A couple of interesting stories on the housing front this morning. The Miami Herald's Natalie P. McNeal writes about a homebuilder pulling up stakes in Miramar. Actually, Lowell Homes never got around to getting the stakes in the ground before pullling out of the Miramar Town Center project. Another developer, the bankrupt Tousa, recently pulled out of Parkland Village and is moving very slowly on the giant Monterra development in Cooper City. Here's one way Miramar is planning to salvage its project:
Two weeks ago, Miramar and the developer applied for a $5 million grant from the state Community Workforce Housing Innovation Pilot Program. A decision isn't expected until the end of the month.
If approved, the money would help the developer lower the price of 50 condo units by at least $100,000 per unit, said Gus Zambrano, director of Miramar's Economic Development & Revitalization Department.
$5 million in tax money to lower the price of 50 condos by a hundred grand apiece? Ridiculous.
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The big question, of course, is why anyone would build anything now with the backlog of homes on the market. The economic pain is only getting worse. It's a dep-- I mean, recession, after all. Yet somebody, apparently, is building something somewhere in Broward County. The Sun-Sentinel's Linda Trischitta gives us the quote of the day from a woman who rented with her husband a vacation condo in Lauderdale-By-The-Sea that turned out to be in a construction zone: "We were thrilled with what we found but it's a nightmare of noise and grit."