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Saar Amit
  • Property Manager
  • Fort Lauderdale, FL
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Guidance Needed on New Construction of Steelhomes.us Modular Homes in Fort Lauderdale

Saar Amit
  • Property Manager
  • Fort Lauderdale, FL
Posted Jun 22 2023, 03:08

Hello all,

I'm considering purchasing land in Fort Lauderdale to build two modular homes using Steelhomes.us. But I'm unsure about the potential appraisal values. Will these homes be appraised similarly to traditional homes in the area, or could they be lower due to the construction method?

Unfortunately, I haven't been able to find customer feedback or addresses of installed homes. So, I'd appreciate it if anyone could help answer these questions:

  1. Is anyone familiar with Steelhomes.us?
  2. Could the appraised value of their modular homes be lower than traditional homes in the area?
  3. Has anyone had experience building modular homes in Fort Lauderdale?

This is Steelhomes website: www.steelhomes.us 

Thank you in advance for your insights.

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Branden Rivero
  • Investor
  • Miami, FL
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Branden Rivero
  • Investor
  • Miami, FL
Replied Jun 22 2023, 06:23

I have not seen any yet in Fort Lauderdale, I have seen some in Miami. I saw one listed not that long ago and it took a while to sell

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Saar Amit
  • Property Manager
  • Fort Lauderdale, FL
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Saar Amit
  • Property Manager
  • Fort Lauderdale, FL
Replied Jun 22 2023, 06:36
Quote from @Branden Rivero:

I have not seen any yet in Fort Lauderdale, I have seen some in Miami. I saw one listed not that long ago and it took a while to sell


 Thank you so much for your reply Branden, any chance that you might have the address? 

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Branden Rivero
  • Investor
  • Miami, FL
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Branden Rivero
  • Investor
  • Miami, FL
Replied Jun 22 2023, 06:50
Quote from @Saar Amit:
Quote from @Branden Rivero:

I have not seen any yet in Fort Lauderdale, I have seen some in Miami. I saw one listed not that long ago and it took a while to sell


 Thank you so much for your reply Branden, any chance that you might have the address? 


Here you go Modular home search 

did a quick search on the mls 

please keep me updated on what you find out

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Joel Florek
  • Rental Property Investor
  • Michigan City, IN
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Joel Florek
  • Rental Property Investor
  • Michigan City, IN
Replied Jun 24 2023, 05:40

A modular house is built to the local building code. Therefore in an appraisal it is compared to the other homes build to that same code. Therefore you dont need to be concerned from that standpoint. 

I dont have experience in your area or the builder but I am building modular single family and multifamily in northern Indiana and southwest Michigan. Just finished my first home and our 8 unit project just started production in the factory this week. 

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Saar Amit
  • Property Manager
  • Fort Lauderdale, FL
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Saar Amit
  • Property Manager
  • Fort Lauderdale, FL
Replied Jun 25 2023, 02:09
Quote from @Joel Florek:

A modular house is built to the local building code. Therefore in an appraisal it is compared to the other homes build to that same code. Therefore you dont need to be concerned from that standpoint. 

I dont have experience in your area or the builder but I am building modular single family and multifamily in northern Indiana and southwest Michigan. Just finished my first home and our 8 unit project just started production in the factory this week. 

Thank you Joel, this information is precious to me. I am not sure if you are planning on selling your home/ units or if you are going to rent them but I am curious to know if you think that people are willing to pay the same purchase price for modular once completed and installed. 

Also, what is the name of the modular builder you are using?

Thanks

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Saar Amit
  • Property Manager
  • Fort Lauderdale, FL
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Saar Amit
  • Property Manager
  • Fort Lauderdale, FL
Replied Jun 25 2023, 02:41
Quote from @Branden Rivero:
Quote from @Saar Amit:
Quote from @Branden Rivero:

I have not seen any yet in Fort Lauderdale, I have seen some in Miami. I saw one listed not that long ago and it took a while to sell


 Thank you so much for your reply Branden, any chance that you might have the address? 


Here you go Modular home search 

did a quick search on the mls 

please keep me updated on what you find out


I was able to find a few properties thanks to your MLS search.

I am still not comfortable with the selling price of these modular homes therefore I am trying to find more modular home sells in my area.

Thank you, Branden. 

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Joel Florek
  • Rental Property Investor
  • Michigan City, IN
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Joel Florek
  • Rental Property Investor
  • Michigan City, IN
Replied Jul 7 2023, 09:42
Quote from @Saar Amit:
Quote from @Joel Florek:

A modular house is built to the local building code. Therefore in an appraisal it is compared to the other homes build to that same code. Therefore you dont need to be concerned from that standpoint. 

I dont have experience in your area or the builder but I am building modular single family and multifamily in northern Indiana and southwest Michigan. Just finished my first home and our 8 unit project just started production in the factory this week. 

Thank you Joel, this information is precious to me. I am not sure if you are planning on selling your home/ units or if you are going to rent them but I am curious to know if you think that people are willing to pay the same purchase price for modular once completed and installed. 

Also, what is the name of the modular builder you are using?

Thanks


 These are units I am building for rentals. People will pay for quality and amenities. Volumetric Modular is a style of construction and you can do it well or poorly just like a site-built home. My units will have 9' ceilings, townhouse style, in-unit washer dryers, dishwashers, and central AC. I am using Rochester Homes as they geographically make sense for me and I felt they were a great partner from a quality, service, and design standpoint. 

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Brandon Harris
  • Virtual Assistant
  • Fort Lauderdale, FL
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Brandon Harris
  • Virtual Assistant
  • Fort Lauderdale, FL
Replied Jul 11 2023, 10:25

I'm from here so I know the area like the back of my hand. Been pricing these out myself. If the zoning allows. The answer is go for it! FTL needs housing soso desperately that I can't see appraisal being a problem where the numbers won't make sense if you got the land at a good enough price. New build so cash buyers will often overpay for that anyway down here since (old)Duplex prices are through the roof! I'd like to follow your journey with them if you go through with this so definitely keep us posted. I was a bit skeptical myself but think they're legit, the company recently did an event with Miami's mayor in relation to building more affordable housing in the area. TBH it's probably best to get with them now while they're still relatively unknown and low base costs I can't imagine that will remain the same for long if they are able to achieve more success an a stronger social following.

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Pierce Wickens
Pro Member
  • Clarksville, TN
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Pierce Wickens
Pro Member
  • Clarksville, TN
Replied Jul 11 2023, 10:35

This is very interesting I am going to look into this, I have seen a lot of adds for steelhomes recently. That could be a viable option as housing and property prices increase. I also would like to see how your journey in this goes 

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Saar Amit
  • Property Manager
  • Fort Lauderdale, FL
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Saar Amit
  • Property Manager
  • Fort Lauderdale, FL
Replied Jul 11 2023, 10:41

thank you all very much, guys. 

I did go to the manufacturer, I met the owner and the manager, and they all seem great. I have to admit that they aren't as responsive as I wish they were, but they are very busy. 

I am still trying to gather all pricing for the additional required work and hopefully, I will build a few homes with SteelHomes. I will keep you all posted. 

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Brandon Harris
  • Virtual Assistant
  • Fort Lauderdale, FL
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Brandon Harris
  • Virtual Assistant
  • Fort Lauderdale, FL
Replied Jul 11 2023, 11:01

Yeah I was planing on visiting myself, and yes one of the complaints I hear many people make is about their unresponsiveness, I've been looking for alternatives as well like you have but ultimately when it comes to quicker steel modular builds it seems they are reigning in that department locally. Any key take aways from the visit? I hear you may have to have your own contractor as well? Financing? Hard money? Spain's Q homes will also be showing their American modular model at the boat show in FTL in OCT 90K+10K shipping to local port, alleged 2 hour set up time, 180mph hurricane wind resistant.

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Saar Amit
  • Property Manager
  • Fort Lauderdale, FL
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Saar Amit
  • Property Manager
  • Fort Lauderdale, FL
Replied Jul 11 2023, 11:46

Have you got any link for Spain's Q homes? that sounds really interesting, perhaps could work as an ADU. In regards to SteelHomes, you will need your GC or you can use their GC but definitely, there are many jobs that have do without them.

In regards to financing, there is no issue getting financing for a new construction modular project- These are my steps: buying cash, getting a hard money loan for construction, building the homes, getting an appraisal (should be the same valuation as any other property) and finally taking a proper 30 years finance.

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Brandon Harris
  • Virtual Assistant
  • Fort Lauderdale, FL
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Brandon Harris
  • Virtual Assistant
  • Fort Lauderdale, FL
Replied Jul 11 2023, 11:57

Sorry after digging a little further into the company I'd say stay away until they prove the can deliver on what they say once your money is in their hands and not put u on a back burner so long u could have built a block castle by hand on your land. I usually try to give benefit of doubt but I read one too many negative reviews, some are years old now and SH's did reply to their credit but still bad vibes remain I'll leave it at that.

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Brandon Harris
  • Virtual Assistant
  • Fort Lauderdale, FL
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Brandon Harris
  • Virtual Assistant
  • Fort Lauderdale, FL
Replied Jul 11 2023, 12:02
Quote from @Saar Amit:

Have you got any link for Spain's Q homes? that sounds really interesting, perhaps could work as an ADU. In regards to SteelHomes, you will need your GC or you can use their GC but definitely, there are many jobs that have do without them.

In regards to financing, there is no issue getting financing for a new construction modular project- These are my steps: buying cash, getting a hard money loan for construction, building the homes, getting an appraisal (should be the same valuation as any other property) and finally taking a proper 30 years finance.


 As far as "Q" homes that was my mistake it's actually KEU Homes. Not sure if I can post links but u can google or YT it..

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Mike Gross
  • Deerfield Beach, FL
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Mike Gross
  • Deerfield Beach, FL
Replied Dec 4 2023, 07:36

I had a very similar idea using that same company in fort lauderdale. Was considering putting 2 of their duplex units together to make a 4-plex on some land I own in the downtow area. Had all the same questions as you. This level of quality in modular homes appears to be a relatively new concept in this area. I think from a rental perspective there is no difference in rental income (traditional vs. modular) but for resale and /or financing, I wonder the impact on valuation. I know the company well as my family has worked with them before. Would love to connect further and hear about your project. 

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Replied Feb 1 2024, 20:28

Did you ever move forward with the process of the modular homes in south Florida?