Lotteries, camp-outs show zeal for new homes

A Boynton Beach residential developer sold 73 homes pre-construction in two hours as buyers compete over a shrinking inventory, the Palm Beach Post reported.

GL Homes sold $35 million in homes, ranging from $300,000 to $600,000, on its new Valencia Cove development lottery-style.

“There’s this new-found urgency among homebuyers who are recognizing that home prices are moving up again, and in some cases, moving up pretty fast,” Brad Hunter, chief economist of the Royal Palm Beach-based MetroStudy, told the Post. “In addition, mortgage rates are so compelling a lot of people are saying this is the ideal time to buy.”

Valencia Cove buyers had to put down 10 percent of the purchase price of the home to reserve their space. Construction on what is planned to be an 823-home community will begin in the fall with the first homeowners moving in during the summer of 2014.

Buyers’ zeal to put a claim on new homes has been seen elsewhere in the region, according to the paper. The Bridges in Delray Beach opened new lots recently and had people camping out to get the best spaces. The average home in The Bridges cost $850,000. [Palm Beach Post] –Emily Schmall