New confidence in tough times? Second home builder bounds into Tampa Bay

Who says Tampa Bay is toxic for home builders?

Home Dynamics Corp., based in Fort Lauderdale, has begun building in Pasco County’s Lakeshore Ranch neighborhood. It’s only the second new builder to leap into one of the most depressed housing markets in Tampa Bay history. Minto Communities LLC arrived earlier this year in New Tampa’s Grand Hampton’s neighborhood.

Home Dynamics has been a player in southeast Florida, and took advantage of lower lot prices to buy into Lakeshore Ranch, one of a string of badly-pummeled new home subdivisions on U.S. 41.

About a dozen builders have declared bankruptcy, left the area or closed shop, including Smith Family Homes, Windjammer Home Builders, Engle Homes and Nohl Crest Homes.

Tampa Bay housing starts are on a record low pace for 2009, although the trough of the market seems to have been last winter.

Home Dynamics' motto is Home of the Affordable American Dream. How affordable? The company president is David Schack, but don't hold the name against him.

Comments

[Fuzzy Bear]

With a large supply of homes, numerous foreclosures and a large "hidden Inventory" or shadow market, it makes no sense to add more housing units to the market.

[phil]

It doesnt make sense but its good for the few constuction people that are working due to this.. There is alot of junk housing on the market and alot of people prefer a new home at a great price rather than a steal that will cost just as much to purchase then remodel as that new home costs with alot less headaches..

[Fuzzy Bear]

"There is alot of junk housing on the market"

I would agree with you Phil as I have looked at over 200 of these foreclosed properties which are not listed on MLS.

The majority of these foreclosed homes are in such bad shape that it could be costly to fix them up. However, there are some good bargains for those who have the time.