The Real Deal Miami

Homestead a real estate challenge

May 24, 2011 01:33AM

Resale prices for residential units in Homestead, just thirty miles
south of downtown Miami, are down 72 percent compared to the last year
of the boom in 2006. A market that saw an average per-square-foot price
of around $166 in 2006 is now down to just $47 per square foot,
according to the Miami Association of Realtors. Homestead has just
35,000 people — and a trouble history that has seen its share of
destruction beginning with Hurricane Andrew in 1992. It was at that time
that the Cleveland Indians decided not to hold their annual spring
training in the city. [Miami