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SOURCE: Waterfront Properties & Club Communities
In South Florida and the rest of the United States, building permits and new construction are off to a great 2013.
JUPITER, Fla. (PRWEB) February 22, 2013
U.S. homebuilders made history in January when they filed for the highest number of building permits in four years, according to a CNNMoney report.
The last time home construction surged to such a strong start at the beginning of the year was in 2008. Analysts see it as a sign of confidence and an indicator of recovery in the real-estate market, as well as the overall economy.
According to the report, homebuilders filed for 925,000 building permits – the annual rate – in January, which is a rate that is 2-percent higher than in December of 2012, and 35-percent higher than in all of last year.
While the annual rate of housing starts, which are different from building permits, and which track a little more slowly depending on weather situations, came in at 890,000 in January. That number is a 24-percent increase compared to 2012.
Waterfront Properties and Club Communities sales specialists and brokers have been tracking the progress of the real-estate recovery and are seeing it play out in the communities of Palm Beach and Martin counties, including Mirasol and The Bear’s Club. Helping the housing market along not only is new construction, but also an increase in sales of single-family homes, promising rises in property values and near-record-low mortgage-interest rates.
According to the report, shares of stock in large homebuilders are outpacing all other areas of the marketplace. That is good news when it comes to luxury real estate in South Florida.
A report by the Portland Cement Association, which represents cement companies throughout the United States and Canada, predicts the annual rate of housing starts to reach 954,000 this year. Further, the Portland Cement Association said an even-stronger growth scenario will unfold in 2014, when housing starts are projected to be more than 1.1 million.
The real-estate-market news has been so positive in 2012, and now in the first two months of 2013, that economists all over the country are in optimistic agreement: This recovery will drive the United State out of recession.
Portland Cement Association Chief Economist Ed Sullivan said the annual rate of housing starts will hot all 50 states, including those hardest hit during the bust years of 2007 and 2008. Sullivan said the hardest-hit states likely will lead in the housing-starts numbers because their demographics demand it.
Waterfront Properties joins in the optimism of the analysts, economists and the Portland Cement Association and is ready to do business. For information, call 561-746-7272.
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