NAPLES — A shortage in new home inventory and decreased impact fees are motivating developers to build in Collier County, according to business leaders.
Stock Development’s newly announced project, a neighborhood to be built in Lely Resort called Lakoya, is evidence of shifting trends.
“This is a green shoot, the first land development community project to be announced in Southwest Florida in several years,” said Ross McIntosh, a Naples real estate broker and housing expert.
The East Naples project is among the largest in Collier County after four years marked by a tanking economy, decreased residential construction and a foreclosure crisis.
“What we had been seeing is, obviously, people are taking advantage of the lower prices in the existing inventory of foreclosures and short sales,” said Mike Timmerman, a senior associate with the economic consulting firm Fishkind and Associates. “What’s ending up happening now that the impact fees have been reduced, we’re seeing builders look to build something new again.”