Newly acquired property
Updated: May 20
You are now the proud owner of a corner lot at the intersection of Rt. 55! Before exiting Broad Creek Road and turning towards New Bern, the land immediately to the left is now part of Fairfield Harbour.
Not a single dollar of your dues was used to acquire this parcel! For years if any POA owned lot was sold, the proceeds ended up in the general fund and those assets were lost forever.
Since the last half of 2021 and into 2022, the new partners of the property committee have sold more real estate than in the last decade. As a result of this influx of talent and sales, the POA Board decided that any land sale proceeds should go into a separate General Ledger (GL) account for future capital investments. Undeveloped land, while sitting on the books, is a liability. Once sold, the proceeds should be converted into an asset for the community and set aside for capital expenses rather than being used up on operational expenses. This new account has made the purchase of the new property possible.
This is just one part of a multilayered strategic plan to begin marketing our Enterprise Activities. Our restaurant and golf course currently are not self-sustaining, and we need to seek new customers. The new property is in an ideal location to attract attention from passersby. It can be used to advertise our community and facilities in order to capture a new audience and direct patrons to our location. We have already begun marketing by mail, and other forms of reaching the public are being developed and budgeted. This new land acquisition will allow us to launch a fresh image to the greater New Bern community and beyond because we can strategically advertise our property.
It would have been great if this acquisition had been completed 50 years ago when our community was first developed. However, the property was owned by someone else and was never offered for sale, even though numerous investors had inquired about purchasing it. When it recently became available through our negotiations, it offered a rare opportunity to acquire this land. With strategic, confidential planning, we were able to complete the transaction in December. Everyone knows the three principles for successful land purchase are location, location, and location. The new parcel does that by giving us both visibility and desirability. The fact that it is situated on a main highway and intersection at the end of Broad Creek secures our community’s future by providing space to market Fairfield Harbour.
Perhaps most importantly, this property has the potential to generate future revenue for our community. As New Bern expands, this corner will certainly be further developed. Since the south side is already established with a current thriving business, it's logical that the next parcel for consideration would be ours. With the amount of traffic that passes this intersection, a variety of different businesses will undoubtedly desire such a location and gladly enter into a long-term lease agreement, providing an ongoing income stream. Because we own the land, we will be able to control what happens on this corner.
So, congratulations on our new acquisition, which offers exciting new opportunities to promote our community and to generate ongoing revenue. It is just one more step in our long-term strategic plan.
If you have any questions, please contact John Rothengast, Director of Strategic Planning, and he will be happy to assist you. He can be reached via email at firstname.lastname@example.org.
Phil Hewett, FHPOA President