The five years prior to April 2005 while our seller’s market was working overtime, we were all enjoying over 30% property value increases a year. Our limited supply of land led to planned unit developments, which were rather popular with first time home buyers. Developers were purchasing land and farm land in the City of Homestead was plentiful. The construction boom was on and Homestead was hot.
The area west of 137th avenue between Biscayne Drive on the north and Campell Drive on the south was purchased and master planned communities were designed. Some rather nice townhomes and single family homes were constructed between 137th Ave and the FL Turnpike. Along with others, Waterstone and Waterstone II were developed and each subdivision in them proudly displays it’s name on entrance signs dressed with landscaping. Rows of tree lined streets and security gates allow private access to these homes.
The South-Dade Venture Community Development District and the management companies are there to keep the area looking good and well maintained. Waterstone is managed by M & E Associates, Inc., Tel 305-552-7855 and Waterstone II is managed by The Continental Group, Tel. 305-574-6705. The South-Dade Venture CDD has meetings on the 2nd and 4th Thursday each month at 1:00pm in the Waterstone II clubhouse. The minutes are posted online.
Many of these properties were purchased during a time when 100% LTV loans were easily available, prior to subprime loans being thrown in the penalty box. Now in 2008, there’s a number of struggling homeowners needing to sell fast for one reason or another. Foreclosures have occured.
With buyer’s holding out gambling on when we’ll reach the bottom, it’s taken it’s toll on property values and caused them to drop even further. For those that can sense opportunity, there’s outstanding deals to be made in an area that will hopefully bounce back as the market shifts again.
Here’s an example: Foreclosure sale – 1056 NE 41 Terrace in Pebble Brook II, part of the Marianas Homes subdivision in Waterstone II. It’s a very clean, two story house on a lake, 3-bed, 2-bath with 1,469 sq ft and a 1-car garage being offered by a lender for $177,700. This one is 3 years old and in move in condition. The maintance fees are only $76.00 a month.
Here’s another one: Foreclosure sale – 929 NE 42 Ave in Floridian Isles South. This one’s a 4-bed, 2 1/2 bath townhouse with a 1-car garage. $148,900 for 1,530 sq ft only 3 years old. If that’s not enough, the lender will pay up to 3% toward the buyer’s closing costs.
Looking for a deal? For these and other opportunities, call me or visit www.MontgomeryMillsHomes.com.