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One of my charges in this blog is to report on new construction in the valley. The Greater Augusta Association of Realtors (GAAR) does not currently report new construction starts as a separate and discreet category. To cope with that dilemma, I obtained data on new construction permits from the good folks in the Augusta , Staunton and Waynesboro permitting departments.
Waynesboro provides a brief snapshot with the following – For 2007 there were 89 permits issued for detached dwellings and 16 for attached dwellings, (total 105). For 2008, 33 permits for detached and 4 for attached, (total 37).
Augusta County gives a more detailed perspective, and you can call me for a complete breakdown: 2004- 804 permits, 2005- 672 permits, 2006- 504 permits, 2007 – 434 permits and for 2008 there were 285 permits.
Staunton City new residential construction permits were: 2004 - 74 permits, 2005 – 45 permits, 2006 – 98 permits, 2007 – 74 permits, and 2008 – 61 permits.
A cursory glance by the most casual observer reveals a sharp decline in new construction starts in 2008, with 2005-2006 being the “high water” marks. My strong suspicion is that the Staunton/Waynesboro/Augusta County new home starts mirror those of the rest of the state.
At any rate, it’s obvious to any Realtor driving around the area, that there is a noticeable lack of new construction activity.
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Swung by Ana Marie Estates last week and found it interesting that construction continues over there. The Boutros group must either have the most lenient bank lender going or one heck of a stash of cash.
From what I’ve seen over there, Boutros hasn’t sold a new home in that development in many months, with several of its overpriced properties having been on the market for years.