8 minute read
Local Realtors on Affordable Communities | By Jason Reagan
BRRI and subsidiaries now have seven office locations throughout the High Country Creating an Affordable Community Starts at the Grass Roots By Jason Reagan
Waking up amid the luscious beauty and tranquility that is the High Country is a dream for many—from former tourists to alumni from Appalachian State. The perfect mix of climate, scenery, recreation and friendly folks makes this region one of the most sought in the nation.
However, for many would-be residents, that dream is just outside of reality thanks to a lack of affordable housing—not just affordable in terms of lower-income demographics, but even for those who may be considered middle-income.
Consider these factors:
The High Country Association of Realtors notes that “low real estate inventory is directly affecting the high sale prices and low total sales we are currently experiencing locally.”
The association reported only 279 homes sold in July, compared to 373 sold last July amid the pandemic lockdown.
Median sales prices rose to $357,000 in July, a 27.5 percent increase compared to last year.
Not only are there not enough houses but those that are available are more expensive than ever. “The cost of new home construction and affordable housing has sky-rocketed and is becoming out-of-reach for many members of our community,” said Allison Jennings, CFRE, Director of Development for W.A.M.Y. Community Action and former Resource Development Director for Watauga Habitat for Humanity. Supply remains a serious problem, fueled by a lack of new skilled carpenters, electricians and plumbers. Add into this mix the turbulence of the pandemic, and it’s easy to see why solving this problem occupies the hearts and minds of many government and business leaders.
Local Solutions
Many local residents have found unique ways to target the problem of affordable housing. For example, an area campaign by Watauga Habitat for Humanity called the Big Kahuna has raised more than $230,000 to support housing programs. In 2019, Northwestern Housing Enterprises helped fund a unique project, transforming the Historic Ashe Hospital in West Jefferson into an eclectic downtown multifamily apartment building.
However, not every effort has ended in success. In 2018, the Boone Town Council voted to disband its Affordable Housing Task Force citing a lack of staff and funding. The town may yet consider developing a community land trust that would develop homes within the “sweet spot” price range for young professionals with families—between $250,000 and $350,000.
A Realtor’s Perspective
Within the real estate community, forward-thinking firms like Blue Ridge Realty and Investments (BRRI) are leading the charge in trying to build and sustain a more affordable community.
Founded in 1981, BRRI offers residential, resort and commercial real estate services in collaboration with their subsidiary, Blue Ridge Professional Property Services, which provides innovative property management and rental services.
With deep roots in the local community, BRRI served as the original developing office for Sunalei Preserve and Yonahlossee Resort and Club, and also represents properties in some of the most well-known regional developments, including Apple Creek, Boone Fork Camp, Eagles Nest, Echota, Firethorn, Headwaters at Banner Elk, Raven Cliff, Red Fox Ridge, River Ridge, Silverstone Farms and Yonahlossee Saddle Club.
One way BRRI is tackling the supply issue is through innovative preparation. “One advantage we had [last year] is we had inventory,” co-owner Bill Aceto said. “So, our agents do a great job of listing properties. When the crisis hit in June, it was like a rocket ship took off in our market,” he added, citing work-from-home, second-home and vacationer clients seeking a refuge from larger cities during the pandemic. “We were better prepared to capitalize on that opportunity because we had listings. There were plenty of buyers, but not enough inventory [for many realty companies]. And we’re still seeing that today. Very limited inventory.”
In addition, said Aceto, “There are multiple offers; buyers are getting a little frustrated with that. So as a company, we’re looking for ways to create more inventory.” One way has been by contacting owners
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AFFORDABLE COMMUNITY: continued from page 91
of BRRI’s single-family rentals that they manage and listing some of those for sale, taking them out of the rental pool. “It’s creating inventory, so it’s a good synergy there.”
Last year, BRRI offered health insurance to all employees, something very few private real-estate companies are able to do.
“This has become a very competitive market and it’s competitive against the big franchises, it’s competitive against the big corporations and competitive even with other industries,” Aceto said. “We compete with industry outside of real estate for quality people, everything from accounting, to leasing, to office management, to administrative support.”
For BRRI co-owner Todd Rice, offering healthcare to employees is another way to ensure the growth of a sustainable demographic of families and young professionals. “We’re very pleased that we were able to extend healthcare to all of our 40plus employees when you include both the realty and the management side, offering full benefits. This makes us very unique as a company. And we have employees that … this has become a career for them within real estate.”
That commitment to relationship doesn’t stop within the walls of the office, BRRI maintains local relationships dating back decades—from partnerships with Appalachian State athletics to sponsoring local non-profits such as OASIS, Habitat for Humanity and area Humane Societies.
“We think one way to help improve affordable housing would be [to focus on] infrastructure—for the county and the towns to work together to create opportunities for people to tap on to the city services,” Aceto said. “How do you eliminate or make things more affordable? You reduce regulations, but smartly. There are some regulations that are there to protect the community, but others are there that just create barriers to affordability.”
Rice adds, “Local government likes to talk about affordable housing and the need for it, and the best way to achieve that is to relax restrictions that would allow smart development to expand.”
Towards that end, BRRI encourages its agents to get involved on local boards, give back to nonprofit organizations, serve on committees and other entities “where the decisions are being made,” Rice said. For example, BRRI is working with local, state and national agencies to continue to build more and better broadband opportunities across these mountain communities.
People First
Aceto and Rice believe in investing in local people with local roots—parents with kids attending local schools, couples who commit to dining and shopping locally. People who understand the real estate markets in Blowing Rock may differ markedly from the market trends in West Jefferson or Banner Elk.
“We’ve been focused on these markets within the High Country and we’re very boutique-like but as a company as a whole we have a lot to offer to our clients,” Rice said. We’re independently owned and operated and we’re proud about that.
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CML carolina mountain life
Tamara Seymour
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