Housing market slowdown be dashed: Developer Robert Lechter is about to launch construction of eight single-family homes on a stretch of land in Hollywood Beach.
The project, known simply as North Beach Houses, is a group of modern, three-story homes planned for five parcels on Elm Street and three on Walnut Street. They come in either three- or four-bedroom configurations and range from 4,697 square feet to 5,531 square feet.
Lechter and his firm Real Estate Marketing Services is hosting a groundbreaking ceremony Wednesday for the homes, which have a starting asking price of $1.95 million, or $415 per square foot. Workers began installing foundation piles in November, and the project as a whole is expected to be finished in March 2018.
Designed by Joseph B. Kaller & Associates, the houses are being delivered fully furnished with contemporary features like ceramic floors, recessed lighting, smart home technology and European-style kitchens. Each has outdoor parking for two cars, elevators up to a rooftop deck with either a Jacuzzi or exercise pool, floor-to-ceiling windows and an air-conditioned garage.
Douglas Elliman’s Darin Tansey and Laura Cresto are handling sales. The homes are being marketed to both end users and investors. A rental proposal from the sales team said the homes could generate $242,200 in revenue each if leased on a weekly basis year-round.
County records show Lechter, acting through two separate holding companies, assembled the eight parcels along Elm Street and Walnut Street last year for $5.15 million. The lots on Elm are vacant, while the Walnut Street parcels are currently occupied by older single-family homes. Their addresses are 302, 304, 306 and 308 Elm Street, along with 335, 339 and 345 Walnut Street.
The launch comes during a housing market slowdown in South Florida that’s disproportionately affected the luxury sector. A recent report from the Greater Fort Lauderdale Realtors association showed home sales took a steep dive in October, despite prices still rising.