Does Edgewater really need more homes?

EDGEWATER - Kirk Ferguson has been trying to sell his three-bedroom home for two years.

The former electrician has been looking for a larger home to accommodate his larger family, but can't buy anything until he can sell his current home, located within walking distance of the Intracoastal Waterway.

Even after Mr. Ferguson lowered the price of his home to below what the Volusia County Property Appraiser said it is worth, there haven't been any takers.

And it's no surprise.

From $4-million riverside mansions to one-bedroom concrete block homes, there are more than 500 homes listed for sale in the Edgewater area, according to the National Association of Realtors Web site.

Mr. Ferguson said he is a little confused as to why a developer would want to build an additional 8,500 more homes in the city over the next two decades.

"It seems kind of funny to me that people would build houses right now when these won't even sell," he said.

He's not alone.

A recent study by the University of Florida Bureau of Economic and Business Research said a smaller number of people will be moving to the state in the next few years, with 14 counties, including Volusia, expected to lose residents.

Florida is expected to only gain an average of 37,000 residents a year until 2010.

Stan Smith, director of the bureau, said a combination of the housing market collapse and a loss of jobs, especially in construction, has hurt Florida.

But, the population loss won't last forever.

"As the national economy recovers and as the excess supply of housing in Florida is absorbed, we're expecting growth to pick up again, probably within in the next year or so, and then to increase to more normal levels during the next decade," he said.

But, Mr. Smith said, it is hard to judge what factors will either bring people to the state or keep them away. A longer economic crisis, a lack of jobs and a high number of hurricanes are all factors that could drive people away from Florida.

Does Edgewater really need more homes? - Hometown News (Volusia County) - May 8, 2009