PulteGroup Inc. expects to break ground before the end of the year on its planned community in Apopka, Central Florida Division President Clint Ball told Orlando Business Journal.
The Atlanta-based homebuilder will build 179 single-family homes off State Road 429, with sales slated to start next summer, Ball said.
Homes, pool and more
The community, called Winding Meadows, will span 51 acres and consist of 34-foot, 40-foot and 55-foot lots, as well as a clubhouse and swimming pool.
Pulte is under contract with Dennis and Joann Klepzig of Apopka as well as Hong Sik Kim and Deok Hwa Kim of Apopka to buy the land. Pulte filed the contracts with the state as part of its application for the development.
Other companies involved with the project include Winter Park-based Appian Engineering LLC, Winter Garden-based Allen & Co. Inc., Orlando-based Native Geoscience Inc., Orlando-based Bio-Tech Consulting Inc. and Orlando-based Traffic & Mobility Consultants Inc.
Residential construction projects like this one are important because they create jobs and help replenish Central Florida’s depleted home supply with new units.
Access to ‘booming’ areas
The site of the future community just off S.R. 429 is a good development opportunity because it will give homeowners easy access to jobs, shopping and more, Ball said. “With easy access to booming employment centers such as Winter Garden, Lake Mary and downtown Orlando, this location provides unparalleled opportunities for future residents not only to pursue their careers, but also to allow them quick access to everyday conveniences like neighboring shopping centers and outdoor recreation areas.”
Home sales are hot in Apopka. The town’s 32712 ZIP code, where Pulte’s subdivision will rise, was the fourth-most-popular in Orange County among buyers in June. There were 90 existing home sales in the ZIP, with a total sales volume of $33.7 million.
New home construction slowed the past few months amid sky-high costs and materials shortages. However, local home construction is increasing again as demand overwhelms the region’s limited home inventory. The value of residential construction started in June in Orlando was $684 million, up 23% from June 2020, according to Hamilton, New Jersey-based Dodge Data & Analytics.
Home sales and median prices in Central Florida hit record highs this year as buyers take advantage of historically low interest rates. When rates eventually climb, that will curb market activity slowly, said Deanna Armel, broker and CEO of Kissimmee-based Armel Real Estate Inc. “Overall, I see a slowdown in the housing market once interest rates go back up, but I see it as a healthy slowdown.”