

MPV Properties

MPV Properties is pleased to announce the lease of 1,008 SF at 1412 East Blvd, Suite F within Dilworth Gardens, located at East Blvd. and Kenilworth Commons. Sushi Bowl+ is an Asian fusion restaurant concepts that crafts beautiful poke bowls. The space has been undergoing renovations since January and the restaurant recently had its grand opening in what is their first location.

Robbie Adams of MPV represented the tenant, and Joey Morganthall of MPV represented the
landlord.

SiteIndex Charlotte Hotsheet – April 26, 2023

Click here to view this week’s SiteIndex Charlotte Hotsheet (also below). View previous hotsheets here.

Want your listings featured?

Simply click the link below and fill out the form with your property details, or email us directly at charlotte@catylist.com. Your listing may be featured in one of our upcoming weekly Hotsheets sent out to hundreds of brokers in Charlotte.

Send in Your Listing

New REBIC Podcast Live! – Learn More About the Global Impact of CLT and American Airlines as you listen to Tracy Montross, Regional Director of Government Affairs for American Airlines

While interviewing Tracy Montross, we discovered some amazing facts about her, and the impact this pivotal airport and airline has on the health of our entire region.  For instance, did you know that at one point during the pandemic our own Charlotte Douglas International Airport (CLT) was the busiest terminal in the world?  It’s a testament to the airline that has helped put us on the world map in terms of attracting, maintaining, and growing business opportunities around the greater Piedmont region.

Charlotte, (or CLT which represents 5% of the entire GDP for the state of North Carolina) is fortunate to serve as American’s second largest hub, connecting us to the world with an average of 560 daily flights, more than 170 destinations, and 23 countries, serving more than 42 million travelers in 2022.  Its regional impact on our economy, huge employment figures, and the way it supports our ability to attract world businesses; this is truly a subject REBIC wants you to know about!

Listen to this very entertaining podcast, here.

New Biden Administration Rule Penalizes Borrowers for Good Credit Scores

Mortgage borrowers with good credit may face higher costs under a new plan from federal mortgage associations Fannie Mae and Freddie Mac.  The firms have released a new Loan–Level Price Adjustment (LLPA) Matrix for loans sold to them after May 1, 2023.  Under the new matrix, borrowers with high credit scores will face higher mortgage fees than before and those with lower credit scores will face lower fees.

• Under the new rules, high-credit buyers with scores ranging from 680 to above 780 will see a spike in their mortgage costs – with applicants who place 15% to 20% down payment experiencing the biggest increase in fees.
• LLPAs are upfront fees based on factors such as a borrower’s credit score and the size of their down payment.  The fees are typically converted into percentage points that alter the buyer’s mortgage rate.
• Under the revised LLPA pricing structure, a home buyer with a 740 FICO credit score and a 15% to 20% down payment will face a 1% surcharge – an increase of 0.750% compared to the old fee of just 0.250%.
• Meanwhile, buyers with credit scores of 679 or lower will have their fees slashed, resulting in more favorable mortgage rates.  For example, a buyer with a 620 FICO credit score with a down payment of 5% or less gets a 1.75% fee discount – a decrease from the old fee rate of 3.50% for that bracket.

We strongly support housing affordability and are on record promoting six specific strategies aimed at achieving just that, but the approach summarized above is misguided and not likely to achieve its intended purpose.

UDO Goes Into Effect June 1 – Four Text Amendments Reviewed

During last night’s meeting, the Charlotte City Council held a hearing on four text amendments related to the soon to be implemented Unified Development Ordinance (UDO).  Since these were introduced several weeks ago, REBIC representatives met with Planning Staff and suggested revisions to the proposed amendments, some of which were accepted, some were not.  This is the first round of changes that will likely be made over the course of the next couple of years.   Here are the details:

• Text Amendment to the Charlotte Tree Ordinance – (1) Adds new requirements for collected civil penalties to only be used to further the purpose, intent, enforcement, spirit, and requirements of the Charlotte Tree Ordinance with regard to the use of collected funds; (2) Corrects numerical and roman numeral sequencing in Articles; and (3) Deletes two unintentional words in one sentence.  
• Text Amendment 2023-056 – Amends the UDO for the use Landfill, Land Clearing, and Insert Debris (LCID) by (1) deleting it as a use permitted with prescribed conditions in all zoning districts except ML-2; (2) modifying the use in the ML-2 zoning district as a use requiring a conditional zoning that complies with the prescribed conditions; (3) increasing the distance between an operational portion of an LCID landfill to 50 feet from any property line; (4) adding a requirement that the actual fill area shall be located at least 300 feet from any Neighborhood 1 or Neighborhood 2 Place Type or an existing residential structure in any other place type; (5) deleting collector streets as a permitted primary vehicular access; (6) adding limited hours and days of operation for the use; (7) adding a requirement for a geomembrane liner and leachate collection system subject to state standards that is equal to or exceeds the state criteria for municipal solid waste landfill units; (8) adding a requirement that the use shall comply with the state groundwater well and surface water requirements for a municipal solid waste landfill; and (9) deleting the requirement for a zoning permit for the use. 
• Text Amendment 2023-057 – Amends the UDO to allow Multi-Family Attached and Multi-Family Stacked development in the CG and CR zoning districts under certain conditions, and to modify the prescribed conditions for the principal use Drive-Through Establishment and the accessory use Accessory Drive-Through (formerly Drive-Through Facility) to limit their use in Centers Place Types.
• Text Amendment 2023-058 – This is a broad “clean up” amendment that corrects errors in the adopted ordinance and will improve functionality.  This is the first of many such amendments that will be proposed over time.  Click this link for a Summary Memo that describes the proposed language changes.  

A final vote on the amendments will likely be held prior to Memorial Day as the originally adopted ordinance becomes effective on June 1st.

Adaptive Reuse Commercial to Residential Conversions Picking Up Steam

We definitely see growing momentum around the country related to adaptive reuse.  In some cases, this involves office-to-residential conversions and in others office to other institutional uses.  You may recall we started beating the drum on this back in November as one of our six strategies related to housing affordability (click here) with the mindset of increased production of housing units would be a positive outcome.

Since that time, we have had an opportunity to talk to a lot of folks who agree that we should see if we can make it work.

One architectural firm in particular, Gensler, has put a ton of effort into the concept.  Click the links below to learn more about how these ideas could become reality.

Gensler Blog – What we Learned

Gensler Blog – Converting Class C Office Space

Gensler Webinar
  
Calculator Presentation

Members on the Move

Colliers

The Colliers Charlotte Industrial Team is proud to announce its latest partnership with Weston to lease their Statesville, NC portfolio. The industrial portfolio consists of 32 industrial buildings totaling 959,175 square feet with vacancies ranging from 7,800 square feet to 40,000 square feet. The buildings are situated less than 5 miles from the major interstate interchange of I-77 and I-40 in the heart of Iredell County.

John Ellis, JD Allen, Grant Miller, SIOR and Rob Speir, SIOR will lead the leasing effort for Colliers | Charlotte.

Leadership Spotlight – Evan Hodges

Get to know CRCBR’s members in our Leadership Spotlight series. In an upcoming edition of The Voice, we’re featuring Evan Hodges of MECA Commercial real Estate. Evan is also part of our 2023 Leadership Class. Check out our Q & A:

Name: Evan Hodges

Company Name: MECA Commercial Real Estate

Current Position: Senior Advisor

Years in the Industry: 5

Hometown: Trinity, NC

Most satisfying part of your job: Building relationships with my clients while helping them carry out their dream of opening a business or investing in commercial real estate.

Last Book You Read: The Storyteller by Dave Grohl

Favorite/Dream Vacation Spot: My favorite is Wrightsville Beach but my dream vacay would be Florence, Italy.

Favorite Restaurant in Charlotte: 300 East – Also, although not in Charlotte, I’ve got to give a shoutout to Heirloom in Belmont, NC.

Hobbies/Interests: Playing music, working out, playing basketball and being outside with my German Shepherd, Vince.

One thing on your bucket list: To see one of my favorite bands perform in a foreign country. Tame Impala in Australia would be amazing.

If you could have lunch with anyone (living or dead) who would it be and why? Michael Jordan. He’s been one of my favorite athletes and role models since I was a kid. I know that lunch with him would be a lot of fun and that we’d share lots of laughs about how people actually think Lebron is better than prime MJ.

What do you like best about CRCBR? Getting to know other brokers that I might not get to meet otherwise.

What’s something that most people don’t know about you? I have 7 tattoos… maybe more by the time you read this.