Pre-construction Opportunities for 2015
The pre-construction real estate opportunities are growing in Port St Lucie, but look for many new construction projects to start by the next year along with great incentives for the buyers of the preconstruction units. As we reported in previous articles the construction business should get a fresh start in 2014 and improve from there on. While the foreclosure fiasco has dumped many homes in the market that are below the market value but there are still those home buyers that prefer a new home with builders warranty over the foreclosed homes that need work. One main contributing factor is the higher initial cost of today’s loans with larger down payment requirements that most consumers don’t have cash leaving little to spend on any home improvement or repairs.
As one of the hardest hit sectors during the housing industry collapse of the last decade, the construction industry and specifically the construction of single-family home were poised to make a comeback in 2014 in Port St Lucie and enjoy a steady growth in the years to come. While some of the prominent home builders have weathered the storm by converting the unsold units to rental opportunities, most have cut their expenses to the bare minimum which resulted in fueling the unemployment rate in the nation. These companies have barely made it and if lucky they might have broken even in 2011 and still trying to survive far into 2013. ALL the gloomy days, however, are coming to end and there is a new optimism in the air that although carries a cloud of cautiousness, but just the talk of the profitable 2013 is a feel good story that we have long waited for.