REAL ESTATE DECISION SUPPORT

Requests for building permits and submissions of site development plans to the office of Denver Development Services has increased significantly this year from 2011, the office reports.  According to the agency, the total of building permit issuances for the year through June has leaped ahead of the same period of 2011 by 13.5% to total 26,712 and have already placed it ahead of 2007 for the period by 281.  Additionally, while 2012 is estimated to fall well below the pre-recession total for residential for-sale permits of 15,000 to 20,000 with a total of 4,500, builder Oakwood Homes reports that it has exceeded its projections for new home sales by 150.0%.  Submissions for site development plans for major projects, which are at least 0.5-acres in size, are also increasing with increased confidence in real estate.  The agency reports the 86 submissions for the year-to-date have placed 2012 on track to exceed 2011 by 95.0% to total 168, and would place it ahead of 2007 by 8.  Of note, submissions of multifamily site development plans, especially in the markets of downtown Denver, Stapleton, and Green Valley, have been substantial, and are typically scheduled to begin construction in 2013 and be completed within 24 months.