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SOURCE: Waterfront Properties & Club Communities
From Boca Raton in Palm Beach County, to Stuart in Martin County, permits for new-home construction are at their highest levels, according to the Department of Commerce.
JUPITER, Fla. (PRWEB) January 14, 2013
Waterfront Properties and Club Communities, a licensed brokerage in the Jupiter area, has seen a rise in residential construction that began in November of 2012, and still is going strong. The reason: The Department of Commerce is reporting a spike in building permits, the likes of which haven't been seen in more than four years.
It all points to an ever-solidifying bedrock underneath the real-estate market, and it signals a favorable environment ahead for the hard-hit industry.
According to the Department of Commerce’s most recent report, the number of building permits jumped a total of 3.6 percent, to 899,000 units, in November. That’s the highest unit amount since July of 2008, economists said.
Economists said they expected the unit amount to come in at 875,000 that month -- a significant rise from October’s 868,000. They also said the firming trend in homebuilding will have a positive effect on the gross domestic product for the first time in seven years.
In the market of southeast Florida real estate, the current industry resurgence is boosting builder confidence to levels not seen in more than six years. New homes are going up in Mirasol in Palm Beach Gardens, as well as on riverfront property in Jupiter. The current industry resurgence also is boosting consumer confidence and leading to an increase in sales prices, specifically for single-family residences.
Real-estate tracker Trulia is releasing data that shows a 13-percent increase in Palm Beach County’s existing-home prices from the period December of 2011, to December of 2012. The nationwide increase was 5.1 percent.
Trulia compared the most recent figures with the period December of 2010, to December of 2011, when the average price of a U.S. home dropped 4.3 percent.
The real-estate agents at Waterfront Properties are more confident than ever the market only can go up and are seeing the manifestation of that with each sale. For information about real estate in Palm Beach or Martin counties, call 561-746-7272.
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