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Business Observer Friday, Apr. 19, 2019 1 month ago

Zeroed in: New-home sales sizzle, drive construction for Lennar

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The Miami builder finds a home for success in Riverview.

Riverview has become ground zero for Miami-based homebuilder Lennar, which recently announced plans to add three new communities to the seven it already has under development in the south Hillsborough County area.

Sales have already opened at a yet-to-be-named community located at 11329 Chilly Water Court, with Timbercreek and Ventana soon to follow. With prices starting in the mid-$200s, the communities are targeted toward families and first-time homebuyers — demographics that continue to drive big growth in Riverview and for Lennar, whose revenues rose to $12.65 billion in 2017, up from $10.95 billion in 2016.

In a press release, Lennar cites MetroStudy data showing new home sales between December 2018 and February 2019 rose by 118% in Riverview compared to the same timeframe a year ago, climbing from 49 to 107. Overall year-over-year sales are up 13%, the release adds.

“Riverview continues to be a great option for homebuyers looking for new-construction homes in a convenient and desirable area,” states Mark Metheny, Lennar’s central Florida division president, in the release. “With a combination of great value, accessibility to Tampa and plenty of things to do, Riverview is an excellent option for a home in the Tampa metro area.”

Prices have remained stable, as well, making the area attractive to renters who can’t afford to buy in Tampa but want to own a home. According to MetroStudy, the average price of a single-family home in Riverview has risen 1%, to $228,958, over the past year. Lennar says buyers are coming from outside the region, as well.

In another bid to lure risk-averse and budget-conscious first-time homebuyers, Lennar says houses built in its three newest communities will come move-in ready with energy-efficient appliances, LED lighting, a large-capacity washer and dryer, stainless steel GE appliances and granite countertops. Homes in the gated unnamed community will have waterfront views, a rarity in the area. 

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