Lotteries, camp-outs show zeal for new homes

Miami /
Apr.April 25, 2013 11:00 AM

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


Related Articles

arrow_forward_ios
(Illustration by The Real Deal; Getty)
Residential sales fall 30% across South Florida
Residential sales fall 30% across South Florida
GL Homes' Dick Norwalk and Miami-Dade County Mayor Daniella Levine Cava (GL Homes, Miami-Dade, Third District Court of Appeals)
Court ruling throws wrench in GL Homes’ Calusa project
Court ruling throws wrench in GL Homes’ Calusa project
Danielle Hale
Slowdown is “paradoxical:” Realtor.com’s chief economist on Miami housing market’s future
Slowdown is “paradoxical:” Realtor.com’s chief economist on Miami housing market’s future
(Illustration by The Real Deal with Getty Images)
South Florida’s June resi sales drop by double digits
South Florida’s June resi sales drop by double digits
South Florida homes
South Florida home sales plunge in May, as prices continue rising
South Florida home sales plunge in May, as prices continue rising
A map highlighting both the entire Arden home community and the portion that GL Homes bought with GL Homes President Misha Ezratti (GL Homes, Google Maps)
GL Homes pays $28M for homesites at Arden near Wellington
GL Homes pays $28M for homesites at Arden near Wellington
GL Homes President Misha Ezratti and 9275 Beaujolais Ave in Delray Beach (Ezratti via Lila Photo, Google Maps)
Delray Beach homeowners say clubhouse and other amenities falling apart at GL Homes’ project: lawsuit
Delray Beach homeowners say clubhouse and other amenities falling apart at GL Homes’ project: lawsuit
GL Homes President Misha Ezratti & Palm Beach County Agricultural Reserve (LILA PHOTO via GL Homes, County government of Palm Beach County, Wikimedia Commons)
GL Homes scores a win with plan to build on preserved farmland
GL Homes scores a win with plan to build on preserved farmland
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...