Chapel Hill - Durham Real Estate Blog

Entrepreneurshiip Fund Established in Chatham County NC

12/30/2008 8:21:00 AM

Entrepreneurship Fund Established in Chatham County NC

Entrepreneurs in Chatham County could get a financial boost in the midst of a struggling economy, thanks to a recently implemented loan fund. The Chatham County Economic Development Corporation and the Center for Community Self-Help have established the Chatham Loan Fund, which will help finance loans to residents who are starting or operating a business in the area. Dianne Reid, the president of the Chatham County Economic Development Corporation, said the fund will target businesses owned by local women and minorities, as well as residents as young as 18 years of age. "We want to increase credit availability," Reid said. "It's an issue -- the sources of loans are still few and the standards are really high." She added that now is a crucial time for such a fund, as a struggling economy causes people to search for ways to keep a steady flow of income. "One of the things that traditionally happens in a recession is that more people turn to entrepreneurship and self-employment," Reid said. "Sometimes they lose their job or they need to enhance their income by supplementing it." Roberta Boyd-Norfleet, the regional director of the Self-Help Central NC Branch, said the county approached the organization when it first began plans for the fund. "We've had a prior relationship with the CCEDC, so it was a very easy partnership," Boyd-Norfleet said. Many of the loan applicants will need only minimal financial assistance, such as a few thousand dollars for a piece of equipment, and Self-Help has experience with those smaller, non-commercial loans -- which is why the actual loan administration will be left up to The Center for Community Self-Help. "Our commissioners were not interested in doing that. We wanted to have an agent whose business is making loans," Reid said.

That's the main difference between Chatham County's loan fund and the one established in Carrboro in 1986, through which the town's Board of Aldermen helps with the application and administration process. Still, both loan funds have similar goals. James Harris, the director of economic and community development in Carrboro, said the town's loan fund has assisted many entrepreneurs and fostered economic growth in the area. "It's really helped build our small-business base. It's been a positive thing," Harris said. Carrboro's fund, which helped -- among other establishments -- Weaver Street Market get started, also aims to give the job market a boost: For every $10,000 the town gives to business owners, at least one job must be created. Harris said many entrepreneurs who can't get a traditional loan from banks often qualify for Carrboro's loan fund. As long as applicants have viable projects with a well-developed business plan and the loan is collateralized, high-risk ventures -- such as restaurants -- typically are not turned down. Reid said she's confident that Chatham County's loan fund, like Carrboro's, will be a long-term fixture in the local economy. As the fund grows in the coming years, she said the county expects other sources of capital to develop, including a pool of funds from individual investors. So far, there have been only inquiries into Chatham County's loan fund, but Boyd-Norfleet emphasized that's due to the newness of the fund and not a lack of need for it. "It's a hard time to lend and a hard time to borrow," she said. "This brings the playing field to a different level and keeps the doors open." By Keely Stockett, The Herald-Sun

Contact Jodi Bakst, Broker, CRS, GRI, ABR, Certified Distressed Property Expert, and Certified Luxury Home Specialist in Chapel Hill, NC at 1-88-TeamJodi (888-326-5634) to list your property for sale or to purchase a property in Chapel Hill, Carrboro, Durham, Hillsborough, Pittsboro or Orange, Durham or Chatham County North Carolina. Team Jodi is accepting referrals.

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Pittsboro NC on Biofuels Map

12/30/2008 8:19:00 AM

Pittsboro NC on Biofuels Map

Pittsboro is joining the global race to create standards for biofuels. The Roundtable on Sustainable Biofuels, based in Lausanne, Switzerland, has established an office in the Chatham County town to lead its effort in the Americas. Biofuels, used as substitutes for gasoline and diesel fuel, are struggling to gain acceptance as alternatives to imported oil. The Swiss effort is bringing together hundreds of growers, producers, users around the world and others in an attempt to create a seal of approval for biofuels produced using ecologically sound methods. The organization set up its Americas office here because it hired away a coordinator from Piedmont Biofuels Cooperative, a Pittsboro group that makes and sells biodiesel locally from used vegetable oil and chicken fat. After its early promise to shift cars away from oil, support for biofuels sputtered after critics charged that alternative fuels were too often wasteful and inefficient, and after the rush to ethanol was blamed for higher corn prices. The creation of the Pittsboro office is the latest effort by biofuels advocates to create standards for their industry and boost their credibility. The National Biodiesel Board in Missouri is working on its own industry standards, as is the Sustainable Biodiesel Alliance in Texas. None of the standards would likely be binding, and it's not clear whether any of the rules would be accepted or followed by growers and producers. But the several simultaneous certification efforts speak to the urgency of the fledgling industry's problem. Biofuels defenders acknowledge that some production methods are wasteful and inefficient. "All biodiesel is not created equal," said Jeff Plowman, director of the biodiesel alliance in Texas. "We don't want to drive the fuel 4,000 miles to a production facility and then turn around and ship it 3,000 miles to market. That would completely negate any carbon benefit of the fuel." The Swiss group is sponsored by that country's Federal Institute of Technology, a science and technology university, and roundtable participants include the United Nations Environment Program, World Wildlife Fund and Inter-American Development Bank. It has proposed sustainability standards that would be used globally to certify biofuels that are produced using fair labor and ecologically sound land use practices, and don't generate more greenhouses gases than they offset, among a dozen goals. Matt Rudolf, who this month began running the group's Pittsboro office, will listen to comments and suggestions on the draft standards at meetings to be held in this country, Canada and Latin America. Rudolf expects to meet with several hundred growers, producers and industrial users in the coming months. The Swiss group expects to publish its standards in June and hopes the guidelines gain acceptance. "The biofuels producers are taking a lot of heat right now," Rudolf said. "So they want some cover." While Rudolf is working in the Americas, other organizers are working with growers and producers in Europe, Asia and Africa. Before he began working for the Roundtable this month, Rudolf directed the Piedmont Biofuels Cooperative, an organization that collects used oil from about 100 area restaurants and converts it into biodiesel. The co-op has helped raise the region's profile with its work in biofuels. It operates eight distribution centers in this state for B100 fuel, which is 100 percent biodiesel. Unlike biofuels centers that sell B20 and other biodiesel blends with standard diesel, Piedmont Biofuels specializes in pure B100 fuel. By John Murawski, News and Observer

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Chapel Hill NC Transit Explores Pittsboro-Chapel Hill Route

12/30/2008 8:16:00 AM

Chapel Hill NC Transit Explores Pittsboro-Chapel Hill Route

A proposed express bus route between Pittsboro and Chapel Hill is drawing enthusiastic support from Chatham County residents who make the daily commute along U.S. 15-501. Brian Litchfield, assistant transit director for the Town of Chapel Hill, said Chapel Hill Transit has been working with the town of Pittsboro for several months to expand bus service to Chatham County. While many of the details -- including stop locations, hours and cost -- still have to be ironed out, the service could begin in early 2009. "We've developed a general idea of the service," Litchfield said. "The demand is mainly at peak hours early in the morning and late in the afternoon. We're asking the public what their needs and desires are to help us determine the hours and stops." Chapel Hill Transit has been able to secure a state grant that would cover up to 50 percent of the cost for the express route for 18 months. Pittsboro Town Manager Bill Terry said he has been told the grant could possibly be renewed once the 18 months are up, or elected officials could decide whether to continue the program through fares or tax dollars. Stop locations and park-and-ride lots are certainly an issue, Terry added. He said Chapel Hill Transit has been making inquiries about parking lots in town, but officials might have to work out agreements with privately owned lots, such as the one at Lowe's Home Improvement off U.S. 15-501, if there isn't a dedicated lot. Litchfield said that approximately 30 percent of UNC and UNC Hospitals employees live in Chatham and Alamance counties. Triangle Transit has tentatively scheduled regional express service to Chatham County by 2011, he added, but that's not soon enough for commuters as gas prices continue to fluctuate. "There appears to be a more immediate need for service [in Chatham County]," Litchfield said. We are working closely with UNC and UNC Hospitals because obviously they have an interest with a significant number of their employees coming from that area." By Lisa Young, The Herald-Sun

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Discussion Over Carolina North Continues - Chapel Hill, NC

12/30/2008 8:12:00 AM

Discussion Over Carolina North Continues – Chapel Hill, NC

Representatives from UNC Chapel Hill and members of the Chapel Hill Town Council grappled for a balance between specifics and generalities during a recent Carolina North planning session. David Owens, the UNC School of Government professor consulting with trustees and council members during the months-long journey toward a development agreement for Carolina North, submitted a vision of the campus favored by staff members from both institutions that would separate building into four stages and varying scales of development. The so-called "principal options for areas and scales of development" outlined by the Town/University Joint Staff Work Group begin with an early stage that includes 1.5 million square feet within a 150- to 185-acre area. The next "mid stage" would essentially double the square footage on the same land area.
Full build-out of the 50-year plan for Carolina North would be achieved with completion of the third stage, bringing the total developed space to approximately 250 acres and eight to nine million square feet. No development is proposed for the remaining 390 acres of the Horace Williams Tract that is within the town's zoning jurisdiction. Councilman Bill Strom said he wants to be certain that however the campus is built it should "function from the outset" as mixed-use, transit-friendly development. Strom noted factors such the distance between buildings, the availability of bus stops and mix of uses that could influence whether Carolina North functions as planned. UNC Trustee Bob Winston assured Strom that the university is thinking about the same things. "We're right there with you and we're going to make it work," he said. Later, Councilman Mark Kleinschmidt reminded the group that UNC law students have long complained about feeling isolated from the rest of campus. The UNC law alumnus looked at an artist's rendering of early development at Carolina North -- home of a new law school -- and worried about repeating a similar mistake. Trustee Chair Roger Perry said specifics like the distance between buildings are a topic for another time. "I think this is a great discussion, but this is putting the cart in front of the horse," Perry said. Decisions by the UNC Trustees and Town Council about areas to be developed, density and staging are crucial in crafting the development agreement that is expected to be completed by June 2009. A memorandum written by Owens points out that the topics discussed Wednesday only provide a general description of those issues, with more detailed boundaries to come later in the process. North Carolina law states that a development agreement is valid for no more than 20 years, so the agreement being crafted will expire before the 50-year plan for Carolina North is completed. By Daniel Goldberg, Herald-Sun

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Chapel Hill-Carrboro City Schools NC Releases Reading Results

12/29/2008 9:02:00 AM

Chapel Hill-Carrboro City Schools NC Releases Reading Results

Students in the Chapel Hill-Carrboro City Schools continued to outperform their counterparts across North Carolina in reading, despite large drops in student performance statewide following the administration of new reading tests for students in grades three through eight and the setting of higher standards for attaining proficiency on those tests. This year, 78.5 percent of CHCCS students posted proficient scores in reading. Last year, that number was 93.4 percent at the elementary level and 94.2 at the middle school level. A conference call with educators statewide last week prepared them to expect drops of approximately 30 percent. The former range on reading tests in grades three through eight was 83-92 percent. The new range is 52-61 percent. The CHCCS drop is approximately one-half of the statewide decline. "It's difficult to help educators and parents understand that our students improved their reading skills last year when the percent proficient looks so dramatically lower," said Executive Director for Testing and Program Evaluation Diane Villwock. "The changes make us ask ourselves what's good enough? In raising standards, we may make students better readers in the end, but the presentation of the results the first year with new standards can be demoralizing to students and staff." Indeed, critics of the rigor ofNorth Carolina's End-of-Grade Tests have long pointed to comparisons made to the National Assessment of Educational Progress (NAEP). NAEP's analysis showed that North Carolina's fourth grade reading test ranked 45th in the nation in rigor and that the eighth grade reading test ranked 50th in the nation. "Although the there is a decline in the percentage of students who are proficient in reading this year, there is typically a rebound in the year following the changes in the test. We have continued to experience growth in our math scores after similar revisions were made to that test two years ago," said Superintendent Neil Pedersen. "The challenge, then, is for us to make the necessary instructional improvements that help our students meet these higher levels of performance."

The downward trend in reading scores brought changes in school recognition as well. Last year, CHCCS had four Schools of Excellence (90 percent or more of students at or above grade level), 10 Schools of Distinction (80 percent or more of students at or above grade level) and one School of Progress (70 percent or more of students at or above grade level). This year, the district, which has an additional school to report with the opening of Carrboro High School, has no Schools of Excellence, 12 Schools of Distinction and four Schools of Progress. Growth, the academic measure on which teacher bonuses is based, was calculated this year using only math results. The changes in school recognition, therefore, do not impact teacher compensation. Adequate Yearly Progress (AYP) was released for the reading results. Last year, the annual measurable objective for each subgroup was 84 percent. The US Department of Education adjusted the reading objective for North Carolina schools to reflect the change in test rigor. The new objective for North Carolina is 43.2 percent. Under this new measure, 12 of the district's 16 schools made AYP. All schools made AYP in reading except for Frank Porter Graham, McDougle Elementary, McDougle Middle and East Chapel Hill High School. These schools are not facing any sanctions under No Child Left Behind (NCLB) legislation as a result of not making AYP because this is the first year that they haven't met the AYP standard in reading. This is the second consecutive year that Carrboro Elementary made AYP in reading. As a result of this year's performance, the school is removed from School Improvement status under No Child Left Behind in the area of reading. The school will continue in School Improvement status in mathematics.

2007-2008 AYP Results
School	Met Math Standard	Met Reading Standard	Made AYP
Carrboro Elem.	No	Yes	No
Ephesus Elem.	Yes	Yes	Yes
Estes Hills Elem.	Yes	Yes	Yes
FPG Elem.	No	No	No
Glenwood Elem.	Yes	Yes	Yes
McDougle Elem.	No	No	No
Rashkis Elem.	Yes	Yes	Yes
Scroggs Elem.	Yes	Yes	Yes
Seawell Elem.	Yes	Yes	Yes
Culbreth MS	No	Yes	No
McDougle MS	No	No	No
Phillips MS	No	Yes	No
Smith MS	Yes	Yes	Yes
Carrboro HS	Yes	Yes	Yes
Chapel Hill HS	Yes	Yes	Yes
East Chapel Hill HS	No	No	No

2007-2008 ABCs Results
School	Growth Status	Recognition	Performance Composite
Carrboro Elem.	High	School of Progress	78.0 percent
Ephesus Elem.	High	School of Progress	79.9 pecent
Estes Hills Elem.	High	School of Distinction	80.8 percent
FPG Elem.	Expected	School of Progress	70.5 percent
Glenwood Elem.	High	School of Distinction	89.3 percent
McDougle Elem.	Expected	School of Progress	78.4 percent
Rashkis Elem.	High	School of Distinction	87.6 percent
Scroggs Elem.	High	School of Distinction	84.5 percent
Seawell Elem.	High	School of Distinction	88.0 percent
Culbreth MS	High	School of Distinction	83.5 percent
McDougle MS	High	School of Distinction	82.2 percent
Phillips MS	High	School of Distinction	86.5 percent
Smith MS	High	School of Distinction	84.8 percent
Carrboro HS	High	School of Distinction	85.0 percent
Chapel Hill HS	High	School of Distinction	86.9 percent
East Chapel Hill HS	Expected	School of Distinction	87.1 percent

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Orange County NC Commissioners Approve INcreasing Impact Fees on Homes

12/29/2008 8:43:00 AM

Orange County NC Commissioners Approve Increasing Impact Fees on Homes

Orange County commissioners approved a series of increases to impact fees on residential construction. The new fees would raise the fee contractors pay to build new single-family homes in Chapel Hill and Carrboro by 38 percent to $6,092 on Jan. 1. A year later, the fee will go up again, this time to $7,616. Over two years, that's a 73 percent increase. In Orange County, there will be no increase to the $3,000 fee on single-family homes next year. But in 2010, it will rise to $3,749, a 25 percent increase. Commissioners approved the fee changes reluctantly, acknowledging the added stress they place on homebuilders. The county has budgeted $1.6 million from impact-fee revenue to pay down some of the debt for new schools. That budget depends on the higher impact fees. Homebuilders have protested the new fees, saying the economy already has slowed new home construction. Nick Tennyson, executive vice president of the Home Builders Association of Durham, Orange and Chatham Counties, said builders are already reluctant to propose projects in Orange County. About 250 single-family homes will be built in Orange County this year. In Durham, which had impact fees until they were deemed illegal several years ago, about 1,000 new homes will be built in 2008. "It matters for individual builders," Tennyson said of the fee increases. "But it doesn't matter that much [in revenue to the county] because there aren't that many." A county can have impact fees only if state legislation specifically allows it, and Orange County is one of just a handful with such a law on the books. It has not increased the fees since 2001. By Eric Ferreri - Staff Writer, News & Observer

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North Carolina Now Fourth Fastest Growing State in the U.S.

12/23/2008 9:30:00 AM

North Carolina Now Fourth Fastest Growing State In The U.S.

On Monday, the U.S. Census Bureau figures that were released indicated that despite the downturn in the economy, North Carolina’s population increased 2 percent from July 2007 to July 2008, making it the fourth-fastest growing state in the country. These new number however do reflect a slowing of North Carolina’s growth rate. The figures from the previous year, July 2006 to July 2007, indicated a growth of 2.17 percent. The states estimated population as of July 1 was 9.2 million, according to the Census Bureau figures. The only states with a faster growth were Utah, Arizona and Texas. Following North Carolina were Colorado, Idaho, Wyoming, Nevada, Georgia and South Carolina.
North Carolina gained 180,820 residents during the year, the third largest numerical leap in the nation. Only Texas and California gained more residents than North Carolina.
Other highlights of yesterday’s Census Report were:

Northeastern states on the whole have gained population at an increasing rate since 2005
Six of the 10 fastest growing states were Rocky Mountain states
The West was the fastest growing region, but the South added more people

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Real Estate Brainstorming Works

12/18/2008 9:32:00 PM

I just returned from Columbus, OH where I participated in a brainstorming session with a small but high powered group of Realtors. We met to discuss tools and systems we are using in our business and to trade ideas on what is and is not working. It was an awesome day. One of the goals for all of us was to bring new ideas and systems back to our business to help our buyer and seller clients. We certainly achieved our goals.

Our group included:

Sam Miller (Mt. Vernon, OH)

Mike Parker (Florence KY)

Wayne Turner (Hendersonville TN)

Kevin Hildebrand (Cincinnati, OH)

Cathy Russell (Lafayette, In)

Kirk Greer (Virginia Beach, VA)

Jason O’Neil (South Tampa, FL)

Bob and Norine Sokoler (Louisville, KY)

John Jones (Murfreesboro, TN)

These top brokers all shared some of their best and most effective ideas. Not surprisingly, nearly all directly involved web marketing. The internet can certainly be the most powerful and cost effective marketing tool in any service provider’s arsenal. I’m proud that the leaders in my business are so forward-thinking and hands-on in their approaches to making their businesses successful. No doubt we will continue to see success for years to come. We all want to learn from each other to better our business, try new things and make any changes necessary to improve the services we provide. Our day was a complete success and we are already putting new ideas into motion.

Fed Cut Results in Lower Mortgage Rates, Hopes to Boost Housing Market

12/17/2008 7:29:00 AM

Fed Cut Results in Lower Mortgage Rates, Hopes to Boost Housing Market
By Howard B. Stanton, III
Senior Loan Officer, SunTrust Mortgage

The recent Fed cut in short-term rates gave a boost to the stock market, but also resulted in a decrease in long-term rates such as 30-year home mortgages. Mortgage rates are now at historic lows, with fixed rates as low as 4.625%. Normally, a Fed rate cut will not have such an impact on mortgage rates, but this time there was an additional message: The Fed reiterated its earlier stated goal of purchasing additional mortgage (long-term) debt from Fannie Mae and Freddie Mac. The lower rates make homes more affordable; for instance, a drop in rate from 6.250% to 4.625% is like dropping a home's price by 10-15%.

The Fed cut will not only help new home buyers, but there is an added boost to the economy as well. Homeowners with equity lines will see those payments go down. But also, many homeowners with mortgage rates at 6% or higher will be refinancing. The resulting lower payment "is like getting a pay raise," as one of my clients put it. Also, much of the $700 billion in stimulus funds has yet to reach the consumer. It will take time for it to reach the consumer "on the street." Yet some of the funds are already at work, resulting in a greater availability of auto loans, for instance.

With housing prices already very attractive, the lower mortgage rates are expected to provide a welcome boost to the housing market.

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Durham North Carolina Home Sales - November 2008 Market Snapshot from Team Jodi

12/16/2008 9:02:00 AM

Durham North Carolina Home Sales -- November 2008 Market Snapshot

Durham County	November 2007	November 2008	% Change
Number of detached sales	218	131	-39.91%
Number of condo sales	11	5	-54.55%
Number of townhouse sales	31	17	-45.16%
Number of new construction sales	63	36	-42.86%
Number of re-sales	197	117	-40.61%
Average detached sales price	$205,163	$198,161	-3.41%
Average condo sales price	$120,525	$141,535	+17.43%
Average townhouse sales price	$173,527	$133,473	-23.08%
Average new construction sales price	$283,405	$247,477	-12.68%
Average re-sales price	$170,437	$171,168	+0.43%
High Sale price detached	$925,000	$519,485	-43.84%
High Sale price condo	$320,000	$235,833	-26.30%
High Sale price townhouse	$301,919	$195,000	-35.41%
High Sale price new construction	$760,000	$519,485	-31.65%
High Sale price re-sale	$925,000	$450,000	-94.59%
Average Sales Price for ethe entire area	$197,810	$189,123	-4.39%
Average List price for New Construction	$294,188	$250,914	-14.71%
Average List price for Re-sale	$176,309	$178,005	+0.96%
Average List price for the entire area	$204,872	$195,160	-4.74%

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Orange County North Carolina Trash Transfer Site Selected

12/12/2008 7:18:00 AM

The Orange County North Carolina Commissioners Meeting was held last night, December 11, 2008. The meeting was attended by so many people, that many had to stand in the foyer. In spite of the input from many residents and concerned citizens, the commissioners chose the HWY 54 site. If you are not familiar with the site, it is located just off HWY 54 near the 54/Orange Grove intersection. The location will be a "trash transfer site" for the Landfill which will be filled up by May 2011. The commissioners said they have been working on this site selection for a year now and they could not delay any longer due to the impending landfill capacity. There was only one commissioner that stated she thought the location was a bad idea.

The commissioners listened to impassioned pleas of a fifth generation farmer and other residents that live on Orange Grove that felt their property values will be negatively impacted by the proximity of the transfer site. Residents voiced concerns about large waste trucks, environmental damage and changes to the rural character of the area. Some residents say they’re prepared to fight the decision in court.

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Orange County North Carolina 2009 Property Tax Revaluation

12/10/2008 2:51:00 PM

Orange County North Carolina property tax revaluations for 2009 will be mailed to homeowners by the end of 2008. In North Carolina, counties can revalue properties for tax purposes every 4 or 8 years. Orange County has historically done this every 4 years.

Click her for information about the revaluation process and how to appeal your valution.

If you think you could not sell your home at or above the new tax value, you should submit an appeal.

Contact Team Jodi if you need help valuing your property and working through the process. We can be reached at 1-88-TeamJodi or Jodi@TeamJodi.com.

Durham North Carolina Home Sales - October 2008 Market Snapshot from Team Jodi

12/9/2008 8:55:00 AM

Durham North Carolina Home Sales -- October 2008 Market Snapshot

Durham County	October 2007	October 2008	% Change
Number of detached sales	260	196	-24.62%
Number of condo sales	26	26	0.00%
Number of townhouse sales	12	1	-91.67%
Number of new construction sales	95	70	-26.32%
Number of re-sales	203	153	-24.63%
Average detached sales price	$214,249	$212,107	-1.00%
Average condo sales price	$171.788	$170,019	-6.85%
Average townhouse sales price	$284,500	$200,000	-29.70%
Average new construction sales price	$259,688	$203,543	-21.61%
Average re-sales price	$191,708	$207,095	+8.03%
High Sale price detached	$766,000	$1,475,000	+92.56%
High Sale price condo	$375,500	$295,500	-21.09%
High Sale price townhouse	$765,000	$200,000	-73.86%
High Sale price new construction	$766,000	$763,000	-0.39%
High Sale price re-sale	$765,000	$1,475,000	+92.81%
Average Sales Price for ethe entire area	$213,373	$205,980	-3.46%
Number of Listing for the entire area	2261	2135	-5.57%
Average List price for New Construction	$299,606	$292,995	-2.21%
Average List price for Re-sale	$224,419	$232,519	+3.61%
Average List price for the entire area	$244,338	$246,796	+1.01%

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GlaxoSmithKline Makes Research Triangle Park Sole Headquarters

12/8/2008 9:08:00 AM

GlaxoSmithKline will make Research Triangle Park its sole U.S. headquarters and cut almost 2,000 sales jobs, the company said recently. The move eliminates the dual headquarters that London-based GSK has had in the U.S. since the 2000 merger that created GSK. Company spokeswoman Mary Anne Rhyne says the move makes sense in the midst of a major restructuring for GSK, “The announcements today are all aimed at streamlining the organization, and simplifying the business model.” RTP was picked over its Philadelphia office in part because the company has a bigger footprint here. The company has about 5,000 workers in RTP and owns 35 buildings on that campus. Rhyne says GSK also expects its new head of U.S. pharmaceuticals to be based in RTP.

Chris Coletta of the Triangle Business Journal filed the following story.

GlaxoSmithKline will make Research Triangle Park its sole U.S. headquarters and cut almost 2,000 sales jobs, the company said Wednesday. The move eliminates the dual headquarters that London-based GlaxoSmithKline (NYSE: GSK) has had in the U.S. since the 2000 merger that created GSK. Since that deal, which combined Glaxo Wellcome with SmithKline Beecham, GSK has had one U.S. headquarters in RTP – the home base of Glaxo Wellcome – and another in Philadelphia, former home of SmithKline Beecham's American headquarters. Company spokeswoman Mary Anne Rhyne says the move makes sense in the midst of a major restructuring for GSK, which is tweaking its business model and cutting jobs worldwide in the face of increased competition from generic medicines and a slowing drug pipeline. “The announcements today are all aimed at streamlining the organization, basically,” she says. “Simplifying the business model. And we realize that having both RTP and Philadelphia designated as operational headquarters for the U.S. was confusing to many people.” A simple example, Rhyne says: Customers who wanted to call GSK operations weren’t always sure whether they should phone Philadelphia or Raleigh. Now, they’ll have a better idea. RTP was picked over Philadelphia in part because the company has a bigger footprint here, Rhyne says. The company has about 5,000 workers in RTP and owns 35 buildings on that campus. In Philadelphia, the employee base is about 1,500, and GSK leases real estate. Rhyne says GSK also expects its new head of U.S. pharmaceuticals to be based in RTP. Chris Viehbacher, who formerly held that job for GSK before leaving to take the chief executive post at Sanofi-Aventis, also worked out of the Triangle. The headquarters move also coincides with the rise of Glaxo Wellcome veteran Andrew Witty to chief executive of GSK. Former CEO J.P. Garnier was a SmithKline Beecham man. Rhyne says she’s not sure what the practical implications of the headquarters move might be. The company has no plans to abandon Philadelphia, she says. “What does it really mean? I don’t think we know yet,” she says. “This is the first bit of restructuring. There’s more to come. We don’t really know what the complete package will be.” GSK has cut hundreds of jobs in the Triangle and thousands worldwide since announcing, in October 2007, a $1.4 billion cost-cutting program. Local job cuts have included administrative, scientific and sales workers in Research Triangle Park as well as manufacturing workers at GSK’s plant in Zebulon, where about 900 are still employed.

Sales cuts

That restructuring continued Wednesday, when Glaxo said that it will cut 1,800 positions from its sales force – a move that includes 1,000 layoffs. The company isn’t breaking down the layoffs by region. The cuts are part of an overall rethinking of how GSK sells its medicines. Witty, the new CEO, has said that the pharmaceutical industry is seeing diminished returns from its current model of visiting doctors frequently to hawk drugs. Between ever-increasing patient workloads and the increasing prevalence of generic medicine, Witty says, doctors simply don’t have time for the “ultra-high-frequency” model of selling. Now, Rhyne says, the company’s goal is to have “a smaller number of sales reps with broader information.” Sales teams will be broken down by therapeutic areas instead of geographic locations. That means reps who now sell a smorgasbord of different drugs will instead be knowledgeable in a wide range of drugs in one area – respiratory disease, for example, or cancer. “We’ve got the marketplace changing,” Rhyne says. “Our customers are changing. The health care professionals don’t want to see as many sales reps, but they do need detailed information.” Sales representatives in different areas will work on the same therapeutic areas, but they’ll all report to one person, Rhyne says: the new head of U.S. pharmaceuticals. Witty has said he doesn’t expect to hire someone for that position before the first quarter of 2009. In the meantime, two Glaxo veterans – one in RTP, the other in Philadelphia – are running the U.S. pharmaceutical organization.

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