Home starts slow during fourth quarter

Central Florida’s newhome market saw a stronger rate of closings last year compared to the previous year, but a slowdown near the end of the year.

Quarterly closings were down 3.8 percent from the third quarter, according to new-home-construction research group

“This is not indicative of the market’s strength or sales activity, but more reflects home builders’ corporate fiscal-year-end timing and labor-market and material-supply constraints,” said Anthony Crocco, who oversees the Central Florida area for Metrostudy.

The region’s busiest communities for housing starts during the fourth quarter were: The Villages in Lake County, 617 starts; Championsgate in Osceola County, 392 starts; Tapestry in Osceola County, 385 starts; Lake Nona in Orange County, 349 starts; Summerlake in Orange County, 335 starts; Storey Lake in Osceola County, 260 starts; Hamlin in Orange County, 257 starts; Reunion Resort & Club in Osceola County, 240 starts; Orchard Hills in Orange County, 237 starts and the Orange County portion of Storey Lake, 234.

has started developing property it purchased last year near Apopka-Vineland Road and Buena Vista Boulevard in Orlando. The 229-home site for Phillips Grove includes six lots on the Butler Chain of Lakes. Prices are slated at $500,000 to $2 million with presales starting in April. Orlando-based

purchased a six-story office building overlooking Interstate 4 at 2699 Lee Road, Winter Park, for $10.4 million. With 85 percent occupancy, tenants include and

The building has 87,266 square feet. Palmer Vietor, vice president of acquisitions for Owens, represented the buyer. Ron Rogg and Chip Wooten of represented the sellers.

purchased the 288-unit Lugano apartments completed last year at 3021 Savosa Ave., Kissimmee, for $59.1 million, records show. Shelton Granade, Luke Wickham and Justin Basquill represented the seller and property’s developer,

leased 5,146 square feet at Heritage Business Center, 735 W. State Road 434, Longwood.

Associate Chris Adams represented the tenant and Avison Young’s Kevin DelaRosa represented landlord which is based in Louisville, Colo. Also in Longwood, Adams represented landlord

and

tenant

in a lease of 4,561 square feet at 320 Sabal Palm Place. Tallahassee-based

expanded into Central Florida with a lease of 2,600 square feet at the Lake Underhill Business Center, 11489 Lake Underhill Road, Orlando. NAI Realvest Principal Tom Kelley represented landlord Harrington/ Mishler LLC.