According to an article released by Reuters U.S. single-family home starts reached the highest level in more than 6.5 years giving hope to a full housing recovery. With the stock market bouncing off of all time highs the housing market is considered by some to be the last piece of the economy to come together after the great recession. Single-family housing starts are known to be the largest part of the market and was reported to jump to its highest level since 2008 at an annual pace of 728,000 units (7.2% ). This beat wall street forecasts helping the housing index outperform the broader U.S. stock market.
These statistics are very real and noticeable when you drive through the streets of Naples, Florida. From the ultra high-end neighborhoods of Port Royal, Aqualane Shores, and Old Naples to the golf course communities of Grey Oaks, Medittera, and Tiburon, growth of new construction is staggering. In some cases such as the first tier off the beach on 16th Avenue South and North Lake Drive the whole street is under construction aside from 1 or 2 newer homes. As I show property around Naples to out-of-town clients their reaction to the construction in Naples is somewhat comical. If you have ever driven through a newly developed neighborhood where there is mass construction throughout the entire neighborhood involving hundreds of sub-contractors, machinery, and dust, this is the scene across Naples in communities and neighborhoods that have been built-out and well-established for the past 60-70 years. It is an unprecedented transformation that is welcomed.
A majority of older homes built between the 1970's through the late 1990's left little to be desired architecturally. Most of these homes in the 70's were ranch style with small square footage and lacked in simple amenities such as indoor laundry and garages. Homes in the 1980's and 1990's gained some Renaissance features however, Naples got stuck in a rut with a huge percentage of homes built in a play on "Mediterranean". This Renaissance in new home construction has paved the way for many new styles of homes including contemporary beach style, old Florida with wraparound porches and metal roofs, and many modern styled homes with large windows and the boxy look many people relate to a modern Miami style. Buyers have been very receptive to the wide variety Naples now has to offer and builders no longer feel that if they do something a little different they won't be "trail blazers".