43 Urban Village Live + Work New Construction written by: Frank Vigliotti, Realtor®, Global Sales…
Fort Lauderdale Real Estate News – Fort Lauderdale Realtor
New construction projects are popping up all over South Florida amidst our selling area. The Henri Frank Group brokered by RE/MAX Preferred have been working along with builders and developers to provide information that our buyers are asking for in new construction. I can remember back in 2007 and 2008 as the new construction projects permitted and ready to be built were being cancelled. I can remember saying to other REALTORS® within the Henri Frank Group and within the Real Estate business that by the time things begin to turn around, our buyers will want new construction and won’t be available. That has quickly become true and many builders are working to get projects approved, financed and built. The demand amongst our buyers of townhomes, condominiums and single family homes are asking for brand new properties.
Here are some statistics that we’ve gathered to help you understand the demand for new construction. Too, these numbers will show just how much the demand has grown from buyers of South Florida real estate and real estate throughout the State of Florida.
Large metro areas in the South Florida region such as Fort Lauderdale, Miami and Pompano Beach and in other Florida areas like Sanford, Tallahassee, Orlando, Jacksonville, Clearwater, Tampa, and St. Petersburg showed a growth in new property construction based on the BCI or BidClerk Construction Index. These new projects include a collection of public construction projects and private builds that have increased both quarter over quarter and year over year. Great news for the Real Estate recovery in Florida.
REALTORS® at the Henri Frank Group at RE/MAX Preferred believe the new construction sector of the Real Estate industry will have a large contribution and positive effect on the recovery.
General actively bid construction action grew 9.6% in comparison with numbers collected 1 year prior. Public construction activity has increased 4.3% and private construction activity has increased 19%. Based on information gathered by a quarter-over-quarter report for overall construction activity, the large metro areas in Florida witnessed an exceptional increase of 12.3%. The amount of public construction projects increased 20.8% in the third quarter of 2012 in comparison to numbers gathered in the second quarter of the same year.
Miami Metro Area – South Florida Real Estate News
Based on data released from the year-over-year report for the Miami Metro area, the amount of actively bid private and public construction jobs have increased 10.8% in comparison to numbers witnessed 1 year prior. Private construction project activity has climbed 22.4% while the amount of public construction activities has grown 4.4%.
The quarter-over-quarter analysis indicates that when combined both public and private construction activity has increased 12.3% in Miami. The number of private construction projects has jump up 2.8% while public construction activity has shown exponential growth at 19.3%.
Orlando Region – North Florida Real Estate News
The year-over-year analysis for the Central Florida Orlando area indicated that both private and public actively bid projects have fallen 4.4% in comparison to numbers seen just 1 year prior. The amount of private construction projects in the Orlando region of Florida has declined 3.1% and the amount of public construction projects has declined to 5.6%. The quarter-over-quarter reports show that both public and private construction projects in Orlando has dropped 3.3%. It also showed that the amount of private projects in Orlando has fallen 4.5% while public construction projects has declined 2.2%.
Tampa/St. Pete Areas – Western & Central Florida Real Estate News
The year-over-year reports for the St. Pete/Tampa area, actively bid private and public construction activity has increased 24.5% compared to numbers witnessed just 12 months ago. The amount of private construction activity has grown 23.7% and the amount of public projects has climbed 24.9%.
Quarter-over-quarter reports show that both public and private construction activity in St.Pete/Tampa has climbed 16.9%. Private construction projects in St. Pete/Tampa has fallen 9.1% and surprisingly public construction projects spiked 37.8%. Actively bid private and public construction activity has grown 3% nationwide throughout the third quarter of 2012 compared to the second quarter of 2012.
The amount of public construction showed very small growth in the third quarter of 2012 and only increased .2%. Year-over-year analysis shows that in the third quarter of 2012 private construction contracts have jump 12.3%.
Nationally, actively bid combined public and private construction projects increased 3 percent in the third quarter of 2012, compared to the same quarter a year ago. Third quarter 2012 public construction increased modestly, rising just 0.2 percent, while third quarter 2012 private construction rose 12.3 percent, year-over-year.
Real Estate builders, contractors and developers in South Florida can contact the Henri Frank Group at Remax Preferred email@example.com or at our website https://henrifrank.com or call us at 954-604-9999.
Buyers who want to purchase new construction, contact the Henri Frank Group and we can meet to further discuss your plans for buying here in South Florida. We have offices in Fort Lauderdale, Wilton Manors, Hillsboro Shores and Plantation. We serve all of South Florida, Broward County, Miami-Dade County and Palm Beach County.