Residential real estate development targets high-end buyers

Residential real estate development targets high-end buyers

Housing in South Florida continues to increase in demand. In fact, one project involving residential real estate is planned east of the Florida Turnpike on a parcel of land covering 33 acres. Here, a total of 225 homes are expected to be built in the future.

The housing development builder, Central Communities, paid more than $7 million for this stretch of land. It is zoned for more than 160 townhouses, as well as 64 single-family residences, although this mix could end up changing. The development will feature a trail for walking, playground, pool and cabana. In addition, the community's entrance is adjacent to a brand new park.

The prices of these homes are slated to be in the mid-$200,000 range. However, sales will not start until 2016, and, as a result, the prices may be different when they actually reach the market. Central Communities has previously built a housing development west of the Florida Turnpike, where residents began to move in this year. Much of South Florida's new construction targets buyers who are considered high end and come from outside the state of Florida. Still, a strong demand exists for new residences that middle-income buyers and first-time homebuyers can afford.

South Florida appears to be a promising place to buy a home, as its market is growing, and property in the area remains in demand from buyers from throughout the country. However, if a person fails to take the proper legal steps, a potentially promising residential real estate deal can end up floundering. An understanding of related laws may help people to protect their personal interests and successfully complete real estate deals in the state.

Source: sun-sentinel.com, "Homebuilding: Central Communities plans more homes near Central Parc in Tamarac", Paul Owers, June 18, 2015