Are All Surveys Created Equal?

September 13, 2011

Recently, I assisted in the sale of a building located in Downtown Raleigh.  Since the owner purchased the building in the early 1950s, there have obviously been numerous changes in downtown.  Adjacent properties were sold several times throughout the years, and each time the new buyer needed an updated survey for their closing.  

During this particular transaction, I took the time to sit down with what I consider to be one of the most detailed surveyors in Wake County.  He spent several hours with me digging through piles of paperwork that he had uncovered through his research for the subject property.  Most of the paperwork consisted of recorded neighbor surveys stating a legal description of the property lines and a recorded map.  

I was shocked to see the countless mistakes he discovered from careless survey work. One neighboring property is legally described to be three feet within the right of way along one of the streets of Raleigh.  However, the attached map showed the building to be within the property boundaries.  

In a totally different situation, I was involved in the sale of some land in the Research Triangle Park. After a detailed survey was completed, the buyer discovered the property actually consisted of an additional acre not advertised and shown on an old survey.  This was an immediate return for the buyer.

I also recently heard about an incorrect survey in Cary that led to a $30,000 settlement by the new property owner.  That had to be painful.

Moss Withers, Broker, NAI Carolantic Realty, mwithers@naicarolantic.com

If you are buying a property and in the midst of your due diligence, I encourage you to give careful consideration to the quality of the work performed by the surveyor. Obviously receiving the right plat is critical to the process.  But also consider a survey as an insurance policy for the future and it might save you many headaches and countless dollars down the road.  I have come to realize that all surveys are not created equal.

 

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Pad Sites

November 4, 2010

Recently, I have helped several clients find “pad sites” for their operations.  Pad sites can be described as smaller pieces of rough-graded real estate found frequently in the front of shopping centers and strip malls.  Pad sites, also known as outparcels, typically range in size from a half an acre to two acres.  These sites have utilities in place and are primed for construction.  Banks, casual dining, fast food restaurants, and convenient stores top the list for end users of pad sites. 

Many pad sites are in prime locations with good visibility, and consequently are generally priced accordingly.  Current research in the Triangle area indicates one-acre parcels ranging from $300,000 to over $1,000,000.  For pad sites, the phrase “location, location, location,” rings very true as it relates to the sales price. 

Moss Withers, Broker, NAI Carolantic Realty

If your firm is considering expanding or relocating and your particular need requires a pad site, please don’t hesitate to call us at NAI Carolantic.  We have the experience, a wealth of information, and would like to be of service.


State of the Research Triangle Region

May 27, 2010

Moss Withers, Broker, NAI Carolantic Realty

I was fortunate to attend the annual “State of the Research Triangle Region” presentation this morning at the Sheraton Imperial.  Approximately 800 of the area’s leading business executives attended the breakfast as a great way to network and understand what has taken place over the past year in the Triangle corporate community.  Charles Hayes, President and CEO of the Research Triangle Regional Partnership, gave the audience an in-depth look at the region’s economic health and competitive position for the past year.  He also discussed areas of focus for the community moving forward. 

“Despite the one-year employment decline, the region posted a net employment gain of 50,000 over the past five years, with the fastest-growing jobs in healthcare, professional and technical services and educational services.  These job categories reflect the strength and growth of the region’s world-class life sciences and technology clusters, particularly pharmaceuticals and advanced medical care, as well as its major healthcare facilities and many institutions of higher learning,” said Hayes.  “The new year has brought signs that economic recovery is underway.  Through the first quarter of 2010, companies in life sciences, technology, defense and other industries have announced more than $65 million in investments for projects that will create another 900 jobs over the next few years.”

NAI Carolantic Realty was pleased to provide RTRP with the latest commercial real estate statistical information as it relates to vacancy, absorption, rental rates, and new construction for the office, multipurpose and shopping center categories.  As brokers, we often use the information RTRP has organized and provided as another marketing and analytical tool for both current and potential clients. 

For additional information on the presentation this morning, contact the Research Triangle Regional Partnership office at 919-840-7372 or visit them on the web at www.researchtriangle.org.  If we can be of assistance in analyzing your real estate position, please give us a call at 919.832.0594, or visit us on the web at www.naicarolantic.com.