The cost of new construction in Central Florida
In new construction homes, you can find any size, any color, any amenities.
The trade off is that you will probably need to drive to the outskirts of Orlando, and New construction in Central Florida is not cheap anymore.
As land becomes scarce…
The shortage of land is making all builders scramble to get the last of the vacant land…at a higher cost. Higher land costs, reinstated impact fees and rising labor cost are taping out many of the home buyers looking for affordable home.
Where is the land?
I always believed that home prices rise and fall with supply and demand. Right now land is a scarce commodity and buyers still prefer the new homes. The only place that land is still available in on the outer perimeter of Orlando. Vacant land to build on is premium pricing.
Other than that, in the cities that are all built out like Winter Park Or College Park, there are old homes being torn down to be replaced by custom mansions.
Cheaper homes are a thing of the past
New Home construction is easing off building lower priced homes. The number of Central Florida NEW homes priced at $150,000 or less has shrank to just 282 during the fourth quarter. Just a mere 3 years ago, there were 3 times as many lower priced homes.
New construction in Central Florida has ramped up building luxury homes $500,000 and up. This segment of new construction was at 637 for the last quarter up from only 112 a year ago. Wow, what an increase in luxury home new construction!
New construction price ranges
The most popular price range $250,000 to $300,000 has quadrupled during the past 3 years. Creating a shift to focus on move up buyers instead of first time home buyers. Smart home buyers do not buy new construction alone.
What city has the most new construction?
Lake Nona still led all of Central Florida developments in the fourth quarter with 468 home started. Trailing behind are several communities in Osceola county.
For the latest information on New Construction and an agent to guide you, call Buyers Broker of Florida for the finest in home buying representation. 407-539-1053