These days, investors and developers are casting their eyes towards new horizons, and two Florida gems, Florida City and Homestead, are gaining significant traction in the real estate landscape. Beyond the allure of luxurious residences, these neighborhoods offer a distinctive blend of location, architecture, and lifestyle, setting them apart in the evolving tapestry of high-end real estate experiences.
A significant housing crunch is reshaping the real estate scene in South Florida, sparking a surge of interest among builders in the southernmost part of Miami-Dade County. Market dynamics, robust demand for homes, and favorable land prices have positioned South Miami-Dade as one of the hottest development markets in the tri-county region.
In a vast stretch from S.W. 184th St. to the Everglades’ edge, real estate developers are transforming lots and farms into vibrant communities, including apartment complexes, townhomes, and single-family residences. Florida City, Homestead, and the Redlands are at the forefront of this transformation, offering a refreshing alternative to residents priced out of Miami’s urban core and other areas in South Florida.
Miami-Dade County’s median home price in December reached $610,000, creating a stark contrast to the more affordable housing options in the Florida City-Homestead area, where a house can be acquired for approximately $500,000. Even smaller townhouse homes with three bedrooms come at a reasonable $385,000 in this burgeoning region.
The appeal doesn’t end with homeownership; monthly rents in South Miami-Dade stand at around $1,943, presenting a more budget-friendly option compared to the tri-county region’s median rent of $2,707, according to the Waller, Weeks, and Johnson Rental Index.
The housing prices and rents in South Dade are on the rise, prompting builders to meet the growing demand. This surge in residential development, catalyzed by the global pandemic, has seen a doubling of the area’s population, according to Peter England, the executive director of the Economic Development Council of South Miami-Dade.
The Florida City-Homestead area, with its substantial undeveloped land, has become a focal point for investors, offering a cost-effective opportunity that is 50 to 75% less than in other parts of Miami-Dade County. This has attracted savvy developers such as D.R. Horton, Lennar, Coral Rock Development, Resia, Related Group, and Pinnacle Development, all contributing to the significant transformation of South Miami-Dade.
Contrary to assumptions, the development boom is not solely driven by transplants from other regions. Families, including extended members, are relocating from places like Miami and Kendall to find larger and more affordable homes in South Miami-Dade. This internal migration has been a key factor in the region’s evolving real estate landscape.
While South Miami-Dade’s development story is capturing attention, efforts are underway to ensure it becomes more than just a bedroom community. Plans for a light industrial district near Homestead Air Reserve Base, aimed at attracting aerospace companies and high-paying jobs, are in progress. This strategic move, led by partners like Florida International University and Space Florida, aims to transform South Dade into a live, work, and play hub, ensuring sustained growth and prosperity.
