OUT OF HIBERNATION

After months of scooping up so-called bargains on sometimes-dilapidated distressed properties, Central Florida buyers are again turning their attention to new homes. Builders, in turn, are turning out models that combine smart design, eco-friendly technology and affordable pricing. 

With land prices low, building industry pros in a position to do so have been quietly buying lots at rock bottom prices in tony zip codes that were once the province of high-end buyers. Or they’ve been finishing projects that stalled during the downturn. 

Now buyers can really have it all — a new dream home that’s centrally located to entertainment destinations, top-rated schools and employment centers.

Local and national analysts indicate several factors fueling this nascent turnaround: builders have tapped into what buyers need and buyers have concluded that the price collapse is at or near an end — especially in Central Florida. 

“It’s the local markets [like Orlando], regions, cities and neighborhoods setting their own trends,” says Aldo Martin, president of the Home Builders Association of Metro Orlando. 

Adds David Crowe, chief economist for the National Association of Home Builders: “Orlando is seeing a growth curve partly because more jobs are being produced, but also because the area was in a trough for so long.”

Martin says builders, now feeling more confident in the future, are actively seeking new projects everywhere from The Villages south to Osceola County.

Let’s take a tour around Central Florida’s neighborhoods to find out how builders are making new homes attractive and unique to buyers.

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Known primarily as an enclave for luxury homes, West Orange County, including ritzy Windermere, now has a number of more affordable options.

One of the best deals for waterfront living is at Provence at Lake Sheen, a gated community located along the Butler Chain of Lakes. Each of the 36 homes, built by K. Hovnanian, features ramp access and a private boat dock. 

Upscale touches such as an ornamental gated entrance paved with cobblestones and a petanque plaza and pavilion for picnics add to the exclusive ambience.

The first homes in Provence at Lake Sheen are scheduled to be ready by summer, with prices anticipated to be from the low $400s.

Down the road in Winter Garden, several builders are debuting new floorplans. KB Home and D.R. Horton Homes, for example, are opening Summerlake, a community with one- and two-story homes located near the Winter Garden Village at Fowlers Grove and other dining and shopping outlets.

“The designs include spacious great-room living, seamless flow between the kitchen, living, dining and outdoor living areas and high bedroom counts,” says Cara Kane, director of corporate communications for KB Home. 

Summerlake residents will enjoy the community’s lakefront clubhouse with fitness center, pool and playground as well as volleyball, tennis and basketball courts. Home prices range from the high $190s to mid $300s.

Ashton Woods Homes is debuting new floorplans in the Oakland Park community, located along the shores of Lake Apopka. The homes, priced starting in the low to mid-$200s, boast more open space and trendier kitchens with more windows, says Mike Roche, vice president of sales and marketing. 

Meanwhile, David Weekley Homes is also picking up the pace in Oakland Park, where amenities include playgrounds and walking trails.

“Our customers tell us they want to live in a place with a strong sense of community,” says Ken McDonald, division president. “That’s one of the key reasons these communities offer parks, playgrounds, walking trails and fitness and swimming facilities. All of them are created with the goal of getting people out of their homes, interacting with their neighbors and enjoying the outdoors.”

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One of the fastest growing areas in Central Florida is Lake Nona, located less than three miles from Orlando International Airport. The focal point of the community is Medical City, a state-of-the-art complex featuring research centers, a medical school and two hospitals.

Located in the heart of the Medical City is Laureate Park, a neotraditional community featuring homes by K. Hovnanian, David Weekley and Ashton Woods. Furnished models opened last fall.

“When you have 5,000 working in multiple facilities, that creates tremendous potential,” says Scott South, K. Hovnanian’s division president.

K. Hovnanian is debuting five new Laureate Park floorplans, ranging from bungalows to cottages, while Ashton Woods is offering garage apartments with its new homes. The apartments can also be used as game rooms or offices. 

Ashton Woods is also introducing a new urban loft townhome design featuring 20-foot ceilings, a cable rail instead of a half wall and outdoor living areas. David Weekley has incorporated specialty windows, oversized showers and second master suites in its Laureate Park homes.

Prices in Laureate Park range from the low $200s to the mid $300s.

Also located in the Lake Nona area is the Eagle Creek community, where Centerline Homes has been building townhomes, golf villas and single-family homes. 

To accommodate growth that Medical City is expected to spark, Centerline is previewing several new Eagle Creek models in conjunction with the International Builders Show in February. The company also plans to open a new phase in the community later this year.

“Large gathering areas and flex spaces are evolving in today’s home designs,” explains Anna Maddox, marketing manager for Centerline. “Today’s buyers want a large, central area within the home where they can spend time with family or entertain groups of friends.”

In the new designs, Maddox says the company has added square footage to the kitchen and created a large open space that also encompasses the family room and dining area. Transitional space can be used as a nursery, then a toddler room and even a teenager’s room as kids grow up.

Prices in Eagle Creek range from the mid $100s to $400,000.

North of Lake Nona, David Weekley’s Randal Park features homes with traditional brick and stone accents. Prices there range from the low $200s.

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The heart of any city is its downtown area, and Orlando is no exception. Buyers are looking for locations where they can live, work and play without the necessity for long commutes. 

“That’s something we’ve heard people clamoring about for years,” says South. “They wanted to be near all of the amenities — from employment to entertainment — but to achieve that in a single-family home was becoming very difficult.”

But not any more. K. Hovnanian is debuting Millennia Park, a single-family home community located in the heart of one of the busiest zip codes in the city. It’s packed with features such as an outdoor gathering/dining plaza, pool and clubhouse.

Prices in Millenia Park range from the $160s to the $250s.

Buyers who prefer to live right in the heart of Downtown Orlando should check out Copley Square, a townhome community by Ashton Woods where units are priced from the low $200s.

For buyers who want to live in popular Baldwin Park, but couldn’t afford the skyrocketing prices during the boom, David Weekley has introduced Baldwin Park City. 

The new three-story townhomes are built with Mediterranean-style tiled roofs and energy saving features. Prices start at the high $270s.

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New-home construction is also coming back in Seminole County, where Meritage Homes is attracting buyers who recognize value and consider the total cost of home ownership, from mortgage payments to monthly utility bills. 

“They want a better home as well as a newer home as long as the value is there. We offer great value in the product, location and price,” says Fred Vandercook, division president.

Meritage is building several new communities in Seminole County, including Bella Vista in Longwood, Winter Springs Village in Winter Springs and Hammock Reserve in Oviedo. 

The crown jewel is Winter Springs Village, located a short walk from the nearby town center. Bungalows are priced starting in the $170s while four-bedroom estate homes and even larger Grande Series Homes are priced from the upper $200s.

Meritage is also at work on several replacement communities, including Steven’s Plantation in St. Cloud and White Jasmine and Quail Estates, both in Apopka. Both projects offer homes priced starting in the $200s.

Ashton Woods is currently developing 250 replacement townhome lots in Lake Mary. The gated community, called Foundation Park, is similar in design to Copley Square, and will offer luxury units priced starting at $219,900.

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The Four Corners Region and Northwest Orange County and Osceola County are also picking up. David Weekley is building new homes inside the golf course community of Nottingham at Legends in Clermont. Prices there range from the low $200s to $300,000.

KB Home is opening Fisher Plantation, a community located between Mount Dora and Wekiwa Springs State Park. The company is offering eight floorplans that boast more square footage, higher bedroom counts and larger open areas.

The community also offers an open park with pergola, fountains and benches. Prices range from the $190s to the $220s.

Family-owned builder Royal Oak Homes is debuting three new communities this year in Davenport, Clermont and the St. Cloud-Winter Garden area. 

The builder’s Academy Series homes, which features 25 free upgrades including large tile, double sinks, walk-in closets and open floorplans, are offered in all three projects, where prices will range from the $130s to the $190s.

“When we identify markets, we find the gap where builders are not providing features buyers expect,” says Matt Orosz, co-owner and founder of Royal Oak. “We amp up the spec levels and build the homes the way we would build our own.”

Anticipating the needs of their customers’ lifestyles is key to Royal Oak’s success with new buyers. “We have plans that work for traditional families or multi-generational, single-parents,” adds Orosz’s brother and partner, Steve.

The homes feature up to 10 different configurations that maximize efficiency and flexibility, with options for both upstairs and downstairs living areas.

Royal Oak recently opened Ashebrooke, located in Osceola County near the ChampionsGate area. It’s a non-short-term rental project with homes priced starting at $140,000 with USDA financing available. Buyers can enjoy a small-town feel with easy access to the attractions, golf and other amenities.

Royal Oak is also jump-starting Hammock Reserve, a 30-lot community in Clermont featuring larger estate homes offering unique dual staircases — the first of its kind in the Central Florida housing market, says Matt Orosz. Prices start in the low $200s.

Another Royal Oak community is Mallard Pond in St. Cloud, which features 110 single-family homes on extra-wide premium lots. All the lots are built on water or conversation areas.

Models will soon be open and prices will range from the $130s to the $190s.

The Orosz brothers also continue to build on the success of Breckenridge in Apopka and Hammock Trails, both of which opened in 2011. They’re in the final stages of planning for four new communities, including Avalon Reserve in Winter Garden.

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Builders agree that 2012 will be a turning point in Central Florida’s residential construction industry. Job growth from tourism and healthcare will spur growth and a generally improving economy will bolster consumer confidence, many experts say.

According to a forecast for the Orlando/Kissimmee area by the Institute for Economic Competitiveness at UCF’s College of Business Administration, housing starts should hit 5,722 by the end of the year, up from the current level of 5,000.

“We predict a slow climb in 2012,” says the HBA’s Martin, who is President of Infinity Housing LLC. “We believe 2013 looks better. The next two years will be back to what we call normal. During the boom, Central Florida used to issue 30,000 permits a year. But 15,000 would be ideal.”