Even as the construction and sale of new homes booms in Miami-Dade County, Broward and Palm Beach counties are seeing a slump, according to third quarter data from Metrostudy.
In the South Florida/Treasure Coast region, there were 7,103 home starts and 6,490 new home sales in the third quarter, according to the data cited by the South Florida Business Journal. That represents a 3.6 percent and 15 percent increase, respectively, over the same period a year ago.
Miami-Dade saw starts grow 38 percent and closings up 36 percent, with Lennar’s Aragon and Aventura Isles being the two busiest projects in the entire region.
“Once the properties inside the urban boundary get substantially built out, there will have to be a change in the boundary line, I believe,” David Cobb, Metrostudy’s regional director for South Florida, told the publication.
But in Broward, single-family home starts declined 8.9 percent and net unit sales fell 23 percent, year over year. Palm Beach saw single-family home starts drop 8.9 percent and new unit sales fall 2.5 percent. [South Florida Business Journal] – Christopher Cameron