Curious about new construction homes and building permit data in Fort Lauderdale for the months leading up to March 2013? In December I did a post about new construction and building permit data, you can find that post here. Since the time of that posting I've seen countless stalled construction projects moving forwards, as well as a heavy interest from buyers looking for lots to build a new home on in Fort Lauderdale. In the area that I cover there are currently 43 vacant residential lots for sale. The lots range in price from $49,900 up to $8,500,000. Of those 43 lots 27 are waterfront lots. Of those 27 waterfront lots 2 are priced below $1 million and are over 8500 square feet. This includes one that I really like on Fiesta Way.
Often times it's a better idea to buy an older home on a well located lot versus buying a lot already cleared. A quick search shows there are 21 homes for sale that are on a lot larger than 8500 square feet and are priced below $1 million. 7 of those 21 are waterfront lots. So if you are looking for a lot to build upon I would target those lots.
The data presented is going to cover all of Fort Lauderdale, not just the area I cover. All data is taken from the United States Census Bureau and can be found on their website here. If we look back to February of 2012 we can see there were 5 new privately-owned residential building permits issued. All those permits were on single family homes. If we fast forward to February of 2013 we find 12 new privately-owned residential building permits issued. That's a 140% increase!
I'm hearing from the builders and contractors that I work with that the prices of materials are rising. While the construction industry is recovering locally, contractor are still looking for work. These are the reasons I think now is the time to build. You can take advantage of some lower material and labor costs. Those breaks on labor costs may not exist in the near future.
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I work as a real estate specialist in a small area of Fort Lauderdale. If you’re interested in buying or selling a home in: Rio Vista, Victoria Park, Downtown Fort Lauderdale, Fort Lauderdale Beach, Harbor Beach, Lauderdale Harbors, Collee Hammock, Seven Isles, Nurmi Isles, Idlewyld, or Las Olas Isles, please feel free to contact me at (786)443-7203 or through my email firstname.lastname@example.org.
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Written By Casey Prindle