by Colette Marcellene Ether, REALTOR® | Apr 26, 2021 | Business, Home Buying, Home Selling, Real Estate
Today Apple announced a new campus, bringing $1 Billion and 3,000 jobs in technology like software engineering and machine learning to Wake County in North Carolina.
Apple’s expansion will be located in North Carolina’s Research Triangle area, which gets its name from nearby North Carolina State University, Duke University, and the University of North Carolina. Apple CEO Tim Cook and COO Jeff Williams have MBAs from Duke. Apple senior vice president Eddy Cue, who is in charge of the company’s online services, graduated from Duke.
The campus will be 1 million square feet on the Wake County side of RTP, on tracts of land straddling N.C. 540 near Cary and Morrisville. It will run on 100% renewable energy, the company said. The new North Carolina campus is part of the company’s plan to invest $430 billion and add 20,000 new jobs across the United States in the next five years.
Apple will also establish a $100 million fund to support schools and community initiatives in the greater Raleigh-Durham area and across the state, and will be contributing over $110 million in infrastructure spending to the 80 North Carolina counties with the greatest need — funds that will go toward broadband, roads, and bridges, and public schools. When up and running, Apple’s investments are expected to generate over $1.5 billion in economic benefits annually for North Carolina.
This is exciting news for the Triangle and just the sort of boost our region needed to help increase the pace of available homes in a tight housing market. Many locals have been hesitant to sell and upgrade due to concerns over economic stability and uncertainty as a result of the pandemic, resulting in record-low inventory. An increase in demand from approved and eager buyers, many with large sums of cash, continues to drive the market in favor of the seller.
How this Apple expansion may impact you:
Home prices will continue to rise, resulting in an increase in equity [yay for sellers and current homeowners]. Housing demand will continue to impact buyers and benefit sellers. However, the economic boost to our local economy will provide the stability potential sellers need to feel confident about listing their homes–resulting in an increase of available homes, thus leveling out the competition for both buyers and sellers. This won’t happen overnight, though.
This is good news for buyers feeling defeated in the hot North Carolina housing market. A continued interest in the Triangle from builders will help offset the limited resale pool.
The Bottom Line
Now is an even better time than ever to buy or sell a home. This is not just a thing Real Estate Agents say to get your business. The data is real and it supports this statement now more than ever. If you are thinking about selling, send us a text or give us a call. We are ready to help you list your current home, help you make some serious cash on your sale, and help you get into that dream home you’ve been saving for!
If you are a buyer eager to gain leverage over your competition in this tight market, text help me buy or give us a call.
We look forward to helping you!
All my best,
Colette
by Colette Marcellene Ether, REALTOR® | Oct 6, 2019 | Business, Real Estate
Week one: I’m just here for the cookies.
I knew opening day would be absolute madness and I had zero interest in participating in any of it. However, after touring the beautiful Triangle Parade home hopping, I found myself within a reasonable distance to check it out.
I mean, what self respecting native Rochesterian wouldn’t? For clarity, I am NOT A FAN of crowded events at all. I knew this would be more of a get in, grab the cookies, and get out type of situation and not a leisurely grocery shopping tour. But as I got closer the excitement started to build.
Despite the elbow to elbow crowd, it was oddly comforting. Folks like me who grew up with or who had the opportunity to shop at Wegmans understand what I am talking about.
The Wegmans shopping experience is unparalleled and their tagline says it all “Every day you get our best”. Nothing is left to chance. They adhere to the highest standards from the parking lot to the restrooms.
A little bit of Wegmans history
Wegmans is a family owned company, founded in 1916, headquartered in Rochester, NY. Danny Wegman is chairman; Colleen Wegman, his daughter, is president and CEO. Danny’s daughter Nicole Wegman is sr. vice president. Robert Wegman, Danny’s father, was chairman until his death in April 2006.
Brothers Walter and John Wegman (Robert Wegman’s father and uncle) learned the food business by working in their parents’ store in Rochester. John peddled fresh produce from a pushcart, and in 1916, he opened the Rochester Fruit & Vegetable Company, which marks the beginning of Wegmans Food Markets.
Walter joined him a year later. Robert Wegman assumed leadership of the company in 1950, guiding it until his death in 2006. For a more in depth overview of the company’s history, check out their origin timeline.
Quality and Choices
Wegmans understands the importance of knowing where your food comes from and seeks out family farms near their stores that share their values and commitment to high standards. With over 400 family farms, Wegmans is able to offer their customers the freshest and best quality ingredients close to home.
With over 50,000 to 70,000 products (in the largest stores), compared to an average of just over 40,000 (according to the Food Marketing Institute) in most supermarkets. Wegmans offers more than 4,000 organic products throughout the store. Stores run 75,000 to 140,000 square feet in size, with spacious aisles.
From the hot bar to the burger bar, and prepared foods ready to heat up, they have a little something for every budget and every taste. Be sure to sign up for a Shoppers Club account to get exclusive offers and coupons, and check out Wegmans own branded products–which tend to be less expensive, high quality, and rival pricer options.
Wegmans Strategic Growth Plans
Wegmans is a regional supermarket chain with 100 stores: 46 in New York, 18 in Pennsylvania, 9 in New Jersey, 12 in Virginia, 8 in Maryland, 6 in Massachusetts, and 1 in Raleigh, North Carolina with a plan to build 3 more before 2023.
With over 9.2 billion in sales in 2018 and 49,000 employees, Wegmans ranked 28th on the 2019 Supermarket News list of the Top 75 Supermarkets based on sales volume. Ranked #3 on FORTUNE magazine’s 2019 list of the 100 Best Companies to Work For, Wegmans has been on the list every year since it began in 1998, and in 2005, ranked #1.
The decision to put down roots in NC is a game changer for both Wegmans and our local market. Wegmans is highly intentional with every decision and the choice to build their 100th store in Raleigh is just the beginning.
In a recent Triangle Business Journal interview, President and CEO Colleen Wegman explained the decision to open six new stores in the triangle area, noting this scale and pace for a single market is much faster than usual for the company.
“We’re placing a big bet here. We’re excited about the market and hope they like us there. It’s a big deal for us.”
The Triangle area checks all the boxes, with the two biggest metrics being population growth and quality of education–things the Triangle has in abundance.
Colleen Wegman says higher education correlates closely with interest in food, and as a grocery store that sells higher-end food products, Wegmans is looking to invest in areas where people are willing to spend more on better food. Read full story here.
The West Cary location on Davis Drive and Airport Boulevard is expected to open sometime in 2020, and five additional locations in Cary (Cary Towne Blvd.), Chapel Hill, Wake Forest, and Holly Springs to follow.
Community
With 475 + new jobs at the Raleigh location and five more stores on the horizon–Wegmans is a big player in our job market and our local economy.
From scholarships to community service, Wegmans has a proven history for giving back to the community.
What does Wegmans have to do with Real Estate?
Everything! OK, I’ll admit my opinion may be a little biased. One thing is certain, Wegmans expanding to our market will have a major economic impact on our area, and they chose the Triangle because of its existing strength and potential.
For a refresher, check out #7 on our list of top-level things that experienced investors consider when they look for properties to invest in from an earlier post titled Real Estate Investing – A Strategic Approach.
In addition to population growth and education, Wegmans says this area is simply a great place to invest, with an eye for innovation, a healthy economy and a population of warm and caring people.
Another obvious contributing factor–land. Glorious undeveloped land. We have a lot of it. And the areas that are already developed are ripe and ready for re-development.
“It’s such an innovative place (and) such a welcoming community,” Colleen Wegman says. “Everyone’s so warm and friendly, interested in food and culture and interested in people.”
Along with its plans for the grocery store, Wegmans has bought scores of acres around the immediate site and worked with local developers to create mixed-use hubs surrounding the store.
These often include retail space and residential space, transforming the development into a walkable community for residents, workers and customers alike.
“There’s a huge convenience aspect to it,” Danny Wegman says. “It really helps us make it a place people are comfortable going and hanging around.”
Rest assured, if a Wegmans is headed your way–prepare yourself for change and great things to come.
If you’d like to learn more about available properties within a reasonable drive or walking distance to the new or future Wegmans locations, give us a call.
All the best, Colette
