Quote from @Adam Bartomeo:
New construction, it is hard to tell since they get it under contract and don't close until it is completed 6 - 18 months later. But, from what I am seeing the builder prices have dropped. All other properties have been dropping in price. There are currently 9,000 properties listed in Lee and Collier counties and 2,000 or 22% took prices drops in the last 7 day alone.
Adam -- The builders that I network with are having no problem selling new builds, even before the CO is obtained, hence why there hasn't been a noticeable slowdown in the Cape Coral market. In the monthly home sales figures, I suspect its a tale of two markets. New builds are far more desirable, and have less total cost of ownership than many of the stick framed, pre-existing, non conforming older homes. Insurance is WAY cheaper for a new build, as are utilities, because the newer homes are more energy efficient, and also have less need for immediate upgrades. It would be interesting if the data could be filtered by homes under 2-3 years old vs. everything older for single family to see if this dichotomy exists -- I suspect it does.
