For example, in suburban Orlando, development costs are approaching $90,000 per unit, while urban projects in some cases are nearing $150,000 per unit.
Land prices have escalated as much as $13,000 per unit in certain upscale suburban planned developments in Orlando and $20,000 per unit in South Florida's affluent Boca Raton community. Downtown, dirt is costing $20,000 per unit in Orlando and $22,000 per unit in Downtown Boca.
Still, "the top-tiered markets, for the most part, are holding their own, especially when compared to the early '90s," Mark L. Findura, president of R.J. Twitty & Co. II Inc., tells GlobeSt.com. The B markets, however, are not faring as well.
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