WF home permits down sharply

This year there were only 39 permits for new Wake Forest homes in March and that dropped to 29 in April, whereas in 2019 there were 70 new home starts in March and 73 in April. In those two months there were 46 single-family permits each with 24 and 27 townhouse permits, respectively.

Is the local homebuilding industry falling off a cliff or is this a momentary stumble? The Gazette asked some people who should know, and they are saying it is just a momentary setback.

The person closest to the permits is JJ Carr, director of the Wake Forest Inspections Department, who said by email, “I do expect this to be temporary. I also feel that when things get back to normal, whenever that may be, permits will increase and we will be very busy.”

Brian Pate, who is an experienced realtor, expanded on that. “There are a couple of pieces to look at with the trending numbers in real estate.

“The first is that inventory is continuing to drop. This morning (Tuesday, May 12) there were approximately 6,400 homes on the market in the entire Triangle MLS including new construction and resale listings. The MLS covers around 20 counties. Last year around the same time, there were 7,600 units for sale. We have consistently seen low inventory in the Triangle housing market or the last two years. It is likely we will see a record low below 6,000 units in the next 30 days.

“For new construction, I am hearing most builders saying they are going to go ahead and get the permits for lots they already have prepared, but they will be holding those permits for a time until they feel like the market is ready to begin building again. By doing that, the cost of scale is stronger because a foundation crew or a framing crew can do multiple houses in the same week in the same neighborhood and thereby is more efficient.

“Another factor is that the annual Parade of Homes events in this area are usually the last two weeks of September and the first two weeks of October.  In order to hit that, builders have already started most of those homes.

“The Parade of Homes is always a catalyst for activity and I would expect this fall to be busier than normal because of the pent up demand for new homes combined with those that would like to have sold in the spring market who have waited to put their homes on the market. I anticipate closing numbers to be higher than normal in October and November because of this scenario.

“In studying the Chinese real estate market, I found that it took about four months from the initial realization that the virus was growing in its impact for the real estate market to return to normal. Following that model, if everyone cooperates with stay-at-home orders and the phasing process the governor has laid out, we should be back to normal numbers by the end of July or beginning of August.

“The challenge will be for buyers through June and likely into July in that inventory will be very tight so there will be fewer homes for buyers to choose from. For that reason, new construction could become even a higher percentage of transactions as some sellers wait even longer in fear that the virus could be brought into their home.”

Later, in response to a question about how many people are moving to Wake County and Wake Forest, Pace wrote: “I definitely expect people to continue to love to the area. Last year we were at approximately 65 people per day moving to Wake County and I believe Jason (Cannon, the town’s head of economic development) had it at five per day moving to Wake Forest.

“Our economy in NC is one of the best in the country so people will continue to move here.

“The other thing to remember is that according to National Association of Realtors stats, home sellers in 2018-2019 moved an average of 12 miles.  That means that many of the people selling homes in Wake Forest are doing like me and moving to new construction.”

On the commercial side, the good news in April is that the inspections department issued a building permit for the new Wegmans grocery store at the intersection of Ligon Mill Road the N.C. 98 bypass. The James R. Vannoy & Sons Construction Company will build the store, which will have 101,724 square feet. They paid $141,107.46 in fees and estimate the value of the building at $25 million. Vannoy Construction has four North Carolina offices and two in South Carolina.

If the site, seen either from the bypass or the current deadend of Ligon Mill Road next to the Reynolds Mill subdivision, seems large, it is. Part of that is the two roads, both of the reaching the bypass. On the east, there will be the extension of Ligon Mill Road to the bypass with a modified smart intersection and no traffic signals. On the west, there will be a new road which will break off from Ligon Mill and sweep around to the south and west before reaching the bypass.

The permits for both months, April and March, are listed below.

The April permits

The April permits have only 29 new single-family houses, Wegmans and four new businesses.

The inspectors approve a fit-up for WF Behavorial Development at 620 Dr. Calvin Jones Highway (the bypass), and three pre-occupancy permits for new businesses: Backyard Mosquito Co. in suite K at 5103 Unicon Drive; Curry House in suite 116 at 2101 South Main Street; and Property Specific Realty at 143 Wait Avenue.

The single-family permits are listed below by applicant, address, subdivision, stream basin, fees paid, square footage and improvement value estimated by the applicant. Each dwelling unit in Wake Forest must pay two impact fees: the Fire Protection Facility Fee and the Recreation Facility Fee. The fire impact fee is $337 for each single-family detached unit and $253 for each single-family attached unit. The recreation fee is $2,871 for each single-family detached and mobile home, and $1,713 for each single-family attached and multi-family units.

*Walker Design Build, 1705 Main Divide Drive, Bowling Green, Smith Creek, $4,624.25, 1,941, $203,137.

*Walker Design Build, 1703 Main Divide Drive, Bowling Green, Smith Creek, $4,758.00, 1,879, $206,021.

Ryan Homes, 121 Mason Oaks Drive, Mason Oaks, Richland Creek, $4,753.75, 2,464, $147,500. (This is the new subdivision in Franklin County immediately south of Rolling Acres. After revisions it was approved by the Town of Wake Forest in September 2018 for 268 single-family lots. It was known as Glen Oaks and Holden Mason, the two family names, during the approval process.

*Homes by Dickerson, 1416 Reservoir View Lane, Traditions, Smith Creek, $5,266.50, 4,412, $560,000.

*Taylor Morrison, 1405 Stonemill Falls Drive, Stonemill Falls, Smith Creek, $4,861.25, 2,831, $211,156.

*Prewitt Custom Homes, 1613 Glazebrook Drive, Bowling Green, Smith Creek, $4,624.25, 1,941, $225,000.

*Taylor Morrison, 2013 Hay House Avenue, Tryon, Smith Creek, $5,188.00, 3,789, $284,175.

*Pulte Home Corp., 1525 Santa Lucia Street, Del Webb at Traditions, Smith Creek, $1,464.25, 1,756, $179,985.

*Pulte Home Corp., 1511 Monterey Bay Drive, Del Webb at Traditions, Smith Creek, $1,615.00, 2,908, $234,780.

*Epcon Communities, 1325 Prevenient Drive, The Courtyards at Heritage Grove, Smith Creek, $4,600.25, 1,775, $154,100.

*Epcon Communities, 1321 Prevenient Drive, The Courtyards at Heritage Grove, Smith Creek, $1,319.25, 1,775, $154,100.

*Pulte Home Corp., 614 Calistoga Drive, Del Webb at Traditions, Smith Creek, $1,772.25, 3,371, $275,665.

*Clayton Properties Group/Mungo Homes, 2948 Thurman Dairy Loop, Kitchin Farms, Smith Creek, $1,622.50, 2,905, $196,510.

*Prewitt Custom Homes, 1609 Glazebrook Drive, Bowling Green, Smith Creek, $4,664.50, 1,928, $230,000.

*Pulte Home Corp., 1513 Santa Lucia Street, Del Webb at Traditions, Smith Creek, $1,335.50, 1,711, $162,110.

*Homes by Dickerson, 1124 Reservoir View Lane, Traditions, Smith Creek, $5,792.75, 4,021, $415,000.

*Drees Homes, 1520 Highpoint Street, Holding Village, Smith Creek, $5,102l75, 3,279, $246,000.

*Pulte Home Corp., 618 Carneros Street, Del Webb at Traditions, Smith Creek, $1,779.75, 3,043, $277,615.

*Pulte Home Corp., 630 Carneros Street, Del Webb at Traditions, Smith Creek, $1,535.50, 2,463, $214,110.

*Taylor Morrison, 2029 Hay House Avenue, Tryon, Smith Creek, $5,090,00, 3,223, $241,725.

*Pulte Home Corp., 1509 Santa Lucia Street, Del Webb at Traditions, Smith Creek, $1,435.00, 2,240, $187,980.

*Winslow Custom Homes, 1604 Wake Drive, Home Gardens, Smith Creek, $5,132,33, 3,516, $300,000.

*Pulte Home Corp., 1508 Monterey Bay Drive, Del Webb at Traditions, Smith Creek, $1,281.00, 1,655, $147,940.

*Pulte Home Corp., 1512 Monterey Bay Drive, Del Webb at Traditions, Smith Creek, $1,447.00, 1,756, $191,100.

*Pulte Home Corp., 622 Carneros Street, Del Webb at Traditions, Smith Creek, $1,585.75, 2,417, $227,175.

*Clayton Properties Group/Mungo Homes, 2901 Thurman Dairy Loop, Kitchin Farms, Smith Creek, $1,500.50, 2,382, $185,384.

*Pulte Home Corp., 516 Carneros Street, Del Webb at Traditions, Smith Creek, $1,489.75, 2,223, $202,215.

*Taylor Morrison, 1324 Copper Trace Court, Tryon, Smith Creek, $4,664.50, 1,931, $144,825.

*Clayton Properties Group/Mungo Homes, 3045 Thurman Dairy Loop, Kitchin Farms, Smith Creek, $1,796.00, 3,585, $227,566.

The March permits

The March residential permits included 34 single-family dwellings and five townhouses which are being built on Gateway Townes Boulevard in the Gateway Commons shopping center. Sixteen townhouses are planned. McKee Homes, the builder, paid $16,700.25 in fees and will add $755,000 to the town’s tax base.

There were permits for four new commercial buildings. Dunkin’ Donuts is underway at 2900 Rogers Road, the contractor is Sela Building Corporation which paid $5,945.24 in fees for a 1,960-square-foot building which will add $445,819 to the tax base. A storage building at The Sutherland at 13371 Wake Union Church Road being built to Presidential Investments which paid $1,292.80 in fees for a 1-square-foot building which will add $50,000 to the tax base.(?) An Auto Bell Car Wash at 939 Gateway Commons Circle where the contractor is Venture Construction Company which paid $14,072.78 in fees for a 4,033-square-foot-building worth $1,135,300. The Ting Operations Center is being built at 221 East Holding Avenue by CADE Inc. which paid $4,059.83 in fees for a 456-square-foot building which will add $280,054 to the tax base.

Inspectors approved fit-ups for three new businesses: Womack Electric Supply at Suite 204, 2824 Rogers Road; Big Lots at 12287 Capital Boulevard; and Gladwell Ortho Scan Center in suite 102 at 2808 Rogers Road.

They also gave pre-occupancy permits to four new businesses: the Tobacco Spot Store in suite 130 at 11480 Capital Boulevard; The Korean Kitchen in suite 101 at 2101 South Main Street; BOBA Brew LLC in suite 105 at 12516 Capital Boulevard; and Testar Engineering LLC in suite 102 at 5100 Unicon Drive.

The single-family permits are listed below by applicant, address, subdivision, stream basin, fees paid, square footage and improvement value estimated by the applicant. Each dwelling unit in Wake Forest must pay two impact fees: the Fire Protection Facility Fee and the Recreation Facility Fee. The fire impact fee is $337 for each single-family detached unit and $253 for each single-family attached unit. The recreation fee is $2,871 for each single-family detached and mobile home, and $1,713 for each single-family attached and multi-family units.

*Solid Rock Construction of NC, 813 Trinity Park Drive, Trinity Park (small subdivision on East Perry Avenue), Smith Creek, $4,683.75, 1,994, $135,000.

*Walker Design Build, 1605 Glazebrook Drive, Bowling Green, Smith Creek, $5,107.00, 2,214, $216,094.

*Epcon Communities, 1425 Grason Crockett Drive, The Courtyards at Heritage Grove, Smith Creek, $4,914.25, 2,658, $201,800.

*Lennar Carolinas, 926 Copper Beech Lane, Tryon, Smith Creek, $5,057.00, 3,243, $180,000.

*Jordan’s Construction, 360 Rocky Crest Lane, The Bluffs at Joyner Park, Richland Creek, $4,831.25, 2,715, $170,000.

*Pulte Home Corp., 1125 Santa Cruz Street, Del Webb at Traditions, Smith Creek, $1,543.25, 2,417, $216,125.

*Taylor Morrison, 2020 Edens Ridge Avenue, Tryon, Smith Creek, $5,167.50, 3,707, $281,732.

*Taylor Morrison, 2017 Hay House Avenue, Tryon, Smith Creek, $4,990.00, 3,233, $242,475.

*Pulte Home Corp., 1435 Monterey Bay Drive, Del Webb at Traditions, Smith Creek, $1,281.00, 1,655,  $147,940.

*Pulte Home Corp., 1134 Salinas Valley Drive, Del Webb at Traditions, Smith Creek, $1,643.75, 2,622, $242,255.

*Pulte Home Corp., 1464 Santa Lucia Street, Del Webb at Traditions, Smith Creek, $1,411.50, 2,097, $181,870.

*Pulte Home Corp., 1510 Santa Lucia Street, Del Webb at Traditions, Smith Creek, $1,404.25, 1,756, $179,985.

*Beazer Homes, 6648 Penfield Street, Bridgeport, Smith Creek, $4,893.50, 2,972, $180,100.

*Breakwater Building Co., 327 Mockingbird Lane, Cardinal Hills, Smith Creek, $5,261.50, 3,362, $350,000.

*Lennar Carolinas, 920 Wrights Creek Way, Tryon, Smith Creek, $4,843.50, 2,702, $142,000.

*Lennar Carolinas, 921 Wrights Creek Way, Tryon, Smith Creek, $4,849.50, 2,729, $142,000.

*Lennar Carolinas, 924 Wrights Creek Way, Tryon, Smith Creek, $4,837.75, 2,635, $215,156.

*Taylor Morrison, 1316 Copper Trace Court, Tryon, Smith Creek, $4,893.25, 2,831, $215,156.

*Pulte Home Corp., 1506 Santa Lucia Street, Del Webb at Traditions, $1,425.00, 2,097, $185,380.

*Clayton Properties Group/Mungo Homes, 3049 Thurman Dairy Loop, Kitchin Farms, Smith Creek, $1,762.75, 3,307, $242,833.

*Clayton Properties Group/Mungo Homes, 3041 Thurman Dairy Loop, Kitchin Farms, Smith Creek, $1,921.25, 4,037, $260,187.

*Beazer Homes, 6644 Penfield Street, Bridgeport, Smith Creek, $4,937.50, 2,972, $177,000.

*Pulte Home Corp., 1516 Monterey Bay Drive, Del Webb at Traditions, Smith Creek, $1,485.25, 2,240, $201,045.

*Jordan’s Construction, 825 Park Vista Drive, The Bluffs at Joyner Park, Richland Creek, $4,727.75, 2,452, $148,000.

*Lennar Carolinas, 930 Copper Beech Lane, Tryon, Smith Creek, $5,094.25, 3,453, $165,000.

*Epcon Communities, 1329 Prevenient Drive, The Courtyards at Heritage Grove, Smith Creek, $4, 656.50, 2,058, $175,900.

*Beazer Homes, 6629 Vestal Street, Bridgeport, Smith Creek, $4,921.00, 2,972, $180,000.

*Clayton Properties Group/Mungo Homes, 9005 Lee Brown Ridge Drive, Smith Creek, 41,640.25, 2,788, $176,054.

*Beazer Homes, 6601 Penfield Street, Bridgeport, Smith Creek, $4,970.75, 3,210, $189,650.

*Clayton Properties Group/Mungo Homes, 3012 Thurman Dairy Loop, Kitchin Farms, Smith Creek, $1,406.50, 2,006, $158,753.

*Clayton Properties Group/Mungo Homes, 8924 Lee Brown Ridge Drive, Kitchin Farms, Smith Creek, $1,454.75, 2,247, $170,165.

*Pulte Home Corp., 618 Calistoga Drive, Del Webb at Traditions, Smith Creek, $1,672.25, 2,622, $249,665.

*Clayton Properties Group/Mungo Homes, 9004 Lee Brown Ridge Drive, Kitchin Farms, Smith Creek, $1,375.50, 2,426, $175,590.

*Pulte Home Corp., 1517 Santa Lucia Street, Del Webb at Traditions, Smith Creek, $1,374.50, 1,756, $172,250.

#