"IT'S A HOT MARKET," SAYS NAPLES EXPERT ABOUT NEW HOME CONSTRUCTION
"It's hot," according to Armand Procacci, from Procacci Properties. A national survey projects, in the next three years, home values in the Naples-Marco Island maekt will rise faster than anywher else in hte state. Local Market Monitor cites the reason is above average incomes, job growth, and a huge flux of peole moving into the area. Home values will hold strong because non-traditional sales, like foreclosures and shorts sales are down tremendously. This opens up the market even more for new home construction.
Brad Hunter, chief economist of Metrostudy, which surveys new home starts around the country says, “Demand is high.” Southwest Florida’s new home starts were up 42 percent in 4th quarter 2015. The annual starts pace increased 18% in the fourth quarter compared with the prior-year quarter.
Hunter added, “The rate of starts was up 22 percent over the year in Collier (Naples)
and 10% in Lee County (Bonita Springs, Estero, and Ft. Myers). On a national basis, Metrostudy predicts housing starts will hit 1.23 million by the end of 2016, compared to the 1.1 million that were started in 2015.
Within the city of Naples, according to the number of permits there will certainly be no slow down in home starts in the Naples/Marco Island Market.
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