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We seem to hear politicians talk about affordable housing all the time and everyone cheers for this fantasy to somehow materialize. It is the American dream to own your own home, yet each year across the USA the dream continues to get harder to achieve. Renters are also finding it more difficult to afford housing.
A September 2023 Florida Atlantic University research study shows that the typical household in Miami needs a salary of $111,914 to avoid being house-poor, paying more than 30 percent of their income to rent. In North Port, the salary needed is $94,817; Cape Coral, $90,916; Tampa, $86,659 and Orlando, $83,486.
It is a crisis in the making. As our population swells, it is easily outpacing the ability to build housing, let alone it being ‘affordable.’ Let’s not even talk about South Florida’s available land. Essentially, there is none left. This is a strong headwind that is forcing many people to leave the area and seemingly there is no silver bullet solution.
Yet, I have met a company that is embarking on a wonderful project on the west coast of Florida that is tackling what they can of the affordable housing crisis. They are building homes in a unique way that combines quality, speed and price. In the world of you can only have 2 points of the (project management) triangle, this affords all three!
AFIN Housing is building what is known as monolithic pour homes in and around the greater Fort Myers area. By their selection of an area that still has land at reasonable prices, reasonable permitting and combining it with an innovative building style, they are producing astounding success.
Most homes in Florida are built using the CBS (concrete/cinder block) construction method. The laying of these blocks for a typical home can take months. This would be followed by various trades, adding plumbing, electric, HVAC and drywall. After 8-10 months, these modest homes are finally available for a family to buy or rent.
In stark contrast, AFIN Housing can have the home shell completed in just three days! This is done by building a precisely measured aluminum mold (day 1) and pouring concrete into it (day 2). On day three the mold is removed and you have the home’s structure done! In addition, they’ve just started adding a concrete roof and some of the interior walls to the same three-day window. This incredible process not only saves time, but exponentially strengthens the home for windstorm-related damage. It also makes the home more energy-efficient and quieter than traditionally built homes.
At present, AFIN Housing is building homes within 90 days and is rapidly headed to an incredible 30-day build window. This saves money for the contractor, but also creates a huge problem for them as well. Since AFIN Housing is so quick at what they do, lenders can’t provide them with funds for construction fast enough. Their traditional lending methods are rigid and steeped in legacy thought that is incompatible with this new paradigm.
With plenty of land and a desire to build affordable housing, AFIN Housing needs to raise funds in a more grassroots style, looking for small investors who have a grand vision and desire to be a part of an affordable housing effort. At present, AFIN Housing is looking for investors who have $25,000 or more to be a part of this effort. If successful in raising funds, AFIN Housing plans to be finishing 5-7 homes a week and either selling or renting them at very affordable pricing. For the honor of being part of this affordable housing solution, AFIN Housing is offering investors a 15 percent APY return on investment.
I have been a part of this exciting project from its early days. In fact, it is still in its infancy, but they are ready to take this into a higher gear in early 2024. If you are interested in more information, please contact me via email at hal@miamihal.com and I will connect you to much more detailed information.
The most wonderful part of this process is knowing that at the end of each home completion, either a smiling and happy buyer or renter is already lined up to move in. It is an elegant start to our affordable housing crisis to say the least.
Happy New Year! I do hope your 2024 is starting out well. Like the last 18 years, I do hope you’ll consider contacting me for your real estate needs. I’ve sold more than 550 homes right here. Let me help you next!
Real Estate Update
As of 12/20/23, there were 97 properties for sale in Pinecrest, 26 homes pending sale and 7.5 months of inventory. If you’re ready to move, contact me to get the best local expertise, truthful guidance and realistic expectations. It’s easy to get started at miamihal.com/getstarted.
I invite you to view past episodes of my The MiamiHal Real Estate Show at miamihal.com/the-miamihal-real-estate-show to hear from experts and get the latest real estate news.
Hal Feldman (MiamiHal) is a Realtor with RE/MAX Advance Realty. You can contact him with your story ideas or real estate questions at www.MiamiHal.com, Hal@MiamiHal.com or www.facebook.com/MiamiHal
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