Economic good times and Port St. Lucie’s pro-growth philosophy helped fuel a 10.5 percent increase in city real estate values in the past year, St. Lucie County Property Appraiser Michelle Franklin said Monday.
The estimated taxable value of Port St. Lucie’s real estate rose to $10.6 billion as of Jan. 1, 2019, compared to $9.7 billion last year, county records show.
“A strong economy and a city that has poised itself for future growth has contributed to the increase in taxable value,” Franklin said. “The City of Port St. Lucie has welcomed new construction of homes and commercial property, which has proved to be an attraction for Northerners and South Floridians alike.”
Meanwhile, St. Lucie County’s estimated taxable value rose to $21.8 billion, an increase of 7 percent from last year, county records show. Fort Pierce’s estimated taxable value rose to $2.5 billion, an increase of 6 percent from last year, county records show. “One factor of the City of Port Saint Lucie experiencing greater increase in taxable value is due to new construction,” Franklin said. “New construction added over 39 percent to Port St. Lucie’s estimated taxable value.”
The taxable value of Port St. Lucie’s real estate has increased by 57 percent or about $3.8 billion in the last five years, county records show.
City Manager Russ Blackburn said the construction boom throughout the city shows home buyers and business investors see the city’s real estate as a good investment. “We’re seeing the city continue to distance itself from the Great Recession,” Blackburn said. “We’ve seen new development in the western area and in-fill development in the rest of the city.”
The city issued building permits for more than 2,200 new single-family homes in 2018, Blackburn said.
“People are moving here because there are lots of opportunities in Port St. Lucie and we have a wonderful quality of life,” Blackburn said. “It really shows a high level of confidence in making an investment in Port St. Lucie.”
