Homebuilder DR Horton pays $12M for 25 acres in Florida City

DR Horton paid about $453K per acre

Aug.August 30, 2019 01:30 PM
Donald Horton, chairman of D.R. Horton

Donald Horton, chairman of D.R. Horton

UPDATED, Aug. 30, 6:20 p.m.: Homebuilder D.R. Horton paid $11.5 million for 25.4-acres in Florida City as homebuilders continue to push south and buy land in southern Miami-Dade County.

Arlington, Texas-based D.R. Horton bought the property at 612 Northeast 4th Street in Florida City for $452,756 per acre, records show. Florida City 70 Acres LLC, which is led by Alicio Pina, sold the property.

Nearby, D.R. Horton has a home community called Baywood in Florida City with one- and two-story homes starting at $324,990, according to its website. It is currently selling homes at the community.

Florida City 70 Acres LLC had bought the property in 2015 for $6.5 million, records show.

Homebuilders are increasingly buying up land near Homestead and southern Miami-Dade County as land in South Florida becomes more scarce. Lennar Corp., the country’s largest homebuilder, paid $22.1 million for roughly 85 acres in Homestead earlier this month. The company also spent nearly $11 million in 2017 for about 77 acres in Homestead, just west of the Turnpike along Mowry Drive and Southwest 152nd Avenue.

Homebuilders in South Florida are seeing steady demand for lower priced homes even in places like Homestead or Florida City, due to the lack of affordable single-family homes in the area.

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