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Home building spikes in 2002
By JAMES THORNER, Times Staff Writer
Turbo-charged by low interest rates and reasonable land prices, Pasco County blew the roof off home construction in 2002. The county issued 4,786 permits for single-family homes in 2002, according to the county's central permitting office. That's a jump of 24 percent over the 3,859 permits in 2001. It's the second highest home total in the county's history. Construction peaked at 4,826 in 1978, when housing growth centered on west Pasco along U.S. 19. Since those days, the center of the stucco storm has shifted to central Pasco. The Meadow Pointe community in Wesley Chapel, developed by Devco Development Corp., led the way. Although the county hasn't tracked exact home permit numbers for individual communities, home closings totals have largely paralleled the permit figures. In that regard, Meadow Pointe tallied 412 closings through November. Lexington Oaks, Pulte Home Corp.'s golf course community in Wesley Chapel, was second with 339 closings. The Trinity communities in southwest Pasco had about 200 closings. Home totals in neighboring Heritage Springs, a US Home Corp. project, were just shy of 200. Devco struck gold again with Oakstead, the new housing development northwest of State Road 54 and U.S. 41 in Land O'Lakes. "Oakstead had a tremendous start with 261 closings," Tampa Bay area housing analyst Marvin Rose said. In all, closings totaled 4,233 through November, a spike of 36 percent over the 3,114 closings counted in the same 11 months in 2001. The region hasn't suffered the economic slowdown hurting other parts of the country, particularly in the housing market, Rose said. That has encouraged home buyers to seek deals in Pasco, which promises comparatively cheap home prices, lower taxes and an easy commute to jobs in Tampa and St. Petersburg. "The low interest rates are probably the primary factor behind it," Rose said. "But the build-out in Pinellas County and the high price of land in Hillsborough County have certainly helped Pasco." The central permitting office suggested another contributor: Builders applied in greater numbers to beat stricter state storm resistance standards that took effect in March. There appears to be no end to the housing hurricane. Along the stretch of SR 54 near the Suncoast Parkway, about 8,000 homes are on the books. In 2003, Terrabrook Inc. plans to start construction on the first of nearly 9,000 homes in Connerton New Town Development east of U.S. 41 in Land O'Lakes. And near Bruce B. Downs Boulevard, developers plan 4,000 homes in the Seven Oaks development, a housing total Meadow Pointe hopes to match in two future phases. -- James Thorner covers growth and development in Pasco County. He can be reached at (813) 909-4613 or toll-free, 1-800-333-7505, ext. 4613. His e-mail address is thorner@sptimes.com.
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