Reese Stigliano, SIOR, Senior Vice President of Brenner Real Estate Group, announces a 1.5 acre residential land sale in Miami Gardens.
“The 1.5 acre parcel located on County Line Road was site plan approved for 21 townhouses and although this is a small deal, it indicates a significant trend in the market.” Until now, the only residential development occurring was by the national builders. This property was bought by a small local developer that plans on building rental apartments.
At the height of market in 2006, the Parcel, which was approved by the City of Miami Gardens, was under contract for $1.05 million or $50,000 per unit. The recent sale, which closed on July 29th, was for $335,000 or approximately $16,000 per unit.
The parcel was bought all cash by a South American group of investors, HUGIM, LLC, a Florida corporation. The Seller was County Line Properties, LLC; which had owned the property since 1980.
“I think this deal is the canary in the coal mine.” according to Stigliano. “Until now, the small and regional home builders were on the sidelines. With the community banks jumping back into the lending business and the price of homes increasing at an annualized double digit rate, we will continue to see the smaller residential developers emerge once again.”
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