New Home Permits Activity
A recent report from Land Solutions Inc. shows a modest slow down in the number of single family home permits issued in Lee and Collier counties for the year. The decline is the first since 2009, the year the recession officially ended. Land Solutions considers this a stabilizing market and "in equilibrium."
While the decline in single family home permitting was slight, multi-family permit activity increased from 2015 by a robust 92% in Lee County and 89% in Collier.
The Naples Area and Bonita Springs/Estero Board of Realtors reports statistical data for the residential resale market. The information is published monthly, but the data does not include new home sales. The Land Solutions report provided a snapshot of June '16 new home sales for Lee County at 1,720 and Collier 989. In June, '15, Lee County had 1994 new home sales and Collier had 925. The first six months of 2016 showed 5,405 new home sales for new home construction continues to have a positive outlook for the future, as major builders continue to invest in acreage for new communities. GL Homes purchased a 347-acre tract on Bonita Beach Road in Lee County for $56 million and plans are underway to build a new community called The Reserve at Silverstone. A London Bay Homes affiliate bought a 55.5-acre tract in Naples Grande in Collier for $33.7 million. Place at Corkscrew LLC purchased a 1361-acre tract for $20 million off Corkscrew Road in Lee County. Interesting to note that the University of Florida's Bureau of Economic and Business Research shows that over the next 30 years, the population for Lee County is expected to increase by 59%! That is the highest percentage gain ever for any Florida county with at least 350,000 current residents. the two counties combined.
Written By: Kathy Zorn