According to Sarasota Bay Real Estate, multi-family homes will increasingly become a growth market. Buyers who cannot stretch to the price of a single-family home are looking towards multifamily homes as being a more affordable option.
Nowadays construction companies are aiming at buyers who are able to purchase a home below the $250,000 level. The unit costs of multifamily homes are far more affordable and more can be accommodated on to residential acreage. Construction costs are rising which has in turn pushed up the price of a single family home in the area. Levels of home inventory in Sarasota were reported to be close to their 10 year lows in November. There were 4.1 months of supply of single-family homes, and 6.1 months’ supply of condos.
Jill Meeks, sales and marketing vice president for homebuilder D.R. Horton, has confirmed the fact that it's difficult to find a single family home for less than $250,000. D.R. Horton's portfolio currently includes carriage homes which have four residences per building, and town homes which have 6 to 8 homes per building. These homes are priced between $150,000 and $250,000, with floor plans ranging from 1,300 ft.² to 1,950 ft.². D.R. Horton began building and marketing townhomes and carriage homes in Southwest Florida two years ago as it anticipated the rising demand. According to Meeks it fully expects to build more, and is looking for sites for future multifamily housing developments.
Lennar Homes is another developer keen on developing multifamily residences, with 122 permits for multifamily homes in the 12 months ending last September. Homes for sale by this developer include condos in Riverstrand’s maintenance-free Terrace condo in Bradenton. According to Sarasota Bay Real Estate, Neal Communities is another developer actively looking for land to purchase for multifamily homes.
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