Lot shortage constrains South Florida homebuilding

Miami /
Dec.December 12, 2015 03:00 PM

A lack of land is constraining single-family home construction in South Florida, particularly Broward County.

When the housing boom peaked in 2004 and 2005, South Florida contractors started building about 2,000 homes per quarter in the tri-county area. At the bottom of the recession in 2009, home starts totaled just 943 in Palm Beach County and 397 in Broward County.

But in the last four quarters combined, home construction starts totaled 1,280 in Broward County, 2,429 in Miami-Dade County and 2,153 in Palm Beach County, according to MetroStudy.

The MetroStudy figures include construction of single-family homes and townhomes and exclude condos.

The shortage of lots for home building is especially acute in Broward County because the western suburbanization of the county is limited by the Everglades.

Lennar Corporation, Standard Pacific Homes, Toll Brothers and WCI are constructing hundreds of single-family homes and townhomes in the north Broward community of Parkland, and K. Hovnanian Homs has started sales at Four Seasons at Parkland.

But after Parkland is built out, residential builders in Broward will have little vacant land and will need to redevelop older golf courses and commercial buildings to put up new homes.

Builders in Broward focused on Parkland after putting up 1,600 homes and apartments at the sprawling Monterra development in Cooper City.

Truly  Burton, executive vice president of the Builders Association of South Florida, told the Sun-Sentinel, “You can’t suburban housing in [Broward] anymore. The suburbs are finished.” [Sun-Sentinel]  Mike Seemuth


Related Articles

arrow_forward_ios
Value Store It President Carlos Diaz with the two properties (Diaz)
Value Store It buys two Palm Beach County properties for $35M
Value Store It buys two Palm Beach County properties for $35M
1500 Concord Terrace and Atal Bansal, founder and CEO of Chetu (Photos courtesy of Chetu)
Software firm Chetu buys Sunrise office property for $25M
Software firm Chetu buys Sunrise office property for $25M
T-Mobile store logo (Getty) and 4850 Northwest 103rd Avenue in Sunrise, Florida (Google Maps)
Des Moines investment firm pays $26M for T-Mobile data center in Sunrise
Des Moines investment firm pays $26M for T-Mobile data center in Sunrise
Dr. Ernst A. Langner and Nataly Langner with their Palm Beach estate (Compass, Dr. E.A. Langner-Foundation)
German entrepreneur sells oceanfront Palm Beach estate for $110M
German entrepreneur sells oceanfront Palm Beach estate for $110M
Edgar Bronfman Jr. and his Palm Beach home (Getty, 200 Regents / Sotheby's)
Liquor dynasty scion Edgar Bronfman Jr. buys Palm Beach home for $12M
Liquor dynasty scion Edgar Bronfman Jr. buys Palm Beach home for $12M
The Avenue Apartments at 6220 Reese Road in Davie (Photo via Avenue Davie)
Boardwalk Properties sued for alleged racial discrimination
Boardwalk Properties sued for alleged racial discrimination
Glenn Straub and 2855 Hurlingham Drive (Casino.org, Google Maps)
Glenn Straub buys Wellington estate for $9M
Glenn Straub buys Wellington estate for $9M
1007 West Prospect Road in Fort Lauderdale and 999 West Prospect Road in Oakland Park
Seattle investors buy Fort Lauderdale, Oakland Park apartment buildings for $7M
Seattle investors buy Fort Lauderdale, Oakland Park apartment buildings for $7M
arrow_forward_ios

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

Loading...