Dive Brief:
- Columbus, OH–based M/I Homes has pulled in former KB Home executive Michael Stephens to be its director of land acquisitions for its new Sarasota-Manatee division, in Florida.
- At KB, Stephens oversaw land acquisition, planning, budgeting and site development for new communities in Tampa and Fort Myers, in Florida. M/I will use his expertise to look for properties in Sarasota and Manatee counties for building and development.
- M/I was the 14th-largest homebuilder in the U.S. by revenue in 2015 while KB ranked No. 6, according to data from Builder magazine.
Dive Insight:
In September, M/I opened an office in the Sarasota-Manatee market — located south of Tampa in central-west Florida — and is well-positioned to take advantage of the significant building activity in the state. Tampa joins other Florida metros including Orlando and Jacksonville on recent rankings by real-estate research firm RCLCO and real-estate listing website Realtor.com for areas with the most single-family permitting and the fastest-selling homes, respectively.
The real-estate market in Central Florida is finally rebounding, with home prices rising above the national average as demand catches up with the limited supply. Builders are responding with new construction. Tampa and Orlando are on pace for year-over-year increases of 24.2% and 23.3% in housing starts, respectively, according to market research firm Metrostudy. The biggest increase during the second quarter from a year ago occurred among homes priced in the $200,000 to $250,000 range, which typically includes entry-level homes.
With South Florida ranked by Freddie Mac as the nation’s 25th-most-stable housing market, low inventory levels and rising prices should keep homebuilders there busy.
