REAL ESTATE
Pat Murphy
TCBusiness.com 13
new properties can be completed.
Slivon sees the same trends continuing
through the end of 2021.
“We’ve always been a destination place,”
he said. “That’ll still be true but these new
jobs now being created will require new
homes. At the moment, Port St. Lucie still
looks really attractive to outside buyers
because of the lower price per square foot
here. As long as money financing stays
cheap, prices can rise but monthly expenses
seem to be getting to a breaking point.”
AREA BEING DISCOVERED
Pat Murphy, son of pioneering Fort
Pierce Realtor Hoyt C. Murphy, takes a
more nuanced view of the market. His
Coldwell Banker Commercial/Paradise Realty
company has been able to sell a steady
stream of commercial properties over the
past few months.
Murphy, a longtime observer of the local
market, agrees that we’ve finally been
discovered. He also noted the plethora of 1
million-plus commercial developments on
the drawing board in the county.
“Obviously the county, especially Port
St. Lucie, is seeing incredible growth”, he
said. “That’s a classic example of how good
things are, but Fort Pierce is becoming the
beneficiary of new growth, too.
“We’re getting the Wawa’s and Starbucks
now,” he continued. “In the past, our demographics
just weren’t there. It’s definitely
encouraging to see them coming here. I
think it’ll continue; we’ve been discovered.”
St. Lucie is transitioning from an agriculture
based economy to one that’s much
hotter with better-paying jobs, Murphy
said. He noted the recent addition of about
half-a-million square feet of boat manufacturing
space by Pursuit Yachts and the
Maverick Boat Group near Treasure Coast
International Airport on St. Lucie Boulevard.
WORKFORCE HOUSING NEEDED
But, while that’s great for the county’s
tax base, Murphy said, workforce and affordable
housing is going to have to come
to the forefront again.
“I think we’re fortunate we have land
available and prices that are lower than
down south,” Murphy said. “I believe it’s still
possible to do workforce housing projects
here. There are ways to do that by including
them in larger housing developments,
and I hope that happens. We do need more
affordable housing.”
Timing is everything. While the torrent
of commercial development grows in St.
Lucie County and some developers already
here believe they can construct millions
of square feet of extra capacity within
two years, that’s exactly when many more
lower-priced
homes will
be required
by workers in
those new jobs.
Some of
those workers
won’t be
newcomers
needing new
homes. Port
St. Lucie City
Manager Russ
Blackburn believes they may already live in
St. Lucie County or adjoining counties. In
fact, the coming new commercial developments
could actually modify the behavior
of more than 70,000 St. Lucie County residents
who drive outside the county every
day for work.
Yet, it looks as if there could be a housing
crunch coming in locations where new
workers will want to live near their new
jobs. It’s encouraging to see some large
residential developers such as D. R. Horton
recognizing that need. Horton proposes
building up to 4,000 new single- and multiunit
homes in the LTC Ranch development
on Midway Road.
The homebuilding industry must adapt to
those needs and perhaps pivot away from
building homes for well-padded retirees. v
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