Part 2 of 3: Are Chappell and Concept 8 Hitting Hard Times?

In Part 1 we showed Raleigh’s townhome market flashing red. Now let’s look at what Deep Research reveals about the 908 Williamson team’s own projects.

Sep 15, 2026

Today we’re continuing our three part series:

Part 1: Raleigh’s Townhome & Condo Market Is Under Extreme Distress (8/18) (you can find it here→ here)
Part 2: Are Chappell and Concept 8 Hitting Hard Times? - <YOU ARE HERE>
Part 3: 908 Williamson court case(s) update - coming soon!

In Part 1, we talked about the macro -how the townhome and condo market in Raleigh is under distress. Here in Part 2, we’re going to zoom in a bit and get closer to 908 Williamson, the project we care about the most and see how our opponents on the project, the developers (Chappell/Johnnie Chappell, Concept 8/Shawn Donovan and Nathan Singerman, the partner in 908 Williamson LLC, who brokered the whole deal and mislead our neighbors on the project). Note, this post goes into the whole backstory

The Three Developers…

Last summer, the developers behind 908 Williamson put out a swaggering press release: the project was “moving forward,” structures would come down in August, sitework would wrap by end of 2025, and townhome construction would start “early 2026.” Johnny Chappell accused our neighbors of trying to make it “financially difficult to hang on.”

We pulled the Wake County deed books, the MLS listing histories, and their own marketing sites for every active project by this team — Chappell [Powered by Compass], Concept 8, DevPointe and their affiliated LLCs. Let’s check in on how they’re doing.

908 Williamson: Stalled, Rebranded, and Bleeding 💰💰💰💰💰

Let’s start with the project in our back yards they promised was “moving forward.” Wake County’s file on 908 Williamson Drive shows the most recent permit dated August 20, 2025 — the demolition. The county lists the 2.42-acre property with zero units and no building value — $3.5 million of bare, fenced-off land. Three and a half years after the City approved a 17-lot compact subdivision, the property is still recorded as a single parcel. No plat. No lots. No construction. We don’t know their lending costs, but the tax bill alone for the last three years is $100k.

If we use the preferred bank of “The Three Developers”, Providence bank of Rocky Mount, we see the monthly mortgage on this is as high as $24k!

Quiet Rebrand

Meanwhile, the project quietly rebranded: “Fairview Downs” is now “The Downs at Hayes Barton,” and the shiny new website offers not homes, not prices — lot reservations. You cannot legally sell lots that don’t exist, and per the county, they don’t.

The math of waiting: they paid $3.75 million for the property in December 2022 (the LLC shares a mailing address with Concept 8’s Apex office). Add three and a half years of property taxes, legal fees, demolition costs, and financing against exactly zero revenue — on land the county now assesses below what they paid for it, with a house still on it.

The Rest of ”The Three Developers” Portfolio

In addition to “The Downs of Hayes Barton”, there are a lot of problems. This market map shows their other in and out of the projects that show a problematic pattern.

Troubled Project 1: Oberlin Heights(11 townhomes, launched Jan 2024 at $1.2M–$1.6M)

County records show the developer’s entity (Nottingham Road LLC) still holds title to 6 of the 12 parcels on Chamblee Hill Court. The listing histories: 1308 Chamblee Hill went $1.05M → cut 5% to $997,500 → delisted → relisted under a fresh MLS number at the same price, now below the collection’s advertised $1.2M floor. 1302 did the same delist-relist dance. Actives are averaging 121 days on market. Their Zillow copy says “nearly sold out.” The deed books beg to differ.

TP #2:Oberlin Villas (4 duet homes, “$1.3M+”)

Under construction since 2025. All four residences still titled to Concept 8 Holdings LLC. Sold: zero.

TP #3: IDYLE (10 net-zero townhomes, listed late 2024 at $1.2M–$1.4M)

Two sold — $1.45M and $1.26M — and per TBJ the remaining eight have been cut to about $1 million. County records match: two units deeded to homeowners, the developer holding the rest plus the entire Phase II parcel. The website still dangles a $20K+ Tesla Powerwall for buyers who “act fast.”

TP #4: City Hike (12 townhomes near Chavis Park, opened fall 2024 near $700K)

Per TBJ: nine sold — but three went to a single investor at $633K each, now offered as $3,000/month rentals. Only one home has sold at its original list price. Remaining actives: $650K, $650K, $599K. When a third of your “sales” go to one landlord at a discount, that’s not momentum — that’s clearance.

TP #5: Proximity Pointe (12 townhomes near Dix Park, from the $500Ks).

“Turnkey” marketing site is live. County records: every platted parcel still titled to Concept 8 LLC. Closings: zero.

TP #6: Duplin (2 luxury homes)

One sold; the other move-in-ready with “recent price improvements and buyer incentives.”

And Then There’s Mitchell Mill…

In November 2024, the team’s Mitchell Mill Townhomes LLC acquired a 16-home townhome community in North Raleigh — a roughly $4.6 million purchase financed by Providence Bank of Rocky Mount, per TBJ.

On April 1, 2026, the entire community appeared on the MLS as a single listing: 42 bedrooms, 63 bathrooms, 28,224 square feet, described as a “package offering... a bundled portfolio of new construction homes in a single purchase.” Asking $5,999,000. Cut to $5.85M on May 27. Cut again to $5.75M on June 26.

Two price cuts in 90 days, zero homeowner closings per the county, and an asking price of roughly $204 per square foot for finished new construction. Builders don’t bulk-exit thriving communities. They bulk-exit projects they need off their books.

Adding It Up

Across eight projects: two communities at zero sales, one at two of ten, price cuts below advertised floors, MLS days-on-market games, five-figure incentives, an investor bulk-buy — and one entire community listed for wholesale exit. Against the market backdrop from Part 1, the question in this post’s title starts to answer itself and makes you wonder if The Three Developers maybe overextended and facing some liquidity issues.