2011 Hampton Roads Real Estate Market Review - College of ...

ecorded in each community, netted the most closings for Ryan. Fenwick Hills had an average closing price of $287,825 and
Stonehouse Glen had an average closing price of $409,521. Most recently, Ryan Homes has begun building at The Settlement
at Powhatan Creek and Burlington Woods.
Terry·Peterson Residential was the top builder of new detached condominiums during 2010. Terry·Peterson Residential
had 54 detached condominium permits issued and 46 closings recorded in four separate communities on the Southside. Their
latest community, Gables at Riverfront opened for sales in October. Additionally, Terry· Peterson had 26 permits issued and
47 closings recorded for other product types.
The Multi-Story Condominium market experienced very little activity during 2010.
There were 147 permits issued for the year, less than 5% of all new residential permits. Of these, only 21 were for an
elevator-served community, Windy Knoll’s, in Newport News. The remaining permits were issued to Colonial Crossing in
Newport News, Southmoor at Ridgely Manor in Virginia
Beach, and Kings Pointe at Western Branch in
Chesapeake. There were 144 closings recorded, a
decline of 26.5% year over year. There were 79
closings for elevator served buildings and 65 for nonelevator
served.
Southmoor at Ridgely Manor by The Dragas
Companies had the highest number of non-elevator
served multi-story condominium closings recorded
for the year. There were 55 closings recorded with
an average closing price of $176,602. Compared to
last year, Southmoor had a 33.7% drop in closings
and a 2.2% reduction in average closing price.
Old Beach Village by the Ainslie Group in
Virginia Beach had the highest number of closings
for an elevator-served multi-story condominium
community. The community had 12 closings
recorded with an average price of $367,363. These
units had an average size of 1,601 square feet, yielding
a price per square foot of $229.23.
The Multi-Plex Condominium market held
steady in the number of permits issued during 2010.
There were 246 permits, only one permit less than
2009. There were 233 closings recorded, a decrease
GRAPH V
100%
75%
50%
25%
0%
of 24.8% from 2009. Chesapeake continues to have the most multi-plex activity with 53% of the permits issued and 46% of
the closings recorded.
The top multi-plex condominium community for permits and closings was Brighton Park at Greenbrier by The Dragas
Companies. The community had 71 closings recorded for the year with an average price of $207,549.
The Dragas Companies continue to
dominate the multi-plex condominium
market in Hampton Roads. They currently
have three multi-plex communities
in Chesapeake — Brighton Park,
Oakbrooke Crossing, and Kings Pointe.
Kings Pointe is their newest community
and is expected to open for sales this
spring. The builder was issued 121
building permits for new residential multi-plex units during 2010, nearly half of all multi-plex permits. They recorded 95 multiplex
condominium closings during the year, representing 40.7% of the Hampton Roads multi-plex market.
The number of Townhome and Duplex permits in 2010 was the same as 2009, with 606 issued. Permits were evenly
distributed between the Southside and the Peninsula with 306 to the Southside areas and 300 to the Peninsula areas. Virginia
Detached
The number of Townhome and Duplex permits in 2010 was
the same as 2009, with 606 issued. Permits were evenly
distributed between the Southside and the Peninsula with
306 to the Southside areas and 300 to the Peninsula areas.
165
247
541
438
83
Market Share for New Construction
2010 Closings by Price Range
24
150
467
250
Attached
36
$500K +
$400K to $500K
$300K to $400K
$200K to $300K