National homebuilder D.R. Horton (NYSE: DHI) acquired a single-family home development site in Homestead for $16.885 million.
M Aspen Homestead, managed by Douglas Caraballo in Miami, sold 97 home lots at 30338 S.W. 194th Place to the Arlington, Texas-based homebuilder. The price equated to $174,072 per home lot.
The lots in Aspen Estates have been cleared for development, but no homes have been completed yet. D.R. Horton already has a “coming soon” page for Aspen Estates on its website, but home sizes and prices haven’t been disclosed yet.
M. Aspen Homestead acquired the farmland for $5.36 million in 2022, so it sold it for a nice gain after securing development approval and completing some site work. D.R. Horton provided a $2.53 million mortgage to M Aspen Homestead that served as a deposit for a purchase contract, according to county records.
It’s been a challenging year for many homebuilders as mortgage rates haven’t fallen as much as expected, so homes remain relatively expensive for many buyers. However, Homestead has lower land values so it’s easier for homebuilders to deliver homes there at attractive price points.
