BRIGHTON — Like many housing markets across the country, the housing market in Brighton is starting to pick back up.
The city’s housing market took a significant hit in 2008 when the recession hit and the building of new homes nearly came to a standstill. Only 35 permits were taken out for single family homes from the city of Brighton in 2008, down 160 permits from 2007 and down 369 permits from just five years earlier.
Now, Assistant City Manager for Development Marv Falconburg says things are beginning to pick up for the city. As of Aug. 31, the city has granted 80 permits for single family homes, a number that Falconburg says is on track with last year’s 111 permits for single family homes. He also believes the city is tracking at a sustainable rate.
“There’s a lot of activity and most of the foreclosures and the homes that were available have been absorbed by the market and the trend we’re seeing now is homes really are selling quickly and folks are actually having trouble finding a good variety of new housing options,” he said.
Jeff Teater, owner of Teater Construction, has started three homes in the Park Place Subdivision over the past 30 days, two of which are already sold. He said a couple years ago they were lucky to work on three to four homes a year, and by the end of the year will have built six.
He said getting through the recession was hard but that everyone — the planning department, city council, his contractors and himself — worked together to get through it. He said the city was especially helpful because council deferred some fees to the end which was huge.
Teater anticipates starting a few more houses in the next 30 days.
“There’s a lot of pent-up demand, there’s a lot of energy” he said. “People who wanted to build a house with a custom home builder for two, three, four, five years and hadn’t pulled the trigger and now they’re able to sell their house, the market’s strong on the real estate side and so the market’s strong on the construction side as well.”
Jan Hepp-Struck, of Hepp Realty, LLC - Metro Brokers, said things got much better as of last January and said there was a lot of pent-up demand.
“The houses that had been on the market, if they were priced fairly, they were selling. There was demand.,” she said. “I would say in the last year and a half, anything priced fairly under $300,000 has sold very quickly.”
Hepp-Struck said the biggest demand is for the single family detached home but that she’s had a lot of interest in condominiums and town homes as well. She said that there has also been a lot of listings and closings on acreage this year.
As the city continues rebounding from the recession, Falconburg said he is seeing a new trend starting.
“We have seen that we’re starting to run out of buildable lots in terms of lots that are in subdivisions that are all approved and entitled and have their infrastructure in,” he said, adding its something he’s never seen happen since he’s been with the city.
He said other than the infill lots in the city, he’s seen most of the new growth occurring to the east and believes the next growth will occur towards the south.