This presentation to the Orange County Board of County Commissioners provided an update on the current state of development and explained how the economic collapse of the housing market impacted our government operations.

1. Orange County
December 15, 2009
Development Activity Review
Board of County Commissioners

2. • Development Activity
• Residential Sales
• Foreclosures
• Summary
Presentation Outline

3. • Development Activity
• Residential Sales
• Foreclosures
• Summary
Presentation Outline

4. • Development Review
• Residential Permitting
• Commercial Permitting
Development Activity

5. • Development Review
• Residential Permitting
• Commercial Permitting
Development Activity

6. • Review Activity Levels Have Fallen
Zoning Cases
Board of Zoning Adjustment
Concurrency Applications
Environmental Permits
Development Review Committee
Platting
Development Review

7. • Platting Remains Low
Average 300 Lots per Month
Peak of 1,557 in December 2003
One Lot or Less – 9 Months
in 2008 & 2009
150 Lots Approved Last
Month
1,248 Lots in Progress
Development Review

8. 0
200
400
600
800
1,000
1,200
1,400
1,600
Development Review 1999-09
Platted Lots

9. 0
200
400
600
800
1,000
1,200
1,400
1,600
Development Review 1999-09
Platted Lots
Monthly
Average
of 300

10. • Development Review
• Residential Permitting
• Commercial Permitting
Development Activity

11. Residential Permitting 50 Years
Nationwide Residential Building Permits
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000

12. • Single Family Residential Permits
Are Down Significantly
Average 350 Permits per Month
Peak of 949 in June 2004
Low of 36 in November 2008
46 Permits Issued
Last Month
Residential Permitting

13. 0
100
200
300
400
500
600
700
800
900
1000
Residential Permitting 1999-09
Single Family Residential Building Permits

14. 0
100
200
300
400
500
600
700
800
900
1000
Residential Permitting 1999-09
Single Family Residential Building Permits
Monthly
Average
of 350

15. Residential Permitting 2009
Single Family Residential Building Permits

16. • Multi-Family Residential Permits
show Recent Improvement
Average 50 Permits per Month
Peak of 351 in November 2005
 April 2009 had 0
Permits
4 Permits Issued
Last Month
Residential Permitting

17. 0
50
100
150
200
250
300
350
Residential Permitting 1999-09
Multi-Family Residential Building Permits

18. 0
50
100
150
200
250
300
350
Residential Permitting 1999-09
Multi-Family Residential Building Permits
Monthly
Average
of 50

19. Residential Permitting 2009
Multi-Family Residential Building Permits

20. • Development Review
• Residential Permitting
• Commercial Permitting
Development Activity

21. • Activity Level is Falling
Average 125 Permits per Month
Peak of 359 in June 2005
Low of 53 Permits
Last Month
Commercial Permitting

22. 0
50
100
150
200
250
300
350
Commercial Permitting 1999-09
Commercial Building Permits

23. 0
50
100
150
200
250
300
350
Commercial Permitting 1999-09
Commercial Building Permits
Monthly
Average
of 125

24. Commercial Permitting 2009
Commercial Building Permits

25. • Valuation Amounts Below Average
Average $55M per Month
Peak of $370M in April 2007
Low of $10M in August 2009
$14.6M in Valuation
Last Month
Commercial Permitting

26. $0
$50,000,000
$100,000,000
$150,000,000
$200,000,000
$250,000,000
$300,000,000
$350,000,000
$400,000,000
Commercial Permitting 1999-09
Commercial Permit Valuation

27. $0
$50,000,000
$100,000,000
$150,000,000
$200,000,000
$250,000,000
$300,000,000
$350,000,000
$400,000,000
Commercial Permitting 1999-09
Commercial Permit Valuation
Monthly
Average
of $55M

28. • Development Activity
• Residential Sales
• Foreclosures
• Summary
Presentation Outline

29. • County Development Activity Driven
by Demand for Housing
New & Existing Homes
Commercial Activity
Residential Sales

30. • Residential Unit Sales Appear to be
Recovering
• Majority of Sales are Distressed and
Low Value Properties
Residential Sales

31. -
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Residential Sales 1999-09
OC MLS Unit Sales Volume

32. Residential Sales 2009
OC MLS Unit Sales Volume by Zip Code

33. -
200
400
600
800
1,000
1,200
Residential Sales 1999-09
OC MLS Unit Sales Price >$200k

34. -
200
400
600
800
1,000
1,200
Residential Sales 1999-09
OC MLS Unit Sales Price $100k - $199k

35. -
200
400
600
800
1,000
1,200
Residential Sales 1999-09
OC MLS Unit Sales Price <$100k

36. Residential Sales 2009
Average Unit Sales Price by Zip Code

37. • Average Sales Price Decreases to
2001 Level
• Falling Prices Improves Sales
Volume
• Inventory of Units
Continues to Fall
Residential Sales

38. $0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
Residential Sales 1999-09
OC MLS Average Sales Price

39. $0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Sales Volume
Average Price
Residential Sales 1999-09
OC MLS Average Sales Price & Unit Sales

40. 0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
Residential Sales 1999-09
OC MLS Existing Home Inventory

41. $0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000 Average Sales Price
Existing Inventory
Residential Sales 1999-09
OC MLS Average Sales Price & Existing Inventory

42. • Condo Sales are Above Average
• New Conventional Loans are Down
Significantly
• 40% of Sales are All Cash
• FHA Loans have
Returned
Residential Sales

43. Residential Sales 1999-09
Regional MLS Unit Sales by Housing Type
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Single Family
Condo
Townhome

44. 0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
New Conv
All Cash
FHA
Residential Sales 1999-09
Regional MLS Unit Sales by Financing Type

45. 0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
New Conv
All Cash
FHA
Residential Sales 1999-09
Regional MLS Unit Sales by Financing Type

46. Residential Sales – 3 Years
0%
10%
20%
30%
40%
50%
60%
70%
80% New Conventional
All Cash
FHA

47. • Development Activity
• Residential Sales
• Foreclosures
• Summary
Presentation Outline

48. • Foreclosures Filings Appear to have
Peaked
• Increasing Sales Volume will help
Decrease Foreclosure Filings
• Bank Owned & Distressed
Property Sales are Up
Foreclosures

49. -
500
1,000
1,500
2,000
2,500
3,000
Foreclosures 2002-09
Orange County Foreclosure Filings

50. -
500
1,000
1,500
2,000
2,500
3,000
Foreclosure Filings
Sales Volume
Foreclosures 2002-09
Foreclosure Filings & Sales Volume

51. Foreclosures 2002-09
Foreclosure Filings & Sales Price
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
-
500
1,000
1,500
2,000
2,500
3,000
Foreclosure Filings
Average Sales Price

52. 2009 Orange County MLS Sales
• Total Orange County Sales – 13,009
Bank Owned Sales – 47%
Distressed Sales – 10%
Foreclosures

53. Foreclosures 2009
Bank Owned Unit Sales by Zip Code

54. Foreclosures 2009
Distressed Unit Sales by Zip Code

55. 0%
2%
4%
6%
8%
10%
12%
Foreclosures 2002-09
Orange County Unemployment Rate

56. 0%
2%
4%
6%
8%
10%
12%
-
500
1,000
1,500
2,000
2,500
3,000
Foreclosure Filings
Unemployment Rate
Foreclosures 2002-09
Foreclosure Filings & Unemployment Rate

57. • Development Activity
• Residential Sales
• Foreclosures
• Summary
Presentation Outline

58. Development Review
Residential Permits
Commercial Permits
Existing Home Sales Price
Existing Home Sales
Residential Inventory
Foreclosure Filings
Summary

59. Orange County
December 15, 2009
Development Activity Review
Board of County Commissioners