Florida’s Latest New Home Construction Boom
Posted By Victoria Boss Vero Beach Realtor || 29-Sep-2014
Texas builder D.R. Horton and Bonita Springs-based WCI Communities are investing in purchasing new homes spread across Manatee County.
County land records show that Horton spent $5.83 million from E.L. Reagan Residual Trust to purchase 665 acres on Upper Manatee River Road near Rye Road. The property is planned to be used for building 610 homes in the Del Tierra community. The community is facing heavy opposition from residents for the anticipated traffic issues that it would create. It is estimated that construction would begin by August of this year. The company spokeswoman stated that the pricing of the community’s homes would start at $100,000.
WCI spent $4.22 million for 57 lots in the Links at Rosedale; previously owned by Columbus, Ohio homebuilder M/I Homes. The plans consisted of two and three-bedroom homes on the Links, a golf course community. Average home prices of the plan have not yet been disclosed by WCI. However, it is estimated that prices for Grand Villas in other WCI developments is $247,000.
Lakewood Ranch based Neal Communities, proposed to build a 120-home neighborhood on 39 acres that it purchased on Pope Road. Bradenton-based Medallion Homes planned to build a 139-home neighborhood on the 71 acres on Upper Manatee Road. A 59-acre Rye Road subdivision and 650-acre, former tomato farm on North Rye Road are also included in the property transactions.
It is estimated that home sales are increasing in anticipation of a renewed housing boom. Such housing activity has not been seen since 2002 or 2003. The data shows that 300,000 people will be shifting to Florida, pursuant to property transactions. According to U.S. Census data, 1.2 million households were formed in 2013 but only 569,000 new single-family homes were built. Such shortage has, however, maintained Florida’s housing market.