Category Archives: Construction

Builders are Feeling More Optimistic

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REALTORMag reports that for the fifth straight month, builders are more optimistic in the single-family home market. Here’s what they had to say…

Signs are improving in the new-home market and builders are feeling more optimistic about where the real estate market is heading, after coming off last year’s worst year on record for new home construction. 

For the fifth consecutive month, builder confidence in the single-family home market increased in February, reaching its highest level in four years.

“Builder confidence has doubled since September,” says Barry Rutenberg, chairman of the National Association of Home Builders. “Given the recent improvements in new home starts and the increasing number of markets included in the NAHB/First American Improving Market Index, this consistency suggests that the housing market is moving toward more sustainable growth.” 

While the jumps in builder confidence have been an encouraging sign for the industry, housing experts warn that confidence is still historically low, and that foreclosures, low appraisals, and more stringent credit standards continue to hamper the new-home market’s full recovery. 

By Melissa Dittmann Tracey, REALTOR® Magazine Daily News

 

Lowe’s Coming to the Outer Banks?

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Lowe's Logo

Lowe's Logo

The Outer Banks Voice is reporting today that Lowe’s, the home improvement “mega store,” recently submitted a site plan for a store in Kill Devil Hills.

The plan calls for a 158,000-square-foot store on the “highway” between West 1st St. and West Landing Drive.  The area is already zoned commercial, so the approval process could be as straight-forward as a site plan approval, but it’s too early to tell.

Construction Spending Surges in April

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U.S. construction spending for April rose above analysts’ expectations; the largest monthly increase in almost 10 years. 

The Commerce Department said construction spending rose 2.7 percent, the biggest advance since August 2000, to an annual rate of $869.1 billion. March’s increase was revised up to 0.4 percent from a 0.2 percent gain.

New Resort Approved for Corolla, Outer Banks

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Corolla Club & Resort

Corolla Club & Resort

A public hearing was held regarding the new Corolla Club and Resort on Monday.

It seems that supporters of the development view the development as a means to offer new housing opportunities for visitors to the area.  Opposition to the new resort claim that the project dosen’t go with the current atmosphere of the area and seems out of place for Corolla. 

The Builder-developer, SAGA Construction, states that the development will help the area by creating jobs and providing accommodations for vacationers on the Outer Banks. 

During the public hearing, three major issues were addressed:

(1) Is the development compatible with surrounding residential areas?

(2) Should the land be protected because of its unique environmental qualities?

(3) Will Corolla neighborhoods be negatively impacted by the new development?

County Planner Ben Woody stated in the hearing that the development fit the criteria for a special-use permit and fits in with the overall plan for the community.  Before the testimony began, Sumit Gupta, principal owner and developer of SAGA, said the new development was carefully designed and would benefit Currituck County.

It was a hotly contested issue, and testimony and closing statements extended past 1 a.m.  At the end of the lengthy hearing, the commissioners, without comment, unanimously approved the developer’s application for a special use permit with some recommended changes from the planning staff.

Home Building Confidence at Highest Level Since 2007

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Home builder confidence levels have risen to the highest level in two and a half years. The Housing Market Index increased three points to 22 which is the highest since August of 2007.  Wells Fargo also reported that this is the second straight month that we have seen a gain.

New Home Sales Jump in June!

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re-sold  Information released by Bloomberg.com this morning shows that new homes sales have risen 11% in the month of June.  This is the biggest jump in eight years! 

 

Falling prices and a drop in mortgage rates are getting buyers off the bench. “We are making some progress in absorbing this huge inventory overhang” and that “is a fundamental step we need to take to begin to see home prices improve,” said Robert Dye, a senior economist at PNC Financial Services Group in Pittsburgh.

 

Another positive sign for the housing market is the fact that some of the nation’s major building corporations have shown positive signs as their stocks jump. 

June Housing Construction Rises More than Expected

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The Level of Construction of new US homes rose in June to the highest that it has been in seven months. 

 

Many builders are rushing to build homes for first time home buyers that are taking advantage of the first time home buyer tax credit. The Commerce Department reported last week that construction of new homes and apartments has risen 3.6% over last month.  “This was the most positive housing report in ages” said Patrick Newport, an economist with IHS Global Insight. 

 

Home buyers are finding that now is the time to buy with low home prices, and the $8000 tax credit that first-time home buyers will be receiving until December 1. 

New Construction Rises in May

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Construction of new homes jumped in May by the largest amount in three months. 

 

This growth indicates that the nation’s housing market is showing the beginning signs of recovery.  The Commerce Department said on Tuesday the construction of new homes and apartments rose 17.2% last month.  

 

Another positive indicator of recovery is the fact that more contractors are applying for building permits. Applications for building permits has risen 4%.