Disney's $23 million North Carolina purchase

[Kennywood]

Disney is making a big move - one that will bring a piece of the franchise to North Carolina.

A fan website reported the corporation's eight-figure purchase of a plot of land in N.C. on April 16. Named "Asteria" for the native N.C. aster flower, a second Disney-owned community following "Cotino" in Ranchero Mirage, California, is coming to N.C.

The plan was originally announced in 2023 by Disney's "Storyliving," an offshoot of the company that builds housing developments "infused with the imagination of Walt Disney Imagineers and managed by Disney Cast members with the simple notion of bringing people together."

Inside the Magic reported that Disney developers completed the first of a nine-step plan to acquire 1,500 acres of land in Pittsboro this March, reportedly spending over $23 million on the first 217 acres.

Here's what else we know so far about the new Storyliving community headed for N.C.

Where will the new Storyliving community be built?​

Storyliving's Asteria community will be built in Pittsboro, roughly 30 miles from the state's capital in Raleigh.

Storyliving by Disney's North Carolina location​

According to Storyliving's page on the Asteria community, roughly 4,000 residences are planned for the plot, including single-family and multifamily homes as well as some residences only for those 55 years of age and older.

The community will "become part of a club and delight in the Disney lifestyle through entertainment and activities." Among amenities planned so far are a clubhouse, wellness center, community garden and "extensive" trail system.

Storyliving by Disney locations​

The first Storyliving community, Cotino, is located in Ranchero Mirage, California. Construction on parts of the community is still underway, with a beachfront clubhouse, town center with shops and dining and more planned for 2025 and 2026.

According to Real Estate Rancho Mirage, Cotino will offer 1,932 homes in total.


The exterior of a model home in the Cotino development's "Grand Collection."

How much do Storyliving homes cost?​

Inside the Magic wrote that, while prices for housing in the Asteria community haven't yet been announced, buyers should assume the price tags will be steep. Homes in California's Cotino community range from the upper $2 millions to the upper $4 millions.

Sales are anticipated to begin in 2027 according to the Storyliving website.

When does construction begin on Disney's North Carolina 'Asteria' community?​

No beginning date for construction has been announced yet, but preliminary development plans submitted to the town of Pittsboro will be made public in May.


Source: https://www.msn.com/en-us/money/rea...1&cvid=32a736dd0f9640508c053772db9d12a6&ei=97

 

[irlandaise]

While the information about the NC plans may be accurate, there are inaccuracies in the "fan website" and MSN citation about the California property. For one, it's "Rancho Mirage," not "Ranchero Mirage." (One of the stories did get that right.)

But the cited home prices are way off: Cotino's own website says, "Homes starting from the upper $1 mil - lower $2 mil." IOW, half the price of what the article says. I don't doubt that design decisions can boost the cost, but it's wrong to say that "Homes in California's Cotino community range from the upper $2 millions to the upper $4 millions."

Just wanted to get that straight for those of you who can't afford a $2M home but would jump at a $1M house.

 

[LAS2AMS]

While the information about the NC plans may be accurate, there are inaccuracies in the "fan website" and MSN citation about the California property. For one, it's "Rancho Mirage," not "Ranchero Mirage." (One of the stories did get that right.)

But the cited home prices are way off: Cotino's own website says, "Homes starting from the upper $1 mil - lower $2 mil." IOW, half the price of what the article says. I don't doubt that design decisions can boost the cost, but it's wrong to say that "Homes in California's Cotino community range from the upper $2 millions to the upper $4 millions."

Just wanted to get that straight for those of you who can't afford a $2M home but would jump at a $1M house.

Have you looked into what’s available for sale? The lowest priced homes are over $2.6M.

The lowest end of the market appears to smaller, townhouse style homes for 55+ but no indication if they’re actively selling these yet (you need to add yourself to a waiting list for when they become available).

 

[irlandaise]

Have you looked into what’s available for sale? The lowest priced homes are over $2.6M.

The lowest end of the market appears to smaller, townhouse style homes for 55+ but no indication if they’re actively selling these yet (you need to add yourself to a waiting list for when they become available).

Only parts of Cotino have homes available at the moment. The official website is talking about the full range of what the community will offer.

 

[Cfabar1]

Its amazing when compared to how affordable Celebration was when it first opened....

 

[supercarrie]

I'm very curious to see how these sell. Personally, we actually could afford to own in Cotino because we live in Orange County, CA and our home has appreciated considerably in the past ten years. Perhaps I'll drive out to the desert to tour the models sometime. I'm not giving up my 15 minutes door to door to Main Street to move to the Coachella Valley, though.

Rancho Mirage is full of retirees. I imagine the 55+ homes will sell quite well, but the larger family homes? Not sure...

I'm not familiar with North Carolina, but I'm assuming Disney will have a different target market for Asteria than Cotino. Both are clearly targeting affluent households, though.

 

[LAS2AMS]

I'm very curious to see how these sell. Personally, we actually could afford to own in Cotino because we live in Orange County, CA and our home has appreciated considerably in the past ten years. Perhaps I'll drive out to the desert to tour the models sometime. I'm not giving up my 15 minutes door to door to Main Street to move to the Coachella Valley, though.

Rancho Mirage is full of retirees. I imagine the 55+ homes will sell quite well, but the larger family homes? Not sure...

I'm not familiar with North Carolina, but I'm assuming Disney will have a different target market for Asteria than Cotino. Both are clearly targeting affluent households, though.

CA caps annual increases on property taxes for homeowners, so if your property has appreciated dramatically, you’re in for a surprise when you see your bill at Cotino .

And then there’s the $11,000/year membership fee. Plus $1K minimum spend on food and beverage.
https://www.storylivingbydisney.com.../SBD Cotino Club Membership Sheet V8 2024.pdf

And of course, the monthly HOA fees…

Ah, Disney…

 

[LAS2AMS]

Its amazing when compared to how affordable Celebration was when it first opened....

Cotino is located literally miles away from mega mansions that have been recently built by the likes of the Kardashians, the Biebs, etc. We’ee talking about $25M+ homes. And obviously they’re not their primary residence.

I suspect the homes in NC will sell for a lot less…

 

[supercarrie]

CA caps annual increases on property taxes for homeowners, so if your property has appreciated dramatically, you’re in for a surprise when you see your bill at Cotino .

And then there’s the $11,000/year membership fee. Plus $1K minimum spend on food and beverage.
https://www.storylivingbydisney.com/content/dam/slbd/the-artisan/SBD Cotino Club Membership Sheet V8 2024.pdf

And of course, the monthly HOA fees…

Ah, Disney…

I'm keeping this house forever, thanks to Prop 13.

In all seriousness, if I wanted to blow this kind of cash, I can think of a lot better options. It is in line with a typical members club here in OC, though.

 

[LAS2AMS]

I'm keeping this house forever, thanks to Prop 13.

In all seriousness, if I wanted to blow this kind of cash, I can think of a lot better options. It is in line with a typical members club here in OC, though.

Looks like a Disneyfied version of the Madison Club that’s just up the street. But a version for those who don’t have 8 figures to spend on a secondary home…. And far cheaper… and you won’t be dining with Kylie Jenner or Hailey. Bieber.

 

[DodgerGirl]

The way I see it I think Disney wants to branch out into real estate and begin launching a real estate company similar to Remax and Century 21 and this new project is just the starting point. I think what Disney is now thinking of in addition to focusing on families is attracting the senior citizen audience of 55 and older and if this project is successful Disney might even go farther and develop assisted living communities and nursing homes in the near future. Because assisted living communities are big with seniors especially seniors that have health problems that may need help or they live alone and need additional help and these communities are booming like fireworks. Seeing how successful DVC is with vacation homes Disney hopes to do the same with real estate and I can tell you is that once this new community is built in North Carolina lots of seniors will be put on a a waiting list to be the first tenants in the new community

 

[princesscinderella]

Celebration was abandoned by Disney, I would never buy at one of these communities thinking Disney is going to stick around as the management.

 

[DisneyAuntie12]

Celebration was abandoned by Disney, I would never buy at one of these communities thinking Disney is going to stick around as the management.

Yeah I can’t think of a faster way to bring down your company / brands reputation than to serve as someone’s HOA, lol! Fantasy vacations are one thing, running a neighborhood is a different dynamic.

 

[LAS2AMS]

Celebration was abandoned by Disney, I would never buy at one of these communities thinking Disney is going to stick around as the management.

Celebration wasn’t abandoned by Disney. The master plan for Celebration was for Disney to exit, which they did.

 

[princesscinderella]

Celebration wasn’t abandoned by Disney. The master plan for Celebration was for Disney to exit, which they did.

Maybe abandoned wasn’t the right word but it was sold as a Disney community and now Disney has nothing to do with it. I’m sure these new communities will be the same, Disney is just acting as the developer to sell for bigger bucks with no plans to stick around long term. It makes sense that they wouldn’t but it’s selling an ideal that’s not going to pan out.

 

[irlandaise]

Maybe abandoned wasn’t the right word but it was sold as a Disney community and now Disney has nothing to do with it. I’m sure these new communities will be the same, Disney is just acting as the developer to sell for bigger bucks with no plans to stick around long term. It makes sense that they wouldn’t but it’s selling an ideal that’s not going to pan out.

Where do you get that idea? The StoryLiving communities are very much being sold as part of the Disney brand. I've seen zero indication that Disney plans to spin them off as incorporated communities as was the plan with Celebration. What have you read to the contrary?

 

[LAS2AMS]

Maybe abandoned wasn’t the right word but it was sold as a Disney community and now Disney has nothing to do with it. I’m sure these new communities will be the same, Disney is just acting as the developer to sell for bigger bucks with no plans to stick around long term. It makes sense that they wouldn’t but it’s selling an ideal that’s not going to pan out.

Celebration was sold as a Disney-designed community. These are being sold as something much different.

 

[princesscinderella]

Where do you get that idea? The StoryLiving communities are very much being sold as part of the Disney brand. I've seen zero indication that Disney plans to spin them off as incorporated communities as was the plan with Celebration. What have you read to the contrary?

Celebration was sold as a Disney-designed community. These are being sold as something much different.

It will be interesting to see what happens down the road. Once a new development is 100% complete and sold out rarely does the developer stick around to run the place, common areas are turned over to the HOA to be managed by the board and whatever management company they choose to run it.. I have not read the HOA documents to definitively say Disney is not sticking around, I just don't see what's in it for them long term to run the place.

 

[LAS2AMS]

It will be interesting to see what happens down the road. Once a new development is 100% complete and sold out rarely does the developer stick around to run the place, common areas are turned over to the HOA to be managed by the board and whatever management company they choose to run it.. I have not read the HOA documents to definitively say Disney is not sticking around, I just don't see what's in it for them long term to run the place.

The primary purpose of Celebration was to stimulate development within an area that was largely low income/ low rent. In those days WDW had poor attendance outside popular travel periods, and they hoped locals would fill in. Disney was always clear that they intended to quickly exit the project.

In numerous press reports, Disney execs have said that Celebration was simply about building a modern, Disney-influenced community whereas Storybook by Disney communities offer a chance to live a fairytale.

Annual dues start at $11K and require a $1K min food and beverage purchase annually. That’s completely separate from the HOA fee. Considering it’s going to be staffed with Disney employees, I’m certain Disney (and not the HOA) is pocketing most if not all the member dues.

 

[irlandaise]

In numerous press reports, Disney execs have said that Celebration was simply about building a modern, Disney-influenced community whereas Storybook by Disney communities offer a chance to live a fairytale.

Although it predated the Storyliving concept and is much smaller, Disney Golden Oak seems much closer than Celebration to these new communities in terms of how "Disneyish" they'll be.