Author Blair HardestyData Analysis/ Director

Layout Residential DataBank

Financial The E. V. Williams Center for Real Estate and Economic Support Development (CREED) functions and reports are

funded by donations from individuals, organizationsand the CREED Advisory Board.

Disclosure The data used for this report is deemed reliable; however, neither Old Dominion University, theE. V. Williams Center for Real Estate andEconomic Development, nor sponsoring companiesand/or individuals makes any representation or warranty as to its accuracy.

Residential

Acknowledgements

57

582009 Hampton Roads Real Estate Market Review

2 0 0 9 R E S I D E N T I A L

2008 was a year of challenges for the Hampton Roads real estate market. The average closing prices for new and ex-isting homes experienced a decline in 2008, correcting the unsustainable run-up in prices that occurred in 2004 and2005. The market continues its period of readjustment.

The number of new, residential building permits issued in 2008 decreased 32.8% to 3,380 permits as the focus ofbuilders turned to selling current inventory instead of to-be-built homes. This is the fewest amount of new residentialpermits issued in one year since Residential DataBank began tracking data in 1984. There were 496 permits issued in

the fourth quarter, a decrease of 42% from the fourth quarter of 2007.

New construction closings were the fewest number recorded since 1984. Therewere 3,311 total closings for new homes in Hampton Roads, a decline of 19.9%from 2007. The largest downturn occurred in the fourth quarter, with closingsdown 29.3% year over the previous year’s final quarter.

By the end of 2008, the existing home market ended with a 24.9% reductionin closings as compared to 2007. A total of 13,957 existing homes closed in2008, which was 4,631 less than 2007. There were 2,676 existing home closingsreported during the fourth quarter, a decline of 24.5% year over year.

he Hampton Roads Residential Market statistics

covered in this report analyze the new home

building industry and the existing home sales ac-

tivity for the year 2008. Included are the cities of Chesapeake, Hampton, Newport News, Norfolk, Poquoson,

Portsmouth, Suffolk, Virginia Beach, and Williamsburg, and the counties of Gloucester, Isle of Wight, James

City, Southampton, and York. The new construction data contained in this report was gathered from the actual

deeds recorded and from the building permits issued by each city or county. The sales data and existing home

closings data was gathered from the Real Estate Information Network.

THE YEAR I N REV I EW

TGeneral Overview

The number of new, residential

building permits issued in 2008

decreased 32.8% to 3,380 permits as

the focus of builders turned to selling

current inventory instead of

to-be-built homes.

For 2008, the average price of a new construction, single-family, detached home in Hampton Roads was $400,494, down 7.1%from 2007. Williamsburg had the highest average closing price, but as this number is calculated on only six closings it may notbe a true indicator of average price. Virginia Beach had the largest number of closings with an average price of $492,281. All mu-

Table I New Construction Permit and Closing Activity (2007 VERSUS 2008)

NEW CONSTRUCTION

ALL PRODUCT TYPES 2007 2008 + / - 2007 2008 + / - 2007 2008 + / -AREA PERMITS PERMITS % DIFF. SALES SALES % DIFF. CLOSINGS CLOSINGS % DIFF.

Chesapeake 747 617 -17.4% 601 499 -17.0% 631 589 -6.7%

Franklin/Southampton 118 62 -47.5% 44 25 -43.2% 39 21 -46.2%

Gloucester 349 193 -44.7% 126 150 19.0% 121 153 26.4%

Hampton 259 174 -32.8% 119 115 -3.4% 128 97 -24.2%

Isle of Wight 240 151 -37.1% 159 109 -31.4% 201 128 -36.3%

James City County 649 399 -38.5% 301 231 -23.3% 544 410 -24.6%

Newport News 236 98 -58.5% 140 145 3.6% 190 147 -22.6%

Norfolk 337 256 -24.0% 282 198 -29.8% 365 253 -30.7%

Portsmouth 232 93 -59.9% 78 104 33.3% 591 231 08.5%

Suffolk 590 345 -41.5% 375 297 -20.8% 452 316 -30.1%

Virginia Beach 980 762 -22.2% 967 811 -16.1% 1,127 887 -21.3%

Williamsburg 26 27 3.8% 22 19 -13.6% 5 8 0.0%

York County 270 203 -24.8% 181 178 -1.7% 274 179 -34.7%

TOTALS 5,033 3,380 -32.8% 3,395 2,881 -15.1% 4,136 3,311 -19.9%

* Sales information provided by the the Real Estate Information Network. A sale is a ratified contract which may or may not result in a closing.

59

602009 Hampton Roads Real Estate Market Review

2 0 0 9 R E S I D E N T I A L

nicipalities had declines in average closing value, except for James City County, York County andWilliamsburg with increases of 1.1%, 7.5% and 52.5%, respectively. Each of these areas has severalhigh end, custom home communities; just one or two high end closings are capable of elevating theaverage closing price.

The largest percent decline in average price was in Gloucester County where the average price for a new,single-family, detached home dropped 16.2% to $269,941. This drop in average price can be attributed

to Centex Homes significantly lowering prices in both Courthouse Square andCourthouse Spring, where the average price of 87 closings was $251,425.

The average closing price for a multi-story condominium unit during 2008 was$411,907, down 16.9% from 2007. Multi-story buildings are defined as flat overflat buildings with 3 or more stories and, with the exception of Southmoor atRidgely Manor, are elevator served. Currently, only a few cities/counties inHampton Roads have new construction, multi-story buildings: Virginia Beach,Norfolk, Newport News and James City County. All experienced increases inaverage closing price, except for Virginia Beach where the average pricedropped 42.8% from 2007 to $445,813.

The decline in Virginia Beach’s average closing price is due to the introduc-tion of Southmoor at Ridgely Manor in Virginia Beach by Dragas Homes.Southmoor was the #1 new construction community in Hampton Roads for2008. Closings began in March and, through December, there were 86 clos-ings recorded. These 2 bedroom, 2 bath, 1,340 square foot units had an av-erage closing price of $183,845. This number of closings was substantialenough to offset numerous $1 million+ closings in several multi-story build-ings in Virginia Beach.

Table II Hampton Roads New Construction Average Prices

SINGLE FAMILY TOWNHOME/ ALL PRODUCTDETACHED MULTI STORY MULTI PLEX DUPLEX TYPES

1st QTR 2007 $443,710 $345,570 $236,641 $290,726 $380,012

2nd QTR 2007 $428,376 $421,909 $250,834 $329,390 $384,148

3rd QTR 2007 $437,216 $440,076 $242,439 $294,506 $383,806

4th QTR 2007 $414,798 $633,077 $253,820 $305,192 $403,442

1st QTR 2008 $405,174 $427,285 $229,975 $293,199 $368,586

2nd QTR 2008 $408,052 $396,867 $256,438 $289,969 $368,055

3rd QTR 2008 $412,122 $413,083 $228,618 $296,820 $367,013

4th QTR 2008 $371,725 $419,064 $241,279 $290,148 $339,725

Southmoor Village at Ridgely Manor, the #1new construction community in HamptonRoads for 2008, based on permits and clos-ings. Built by Dragas Homes.

The average closing price of a multiplex con-dominium unit was $238,550, down 3.2% from2007. Representative examples of multiplexcondominium units are the classic Dragas four-plex product and the Franciscus ten-plex prod-uct. Chesapeake experienced the largest dropin average closing price, down 16.1% to$251,412. Again, the drop in average closingprice can be attributed to the introduction of anew, less expensive community and not neces-sarily a decline in average value.

Brighton Park at Greenbrier is one of the latestmultiplex communities in Hampton Roads.When complete the Dragas community willhave 240 multiplex units in two different, four-plex product lines. In 2008, Brighton Park ac-counted for more than half of all multiplexclosings in Chesapeake and the average clos-ing price was $200,434.

61

Table III Hampton Roads Existing Home Average Prices

2008 Single Family Detached Average Closing Values — New Construction Versus Existing

ALL PRODUCTDETACHED ATTACHED TYPES

1st QTR 2007 $271,755 $197,586 $252,009

2nd QTR 2007 $291,214 $204,157 $269,177

3rd QTR 2007 $292,936 $198,222 $267,902

4th QTR 2007 $272,177 $195,443 $251,913

1st QTR 2008 $260,685 $192,773 $243,326

2nd QTR 2008 $278,771 $203,084 $260,962

3rd QTR 2008 $266,396 $204,591 $252,406

4th QTR 2008 $255,468 $193,212 $241,309

Ches

apea

ke

Glou

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er

Ham

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Isle

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ight

Jam

es C

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unty

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s

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lk

Ports

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th

Sout

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Coun

ty

Suffo

lk

Virg

inia

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h

Willi

amsb

urg

York

Coun

ty

$700,000

$600,000

$500,000

$400,000

$300,000

$200,000

$100,000

$

Graph I

New ConstructionExisting HomesVariance

$395

,686

$289

,887

$105

,799 $2

69,9

41$2

31,4

07$3

8,53

4

$319

,448

$195

,119

$124

,329

$403

,722

$289

,475

$114

,247

$458

,942

$377

,392

$81,

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$257

,726

$211

,010

$343

,371

$213

,163

$130

,208

$249

,085

$174

,252

$74,

833

$252

,858

$177

,770

$409

,645 $4

92,2

81$3

36,3

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55,9

61

$658

,971

$371

,694

$287

,277

$484

,734

$359

,203

$125

,531

$258

,427

$151

,218

$75,

088

$46,

716

622009 Hampton Roads Real Estate Market Review

2 0 0 9 R E S I D E N T I A L

In contrast, James City County experienced a 26.9%increase in average closing price to $285,691. This isdue to closings in the new, larger section of BraemarCreek by Franciscus Homes and the new Villa Devel-opment community, Villas at Five Forks.

The average closing price for townhomes and du-plexes in Hampton Roads dropped 4.1% from 2007 to$292,522. All areas experienced declines in averageclosing price, except for Virginia Beach and JamesCity County with increases of 1.3% and 8.0% respec-tively. The largest decline was in Norfolk where the av-erage price dropped 27.5% from 2007 to $326,910. Apart of the decline in Norfolk is due to a fairly largeprice reduction on the townhomes in The Landings atBolling Square by Collins Enterprises.

Overall, the average price for a new constructionhome in Hampton Roads was $361,720 for 2008, down6.7% from 2007. As seen in Table II, the overall aver-age price continued to drop throughout the year andthe fourth quarter average was down 15.8% from theprevious fourth quarter.

EXISTING HOMESThe overall average closing price for an existing home during 2008 in Hampton Roads was $251,115, down 4% from2007. James City County had the highest average closing price for an existing home with $356,761, on par with the av-erage of 2007. Gloucester County had the highest decline in average price, down 11.7% to $230,442. On average, ex-isting homes in Hampton Roads sold for 86.1% of the original listing price. The fourth quarter average for HamptonRoads was $241,309, down 4.2%, from the fourth quarter of 2007. Throughout most of 2008, the average closing priceof existing homes continued to decline and, as the market continues to correct, the decline is likely to continue.

For 2008, the average price for an existing detached home in Hampton Roads was $267,123, a decline of 5.8% from2007. James City County had the highest average closing price reported during the year at $377,392, although this isa loss of 4% from 2007. The largest decline in average price was in Gloucester County with a decline of 12% down to$231,407. Existing detached homes in Hampton Roads on average sold for 84.6% of the original listing price.

The average price for the fourth quarter was at $255,468, down 6.1% year over year.

Existing attached homes in Hampton Roads had an average closing price of $199,335 during 2008. This is a decline ofonly $30 from 2007. Most areas had slight declines in average closing value. York County had the highest decline witha loss of 5.4% down to $205,113 for 2008. James City County had the only notable increase in average closing price witha 14.3% increase to $245,355. On average, attached homes sold for 94% of the original listing price.The average price during the fourth quarter was $193,212, down 1.1% from year ago numbers.

22%Townhome/

Duplex

10%Multi-Plex

12%Multi-Story

56%Single Family

Detached

Graph II New Construction Closings Product Mix 2008

I ND I V I DUAL MARKET SEGMENTSSingle-Family Detached is still the dominant type of housing in Hampton Roads. For 2008, more than 67% of all new res-idential building permits issued in Hampton Roads were for detached housing. There were 2,280 permits issued, down36.4% from 2007. Chesapeake had the largest number of permits issued, with 413 (18%) issued for the year. All municipal-ities experienced large declines in the number of permits issued,most notably Portsmouth, James City County and York County.Portsmouth had the largest percent decline in permits issued, witha 51.1% decline. This is due in large part to the slowed sales paceat New Port by Chesapeake Homes.

In 2008, detached housing accounted for 56% of the new con-struction closing market. There were 1,832 new construction clos-ings recorded in 2008. This is a decrease of 26.5% from theprevious year. The largest percent decline occurred in YorkCounty, down 52.5% to 115 closings recorded for the year.

Portsmouth, Gloucester County, and Williamsburg each experienced increases in the number of closings with 59.3%, 24.2%and 50% increases respectively. The increase in Williamsburg is based on a small number of closings (6). The increase inPortsmouth is due to the success at Kings Gate Crossing, a Pace Construction community located off of Airline Boulevardwhich accounted for 39.5% of all detached closings in Portsmouth. Homes there range in size from 1,725 to 2,175 squarefeet and for 2008 had an average price of $253,595.

Fee-simple detached housing accounts for92.8% of new, detached housing in HamptonRoads. Based on closings, the top new con-struction, fee-simple, detached community for2008 was Woodbridge Point in Virginia Beach.There were 68 closings by 5 builders with an av-erage closing price of $392,075. Summit Con-struction Corp recorded the largest number ofclosings with 27, yielding an average closingprice of $411,033.

The top single-family detached condominiumcommunity was Belmeade at Ridgely Manor byDragas Homes in Virginia Beach. The commu-nity had 26 closings in 2008 with an averageclosing price of $378,436.

There is currently standing inventory of 1,081new construction, single-family detachedhomes. Based on the sales pace of 2008 this isa supply of 8 months.

The Multi-Story Condominium market experi-enced both highs and lows during 2008. With

63

100%

75%

50%

25%

0%

Resale New Construction

$600,000+

$500K to $600K

$400K to $500K

$300K to $400K

$200K to $300K

<$200,000

Market Share for Detached Homes — Closings by Price Range

Graph III

In 2008, detached housing accounted for

56% of the new construction closing market.

There were 1,832 new construction closings

recorded in 2008. This is a decrease of

26.5% from the previous year.

642009 Hampton Roads Real Estate Market Review

2 0 0 9 R E S I D E N T I A L

the abundance of inventory in the market, permits were down 16.9% from 2007 with only 111 issued. Closings were up38.9% to 411 closings records, due in large part to Southmoor at Ridgely Manor. Norfolk experienced a 35.2% loss dur-ing 2008, with 94 closings for the year.

With regard to elevator served buildings, the top multi-story condominium for 2008 was the Westin Residences at TownCenter. There were 61 closings, with an average price of $739,622.

Based on the sales pace of 2008, Hampton Roads has a current supply of more than 5 years of multi-story inventory.

Multi-Plex condominium permits accounted for 22.9% of all new, attached housing permits issued in Hampton Roadsduring 2008. There were 252 permits issued, a decline of 29% from 2007. The largest decline occurred in Isle of WightCounty, down 81.5% to 10 permits for the year.

There were 329 multi-plex condominiumclosings recorded in 2008. This is a declineof 31.9% from 2007. All areas suffered de-clines except for Chesapeake and Suffolkwhere the introduction of affordable prod-uct lines helped to inflate the number ofclosings.

The top multi-plex community for 2008 wasRemington Park in Suffolk by ChesapeakeHomes. The community is made up of 184three-story back to back units ranging in sizefrom 1,600 to 1,750 square feet. During 2008there were 67 closings recorded with an av-erage price of $199,502.

Townhome and Duplex permits experi-enced the smallest decline of all the producttypes during 2008 with a loss of 17.9%. Morethan half of the municipalities experienced adecline in permits with Isle of Wight Countyhaving the highest percentage loss.

Closings were off 14.5% from last year, with739 closings recorded. The largest loss occurred on the Southside, where closings dropped 16.4%. The Peninsuladropped 10.8% to 265 closings recorded. Townhomes and duplexes closings were the most prominent form of new,attached housing with a 50% market share.

The top townhome community in Hampton Roads for 2008 was Liberty Crossing in James City County by Ryan Homes.The community features 2 and 3 story fee simple townhomes with 1 car garages. In 2008, there were 69 closingsrecorded with an average price of $267,415.

100%

75%

50%

25%

0%

Resale New Construction

$500+

$400K to $500K

$300K to $400K

$200K to $300K

<$200,000

Market Share for Attached Homes — Closings by Price Range

Graph IV

65

AGE RESTR ICTED COMMUN ITI ESThere are currently 15 new construction, “active adult”, age restricted communities in Hampton Roads. During 2008,these communities yielded 181 closings, a market share of 5.5% of all new construction closings. This was a decline of29.6% from a year ago. There were 168 permits issued, a decline of 34.6% from 2007.

The top new construction, age restricted community for 2008 was Colonial Heritage in James City County by LennarCorporation. There were 58 closings recorded with an average closing price of $381,139.

The age restricted market continues to be challenging in Hampton Roads. The most successful communities are de-signed with the traditional active adult model in mind and, as a result, have had better sales results. The builders of twocommunities propose to have the age restricted proffer removed on their sites so as to appeal to a larger market.

Based on the closing pace of 2008 it will take over 13 years to absorb the 3,300+ homes/lots in the currently activecommunities. In addition, more than 1,000 additional homes have been approved throughout Hampton Roads.

EXISTING HOME MARKETExisting home closings for 2008 were down 24.9% from 2007 with 13,957 closings reported for the year. The 2008 aver-age closing price for an existing home in Hampton Roads was $251,098, a decline of 4% or $10,408 from 2007. Overall,the average size of these homes was 1,775 square feet with an average price per square foot of $141. The average mar-ket time to sell an existing home was 84 days, the largest number of days since 1994 when market time tracking began.

90

80

70

60

50

40

30

20

10

0

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Days

On M

ark

et 69

69

61

46

36

27 28

48

66

8477 76

80

78

72

Graph V Average Market Time — Existing Home Closings

662009 Hampton Roads Real Estate Market Review

2 0 0 9 R E S I D E N T I A L

Detached, existing homes accounted for 76.3% of all existing home closings during 2008, with 10,643 closings reported.Closings were down 22.4% for the entire year, with the fourth quarter experiencing the largest loss with a 33.1% declineyear over year. All municipalities except Williamsburg experienced losses, with Gloucester County experiencing thelargest percentage decline (32.1%) from 2007. Virginia Beach closed 2,740 during 2008, a decline of 20.5% from yearago numbers.

The average home size of the closings reported during the year was 1,893 square feet, with an average price per squarefoot of $140. Homes in the $200,000 to $300,000 price range experienced the largest number of closings with 39.5% ofthe detached resale market and experienced the shortest marketing time with 77 days.

The majority of inventory homes in Hampton Roads are existing, single-family detached homes, with 66% of the totalmarket availability. There are currently 7,841 existing, detached homes on the market in Hampton Roads. Based on thesales pace of 2008, this is a supply of 8.3 months. Of these, the price range with the largest amount of inventory is the$200,000 to $300,00 price range with 2,439 active listings, representing 31% of existing single-family detached homes.This is a supply of approximately 6.8 months. There are currently 812 “high end” homes actively listed for more than$600,000; at the sales pace of 2008, this represents a supply of more than 2 years.

Attached, existing home closings were down 32% from 2007 with 3,314 reported. The fourth quarter experienced thelargest loss with only 539 closings reported; a decline of 42.2%, year over year. All municipalities experienced a declinein the number of closings reported; Hampton and Portsmouth experienced the highest percentage declines with 43.6%and 51.5% respectively.

The average home size of the closings reported was 1,393 square feet, with an average price per square foot of $143.Attached homes in the $100,000 to $200,00 price range commanded the largest percentage of the market with 63%.Surprisingly, homes in the $600,000 had the lowest market time, with an average of 59 days to sell a home.

Attached, existing homes account for 20.3% of all Hampton Roads housing inventory with 2,431 homes on the market.Based on the sales pace of 2008, this is a supply of 8.5 months. The majority of these homes (50.3%) are in the $100,000to $200,000 price range.

Foreclosed home closings increased significantly during 2008. There were 888 existing home foreclosure closings, anincrease of 262% from 2007. This represents a 6.4% share of the existing home market during 2008, up significantlyfrom the 1.3%, market share in 2007. There are currently 570 foreclosed homes listed in REIN, which is 7.3% of all ex-isting homes currently listed. Additionally, there are currently 476 “short sale” listings on the market. The majority (61.2%)of foreclosed/short sale active listings are less than $200,000.

TOTAL MARKET NUMBERSThe combined number of new construction and resale closings for 2008 total 17,268, down 24% from 2007. The South-side areas closed 12,364 homes, off 24.1%, while the Peninsula areas closed 4,904 homes off 23.9% from 2007.The combined average price for homes in Hampton Roads, both new construction and resale was $272,323 down 4.3%from last year.

67

JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

140

120

100

80

60

40

20

0

14%

12%

10%

8%

6%

4%

2%

0%

Num

ber

of

Clo

sings

% T

ota

l C

losi

ngs

2832

19

34

43 40

51

77

58

105

8679

91

110 108

118115 123

Graph VI Hampton Roads Short Sale/Foreclosure Market Share (July 2007 to December 2008)

Total Short Sale/ Foreclosure ClosingsTotal Closings

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Num

ber

of

Clo

sings

25,000

20,000

15,000

10,000

5,000

0

Graph VII 15 Year Closing — New Construction & Resale History

ResaleNew Construction

682009 Hampton Roads Real Estate Market Review

2 0 0 9 R E S I D E N T I A L

Southside Top 10 SubdivisionsRanked by Permits

Table IV

No. of Permits

# Community Builder Issued

1. Ridgely Manor, V Dragas Associates 140

2. Brighton Park, C Dragas Associates 92

3. Woodbridge Pointe, V Various Builders 60

4. Cornerstone, V Chesapeake Homes 57

5. Sajo Farms, V Napolitano Ent. & 49

Terry•Peterson Residential

6. Summer Park, C Various Builders 37

7. East Beach, R Various Builders 36

8. Broad Creek, R Various Builders 32

9. Towne Park, C Hearndon Construction 30

9. Hampton Roads Crossing, S Terry•Peterson Residential 30

Peninsula Top 10 SubdivisionsRanked by Permits

No. of Permits

# Community Builder Issued

1. Liberty Crossing, J Ryan Homes 53

2. Riverwalk Townes, Y Ryan Homes 51

3. Colonial Heritage, J Lennar Corp. 48

4. Stoneshouse, J Various Builders 44

5. Fords Colony, J Various Builders 40

6. H2O, H Chesapeake Homes 37

7. Courthouse Square, G Centex Homes 36

8. Villas at Five Forks, J Villa Development 28

9. Michelle Point, J Health E Community 26

10. Whitehall, J HHHunt Homes & 24

Ryan Homes

Southside Top 10 SubdivisionsRanked by Closings

Table V

No. Average # Community Builder Closed Price

1. Ridgely Manor, V Dragas Associates 199 $244,600

2. Woodbridge Pointe, V Various Builders 68 $392,075

3. Remington Park, S Chesapeake Homes 67 $199,502

4. The Westin Residences, V Armada Hoffler 61 $739,622

5. Villas at Bellamy, V Dragas Associates 55 $206,579

6. New Port, V Chesapeake Homes 47 $239,846

7. Eagle Harbor, I Various Builders 44 $336,205

7. Eagle Lake, C Centex Homes 44 $361,461

9. Harbor Heights, R Robinson Development Group 41 $550,883

10. Heritage Park, V Various Builders 35 $660,989

Peninsula Top 10 SubdivisionsRanked by Closings

No. Average # Community Builder Closed Price

1. Liberty Crossing, J Ryan Homes 69 $267,415

2. Courthouse Square, G Centex Homes 63 $236,167

3. Colonial Heritage, J Lennar Corp 58 $381,139

4. New Town Various Builders 57 $315,245

5. Patrick Henry Place Centex Homes 56 $214,128

6. Stonehouse, J Various Builders 53 $532,494

7. Riverwalk Townes, Y Ryan Homes 42 $259,994

8. Braemar Creek, J Franciscus Homes 28 $265,363

9. Courthouse Spring, G Centex Homes 24 $291,478

10. Hampshire Glen Various Builders 22 $379,858

69

PERMITS ISSUED CLOSINGS

# OF CLOSINGS TOTAL REVENUE

BUILDER PERMITS ISSUED BUILDER PERMITS ISSUED BUILDER PERMITS ISSUED

1 Dragas Associates 251 1 Dragas Associates 314 1 Dragas Associates 74,786,3592

2 Ryan Homes 148 2 Chesapeake Homes 275 2 Chesapeake Homes 72,655,9183

3 Chesapeake Homes 147 3 Centex Homes 218 3 Centex Homes 59,883,888

4 Centex Homes 93 4 Ryan Homes 157 4 Armada Hoffler 55,030,502

5 Hearndon Constr Corp 73 5 Armada Hoffler 94 5 Ryan Homes 53,279,442

6 Terry/Peterson Res 70 6 Franciscus Co Inc 87 6 Hearndon Constr Corp 26,192,763

7 Franciscus Co Inc 51 7 Hearndon Constr Corp 75 7 Franciscus Co Inc 23,270,070

8 McQ Bldrs & Dev Inc 50 8 Terry/Peterson Res 71 8 Robinson Dev Group 22,586,184

9 Lennar Corp 48 9 Lennar Corp 58 9 Terry/Peterson Res 22,579,504

9 Villa Development 48 9 McQ Bldrs & Dev Inc 58 10 Lennar Corp 22,106,086

11 HHHunt Homes 46 11 Atlantic Homes Corp 43 11 The Futura Group 19,260,325

12 Napolitano Ent Inc 42 12 L L Bldg Corp 42 12 McQ Bldrs & Dev Inc 18,889,810

13 Pace Constr & Dev Corp 36 12 Pace Constr & Dev Corp 42 13 The Ainslie Group 18,030,814

14 Bishard Dev Corp 35 14 Robinson Dev Group 41 14 Solid Concepts Inc 16,105,434

15 Tivest Dev 31 15 The Ainslie Group 39 15 Lifestyle Homes LLC 15,677,817

15 Associated Contr Svc Inc 31 16 The Futura Group 36 16 Stephen Alexander Homes 15,622,856

17 Ashdon Bldrs Inc 30 16 Lifestyle Homes LLC 36 17 L L Bldg Corp 13,084,439

17 Powell Dev Inc 30 16 Stephen Alexander Homes 36 18 Wermers Dev Corp 12,764,144

19 Stephen Alexander Homes 29 19 Wermers Dev Corp 33 19 Wayne Harbin Bldr Inc 12,337,377

19 L L Bldg Corp 29 19 HHHunt Homes 33 20 HHHunt Homes 12,195,526

21 The Ainslie Group 28 21 Beacon Bldg Group 32 21 Atlantic Homes Corp 12,070,065

21 Summit Constr Corp 28 22 Solid Concepts Inc 28 22 Napolitano Ent Inc 11,877,017

23 Solid Concepts Inc 27 22 Summit Constr Corp 28 23 Beacon Bldg Group 11,775,858

23 Eagle Constr 27 22 Virginia Ent Inc 28 24 Summit Constr Corp 11,683,572

25 Health E Community Ent Inc 26 24 Napolitano Ent Inc 27 25 Virginia Ent Inc 11,317,750

24 Habitat for Humanity 27

2008 Top 25 Hampton Roads Builders Permits BY PERMITS ISSUED, CLOSINGS RECORDED & TOTAL REVENUE

SouthsideChesapeake.

Franklin/So. Hampton

Isle of Wight Co

Norfolk

Portsmouth

Suffolk

Virginia Beach

PeninsulaHampton

James City County

Newport News

York County

Residential Submarkets

71