Lennar plans to expand by 400 homes

The largest US construction company wants to expand a large part of its local developments.

Miami-based Lennar Corp. plans to add another 400 homes to its Bridgewater at Viera community in Melbourne, Florida, according to documents filed with the state. The development, which is a community for active adults 55 and older, already has more than 800 homes.

A spokesman for Melbourne-based BSE Consultants Inc, the project's engineer, deferred questions about the project to Lennar, whose executives were unavailable for comment.

While prices for upcoming homes are not known, existing homes in the community range from just under US$300,000.00 for homes between 1,500 and 1,900 square feet to just over US$400,000.00 for homes between 2,400 and 2,800 square feet.

Home building activity is important because the local housing market has been considered an indicator of Orlando's economy. Therefore, it is always interesting to keep an eye on what is happening in the real estate market.

In the Brevard County area, home prices are rising while available inventory is falling. The average sales price of a single-family home in January was US$240,982.00, representing a 5.5% increase over January 2019, according to the most recent data made available by the Space Coast Association of Realtors. There was 2.6 months of inventory in January, a decrease of 27.8% year-over-year.