All posts by Brooke
Raleigh Magazine features Raleigh Union Station
Among the news-worthy items: free meeting space and WiFi access, construction on the lower mezzanine, special events and talks of a 1,700 SF restaurant.
Article: A Fleeting Calm
Smedes York on In Focus with Loretta Boniti
Smedes recently appeared on In Focus with Loretta Boniti, a weekly, statewide public affairs show on Spectrum News, to discuss family owned businesses in North Carolina.
Segment 1: Family Owned Businesses in NC (Part 1)
Segment 2: Family Owned Businesses in NC (Part 2)
Segment 3: Family Owned Businesses in NC (Part 3)
Top 5 Considerations When Drafting a new HOA Budget
With a booming housing market, York’s Association Management team has been busy advising developers on drafting strong, realistic HOA budgets.
You might notice that there are actually 6 takeaways below. No one says “top 6” though….so we went with 5 and you can consider that last one a bonus!
- Get Multiple Vendor Estimates. Increasing labor and material costs mean higher prices for everything from landscaping to pressure washing, maintenance and more. Make sure to get several estimates and carefully consider the level of service your development will need. Working with a management company like York can allow you to save on items such as insurance or waste removal by using their bulk purchasing discounts.
- Set the Assessment to Cover Operating Expenses: It’s very common for new developments to set the assessment at a low rate with the developer funding expense shortfalls while building is ongoing. While the low rate is attractive to new buyers, it will eventually mean a large increase in the operating budget. As you can imagine, increased assessments mean unhappy homeowners, particularly if the increase is substantially higher than the original amount listed in the initial public offering.
- Fund the Reserve Account: Funding the Reserve Account for future expenses in the first and future budgets helps buyers recognize that the association is in good financial standing. We recommend a minimum reserve fund transfer annually equal 10% of the projected assessments, thereby protecting you and the homeowners from underfunded future capital expenses.
- Don’t defer Maintenance. Don’t try to keep your homeowner fees low by deferring maintenance. We recommend routine maintenance inspections are scheduled for your roofs, gutters, common area mechanical systems, lighting, fencing, parking and building exteriors. In fact, most warranties require some type of inspection to keep the warranty validate.
- Expect the unexpected. Even though your development will be new, unforeseen issues will arise. Try to anticipate what might need attention within the first years. In our experience, new developments generally have issues arise around landscaping and pond maintenance Weather related issues that do not warrant an insurance claim can also add up.
- Engage an association attorney to review your documents and budgets. Association Management attorneys are worth every penny to ensure you don’t overlook any items specific to your development.
Black History Month: Awesome Individual Highlight
Meet Brandi Weaver, founder of the WORLD L!T STREET FOOD FESTIVAL:
Brandi is a Charlotte, NC based creative and catalyst for change, championing cross-cultural exchange. She is a Durham native and NC STATE grad, with fifteen-years as an engineer at Duke Energy. She recently traded in her STEM career for a focus on multiculturalism, working to bring the community together across cultural divides. She founded a platform called WORLD L!T where she promotes and curates local cultural events. Its purpose is to highlight the rich cultural fabric of her community and help guide people to opportunities to experience different cultures. She feels very strongly that exposure to persons of different heritage within our own communities can help dissipate the divisiveness of ignorance, and thus make us stronger.
The highlight of her work was the WORLD L!T STREET FOOD FESTIVAL. She founded and produced this event which debuted in Charlotte, NC at Camp North End on September 2019 and attracted over 2400 attendees. The WORLD L!T STREET FOOD FESTIVAL was the manifestation of Brandi’s vision to give people a chance to connect and experience a variety of cultures. The goal was to curate a fun, experience that was enriching for US natives, as well as for those who have journeyed here from afar. Recognizing the challenges (economic and otherwise) faced by newer members of our community, the WORLD L!T STREET FOOD FESTIVAL was designed to give them a taste of home at one of Charlotte’s hottest venues.
Brandi is working to grow this festival to increase its impact on the greater community.
Retail happenings around the Triangle
Our brokerage crew has been hopping! Check out what’s in store:
- Over The Moon Playspace, a children’s educational and entertainment center, has just signed a lease at Village Square Shopping Center in Cary. Look for them to open this summer.
- Gateway Plaza Shopping Center off Crabtree Boulevard in Raleigh has two exciting shops coming soon. In May Arrichion Hot Yoga will open their doors. Later on in the year get ready for Wyatt’s Barbecue. They’ve just leased 5,000 SF of space and we can’t wait to try it out!
- Onward Reserve, a men’s casual clothing store, will have their grand opening in Cameron Village on April 3rd. If you just can’t wait till April check out their website and promo for free ground shipping.
- If you like vinyl records and beer, get ready to be delighted! Hunky Dory, out of Durham, is opening a shop at 111 Seaboard in Raleigh. They’re taking over the former Brew space, ETA 30 days.
- Killjoy, a bar serving tailored cocktail experiences to all, will open in March at 116 N. West Street (just across from Clouds Brewing). More about this unique concept here: https://raleighmag.com/2020/02/bar-for-al
That’s all for now. Stay in the loop about all the good retail updates by subscribing to our monthly newsletter. (Scroll to the bottom of most any page on our site – it’s down there.)
Black History Month: Joe Holt, Jr.
Throughout the month of February, we are shining the light on African-American history and stories here in Raleigh and Wake County.
The excerpt below is from Smedes York’s upcoming book Raleigh: What We Remember, a collection of oral histories from Raleigh natives. Joseph Holt, Jr. is one of the interviewees. We expect Raleigh: What We Remember to hit shelves at Quail Ridge in the second quarter of the year.
Joseph Holt, Jr. family’s trail-blazing efforts on behalf of the Civil Rights Movement and the integration of Raleigh’s school began two years after the U. S. Supreme Court’s Brown v. Board of Education ruling declaring segregation in the nation’s public schools unconstitutional, and one month after the NC General Assembly enacted legislation (the Pearsall Plan) designed to thwart public school integration. … The Holt struggle was a solitary one. They became socially isolated, as many former friends, fearing white reprisals, began to distance themselves from the family. Over the next several years [they] endured constant duress, experiencing intimidation and harassment from angry whites, receiving hate mail and threats on their lives from hate groups, enduring unreasonable demands from creditors, and suffering numerous economic reprisals. His parents even received word that there was a plot to abduct their son. The legal battle the Holts waged in federal court in the form of a suit against the Raleigh City School Board exhausted the family emotionally and physically. The Holt fight ended in October 1959 when Joseph H. Holt, Jr. was in his senior year at J. W. Ligon Junior-Senior High School.
Congratulations Smedes York!
We are thrilled to announce our very own Smedes York is Habitat for Humanity of Wake County’s Honorary Chair for the 2020 Blueprint Breakfast! This year’s breakfast will take place on Wednesday, March 25 at the PNC Arena.
The annual fundraiser draws more than 800 community leaders and has raised more than $2 million to fund the construction of homes in Wake and Johnston counties.
Join us in congratulating Smedes for this incredible honor as he helps to support local families in need of safe, affordable housing!
Cape Fear Seafood Company In Talks of Two More Locations in the Triangle
Franchise owners Eddie Elliott and Matt Wivell recently signed a deal to open two new Cape Fear Seafood Company (CFSC) restaurants in the Triangle, according to The News & Observer. The second location is set to be located in Cary later this year.
The laid-back restaurant specializes in providing exceptional food and service with southern hospitality. The company hails from Wilmington, NC where the first CFSC opened in 2008. There are now three tasty locations in that market and one here in Raleigh. For more on CFSC visit their website: www.capefearseafoodcompany.com.
Welcome Patty Friedman!
We are pleased to welcome Patty Friedman to the Commercial Property Management Division where she will be working as a Commercial Lease Administrator.
Patty, who is originally from Iowa, called Denver, Colorado home for 30 years where she worked in both business management and property management. She moved to Raleigh 9 months ago to be closer to her twin son and daughter. She has a BA in Communications from the University of Denver and holds a Colorado Real Estate License.