April Housing Starts Down
After breaking all previous records for new housing starts in March, April starts were still very high with 655 permits in Cape Coral and 790 in unincorporated Lee County.
These figure represent drop-offs of nearly 24 percent for Cape Coral and 9 percent for unicorporated Lee County. Despite the reductions, these figures are up dramatically from April 2004, when Cape Coral had 410 new starts and unincorporated Lee County had 632.
Industry experts are somewhat mixed on what these results mean, Commercial broker Frank D'Alessandro is seeing " a return to normalcy' while Mary Gibbs, the Director of the Lee County Department of Community Development, said "It looks like we're going to have another record or something a little bit bigger than April. It looks like this month is going to be pretty active."
I am expecting housing starts to continue to slow in Cape Coral as lot prices edge up into the $80,000 range. While some builders are still working through their Cape lot inventory, I expect that they are less likely acquire new lots in this price range to build spec homes.
April home permit growth slows [News-Press]