HARDEE HOUSING: VIEW FROM THE REAL ESTATE INDUSTRY

We surveyed several Hardee County realtors and held phone interviews with several people knowledgeable about residential building development in nearby counties to get a sense of the potential of the Hardee County market.

Local realtors primarily note the lack of single-family home inventory on the market right now.

Those familiar with the building industry note the success of newer projects in southern Polk and Highlands County as indicators that Hardee County could be in line for new residential development.

of housing plans they seek to replicate across their inventory, so any local regulations that would require them to alter their standard designs would create a barrier. They look for sites where they can build at least one to two dozen homes.

The limited number of homes puts pressure on asking prices. Firsttime buyers may not have the resources to compete for scarce Hardee County homes, and may remain renters or may look to neighboring counties like Polk and Highland where new housing production has been more robust. About a third of the potential buyers they see are in the 25-34 year old cohort that is most likely to be purchasing a first home.

Builders that could be interested in Hardee are likely to be “production” builders – those who build at scale targeting moderate income buyers. One builder thought their typical starter home, usually priced from $200-300,000, and between 1300- 1800 square feet, which would (depending on interest rates) serve households earning between 100200% of the county’s median income, could well be a good product for Hardee County.

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Builders hoping to build at this price point are looking for building opportunities without extra costs. They seek land that is reasonably priced; has road frontage; is connected or at least close to local utilities. They will often avoid places with impact fees or environmental remediation concerns – or if such barriers exist they would look for ways to offset those costs in other ways. They often have a set number

Our surveys and conversations suggest that there is likely to be at least some demand for moderately-priced starter homes in Hardee County. Builders who focus on this kind of product could be induced to invest in Hardee if they can identify appropriate sites and minimize costs.