The growing demand for new homes in the Naples area in 2012 led to a tremendous jump in building permits in Collier County.
Year-end data shows that Collier County building permits are up over 35% over 2011. In the City of Naples, building permit applications for single family homes jumped an astounding 76% in 2012.
Builders report “the best year...in a long time” throughout Florida, with Collier County a definite bright spot. This surge in building and new home sales indicate growing confidence in the Naples area luxury real estate market.
New communities showing strong new home construction activity include
- Riverstone, in North Naples, where over 200 homes have sold in the past year,
- Fiddler’s Creek, which was highlighted in my blog last week,
- Twin Eagles, the golf community that hosted the LPGA tournament in 2012,
- Treviso Bay, located off 41 East, now under development by Lennar Homes, and
- Lantana at Olde Cypress, a new development of 122 homes by Stock Development.
Why the jump in new home construction? Those who follow my blog and keep an eye on local market statistics know that the inventory of existing Naples luxury real estate is down significantly this year; serious buyers consider new construction as an option due to the more limited inventory of existing homes. Overall, some buyers have held back on home purchases based on economic uncertainty; those buyers now see prices inching upward, and feel more confident about making a purchase. Those buyers who seek home financing can still benefit from low mortgage rates in today’s market.
The trend in new construction in Naples and Collier County is expected to continue among second home buyers and year-round residents.
Is a new home an option for you? Let’s work together to identify the community that best meets your family’s needs in this exciting market!
