Tuesday, December 04, 2007

More Town Homes to Be Built

Central Florida has a record inventory of pre-owned homes for sale but that's not stopping builders from unleashing a flurry of town-home lots and construction.Local builders have about 2,000 town-home units under way in a three-county Orlando area and are "sitting on a supply of more than 10,500 developed town-home lots in over 100 active communities," according to a new report by Charles Wayne Consulting Inc. in Orlando.

Jim Lewis, president of the real estate consulting company, said in the report that builders are trying to be responsive to the moderately priced segment of the market as housing prices have soared.

New single-family homes in the region have been averaging about $388,000, and town homes sell for less, generally starting at $160,000 and topping out at about $500,000.

Town homes are "attached" units, generally four to eight for each structure. The buildings most often are two to three stories in the Orlando market, and count as multi-unit housing.The Charles Wayne survey found that the local town-home lot inventory includes 2,300 in the planning stages in addition to the 10,500 already fully developed. Hot areas are Sanford/Lake Mary, east Orange/UCF area, south Orange County and the Kissimmee area.