Let the good times roll…..again. GL Homes sold $35 million in homes in a span of two hours this past weekend. The neighborhood is called Valencia Cove and is located in Boynton Beach between Lyons Road and the Turnpike, just south of Boynton Beach Boulevard. See the property here.
The houses range in prices from $300,000 to $600,000 and they used some sort of a lottery system to choose who got the opportunity to put down a 10% deposit for a house that is scheduled for completion in 2014.
GL Homes is obviously doing something right because the last time I saw this much buying frenzy with lottery games was right before the market melted down in 2007. This is clear evidence of the pent up demand for new product. Everybody has been hearing about the low residential inventories and the shadow inventory of houses locked up in foreclosure purgatory, but sometimes you have to see it to believe it. And I think we just saw it.
Homebuilders take note, insanely low mortgage rates sure to increase soon, a depleted housing inventory, and incremental upticks in the housing market means its time to get building.
Read More at Palm Beach Post.