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VOL. 127 | NO. 11 | Wednesday, January 18, 2012

Permits Rise 60 Pct. in Q4

By Sarah Baker

Print | Front Page | Email this story | Email reporter

Local homebuilders filed 60 percent more new home permits during the fourth quarter compared with the same period last year, but as with 2011’s overall total, there were several underlying factors that created artificially high year-over-year totals.

Shelby County homebuilders filed 220 permits during the fourth quarter (October to December), compared with 137 filed during Q4 2010, according to real estate information company Chandler Reports, www.chandlerreports.com.

The quarter’s total also marked a 6 percent increase from the third quarter – July to September – when 207 permits were pulled.

Skewing last quarter’s totals was Alpena, Mich.-based Devere Construction Co. Inc., which filed 84 permits for non-market-rate homes averaging 1,603 square feet and $113,289, all in the Windsor View subdivision in Westwood’s 38109 ZIP code. (See main story on Page 1 for more on this development.)

When Devere’s 84 permits are removed from 2011’s totals, the county is left with 136 permits filed during Q4. That means permits actually saw no change year over year.

Besides Devere, Regency Homebuilders LLC filed the most permits last quarter, with 39 averaging 3,132 square feet and $230,227. Following Windsor View, the subdivision with the most activity during Q4 was Vintage Homes’ Gerland Creek (Whisper Ridge) subdivision in Southeast Shelby County’s 38125 ZIP code, with 13 permits averaging 2,673 square feet and $185,223.

Fourth quarter permits averaged 2,932 square feet and $232,448, compared with 2,981 square feet and $256,630 in Q4 2010.

The number of permits filed last quarter saw a steady decline over the three-month span. October’s total of 105 was followed by November’s 77, which dropped to 38 in December.

Builders sold 191 homes during 2011’s final quarter, a 9 percent increase from 176 sales in Q4 2010, but a 36 percent decline from 298 sold during Q4 2009.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 92 118 6,266
MORTGAGES 109 153 10,261
FORECLOSURE NOTICES 0 24 3,352
BUILDING PERMITS 0 179 16,676
BANKRUPTCIES 79 141 7,220
BUSINESS LICENSES 24 40 2,483
UTILITY CONNECTIONS 78 190 9,753
MARRIAGE LICENSES 28 75 2,276

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