CLEARWATER, Fla., Nov. 16, 2021 /PRNewswire-PRWeb/ -- There's
a housing crisis in the United
States, the likes of which has not been seen since the Great
Depression of 1929.(1) However, today's underlying cause has not
been a stock market crash, but a viral pandemic. As a result of
COVID-19, there has been a marked shortage of construction material
and a significant decrease in workers.(2) As construction of new
dwellings decreased, the demand for existing inventory increased,
which then led to a substantial rise in rent and the asking price
for housing units—in Florida, both
houses and apartments increased more than 20% between 2020 and
2021.(3)
This has made the real estate industry face innumerable
challenges. Exacerbating the problem are 2 factors: According to a
2020 report, only approximately 30% of contractors finish their
projects on time and within budget,(4) and a report by Florida's Office of Economic and Demographic
Research detailed how the Sunshine State saw an influx of an
estimated 329,717 new residents between April 2020 and April 2021.(5) "Florida is a hot commodity at the moment.
Demand cannot keep up with supply," says Regina Sotomayor, Chief Organizational Officer
at Valor Capital.
According to a report by the National Association of Realtors®,
"decades of underinvestment and underbuilding have created a
shortage of housing that will require a concerted, long-term
nationwide commitment to overcome."(6)
"When you take into consideration how the lack of workers,
materials, inventory and people staying put in their homes because
they now work from home has coalesced into one giant crisis, one
might feel the problem is unsurmountable . But it is not.
Construction is going up across the nation and new dwellings are
being built," Sotomayor said. "As America continues to open up
post-pandemic, people are beginning to move and that includes
relocating to new cities.
According to the Tampa Bay Times,
the Central Florida I-4 Corridor—the cities from Tampa Bay to Orlando—is growing at an
accelerated rate. "Recent growth in the area shows signs of
Tampa and Orlando becoming a true 'megaregion,' a term
those in the industry use to describe cities that grow into each
other and produce billions—if not trillions—of dollars into the
economy," the newspaper reported.(7)
Signs of this growth are evident with Valor Capital's own
project in Clearwater, Fl. Serena
by the Sea, a $70M, 80-unit
state-of-the-art upscale property located between downtown
Clearwater and Dunedin, not only is it ahead of schedule, but
it was recently announced they will deliver the units to homeowners
right on schedule, according to Sotomayor.
"Developers are rising to the challenge everywhere in
Florida. At Serena by the Sea, we
have seen unprecedented sales since we opened to the public. In
fact, we only have 13 units left," Sotomayor said. "We are our own
builder and contractor, which means that we can control every
aspect and avoid unnecessary delays."
Valor Capital also explained how one of the factors leading to
the success of Serena by the Sea is embracing and fortifying the
community.
"Having a sense of communal belonging is very important to us.
While preparing the construction site, some houses were scheduled
to be demolished and before that happened, we invited several
stations of the Clearwater Fire
and Rescue Department to practice on these houses. They did roof
entries and many other exercises. Afterwards, they showed the
community children how their trucks and equipment worked. We had a
great fun day with these heroes of the community," Sotomayor
added.
Since the building broke ground, there's been a new development.
Serena by the Sea is now accepting VA loans, said Sotomayor. To
showcase the success Serena by the Sea has seen, Valor Capital is
hosting a holiday-themed masquerade open house on Friday, November 19, from 5 to 9 p.m. at 400 Cleveland Street in
Clearwater.
"We are holding this event to give the area's realtors and
prospective residents the opportunity to experience luxury living
at its finest. There are still a handful of units available, for
which we will be offering discounts and incentives," she said,
adding "A video will be shown to showcase how successful the
project has been since we announced it to the public."
The holiday-themed masquerade party—with colorful and whimsical
masques provided at the entrance—will be catered by the renowned
Rolling Spirits. In addition, there will be live indoor and outdoor
music.
"Plus, we have a surprise show to the delight of everyone,"
added Sotomayor.
The event is sponsored by Valor Capital's preferred lender
Truist and by Serena by the Sea's provider of fine kitchen
appliances, BSH Group better known for their luxury brands:
Gaggenau, Thermador and Bosch.
For more information, to reserve your attendance, or to RSVP
your invitation, please visit
https://www.eventcreate.com/e/holidayopenhousemasquerade or call
727-491-7313
About Serena by the Sea
Valor Capital's newest resort-style, waterfront condominium
development, Serena by the Sea offers relaxed, luxury living where
its residents enhance their lives, find solace from the confusion
and difficulties of daily life, refresh and prepare to conquer life
once again. Serena by the Sea is where one can truly pause and
appreciate all that they have achieved. Visit
http://www.serenabythesea.com
About Valor Capital
Valor Capital was formed by a team of entrepreneurs passionate
about creating world-class real estate experiences. They are a
subsidiary of international development firm, Terra Capital
Partners SA de CV (Terra Capital Partners). With a four-decade
history of real estate developments in office, hospitality,
medical, commercial and luxury residential product offerings—and a
multi-billion-dollar portfolio and tens of millions of square feet
already developed and sold—Valor's developments are always on the
cutting-edge, with proprietary anti-viral engineering design used
throughout the firm's newest developments. Visit
http://www.valorc.com
1. Watts, Jill; "As Coronavirus Magnifies America's Housing
Crisis, FDR's New Deal Could Offer a Roadmap Forward"; 24 April 2020; Time Magazine;
time.com/5826392/coronavirus-housing-history/
2. Viewpoint Blog; "COVID-19 Impacts on the Construction Industry";
Accessed 15 Nov. 2021; Trimble;
viewpoint.com/blog/covid-19-impacts-on-the-construction-industry
3. Martin, Marla; "Fla.'s Housing Market: Media Price, New Listings
Rise in July"; 23 August 2021;
Florida Realtors® Organization;
floridarealtors.org/news-media/news-articles/2021/08/flas-housing-market-median-price-new-listings-rise-july
4. Wolfe Jr., Scott; "2020 Report: Construction Suffers from Wasted
Time &$ Slow Payment"; last updated: 30
Sept 2021; LevelSet;
levelset.com/blog/2020-report-construction-wasted-time-slow-payment/
5. Murphy-Redd, Kelly; "Florida,
Here They Come"; 15 September 2021;
One Okaloosa Economic Development Council;
florida-edc.org/blog/september-2021/florida,-here-they-come
6. Smith, Kerry; "Housing Crisis Requires Once-In-A-Generation
Response"; 16 June 2021; Florida
Realtors® Organization;
floridarealtors.org/news-media/news-articles/2021/06/housing-crisis-requires-once-generation-response
7. Berdychowski, Bernadette; "How Tampa and Orlando could become the next 'megaregion' ";
13 October 2021; The Tampa Bay Times;
tampabay.com/news/florida/2021/10/13/how-tampa-and-orlando-could-become-the-next-megaregion/
Media Contact
Karla Jo Helms, JOTO PR
Disruptors(TM), 727-777-4621, khelms@jotopr.com
Twitter
SOURCE Valor Capital