Now that the Eastern Band of Cherokee Indians has released the news that they have approved funding to acquire 800 acres of land in the mountains near Murphy, North Carolina to build their new casino facility in Cherokee County, every local property owner is wondering two things:
1. Just HOW MUCH are they paying per acre for 800 acres of land, including some with frontage on the highway?
2. Is any of it near MY property...and will the value of my Murphy property increase?
I'll answer #2 first:
Is any of it near MY property...
The 800 acre parcel is located along Tomotla Road in the Marble area, near Old Peachtree Road. It includes the old sawmill that is visible from Hwy 19/74 and runs all the way back to US Forest Service land.
...will the value of my Murphy property increase?
The news has only been out for a day, but here at Country Homes and Land, we've already had one commercial property owner withdraw a listing near the proposed casino, hoping to relist down the road at a higher price. As a CCIM, I can tell you that the nearer you are to a brand new large commercial development, the more valuable your commercial property will be. As for residential property, having a new casino bringing jobs and tourists - and new money - into the Murphy area will certainly be a plus for sellers as well as for investors who plan to offer their property for vacation rentals.
As for the #1 question on everyone's mind, the answer is - anywhere from $2,400 per acre to $28,000 per acre!
The 793+ acre purchase is made up of 7 different parcels, with a total price of $6,414,28 *. Here's the breakdown as listed in the Cherokee Scout:
- Tract 32 - 247 acres for $700,000 $2,834 per acre
- Tract 35 - 205 acres for $500,000 $2,439 per acre
- Stiles Colvard Creek Gorge - 26.6 acres for $38,200 $14,519 per acre
- Stiles Old Home Place - 4.9 acres for $100,000 $20,243 per acre
- BB&T foreclosure - 144 acres for $700,000 $4,861 per acre
- Stiles US 19 frontage - 115 acres for $2.3 million $20,000 per acre
- Mount Holdings plant site - 51 acres for $1.4 million $28,431 per acre
*Purchase price included a $278,628 commission listed separately from land prices
The Scout did not list ownership of the two parcels identified only as Tract 32 and Tract 35, but after doing some research on the county mapping site, I'm guessing that those two parcels are part of the property in that area identified as being owned by the Eastern Band of Cherokee Indians. If the Tribe is purchasing the land for the casino from their own holdings, it would explain why they are paying approxmately half the going rate per acre for these large parcels.