Although builders in the area have slowed or completely stopped residential construction during the past 5 years, they are seeing signs of recovery. Building permits in Lee County have been increasing after hitting a low of 30 in November 2008. A year later, that number jumped to 58, says the paper.
The large inventory numbers of foreclosed homes in the county was a major reason why permits and construction saw no progress in 2008, according to the paper. Adams Homes, which constructs affordable residences in Southwest Florida, closed loans on 23 newly built homes from January to November of 2010, and they are anticipating the addition of five more completed homes to close in December - a figure up 17 homes from last year.
Homebuyers looking for relocation in the Southwest Florida area may see home values continue to decrease. Zillow.com reports the median listing price for a home in Lee County for the month of November was $169,900, down more than 7 percent from a year ago.
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