Inventory is tight, demand is high, days on market are short and Hillsborough County commissioners are calling for a building moratorium? Hello Mr/Ms Realtor, maybe this is not a bad idea. Given the fact as as a real estate agent, we need houses to sell. So is this good or bad for the real estate industry?
Facts Are, It Is Probably Necssary
Traffic is probably the number one complaint for local residents and apparently it is no secret to home buyers coming new in the area. Newly arrived residents early questions are about the traffic in Riverview, Apollo Beach and Balm. And, if they don't know, they soon realize when they do their "discovery drives."
A few years ago a new hospital, St. Joseph's Hospital South, was built as a result of population growth in Riverview. It was built right near I-75 and on Big Bend Rd. The actual epicenter of the traffic explosion. This has created a challenge for "medical traffic" that does not have a siren on their vehicle.
Hillsborough County Studies The Challenge
In October 2019, county commissions met and introduced two building moratoriums that affect the Riverview area. Both are in connection with zoning and do not restrict builders from moving forward with projects already on their books. It does delay projects for land inventory not zoned for development. This change will slow land acquisition. Says Commissioner Stacy White, "So, if a property is already rezoned they already have their density entitlements, we can't stop them for getting their permitting and building, so anything that's already rezoned will move forward but we still have thousands of acres in that area that are not rezoned."
Housing Inventory is Riverview FL Already Tight
While 2.6 months supply is higher than many parts of Hillsborough County, Riverview is the the most active new construction area in the county. What will be the effect with a moratorium?
It appears the county commissioners are taking a wise view on the solutions. First, the obvious is new construction is hurting home resales. Home sellers are having a challenge competing with pricing and SPIFFS such as paid closing costs. Cutting builder inventory will help in the future. Secondly, the county has several road projects currently active and on the books. Lastly, the the proposed moratorium is only 270 days and for new zoning only. All in all, it is only a speed bump in the road, if you will excuse the pun.
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