Miami-Dade’s housing market is undergoing a transformation as Bluenest Development, led by CEO Salim Chraibi, actively works to make homeownership a reality for the region’s workforce. The company focuses on building attainable, for-sale housing for individuals and families earning between 80% and 140% of the area median income, addressing a critical need in a market where prices continue to escalate.
Bluenest’s Mission: Bridging the Homeownership Gap
Since its inception in 2018, Bluenest Development has been dedicated to tackling the affordability crisis in Miami-Dade. The company’s core mission is to provide for-sale housing options for the local workforce, a segment often overlooked by traditional development which primarily focuses on rental properties. Bluenest aims to foster generational wealth and community stability by making homeownership accessible.
Redefining "Attainable Housing"
- Bluenest offers homes priced significantly below the Miami-Dade median sale price of $665,000, with their properties typically around $450,000.
- The company partners with local governments to provide incentives, enabling buyers to combine first mortgages with county-provided second mortgages.
- A blended interest rate of 4.5% results in monthly payments lower than renting the same home, and buyers also benefit from the absence of private mortgage insurance.
Scaling Sustainably and Efficiently
Bluenest achieves scalability without compromising quality through a strategic approach:
- Standardized Models: They utilize efficient, well-designed 3- and 4-bedroom models that are pre-approved in Miami-Dade, expediting the permitting process to under two weeks.
- Adaptable Designs: While the core models remain consistent, elevations are adapted to suit the local character of each neighborhood, maintaining aesthetic appeal.
- Purchasing Power: Volume discounts from manufacturers and pre-construction sales help reduce overall costs and risks.
Navigating Challenges and Future Outlook
Bluenest primarily focuses on projects in unincorporated Miami-Dade County, which generally offers a smoother approval process. However, the company faces challenges such as "NIMBYism" (Not In My Backyard) from existing residents concerned about changes to neighborhood character. Despite these hurdles, Bluenest is committed to expanding its reach.
- 1% Down Payment Program: This initiative allows eligible buyers to secure a home with a minimal down payment, often less than half a month’s rent.
- Community Impact: By lowering barriers to homeownership, Bluenest empowers buyers to build equity and pass down assets to future generations.
- Expansion Plans: Bluenest aims to expand across Florida within the next three to five years, starting with markets like Palm Beach County, while continuing its work in Miami-Dade.
Sources
- How Bluenest is Redefining Affordable Homeownership in Miami-Dade — PROFILEmiami South
Florida Real Estate and Lifestyle, PROFILEmiami.