New home prices still rising around S. Florida, but home building drops in Broward: South Florida Sun-Sentinel

New home prices still rising around S. Florida, but home building drops in Broward: South Florida Sun-Sentinel: "Across South Florida, demand and prices for new homes rose in the second quarter of 2005, but only Palm Beach and Miami-Dade counties saw increases in the number of new homes under construction.

With little developable land available in Broward, the number of homes being built fell to the lowest level in years during the second quarter, according to data released by market research firm Metrostudy.

The number of single-family homes under construction in Palm Beach County was up 12.1 percent over the same period last year, while Miami-Dade County had a 36 percent increase. There were 2,334 homes started in Palm Beach County and 2,629 in Miami-Dade County.

But home construction fell 60 percent in Broward, with only 566 homes started in the entire county. Broward's annual pace is slowing to 4,000 new homes, compared with a peak of 11,000 a few years ago, said Bradley Hunter, director of Metrostudy's South Florida division.

Home construction in Broward was concentrated in the county's western communities, such as Davie and Miramar, but Hunter thinks there are still opportunities for developers to build. About 31 percent of vacant lots that will soon be started are priced between $250,000 and $300,000, but more than half of the projected starts are priced below $400,000.

'Some people say Broward is approaching buildout or is already there,' Hunter said. 'What's really happening is that it's getting more challenging to find land for development.'

Prices for new homes have also been fueled by demand. In Palm Beach County, only 11 percent of the developed lots are for homes at or below $300,000. More than "