More million-dollar homes coming to Chatham as area booms

Article posted by Triangle Business Journal

A new subdivision with luxury homes is coming to a part of Chatham County that's growing fast.

The first plat for Valiant Reserve will have 19 lots on a little more than 23 acres off Lystra Road north of Fearrington, site plans reveal. Chris Ehrenfeld, who owns Bold Development Group in Chapel Hill, estimates homes will start at about 3,000 square feet and will be worth more than $1 million each.

Demand for luxury homes in Chatham County is growing along with the county's population, but supply hasn't been keeping up.

“So we expect it to sell out pretty quickly,” Ehrenfeld said about the new lots, adding they should be available starting in early 2024.

The subdivision is located “right at one of the gates to Governors Club,” he said, and has easy access to U.S. 15-501 – a corridor booming with development. The lots are wooded, and a few back up to a stream and stream buffer.

“It’s just a really pretty piece of real estate,” Ehrenfeld said.

Plans for the project were initially presented at a May 2 public hearing and approved by the Chatham County Board of Commissioners on June 20.

The subdivision is midway between Chapel Hill and Pittsboro, close to the Chatham Park development, a master-planned community slated for 22,000 homes at full buildout.

Chatham is bustling with development as semiconductor company Wolfspeed (NYSE: WOLF) and Vietnamese automaker VinFast plan to open manufacturing facilities in the area, bringing with them a bevy of jobs. The county’s population grew nearly 5 percent between April 2020 and July 2022, according to U.S. Census Bureau estimates, from approximately 76,270 to 79,864 people.

Investors are taking note, hoping to capitalize on the area’s growth — homebuilders are buying land in the area, and new industrial and commercial retail developments such as the Apex Gateway project are in the works.

Originally published by Triangle Business Journal.