Central Florida is experiencing rapid growth in new home construction. As one would expect, that building growth has primarily been fueled by vacationers and seniors.
MetroStudy recently did a report analyzing several factors related to Orlando real estate. The vacation rental communities Tapestry, ChampionsGate, Storey Lake and Reunion Resort and Club were among the most active in the region during the third quarter for construction.
Buyers from Canada and the United Kingdom are the most prominent groups of customers for these developments. On the flipside, The Villages, which caters to retirees, remains the most dominant residential construction community.
MetroStudy says there were 785 housing starts in The Villages during the quarter. Latitude Margaritaville is a similar development that opened its sales center in Daytona Beach on November 13th and could provide competition.
Recent census numbers have also reflected an influx of seniors moving into Florida. Hurricane Irma did not put a halt to new home building, with closings up 20 percent over the last four quarters compared to last year.
Orange County communities leading the way for construction include Summerlake, Lake Nona, Orchard Hills and Hamlin. There were 5,874 new homes under construction in the county during the third quarter.