Residential real estate home starts on rise in South Florida

Residential real estate home starts on rise in South Florida

Housing continues to draw interest in South Florida, where the number of housing starts has increased over the past couple of years. This is positive news for people who are interested in purchasing residential real estate property. It is also welcome news for home builders hoping to make sales and generate profits this spring.

The number of housing starts back in 2014 in Palm Beach County reached more than 2,000 -- an increase of 3 percent from the year 2013. Starts in Broward County increased by 7 percent to more than 1,190. These figures include duplexes, townhomes and single-family houses.

Broward County is particularly so popular that the county is facing a shortage of land available for development. Before the recession hit, it was common to witness between 7,000 and 10,000 housing starts each year in Broward and Palm Beach counties. It is worth noting that the land shortage is driving up land prices, which, in turn, is impacting housing prices as well.

Navigating a residential real estate deal in Florida can be tricky, with each step featuring its own complexities. While the seller's chief focus is on getting the most out of the home for sale, the buyer's aim is to get as much of a bargain as possible. An applied knowledge of related laws may help people to make educated decisions about how to proceed with a transaction. It is within the rights of each party involved in a real estate deal to pursue their best interests while striving toward a fair and comprehensive solution with each other.

Source: sun-sentinel.com, "Home starts rise in South Florida despite land shortage", Paul Owers, Feb. 2, 2015