Newspaper article News Sentinel

Residential Construction Rising in Farragut

Newspaper article News Sentinel

Residential Construction Rising in Farragut

Article excerpt

Residential construction in the town of Farragut is on the rise, reversing four years of declining new residential construction

Through the end of August, the town had already issued 80 new residential construction permits this year. The town is now just four permits away from meeting the 84 permits issued for all of 2012.

The value of residential permits issued in the first eight months of 2013 is $30,038,897, nearly 12 percent higher than the total value of $26,829,550 for permits issued all of last year.

Farragut Alderman and residential builder Bob Markli said he's encouraged by the news.

"I think it's fantastic. There is a palpable feeling in the air that things are improving," he said.

Markli said he believes the increases in activity are spread across midrange and higher end homes.

There is a lot of activity in the $300,000 to $350,000 range, he said. At Pryse Farm off McFee Road, there are currently six new homes under construction in the $300,000 to $325,000 range, according to site supervisor Russell Perry with Wilcox Development.

Activity has been strong this year but the future looks even better, Perry said. The subdivision has permits to begin construction on six more homes in the coming weeks and another six or more will begin before the end of the year, he said.

"By the first of the year we should have 22 homes just built or under construction," he said.

Saddlebrook Properties, a spinoff from Saddlebrook Homes, which was one of the largest residential builders in Knox County before the recession, led the list of new permits issued in Farragut in July with four new homes ranging in price from $292,000 to $327,000. …

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