The Daily Business Review's report on Homestead is pretty grim in the July 21st article on what is happening to all the production homes built on former tomato fields: Economy in Trouble, Storm warning issued for Homestead.
According to Reporter Paola Iuspa-Abbot:
One Homestead ZIP code — 33033 — leads Miami-Dade County with 263 homes in different stages of foreclosure. And 109 homes in that ZIP code have already been taken back by lenders, according to foreclosure.com.
“In Homestead, 30 to 40 percent of the sales are distressed,” said David Dabby, president of the Dabby Group, a real estate advisory and valuation company in Coral Gables. “Homestead cannot recover until most of the foreclosure activity works its way through the system. At this point, we are in the middle of it.”
Since 2002, almost 10,000 single-family homes, townhouses and condo units have been built, and 3,500 more are in the pipeline, including hundreds already under construction. Many are in cookie-cutter subdivisions that grew from agricultural fields east of Florida’s Turnpike near Campbell Drive.
And:
Robert Bishopric said: “Deals in Homestead are amazing.”
Four months ago, the Esslinger Wooten Maxwell broker began marketing Homestead houses repossessed by lenders. One of his listings is a three-bedroom, two-story town house in Floridian Isles South. The 1,595-square-foot home is listed at $139,900, or $87.70 a square foot, he said. In March 2006, a previous owner paid twice that much — $281,611 — to developer Lennar Homes.
“Prices have come down so much that young people with good credit can buy a home for the first time, instead of renting,” Bishopric said.
Read the article, there is more to it than a couple of quotes that I picked through.
7 comments:
"Tom Roses, president of the Continental Group, one of Florida’s largest property management companies, said his managers have found eight to nine people sharing homes in Homestead to help pay for housing expenses. Tenants with government-subsidized rental vouchers are becoming a favorite among investors hungry for income"
Let's see, homes overcrowded with people , section eighters,high crime, the stench of Mount Trashmore,empty,foreclosed poorly built homes planted in a flood zone,no jobs nearby.
How much did you say your house is worth?
YEAH, and this all happened under the watchful eye of the Vision Council. Some vision.
And what about abandoned, barely initiated new developments with sewer line pipes sticking out from the ground? A lonely piece of heavy machinery left on the site for nearly a year, overgrown weeds surrounding it. The site is located on SW 248 St. and SW 118 or 119 Ave. Reports from the neighbors to the county about this potential health hazard have gone unanswered. Maybe a few cases of typhoid infection will wake them up.
The Vision council, the Beacon Council, the Homestead/Florida City Chamber of Commerce, the old Homestead Council, the Dade County Farm Bureau, banker Bill Losner, banker Bob Epling, Steve Shiver (now gone to greener pastures), Mike Richardson (now gone to greener pastures), Tim Williams (now gone to greener pastures),The County Commission,and a host of other get rich scammers all made farmland into a slum in east Homestead. We in the south watched it happen and predicted this level of development was not sustainabile. Has Homestead learned anything? I don't think so. They just annexed a bunch of farmland on the west side. They've ruined the east not want to start on the west. I don't know which is worse, the scammers or the residents that let it happen.
Let's face reality, Homestead has hardly any intellectuals who think
about anything but eating, sleeping, making babies, section 8,
food vouchers, sluming around, loitering, (especially on Washington Ave) jobless, being lazy, and those who work & play don't even go and vote in city elections ---mucho low turn outs for a once thriving city which was a beautiful agricultural town--then had a Chamber known as the Redland Chamber of Commerce which
farmers mostly belonged to with friendly businessmen & women who
knew farming was the area's economic engine with its related businesses. No, it wasn't NAFTA that killed the goose: it was the greedy big land owner farmers, getting tired,who sold out because Daddys were getting old and the kids didn't want to farm--too much hard work.
The former council and mayor were micro managed by "green pastures"
DUI Ex & local FDIC institutions
Reps. As stated, Money talks & 60
forgotten bank accounts made 'em
rich.
For a bit of fresh air, let's become optimistic and camp on the door steps of the new HMSTD Council, Planning Dept. & Planners
and demand NO ZERO LOT LINE, TOWN HOUSES, CONDOS & 6 TO THE ACRE HOUSES TO THE WEST. A buffer to Redland's farming District is
imperative for the generations to come, and food supply. Think & Plan Wisely!!
The Article by the Daily Business News sounds like Chicken Little "The Sky is Falling.." version of news reporting.
Using the 33032 zip code which is not Homestead while avoiding the 33035 zip code which is a more affluent part of Homestead called Keys Gate was a good tactic to supporting the theory that all is lost in the city.
Also the assertion that the downtown market of Miami will recover before Homestead is a complete distortion of what is really happening since it's mostly condos with exorbitant condo fees and bankrupt condo associations. People are leaving those condos in droves like rats off a sinking ship.
As for the 37 miles to the nearest job; Please afford the interviewee a map since it seems that he is geographically challenged. 37 miles into Miami would place one in Miami Beach. I doubt most Homestead residents work there. Most of the city is between the Bay and Krome Ave well within most employment centers and well within the 30 mile radius which is the average commute for most Americans.
maybe that is round trip...37 miles.
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