Luxury homebuilder Toll Brothers is launching a small development targeting well-to-do buyers seeking a suburban lifestyle near Miami.
Hanson Preserve in Cooper City, Florida, is due to open for sales in the summer, with prices starting at $1.5 million, according to the Fort Washington, Pennsylvania-based company.
Cooper City is southwest of Fort Lauderdale and about 30 miles north of Miami. As international investors bid up prices in Miami-Dade County over the past decade, buyers moved north to the Fort Lauderdale area, realizing it offered much of the same amenities at a fraction of the cost, analysts say.
The 38 homes at Hanson Preserve will be up to about 4,000 square feet and have three and four bedrooms and two- and three-car garages.
The properties will have open floor plans and buyers can customize features, offering them "the rare opportunity to build a sophisticated new home within Broward County's highly desirable Cooper City," said Jonathan Carter, Toll's division president, in a statement.
Palm Beach County, north of Broward, has also benefited from the push north in recent years. Toll Brothers is starting luxury developments Meravita at Boca Raton and Layton Pointe in Delray Beach, according to the company's website.
Toll is the ninth-largest U.S. homebuilder, according to the latest rankings from Builder magazine. The company has projects in more than 60 markets in 24 states.