MIAMI GARDENS, FL - Reese Stigliano, SIOR, Senior Vice President of Brenner Real Estate Group, a full service commercial real estate firm based in Fort Lauderdale, FL, has announced a 1.5 acre residential land sale in Miami Gardens, FL. Says Stigliano, “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. Up until now, the only residential development occurring has been by the national builders. This property was purchased by a small local developer that plans on building rental apartments.”
According to Stigliano, at the height of market in 2006, the Parcel located two miles west of the Florida Turnpike, 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 purchased in an all cash transaction 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. Stigliano represented the Seller.
“I think this deal is the canary in the coal mine,” noted Stigliano. “Up 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.”
Brenner Real Estate Group is a full-service commercial real estate firm providing asset solutions, brokerage, development, investment sales, property management, asset management, and receivership services for office, multi-family, industrial/commercial, and retail properties. The firm has been serving South Florida since 1987.
For more information, visit Brenner Real Estate Group on the web at www.breg.net, on Facebook at “Brenner Real Estate Group” or contact the firm at 1500 W. Cypress Creek Road, Suite 409, Fort Lauderdale, FL, 954-596-5555, or 6767 North Wickham Road, Suite 400, Melbourne, FL 32940, 321.242.4575.