Do we really need more new townhomes in Hollywood?
So, I got an email from the city of Hollywood announcing a meeting agenda for the city’s Development Review Board, and I’m a little flabbergasted to see two of the three items (you can find those items here: http://www.hollywoodfl.org/comm_planning/drbproj.aspx) were recommending approval of two construction projects. The second item is a private property, and while I don’t think we need 14 more townhomes on the beach, it’s not really my business what private owners chose to do with their property. The board meets on Feb. 4, and the first item is design approval for construction of ten townhomes. The applicant in this case being the Broward County Housing Authority.
Now, I understand they purportedly want to provide safe, affordable housing for lower-income residents, but this property, located at 2900 N. 24 Avenue in Hollywood, has a value in improvement listed of $2.5 million, which puts each townhome, some two, some three bedrooms, at roughly $250,000 for each property. A mortgage for a property at this cost is roughly $1300, not including insurance and taxes. Definitely not affordable (thought they could be offsetting the price with grants to lower the rental amount). And I don’t believe those numbers include land purchases.
According to the Broward County Property Appraiser’s site, the land is worth $13,500 and is currently exempt from paying ANY taxes because it is government-owned. The site is listed adjacent to additional property at the same address according to BCPA that is worth over $12 million –also exempt from paying any local taxes –county, city,school, water district, hospital district, etc….(The property was purchased by BCHA in 1978 when it was worth a little over $600,000 and is almost 200,000 square feet).
The property is currently vacant (see Google image by clicking). Interestingly, the property is owned by Pinnacle Housing Group according to Google, not the Housing Authority, and they are listed as a partner on the BCHA site. Broward New Times has written about them some in the past here: http://www.browardpalmbeach.com/2004-09-16/news/our-mayor-the-lobbyist and their activities with the county. (Hey, we weren’t reporting then, so don’t have archives that far back yet!)
Now mind you, most of the funding for housing authorities, Broward’s or others, comes from government funding and grants, so thus us, the tax-payer, is now footing the bill to build these homes. I don’t know about you, but with the mounting number of foreclosures in Broward, homeowners in Broward can barely afford the homes we have, let alone supporting ten more being built at tax-payer’s expense. Why not grab some of these properties off the market to use for low-income renters?
The Broward County Housing Authority describes the project as: “an enclave of ten family oriented rental townhomes situated on the edge of Crystal Lake in Hollywood, Florida. A mixture of two and three bedroom townhomes featuring garages, “green” environmental upgrades, lake views, pool and private lakeside living will enhance the lives of those who choose to live in the Crystal Lake Townhomes.”
But the argument remains that you can find condos and townhomes on the market for as little as $50,000. Here’s one example. (click). Does it need to be modernized a little? Sure, but during tight economic times with empty buildings all around Broward County, one sure does have to question the Housing Authority’s desire to move forward with this construction project.
What do you think? Sound off in comments below!
Related posts:
- Foreclosure workshop in Hollywood Jan. 28
- Town hall meeting March 18 on Hollywood Beach
- New director for Hollywood Community Redevelopment Agency
- Hollywood Residents Should Call to Report Flood Damage
- Hollywood celebrating Martin Luther King Day all weekend
Short URL: http://browardnetonline.com/?p=6166
Posted by Andrea Freygang
on Jan 26 2010. Filed under Broward County, Hollywood, Real Estate.
You can follow any responses to this entry through the RSS 2.0.
You can leave a response or trackback to this entry
