MIAMI - As Miami's housing market remains at the epicenter of the nation's housing crisis, startup developer Bluenest is hoping to provide more options for buyers in Miami-Dade County.
Bluenest Development has currently broken ground on over 30 affordable homes throughout Miami-Dade County which are all priced within 80% of an area's median income. By the end of next year, they plan to complete 120 homes.
"I think there is a very big need for affordable housing. When you look at the median income in it's not really high, and Miami is getting more and more expensive," said Salim Chraibi, CEO at Bluenest Development.
According to a new report from RealtyHop, the average family in Miami would have to set aside roughly 86% of their annual income to afford the median-priced home, which is now around $600,000.
Chraibi told CBS4 News his company is focused on creating affordable options for families in areas that have been overlooked by developers in the past, such as Brownsville, Liberty City, and parts of Florida City.
"Quartz kitchen [counter tops], stainless steel appliances; we want to give the feel and look of a luxury high-end condo in an affordable home," said Chraibi.
Bluenest Development is also building homes in Northwest Miami-Dade and parts of SW Dade, including Homestead.
We have over 120 homes in the pipeline. We put a lot of our homes through called the infill program in Miami Dade," said Chraibi.
Miami-Dade County's infill program allows eligible buyers to qualify with only a 1% down payment on homes that are $365,000 or less. Chraibi says he places many of homes in the infill programming, including their townhomes which start at $295,000.
"The mayor is very pro-affordable housing and she's been pushing. So there are programs where people can just put 1% down payment and afford a home and it comes out to be cheaper than renting," said Chraibi.
For more information on Bluenest click here.
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