The High Pines area in South Miami has had a huge influx of new construction homes going up in the past few years with the real estate boom. And now with this depressed market, all those homes are just sitting there, unoccupied, while the builders continue to lower and lower their prices, hoping someone will come along and make an offer.
There are currently 9 new construction homes in High Pines on the market, ranging in price from $2.4 million to $1.279 million. And in the past 6 months, only 2 have sold, and there is only 1 currently pending sale!
While there are several homes in the neighborhood that are still overpriced, there are also a couple gems that will be a great deal for whoever buys them. This is one of my favorites:7901 SW 53rd Place Listed with Consuelo Stewart, Shelton & Stewart Realtors Listed for $1,695,000 – $309.31 per square foot
It will be interesting to see what happens to this inventory. At only 2 homes selling every 6 months, it will be a long while before we see all these homes occupied!