That growth in Tradition was a factor as to why the largest increase was in Port St. Lucie where property values rose by 11.25% to an estimated $13.1 billion, according to preliminary estimate. Port St. Lucie has more room to grow with all of the available vacant land, Franklin said. The county has vacant land, too, but it s sometimes reserved for agricultural use.
Echoing Franklin, Port St. Lucie City Manager Russ Blackburn said the booming business of home construction has contributed to rising property values.
Permits for new homes have been seeing monthly record increases, and the city expects more than 3,000 single-family homes will have received certificates of occupancy by the end of the year, Blackburn said. Based on those factors, the city was anticipating a 10% increase in property values, he added.