By Attiyya Atkins
Vacant lots in Pompano Beach’s northwest corridor are disappearing.
Now “New Homes Coming Soon” signs and privacy fences set the lots apart from the ATV stunt sites and neighborhood shortcuts they used to be.
While investors and developers are happy about the billion-dollar growth, residents and business owners fear that those who live in the northwest are being priced out.
“Yes, there are new houses popping up in District 4 (northwest Pompano) under the cloak of affordable housing,” said Larry Slappy, Broker for Chevalier Real Estate. “But affordable housing is now $400,000.”
And those price points don’t match the incomes of those living in the northwest. DH Horton, America’s largest home builder, is building new homes in the Highland Oak community at 921 NW 3rd Ave. The townhouses will start at $400,000.
Down the street at 100 NW 8th St., the $36 million Sonata Apartments project is near completion. The affordable housing complex is a tax-credit housing project approved by the Florida Housing Finance Corporation. A portion of the units will be available for people who make up to 70 percent of the area’s median income.
“The housing crisis is universal, but there are areas that are more challenged,” Slappy said. District 1 (by the beach) might not be too affected by a one percent increase in home prices because their equity is growing, but it is not the same for the people in District 4 (northwest) or the people saying, ‘can I take your order?’”
According to Redfin, the average home prices in Pompano Beach’s 33060 zip code have jumped 13.6 percent from March 2022 to March 2023. Homes are also taking longer to sell, fewer are selling, and insurance costs and taxes are on the rise.
“We’re getting priced out of the county,” Slappy said. “Priced out of where we live.”
Still, Slappy believes that the American Dream is still attainable. He knows that investors are buying properties left and right and older residents are leaving children their properties without a will, which can hurt families and generational wealth.
“A real estate company that cares can really help you get through some of these troubles,” Slappy said. “We have to learn a person’s unique situation to really help them.”
Through Chevalier Real Estate, Slappy and his agents have helped people escape reverse mortgages, keep their homes, and leverage their finances to purchase more properties.
For more information about real estate in Pompano, stop by the Chevalier Real Estate office at 126 N. Flagler Ave., or call them at 954-586-4944.
