The October issue of Builder Magazine reports that builders are facing a shortage of lots as new construction activity has improved in 2013. Taking raw land and turning it into home sites is a time intensive and expensive process. It can take 6 months to a year to acquire the land, go through the governmental approval process, complete engineering and finalize construction. In the last 5 years, new development has been almost non-existent as the housing market has struggled. Making matters worse, local banks have traditionally been the source of development financing and many of those either did not survive the 2008 financial market collapse or have become leery of such risk.
According to David Crowe, NAHB Chief Economist, “The low lot supply caused by the hiatus in developing land and delivering lots has been compounded by additional market factors. A limited supply of existing homes has helped increase demand for new homes and put more pressure on lot supply.”
Fortunately for Fort Wayne Home Builders and their clients who want new homes, The North Eastern Group has been developing communities in Allen County for over 50 years and has added over a hundred new lots in various parts of the community. For more information on any of the 13 communities now available, contact Kim Ward at 260-489-7095 x 347.
For a real estate professional who is qualified to assist with your significant Fort Wayne real estate decisions, contact a North Eastern Group REALTOR®. Our corporate commitment is to provide real knowledge, proven experience and professional, quality service. To search all Fort Wayne homes for sale or find a Fort Wayne REALTOR®, visit our website at NorthEasternGroup.com.
North Eastern Group Realty is Fort Wayne’s largest independent real estate company located at 10808 La Cabreah Lane, Fort Wayne, IN 46845.