Following an uptick in sales, Sergio Pino is launching construction on more homes
Following an uptick in sales for its single-family homes, Century Homebuilders is launching construction of 26 single-family homes in West Kendall.
The house will be part of the new Century Grand Estate community.
“Business could not be better for single-family homes, said Century Homebuilders President and Founder Sergio Pino.
The company is moving forward following a recent sales increase. Prior to the pandemic, the company sold about 10 homes per month in January and February and four in March across all of its communities. Closings flat-lined in April during the shutdown. But has since picked up; the company sold 20 homes in in May, 20 in June and 23 in July.
Pino credits a surge of homeowners escaping high-tax states and low interest rates, now at 3.125% for a convention 30-year fixed mortgage and 2.25% for a 30-year fixed Federal Housing Administration, or FHA, loan. Pricing —$490,000 to $750,000 — is also a factor.
“That price point in west Dade is for professionals.,” he said. “We expect [households in] that market to not be impacted by the pandemic, because we’re seeing no trouble with closings now.”
Century bought the 10 acres in June for $5 million. Apollo Bank provided lending for 40% of the sale; Century funded the rest.
Construction will cost $10 million, Pino said; the company is funding the budget. The smallest home will have 3,000 square feet and include four-to-five bedrooms — depending on whether the buyer wants a separate office space or den — plus four and-a-half baths. Prices will start at $600,000.
Construction is slated for completion by June 2021.
.jpg)
“We are expecting more people to work from home. We are adding a side door by the kitchen so guests don’t have to walk through the house and a home office.”
Countywide, sales of single-family homes dropped year-over-year in April, May and June. But there are signs of improvement in month-to-month total sales for single-family homes: Miami-Dade had 865 in April, 734 in May and 1,234 in June, according to the Miami Association of Realtors, and this week’s national report of pending homes sales showed a 16.6% increase in June — the highest in 14 years.
