City of Boynton Beach: 2012 was best year of recovery for Boynton Beach

Buyers forced to wait for new town homes

Video
Photo

Previous Play Next

Regular Photo Size2/2

Posted: 02/15/2013

By: Marissa Bagg

BOYNTON BEACH, Fla. -

Builders can't seem to work fast enough to meet the demand for town homes in parts of Boynton Beach. Nearly every home the latest building under construction is spoken for - and the roof isn't even finished yet. The sales are even surprising the builder.

"We sold 7 homes in two weeks, it blew away our expectations. We didn't think we'd get those sales until late February," says Derek Fenech, of K. Hovnanian Homes.

Part of what is driving the market is a lack of supply. Chris Bruce is counting down the day until he can move into his new Bella Vista home off Gateway Blvd. near Congress Ave.

He says once you find what you want, it's a challenge to get it.

"We put two offers in around Delray and they wanted cash buyers, so it's been a few months," says Bruce.

"There's a severe lack of inventory for buyers to get," says Fenech.

It's a similar story in Delray Beach where town homes planned for an empty lot are already sold.

"They're building more town homes so there will be something available in the next month or so," says Barbara Penn, a local relator. 　

In Boynton Beach, $3.5 million dollars worth of home and commercial construction was built in January this year alone. The growing number of permits suggests that number will increase for the next few months. That means it should get easier for buyers like Bruce to find something.

"We're hoping to move in in 6 weeks, we'll be in our new home," says Bruce.

It also suggests the housing market is looking brighter for builders and buyers.

"They say the harder you fall, the quicker you get back up... and that's been the way it is," says Fenech.

The director of development for the city of Boynton Beach says 2012 was the best year of recovery as far as construction. 2013 could prove to be better.