July 2012 Volume 1, Issue 1
“Promoting Quality Growth Throughout Greensboro”
Department of Planning and Community Development (336)373-2144 300 W. Washington St. www.greensboro-nc/pcd Greensboro, NC 27402
Features… Director’s Notes The Spotlight this Quarter is
TRC. Check it out on Page 5. “Good plans shape good quarterly reports on different to find the more detailed development topics. This information from the initial decisions. That's why good Downtown Development is quarter our focus is on trends study, you may find planning helps to make something very basic; where this at www.greensboro- going strong! Read about it elusive dreams come true.” people live. nc.gov/PCD under the on page 6. Data and Analysis tab. If Approximately 270,000 call you have ideas on - Lester Robert Bittel, writer Did you know the City helps Greensboro home in a development topics you
variety of housing and would like to see covered, market lots and properties? Welcome to the first edition community types from please contact Karen See page 7 for details. of Development Trends downtown condominiums to Markovics at Quarterly! historic neighborhoods to Karen.markovics@greensbo
traditional subdivisions. ro-nc.gov or call In January 2012, Planning Being able to provide quality 336.373.2144. and Community housing choices is a key Development released The ingredient in Greensboro’s Growth and Development Sue Schwartz, FAICP, growth. Trends Report that provided Planning and Community
a snapshot of where Development Director We hope you find this Greensboro is today as information useful, compared to a decade ago. interesting, thought provoking. If you would like Our intention is to produce Change Reflected in Housing Market
Over the past decade, slightly in April 2012 versus this compact development Greensboro has mirrored time last year; however, closer to amenities, a demographic and economic national sales were up 3.4%. greater demand for rental trends seen across the nation. housing, and housing that These changes often affect Multi-family Housing meets the needs of multiple how and where we live. The recent surge in multi- generations living under one family housing construction roof. These trends are As the country emerges from reflects changes both in the emerging in downtown the recession, what changes population, as well as in the Greensboro. Read page 6 will Greensboro see in the economy. for the scoop on downtown housing market? development. According to The Business Contents Increased Permit Activity Journal, multifamily housing is All development begins with Throughout the United States the “darling” of commercial a plan. The Spotlight story Permit Data 2 and in Greensboro, residential lending, with at least $443.5 this quarter is on the construction plummeted after million in apartment work Technical Review 2007. Building permit data for Committee (TRC). TRC is Spotlight Story 5 proposed or started in 2012 indicates stronger Greensboro over the past 15 typically the first stop for activity this year over last year. months. This new commercial and residential Inside Story 6 See pages 2 and 3 for development is expected to development in highlights of residential permit satisfy pent up demand for Greensboro. TRC activity for Properties for Sale 7 data. rental housing. Page 4 the first four months of 2012 highlights recent multifamily has steadily increased and is News and Events 8 Market Trends projects in our community. a promising sign for future Trends for existing home sales economic growth in About PCD 8 are difficult to pinpoint on a Future Development Greensboro. See page 5 for monthly basis. Sales of existing Nationally, trends indicate a the Spotlight story. homes in Greensboro fell preference for more
National Permit and Market Data
BUILDING PERMITS NEW HOUSING PROFILE represents a 6.6-month supply at the current sales Building permits authorized pace, up from a 6.2-month in April 2012 were 7.0 % In 2011 the average single- supply in March. below the March rate, but family house completed was 2,480 square feet. In are 23.7 % above the April Listed inventory is 20.6 % 2011 estimate. 2010, the average single- family house was 2,392 below a year ago when there was a 9.1-month square feet. Single-family building permits supply; the record for unsold
authorized in April 2012 were inventory was 4.04 million in Nationally, the average 1.9 % above the March July 2007 figure. sales price of new single- family homes sold was The national median Buildings with 5 or more units $267,900. The average sales existing-home price for all represented 30% of the price was $272,900 in 2010, housing types jumped 10.1 % authorized building permits $270,900 in 2009 and to $177,400 in April from a in April 2012. $292,600 in 2008. year ago; the March price
showed an upwardly revised The number of building The average price per 3.1 % annual improvement. permits issued nationally square foot for new single- declined 55% from 2007 to family homes sold was 2011. $83.38. Distressed homes – foreclosures and short sales HOUSING STARTS Regionally, the average sold at deep discounts – price per square foot $76.73 accounted for 28 % of April Housing starts in April were in the South. sales (17 % were foreclosures 2.6 % above the March and 11 % were short sales), estimate and 29.9 % above Source: US Census down from 29 % in March the April 2011 rate. Bureau 2011Housing and 37 % in April 2011. Characteristics Single-family housing starts in Foreclosures sold for an April were 2.3% above the average discount of 21 % EXISTING HOME SALES, UP March figure. below market value in April, while short sales were Buildings with 5 or more units Total existing-home sales discounted 14 %. represented 30% of the increased 3.4 % to a housing starts in April 2012. seasonally adjusted annual In the South, existing-home rate of 4.62 million in April sales rose 3.5 % to an annual HOUSING COMPLETIONS from a downwardly revised level of 1.79 million in April 4.47 million in March, and and are 6.5 percent higher Housing completions in April are 10.0 % higher than the than a year ago. The were 10.0 % above the 4.20 million-unit level in April median price in the South March estimate and 20.1% 2011. was $153,400, up 8.0 % from above the April 2011. April 2011. Total housing inventory at Single-family housing the end of April rose 9.5 % to completions in April were 2.54 million existing homes Source: National Association 11.4 % above the March available for sale, a of Realtors, April 2012 figure. Buildings with 5 or seasonal increase which more units represented 24% of housing completions in Housing Profile USA GREENSBORO April 2012. Owner Occupied Home 67% 54%
Source: U.S. Census Bureau Median Home Value $185,400 $142,400 and the Department of Housing and Urban Average Home Value $265,747 $187,909 Development Renter Occupied Homes 33% 46%
Notes: Numbers reflect Median Contract Rent $675 $605 permits for privately owned Average Contract Rent $772 $626 projects only. Source: American Community Survey
3 Local Permit Data
GREENSBORO townhomes, duplexes, and condos but excluding The first quarter of 2012 apartments, fell sharply in brings renewed optimism 2009 to 16% after that the downward trend in accounting for nearly one- new residential construction third of the residential new permits reversed with 83 construction building permits permits issued January – April issued for the preceding 5 this year compared to 88 years. issued for the same time period last year. This comes As a share of all residential after the number of new building permits, permits residential construction issued for alterations, permits plummeted by 84% renovations, and repairs between 2005 and 2011. have steadily increased from 25.5% in 2007 to 43.1% The average building value in 2011, which may be an owners have chosen to far this year over last year increased to $210,000 in 2012 indication that property remodel and renovate and the ten-county from an average of $150,000 rather than relocate and Asheville area is up 10.6%. for the preceding 5 years; build in a soft housing however, it is unlikely that this market. For the five-county Triad represents a trend, but rather region, the first quarter of a reflection of the wide Although apartments are 2012 (January –March) range of building values considered commercial, showed a modest growth in ($66,000 - $575,000). when reviewed with all residential building permits residential permit data, of 1.7% over fourth quarter The time period between slightly more than one-third 2011 and an increase of receiving a building permit of permits issued in 2011 6.5% when compared to the and project completion were for apartments. The first quarter of 2011. Within averages 5.7 months for a general trend indicates the Triad, the larger counties new single family home and growth in apartment of Guilford and Forsyth 7.6 months for all residential construction. Additional contribute to two-thirds of construction combined. details regarding local all residential building Approximately 12% of apartment construction can permits issued. permits issued since 2007 be found on the following have not yet been page. All four regions experienced completed. significant declines in REGIONAL residential building permit Permits for multifamily activity after 2007; however, construction, such as Across the state, the 9- the Triangle area showed county metro Charlotte the quickest turnaround by area residential building stabilizing the rate of permits are up 38.8% versus decline in 2008, whereas it the first quarter of 2011, took an additional year or likewise the 8-country two for other regions to level Triangle area has off. experienced a 29.4% gain so
Regional Residential Building Permit Trends
% 10 Yr. Q1-12 Q1-12 2011 Pop. vs. Q1- vs. Q4- vs. Area 2011 Pop. Change 11 11 2007
Asheville 669,094 13.8% 10.6% 10.3% -75.6%
Charlotte 1,815,912 28.8% 24.7% 38.8% -39.0%
Triad 1,350,129 14.2% 6.5% 1.7% -68.6%
Triangle 1,814,865 33.1% 29.4% 27.8% -41.5%
Source: The Market Edge
Greensboro Housing Market Trends
Existing Home Sales Triad Home Sales by Year, Number Sold For April 2012, existing home and Average Home Value sales in the Triad were up 8% versus this time last year; total dollars were up 3%.
In Greensboro, sales of existing single-family homes totaled 2,332 in 2011, representing a 7.4% increase over 2010 sales. The price of the average home sold was $148,225. (Jud)
However, the inventory of single-family homes on the market has decreased 26% from this time in 2010.
Existing homes spent an average of 120 days on the New Home Sales of new homes sold market in 2011, an increase increased 6.4% to $179,873 in time of 14.5% from 2010. A total of 869 new homes per unit. were sold during the 12 The length of time on the months that ended in March Other Market Trends market increases with 2012. The share of new single- housing price. Homes family homes to new multi- $500,000 and higher spent, Sales of new homes slid family homes grew from on average, 235 days on the 25.7% in March compared to 86.5% in March 2011 to 96.4% market. the same time last year and of sales in March 2012. the market seemed to be weakening. There was a 19.3% bump Out of all existing home sales year-over-year in the “If you were asked to foreclosures combined with New home sales average unit size of newly real-estate or lender owned sold homes to 1,908 square make a list of life’s represented 7.0% of all properties represented 55% housing sales in 2011. This is feet in March 2012. biggest decisions, of sales for March 2012. They down from a year earlier what would you put made up 48.4% in March when new home sales made Sources: Jud & Associates, 2011. up 10.4% of total sales. National Association of Realtors, at the top? and Housing Intelligence. In March, the average price Which college to attend? What career to pursue? Whom to marry? Important Apartment Trends choices all, but none as vital as the most Apartment Communities Under Construction Guilford County critical decision you Apartment Profile 79 units are under construction at Cityview at Southside, will ever make: where downtown. to live.” Vacancy Rate: 8.8% 192 unites are under construction at Greenway at Fisher
Avg Sq Ft: 933 Park, downtown. ~Richard Florida, Avg Rent: $698 Who’s Your City? 310 units at Innisbrook Village on McConnell Road near Avg Rent/Sf: $.075 I85/40. Units in process: 861 12 units at Hampton Downs on Old Battleground Rd. Units Proposed: 445 264 units at Wendover at Meadowood. Highest rents: Central City 130 units planned at Mo-Jud Mill on Oakland Avenue. Greensboro 51 units planned at Southeastern Building on North Elm Highest vacancy rates: Street. Northern Guilford 48 additional units planned at Hampton Downs. Largest unit size: Southwest 216 additional units at Gardens at Anthony House Guilford
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WHAT IS THE TECHNICAL Committee. The TRC reviews available on our website. REVIEW COMMITTEE? these changes to ensure SPOTLIGHT development is moving in the PLAN REVIEW TIMES New development is vital to proper direction. the health of a city. The In an effort to ensure that Technical Review committee To provide the development review of the development (TRC) is a multi-departmental community with increased does not hinder the team that guides the division access to the TRC plan development itself, staff of land in preparation of reviewers, the City has made tracks the time that it takes development (Subdivisions) changes to how the TRC for a plan to be reviewed. and the development of functions. land (Site Plans) so that the When a plan is first submitted activity mirrors the vision City One of these changes is to the TRC’s goal is to complete Council has established to gather a representative from the initial review within 10 guide and protect the each of the departments working days. After that economic vitality of involved in the TRC within the review is complete the ON TRC Greensboro. TRC reviews Development Services One design professional revises plans for both commercial Stop Development Center the plan to address all the and residential projects. every weekday morning from comments made by the TRC. 8 AM to 12 noon. If the revised plan is re- There are several aspects of submitted within 14 calendar By Steve Galanti, AICP development that City This allows the multi- days, the TRC’s goal is to Planning Manager Council has earmarked as departmental team to complete the review within Current Planning and critical for TRC to guide. Safe collaborate face-to-face five working days. Staff tracks Compliance Division roads, protecting existing with the developer to the number of days each trees and providing new uncover workable options to plan is reviewed and those vegetation, protection of the any stumbling-blocks and to numbers are available on move forward towards a Development Services City’s drinking water, safe our website. project that will be Division Phone Numbers and available pedestrian successful. movements and decisions PLAN APPROVAL
Main Office: 373-2155 that are fair and equitable To ensure that the review Nicole Ward: 412-5757 are all components to Plans that meet all the City’s process does not hinder Steve Galanti: 373-2918 sustainable development requirements will be development, the City has and a healthy city. approved by the TRC. made changes to how the Planning in Development TRC functions. One of these Services: 373-4342 So you may ask, “How does changes allows the TRC Plan review is by no means the City of Greensboro members to meet any day of the last step in the process, Business Hours: Monday- check that the development the week to officially but rather marks the Friday, 8 am – 12 pm of land follows these approve plans. Staff tracks beginning of quality growth principles?” the number and types of in Greensboro. http://www.greensboro- plans approved by the TRC nc.gov/TRC --that is the main role of the and a list of those plans is Technical Review
TRC BY THE NUMBERS
The number of plans submitted to TRC declined 53.9% between 2002 and 2011; moreover, the number of proposed lots and size of the site diminished tremendously during that time. This trend appears to have leveled off between 2010 and 2011. In 2012, there has been a steady increase in plan submittal, with a total of 97 plans submitted through April 2012.
Regardless of the number or type of plan, TRC strives to provide excellent customer service. Enhancements to Development Services have streamlined the review process and have decreased the time in which plans are reviewed. In April, 97% of plans were reviewed within the targeted number of days.
Your Guide to Downtown Development
By Joe Scott, Special to “Go consists of seven buildings will, with Downtown Triad” Writer with 335 units that give Greensboro being a piece tenants a splendid view of of that.” In earlier decades, the trend Downtown Greensboro’s of suburban development cityscape. The complex also A major addition that all was bolstered by TV sitcoms boasts a clubhouse with a residents and commuters like “Leave It To Beaver” and heated pool and custom- who work in Downtown “The Brady Bunch,” which built coffee bar, intended to Greensboro can look beamed images of idyllic stoke resident social forward to is the relocation small town life into living interactions. of Deep Roots Market, a rooms across the country. grocery co-op that “That was the standard, the “If you’re there, you’re going specializes in natural and norm,” says Ed Wolverton, to meet people,” Coker says. organic foods. president and CEO of Down- “It’s the natural effect of town Greensboro, Inc. “ having so many people in a Some other projects on the “Culturally, I think dense area, but we also put horizon include a new But you flash forward to the a lot of work into making restaurant, The Worx, which we’re seeing more 1990s, and the popular social connections happen should open this summer, people who want to live sitcoms were 'Friends’ and for people over there.” and Elon University Law in a downtown 'Seinfeld,’ which were about Coker adds that while many School’s purchase of young adults living in urban of his residents either work Downtown land for future environment versus settings, taking advantage of downtown or attend classes expansion. The school will having to drive 30 the services these places at Elon Law School on create some parking and minutes to get have to offer.” Greene Street, others simply park space as an interim use enjoy living in a place that is for some of the the property, anywhere.” With this trend of urban- walking distance from which should be finished by based sitcoms maintaining restaurants and nightclubs the end of the year. Seth Coker, president of popularity with current hits Downtown. Signature Property Group. like “The Big Bang Theory” Over the next ten years, and “Two Broke Girls,” And while they represent Wolverton hopes to see an Wolverton perceives a competition, Coker wel- expansion of Downtown cultural shift amongst comes the construction of Greensboro’s residential Americans who are gradually the Greenway at Fisher Park base, which he feels is migrating towards the Apartments, which is being underdeveloped. He also amenities and convenience developed by Lomax feels a Performing Arts of downtown living. To keep Properties, LLC and Belle- Center could be a boon not up with this growing demand meade Development. only for downtown, but the on the local front, a slew of Located on a 1.5 acre tract city overall. property developers and on the corner of Battle- entrepreneurs have invested ground Avenue and Eugene “For us to be a first class city, millions of dollars into Street, the complex will to compete with the businesses, homes and consist of five buildings and Charlotte’s and the apartment buildings slated 196 units of high-end Raleigh’s, this is a critical for Downtown Greensboro. apartments, a rooftop asset that we have got to terrace and bar and a address, and we are “Culturally, I think we’re saltwater pool. undertaking that process seeing more people who right now,” Wolverton says. want to live in a downtown Most importantly, it will be “A lot of people agree that environment versus having to along Greensboro’s needs to be downtown, so drive 30 minutes to get Greenway, a $26 million we’ve got to find a way to anywhere,” says Seth Coker, “linear park” that will allow make that happen.” president of Signature residents to walk or bike Property Group. safely across the city. “It will tie into the existing trail Reprinted from “Go Triad” a Signature Property Group system that is already publication of the opened its first City View connecting the entire Greensboro News and apartments on 307 King community,” Wolverton says. Record. April 25, 2012. Street in 2009. Including the “And the trail system that is www.gotriad.com. current expansion project, connecting the entire state is the apartment complex going to be hubbed, if you Contents edited for space.
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Properties for Sale
The City's Planning and Two lots are available; fully Near Willow Oaks (located Community Development served and ready to build in southeast Greensboro) Department helps the Re- on. (For more information, A vacant lot located at 2503 contact Sharonetta Everitt St. is available. development Commission of McIntyre at 336-545-4671.) Greensboro and the Greens - boro Housing Development Ole Asheboro (located in For more information on the 404 Whittington Partnership market properties southeast Greensboro) available lots and homes, Street that are for sale. Housing lots are available; contact Guy Land at: 336- Single Family fully served and ready to 373-2214 or guy.land 3 Bedrooms Currently both groups have build on. @greensboro-nc.gov or visit: 1 Baths several homes and vacant www.greensboro-nc/forsale lots available for purchase. Arlington Park (located in Over 1,200 Square Feet southeast Greensboro) $61,750 Vacant lots are available Please check the website frequently for newly Total rehabbed home Available Lots at 418 Burtner St. and 1524 acquired properties. Randolph Ave. with new appliances, new Nealtown Farms (located in plumbing, new heating/AC northeast Greensboro) system, all hardwood flooring, formal dining room and much more. Minutes from downtown Greensboro. Other Available Properties Please call 336-373-2214 Eastside Park for an appointment. The following two houses will be moving to 203/205 Gillespie St.
Houses to be fully rehabbed to energy efficiency standards; buyers have the opportunity to 701 Dorgan Avenue choose custom finishes and 728 Gillespie Street 1,118 SF, 3 br/2 ba landscaping. Interested parties 984 SF, 3 br/1 ba should contact Dyan Arkin at *House to be relocated to 336-433-7377 or *House to be relocated to 203 or 205 Gillespie Street. [email protected] 203 or 205 Gillespie Street. 1220 Randolph Avenue SOLD Single Family 4 Bedrooms Recently Sold Properties 2.5 Baths Over 2,000 Square Feet $99,750 Total rehabbed home with new appliances, new plumbing, new heating/AC system, new carpet, hardwood flooring, formal dining room and much
more. Just minutes from 312 Murray Street Ole Asheboro 1600 Martin Luther downtown Greensboro. 2 Story Duplex Bungalow Neighborhood King Jr Please call 336-373-2214 $125,000-SOLD for an appointment. $82,500 – SOLD $125,000 -SOLD
DEVELOPMENT TRENDS
Planning and Community Development PCD News and Events Melvin Municipal Office Building, Room 315 Street Addresses well as non-residential 300 W. Washington St. buildings, should use numbers Greensboro, NC 27402 The City of Greensboro is that are at least six inches committed to raising high. Address numbers must Office Hours: Monday- awareness about the be placed within 3 feet of Friday, 8am-5pm importance and need for the front entrance to the residents to clearly mark their house or in a location that Phone homes with their street can be seen from the street (336) 373-2144 number. Single family homes in both directions. If the Fax should use numbers that are house is not visible from the (336) 412-6315 at least three inches high. street, residents should post Apartments and duplexes, as numbers so they are clearly www.greensboro-nc.gov visible from the road.
About PCD “Promoting
quality growth The Planning and Community PCD supports a variety of PCD also administers the throughout Development Department programs that positively City's Land Development Greensboro with (PCD) works to serve the impact people's lives, Ordinance, Minimum Housing professional and Greensboro community's homes, and communities. Code and Comprehensive neighborhood associations, Programs encourage Plan Connections 2025, and knowledgeable community groups, housing homeownership, neighbor- implements other city plans staff, outstanding and human service agen- hood revitalization, lead-safe and policies. customer service, cies, residents, business housing, economic and innovative community, developers, and development, and PCD is located on the third government leaders. assistance to homeless problem-solving.” floor of the Melvin Municipal residents. Building.
Planning and Community Development Department Melvin Municipal Office Building, Room 315 300 W. Washington St. Greensboro, NC 27402
We’re on the Web!
See us at: www.greensboro- nc.gov/PCD