In the last month, I have observed a great deal of new construction activity in the areas that I serve (Coconut Grove, Coral Gables, East Dade)
1) Over the last 4 years, land prices plummeted in Dade County by more than 50%. Therefore, the construction #’s have again begun to make sense in Dade County for builders to turn a profit.
2) Dade County housing inventory (supply) has been reduced by 42% over the past 14 months (market is stabilizing).
3) Coconut Grove Realtors have been remarking over the past year and a half how little quality inventory there actually is compared to 3 years ago. Thus, there is a market for new construction inventory with high ceilings, large closets, modern updates, etc..
4) Interest rates continue to hover around 4% making this a critical time for buyers to lock in a historically low 30-year fixed rate mortgage.
Actual new construction #’s for East Dade County:
For your review, I searched the MLS for all available new construction homes in East Dade County. Below, you will see the graph.
Note: Newer construction homes under $600,000 in East Dade County (Coral Gables, Coconut Grove, Shenandoah, South Miami) are generally not listed on the MLS since there is a large pool of buyers for new construction in that price range and builders typically try to save the 6% commission (although I believe they’d net more if they were to list and truly see what the market bears with a professional realtor). Therefore, they are under represented in the chart below.
*To view the new construction homes under $700,000 that are not listed on MLS, call me and I’d be happy to introduce you to our ShowcaseMiami Team’s Buyer Specialist.
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