Morrisville UDO

Morrisville is one of the fastest-growing municipalities in North Carolina, and is rapidly growing towards its full built-out potential. Town Council recognized the importance of having a document that provides the vision and policies for future growth and development in Morrisville and in 2009 adopted the award-winning Morrisville Land Use Plan. Shortly thereafter, Morrisville retained Clarion Associates to evaluate the current development regulations and recommend ways to improve and consolidate the current regulations into one document. The next step in this multi-year process is to begin updating the Town's development regulations (the actual laws that regulate development) into a Unified Development Ordinance.

What is a Unified Development Odinance (UDO):A UDO is a single document that regulates the future development of Morrisville. It will be a user-friendly document that streamlines the development review process, improves development quality and implements the Land Use Plan.

Module #1 (Draft) - To submit comments on module #1 draft please click on Unified Development Ordinance (comments period for module #1 open until July 27, 2012). All public input will be incorporated into the final draft of the Unified Development Ordinance.

NAR Supports U.S. REIT Act

NAR Supports U.S. REIT Act
A coalition of real estate organizations, including NAR, recently wrote to Reps. Tiberi (R-OH) and Neal (D-MA) thanking them for introducing H.R. 5746, the Update and Streamline REIT Act (U.S. REIT Act). This legislation would make a number of narrowly targeted, but important, changes to the tax rules applicable to Real Estate Investment Trusts (REITs).  These changes will enable them to operate effectively, keep up with market changes, and remain consistent with the decades-old Congressional goal of making professionally managed, income-producing real estate available to investors from all walks of life.
Read the Coalition Letter

You’re Invited: Inaugural Real Estate Summit

The first-ever Real Estate Summit will be held from 9 a.m. to 4:30 p.m. on Tuesday, July 31, at Grandover Resort in Greensboro.  This daylong event is presented by the NC Association of REALTORS® in partnership with the NC Homeowners Alliance, NC Bankers, N.C. Chamber of Commerce, NC Home Builders Association and Leadership North Carolina.  Presenters will include Shaun Donovan, U.S. Secretary of Housing and Urban Development; and highly regarded economists Dr. Don Jud (UNC-Greensboro) and Dr. Mike Walden (N.C. State University and Mark Vitner (Wells Fargo).   Other speakers will include Sue Cole, founder of Sage Leadership and Strategy, former regional CEO of U.S. Trust, and past president of the N.C. Chamber of Commerce.


Attendance is limited to 250, so register today if you’d like to attend.  Individual tickets are $125.  Table sponsorships, which include reserved seating for seven, are $1,250. To reserve your place at this groundbreaking event, click here for the registration form.

Tacquire has announced its 2012-2013 board of directors. The company serves a 16-county area, including the Triangle. Formed in 2010 by TCAR, the Triangle Commercial Association of REALTORS, Tacquire includes a commercial information exchange that tracks office, industrial, retail and specialty space available for lease across the Triangle region, as well as buildings and land being marketed for sale.
“We would like to thank Shane Bull for serving as the founding president and Elizabeth Gates as acting president for the past two years,” says Kathy Gigac, 2012-2013 Tacquire president. “In addition, we are excited to welcome new board members Joaquin Canals, Roger Scott and Allison Wiggs, as well as congratulate Casey Cronce for nomination as president elect.”
Board members will serve through June 30, 2013 and include:
Executive Committee
Kathy Gigac – Colliers International – President
Casey Cronce – Wake County Economic Development – President Elect
Brett Muller – Capital Associates – Treasurer
Elizabeth Gates – Grubb & Ellis|Thomas Linderman Graham – Past President
Re-Elected Board Members
Ed Hoel, Cresa Partners
Derrick Minor, Downtown Raleigh Alliance
Jim Perricone, Partners Commercial Realty
Eric Vernon, Wyrick Robbins Yates and Ponton
Baxter Walker, Colliers International
Moss Withers, NAI Carolantic Realty, Inc.
New Board Members
Joaquin Canals – NAI Carolantic Realty, Inc.
Roger Scott – North Wake Commercial Realty
Allison Wiggs – Hunter & Associates
Tacquire’s search database has been integrated into the websites of six economic organizations:

• Cary Chamber of Commerce (www.caryeconomicdevelopment.com)
• Raleigh Economic Development (www.raleigh4u.com)
• Wake County Economic Development (www.raleigh-wake.org)
• Town of Chapel Hill Economic Development (www.opentobusiness.biz)
• Wake Forest Area Chamber of Commerce (www.discoverwakeforest.org)
• Downtown Raleigh Alliance (www.YouRHere.com).

Announcing an Exciting Offer from American Home Shield® Through NAR’s REALTOR Benefits® Program

Marketing and Business Development is pleased to announce the release of American Home Shield’s new Preventative Maintenance Plan product which can prolong the life of a home’s air conditioning and heating systems.  Through NAR’s REALTOR Benefits® Program, REALTORS® now can save $30 on the purchase of an American Home Shield® (AHS®) Heating and Air Conditioning Preventative Maintenance Plan for their own homes or for any other properties they own. 

A REALTOR Benefits® Program partner for over a decade, American Home Shield knows that a little preventative maintenance can go a long way to protect home heating and cooling systems and help reduce the risk of system breakdowns.

American Home Shield® is a wholly-owned subsidiary of The ServiceMaster Company.  Founded 40 years ago, AHS has over 1.3 million home warranties in force nationwide, and over 11,000 contractors in their service network, leading the industry in delivering innovative home warranty and home maintenance products to their customers.  

The following fact details this partner’s new offer and special promotion available to NAR members.  

What:                        NAR members receive a $30 discount on the purchase of an American Home Shield® (AHS®) Heating and Air Conditioning Preventative Maintenance Plan for their own homes or for any other residential properties they own. 

Status:                       Effective immediately

           

Who is eligible:      All NAR members

Features:                  An AHS® Preventative Maintenance Plan:

§  can increase system efficiency to help lower utility bills

§  prolongs the life of a heating and air conditioning system by providing maximum efficiency

§  offers the option to pre-schedule maintenance visits, so you don’t miss out on timely service

§  can help avert air conditioning/heating system failures

§  can ensure safety and comfort in your home

NAR Member Benefit:     

NATIONAL ASSOCIATION OF REALTORS® members receive $30 off on the purchase of an American Home Shield® Heating and Air Conditioning Preventative Maintenance Plan* for their own homes or any other residential properties that they own.  As an added benefit, REALTORS® who purchase the HVAC plan also receive discounts from 35% to 50% on new filters and 10% off of parts and labor on any elected repair work.

Visit www.ahs.com/nar or call 855-222-0741 and use Promo Code 0741NAR30.

* $30 discount is not available in Texas or Iowa; for pricing available to NAR members in Texas and Iowa, please call 855-222-0741. 

Partner Contact Information:  For more information about the AHS® Preventative Maintenance Plan, visit www.ahs.com/nar or call 855-222-0741 and mention your NAR membership.

NAR Contact Information: 

Kristin Maurelia, Managing Director, Strategic Alliances

312-329-8628

kmaurelia@realtors.org                       

Kenneth Burlington, Vice President, Strategic Alliances, Product Management

312-329-8360

kburlington@realtors.org

NREO Support Letter

On June 11, 2012, a coalition of real estate organizations, including NAR, wrote to Reps. Tiberi (R-OH) and Neal (D-MA) thanking them for introducing H.R. 5746, the Update and Streamline REIT Act (U.S. REIT Act).  This legislation would make a number of narrowly targeted, but important, changes to the tax rules applicable to Real Estate Investment Trusts (REITs).  These changes will enable them to operate effectively, keep up with market changes, and remain consistent with the decades-old Congressional goal of making professionally managed, income-producing real estate available to investors from all walks of life. Below is the letter sent.

June 11, 2012

The Honorable Patrick J. Tiberi                     The Honorable Richard E. Neal

United States House of Representatives          United States House of Representatives

106 Cannon House Office Building                 2208 Rayburn House Office Building

Washington, D.C. 20515                                Washington, D.C. 20515

Dear Representatives Tiberi and Neal:

On behalf of the commercial real estate industry, we are writing to express our support

for H.R. 5746, the Update and Streamline REIT Act (U.S. REIT Act), and to thank you for your

leadership in co-sponsoring this non-controversial, bipartisan legislation.

In 1960, Congress enacted the original tax provisions that created the opportunity for

individual investors to obtain the benefits of large scale, income-producing real estate while

diversifying their investment portfolio. Today, REITs are widely held entities that own about

$900 billion of commercial real estate properties, amounting to approximately 20% of

investment grade commercial real estate in this country. At little or no revenue cost, the U.S.

REIT Act would make a number of narrowly targeted, but important, changes to the tax rules

applicable to REITs to enable them to operate effectively, keep up with market changes, and

remain consistent with the Congressional goal of more than five decades ago of making

professionally managed, income producing real estate available to investors from all walks of

life.

Commercial real estate is an important contributor to the U.S. economy and impacts the

way in which Americans live, work, shop, and carry on business. REITs are a small but

significant part of the larger real estate community. We applaud your efforts to keep the rules

governing REITs up to date to make it easier for investors to diversify their retirement and

savings portfolios, and we fully support H.R. 5746.

Sincerely,

American Hotel & Lodging Association

American Land Title Association

American Resort Development Association

American Seniors Housing Association

Building Owners and Managers Association (BOMA) International

CCIM Institute

CRE Finance Council

Institute of Real Estate Management

International Council of Shopping Centers

Investment Program Association

Manufactured Housing Institute

NAIOP, Commercial Real Estate Development Association

National Apartment Association

National Association of Real Estate Investment Trusts

National Association of Realtors

National Multi Housing Council

Realtors Land Institute

Society of Industrial and Office Realtors

The Real Estate Roundtable

NCAR Needs YOUR Help on SB521 Broker Price Opinions

A major piece of legislation is under consideration in the North Carolina General Assembly and we need your help! Click here to take action. It's Quick and Easy!
Under current NC law, a real estate broker is prohibited from providing a client with a Broker Price Opinion (BPO) for fee unless the broker has a “reasonable expectation” of obtaining the listing on that property. North Carolina is currently one of only 5 states that restrict a real estate broker’s ability to perform Broker Price Opinions. SB 521 – Broker Price Opinions - would change that by allowing a broker to provide a BPO under limited circumstances. A BPO typically includes an inspection of the subject property, relevant neighborhood analysis, local and regional market information and trends, and a description of comparable properties and is prepared by a licensed real estate broker with intimate knowledge of their local market. BPOs provide critical information for decision-making and have been widely adopted as a tool in the mortgage industry due to their timeliness, cost effectiveness, and accuracy.
BPOs are commonly used for:

• Fraud check and additional due diligence on a completed appraisal;
• Internal non-lending purposes such as portfolio valuation and review;
• Due diligence of loan portfolios by buyers and sellers in secondary market transactions and to help establish the purchase and sales price of a portfolio; and
• Due diligence and disposition analysis on distressed loans, including short sales, REO sales, and foreclosure avoidance efforts.

Broker Price Opinions are NOT considered a certified appraisal and do not take the place of one. REALTORS® do not propose taking the place of appraisers. In fact, REALTORS and appraisers complement each other’s services and together meet the needs of the marketplace.
However, BPOs do fulfill a niche in the market not currently being met by other products. For example:

• According to industry estimates, over 10 million BPOs are performed annually across the country.
• 45 other states, most recently Mississippi and Arkansas, allow BPOs to be performed by real estate agents.
• BPOs are also endorsed by the FDIC in the agency’s Loss Sharing Proposal to Promote Affordable Loan Modifications.
• The Federal Reserve Board has adopted BPOs as part of its Homeownership Preservation Policy for Residential Mortgage Assets.
• The proposed expansion would not allow BPOs to be used for mortgage origination or refinancing transactions.

For the reasons above, it is imperative the North Carolina General Assembly pass SB 521 and enable real estate brokers to offer a product that fulfills a market demand. Please click here now to contact your state House and state Senate members and ask for their support of SB 521 – Broker Price Opinions.
Thank you,

Landlord Tenant Law Revisions Bill Headed to Governor

House Bill 493 (Landlord Tenant Law Changes) passed the Senate 49-0 on Monday, and then headed back to the NC House for concurrence on Wednesday, where it received a unanimous vote.  The bill now goes to the Governor for her signature.  NC REALTORS® government affairs staff has been working hard on this bill since the 2011 session when it was introduced by, Reps. Julia Howard (R-Davie), John Blust (R-Guilford) and Shirley Randleman (R-Wilkes), at the request of the NC Association of REALTORS® and the NC Apartment Association.


The bill amends the laws related to the landlord-tenant relationship. It has been NCAR’s goal to address several items of importance to our members, including the eviction process timeline which is often extremely lengthy and greatly increases the landlord’s costs which will subsequently continue to increase the cost of housing. 

Copper Theft

Theft of nonferrous metals (mainly copper) has become an increasing problem  in North Carolina. Criminals have discovered that these metals can be sold quickly and easily for a large profit. No one is immune to this theft and it can cause a great deal of property damage and create serious safety hazards.


The North Carolina Association of REALTORS® supports legislation aimed at stopping or greatly diminishing the number of thefts of nonferrous metals. NCAR is working with a large group from the business community to pursue legislation to address this issue. The legislation would help deter criminals from stealing nonferrous metals as it will cut down on the ease of getting fast money by:

• Requiring metals recyclers be permitted and allows for revocation of the permit after three convictions.
• Adding a penalty for purchasing metals without a permit to go after rogue buyers.
• Requiring only check payments for copper so there is no "fast money".
• Requiring the metals recycler to take a photo of the seller and the metals being bought or sold.
• Protecting the innocent property owners by releasing them from any reasonable civil liability and requires restitution to property owners for the damage done by the thief.

NCAR is hopeful that Senator Warren Daniel (R-Burke) and Representative G.L. Pridgen (R-Robeson) will introduce the legislation this month. NCAR Government Affairs staff has been leading the business coalition and are hopeful to get the members some relief on this issue in the 2012 session. 

Government Affairs Updates: State and National

Landlord Tenant Legislation
During the 2011 session, at the request of the NC Association of REALTORS® and the NC Apartment Association, Representatives Julia Howard (R-Davie), John Blust (R-Guilford) and Shirley Randleman (R-Wilkes) introduced House Bill 493 (Landlord Tenant Law Changes), http://www.ncga.state.nc.us/Sessions/2011/Bills/House/PDF/H493v2.pdf. The North Carolina Association of REALTORS® has worked with legislators and stakeholders to advocate for this bill, which will amend the laws related to the landlord-tenant relationship. It is our goal to address several items of importance to our members including the eviction process timeline which is often extremely lengthy and greatly increases the landlord’s costs which will subsequently continue to increase the cost of housing.

After an exciting round of events in the House, the legislation passed and was sent to the Senate Judiciary II Committee.   The bill passed the Senate Judiciary II Committee unanimously yesterday. It will now go to the Senate Floor Monday night.      

N.C. House Approves Budget
The N.C. House approved a $20.3 billion state budget on Wednesday night after a lengthy, sometimes heated debate.  Once again, five conservative Democrats (Reps. Bill Brisson of Bladen County, Bill Owens of Pasquotank County, Dewey Hill of Columbus County, Jim Crawford of Granville County and Tim Spear of Washington County) joined the Republicans to approve the spending plan. The support of the five Democrats is expected to again provide the three-fifths majority needed to override a veto. The budget bill now goes to the N.C. Senate for consideration.

Congress Raises Concern About Lease Accounting Proposal
Reps. Sherman (D-CA) and Campbell (R-CA) recently sent a bipartisan letter signed by 58 other lawmakers to the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB), urging the accounting standard setters to conduct a comprehensive economic analysis of its recent lease accounting proposal before making a final rule.
Under the proposal, U.S. companies that lease commercial space would be required to capitalize the costs of that lease — similar to as if they purchased the property — instead of recognizing the true costs of the lease transaction.  It is estimated that under current terms, businesses would be required to capitalize over $1.1 trillion in leased real estate assets onto their balance sheets.  For businesses leasing space, especially small businesses, this will change these leases into a major liability.
FASB and IASB will likely be ready to vote on a method to account for real estate leases in June 2012, along with expectations of finalizing their lease accounting overhaul by the end of this year.

Read the Letter