Homesite opens in Broward as land shrinks
Models open in 86- home development, 25 already sold
A new homesite is opening up in Broward County, sending some relief as buyers struggle to find homes in South Florida’s raging housing market.
The 86- home development, Cassia Estates, sits on 20 acres of land in Lauderdale Lakes near West Oakland Blvd and MLK Jr. Ave, between the Turnpike and I- 95, and is in the process of construction from developer PulteGroup.
Twenty- five homes in the development have already been sold after sales opened three months ago for those on a waiting list. Construction is almost complete on four of the residences.
Models of the homes opened last week for buyers to tour, but the development group is being strategic, not releasing the homes all at once, as supply chain issues have been making building more difficult.
The market and price point
Homes will range from 3- to 5- bedrooms, have two- car garages and will come with floor plans ranging from 1,450 to 2,850 square feet. Prices for the homes will start in the low to mid $ 400,000s.
“There is very strong demand for homes at [ this price],” said Brent Baker, Division President for PulteGroup in South Florida.
The group has been keen on redevelopment in their business model. The Cassia Estates site previously was home to a flea market. Other PulteGroup developments in Broward County have been built on closed golf courses or parking lots.
“It’s more common in Broward County, where you have more constraints on land, since the entire county is pretty much built out,” added Baker. “Single- family home construction in Broward County is still pretty rare.”
The price point falls in the range of their pricing for other home communities in Broward, but is on the more affordable side of the market, as homes prices are skyrocketing across the tri- county area.
Currently, the median sale price for a home in Broward County is about $ 489,000, a 17% increase from the year before, according to October numbers from the Broward, Palm Beaches & St. Lucie Realtors. Meanwhile, the median sale price of a home in Palm Beach County was $ 500,000, a 19% increase. For Miami Dade County, the median sale price of a home sat at $ 490,000, a 12% increase from the year before.
PulteGroup builds all over South Florida, with home developments currently in areas like Jupiter, Oakland Park and Palm Beach Gardens.
Their homes range in prices from the high $ 200s to over $ 1 million and their developments in Broward County range in price point from the mid $ 400s to the $ 600s.