The real estate market in the Winston-Salem area is pretty diverse. There are townhomes and condominiums for sale in the city, cute houses in neighborhoods full of kids and dogs in the suburbs, farmhouses on sprawling acreage just outside the city limits and business properties full of opportunity around every corner. And now Realty One is able to add air rights to that list of potential development opportunities.
Recently Commercial Agent – Nathan Tabor, one of the team of real estate brokers with Realty One, paved the way for a new type of development in downtown Winston-Salem by being the first in the Triad region to list air rights for sale. This type of real estate is already marketed in larger cities such as New York and Denver. It allows a property owner to maintain the rights to the land and the building on that land, but sell the space above the building (or above the land) to a separate person or business. There are two different ways a purchaser might use air rights. One way is to purchase the air rights to a property immediately adjacent to a multi-story apartment of office building. With the proper design, you can build out from the current property, increasing the size of your existing building where previously you might have been locked in due to all the surrounding land already being developed.
Another reason for a person or business to purchase air rights is to protect a view. For example, if a hotel in Winston-Salem can tout to its potential customers that the rooms have a view of Pilot Mountain, but then a developer comes in and builds a high-rise blocking the view, it can be detrimental to the hotel’s value and reputation. Purchasing the air rights could allow the hotel to preserve that view and continue to capitalize on its marketing strategy.
Nathan has introduced air rights to the Winston-Salem market at a great time in the city’s development. Thanks to increased business and residential opportunities, the downtown area has become a very popular place. But there is no vacant land to build new properties on, and the downtown development has helped fill up any properties that were vacant, leaving very little opportunity for new businesses or residents in traditional avenues. The air rights listed through Nathan and Realty One provide a new opportunity for downtown development.
Here at Realty One, we’re always looking for new ways to better meet the real estate needs of the people of Winston-Salem. We’re proud to support a team of great real estate brokers who have a passion for helping people and growing the business. Thanks to creative thinking from team members like Nathan, who are willing to try something new, we’re serving the real estate market in Winston-Salem better than ever before.
If you have a commercial property you want to list or looking to buy contact Realty One!