As empty land to build more houses is dwindling, a developer has gobbled up parcels in Southwest Ranches to build luxury homes.
Land off Griffin Road and Southwest 172nd Avenue, formerly known as Terra Ranches, was sold Friday to Toll Brothers for $1,875,000.
The new development will be called Magnolia Estates, and sales for the 11 homes on one-acre lots began Monday. Homes range from 4,536 square feet to 6,900 square feet, and prices begin at $1,184,995.
The project will break ground this summer.
Fred Pfister, Toll Brothers’ Southeast Florida Division president, said developers are “very land constrained in Broward and Palm Beach counties” and searching for more places to build.
A popular option is building on golf courses, many of them struggling financially. “They normally consist of 150 acres or so which is hard to come by,” Pfister said.
Parcels of “20 to 40 acres” are still available in some rural areas of Davie and Southwest Ranches.
“There are some opportunities, but very limited. [Buyers are] very limited to the opportunity to have new communities on large lots,” Pfister said.
Homes in the town are more typically built when property owners to buy a single lot and build custom homes.
Those “large chunks of land” that are hard to come by, said Town Manager Andy Berns. He said he anticipates developers targeting nurseries to develop residential communities as the supply continues to dwindle.
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