2010 REAL ESTATE OFF TO A GREAT START IN LAKEWOOD RANCH

The year has started out strong for residential and commercial real estate in Lakewood Ranch. With just 206 homes on the market in Lakewood Ranch, there is actually a shortage of available homes to purchase.  “In February 2007, there were 850 homes on the market in Lakewood Ranch,” said LWR Communities president Milt Flinn. “With such a dramatic decrease in inventory, we are now seeing a surge of new home “to-be-built” sales in Lakewood Ranch; a surge that really began in the fourth quarter of 2009.  In December of 2009 alone, we closed on 21 homesites—homes to be built in 2010. In addition, Lakewood Ranch builders purchased nine sites for inventory homes and models to be built in 2010—all great signs that the real estate recovery is beginning here.”

As further evidence of a rebounding market, in The Lake Club, Lakewood Ranch’s high end community with homes starting in the $800s, eight homes were sold in 2009, totaling $16.5 million in sales.  Miramar, a condo and townhome community off University Parkway in Lakewood Ranch, sold out of all inventory in the second week of 2010.  There are 60 additional homes to be built in Miramar and construction is expected to begin this year.

LWR Commercial Realty expects to expand into Sarasota and Manatee counties in a big way in 2010.  “We have already seen some great things for commercial realty in 2010,” said LWR Commercial Realty president Brian Kennelly. “Business owners are taking advantage of great opportunities and our vacancy rate continues to be lower here than in surrounding areas, at just 14.9% compared to 22.9% in Sarasota and Manatee counties, and 22.1% in the I-75 corridor.  Main Street also continues to thrive and is buzzing with excitement about our new adventure golf course that is coming this spring.”

Other exciting things to come in 2010 include plans for more affordable homes in Lakewood Ranch.  LWR Communities has four new neighborhoods in the planning stages north of State Road 70 to be started over the next two years. Preliminary plans for these neighborhoods include an age-targeted community, workforce housing and apartment homes. In addition, Neal Communities will open Central Park in July 2010, with smaller homes starting in the low $100s. “As we celebrate our 15 year anniversary of the first home sold on the Ranch, we are reminiscent of a time when homes were more affordable here,” said Rex Jensen, CEO and President of Schroeder- Manatee Ranch. “Our goal is to provide workforce housing so that everyone who works in Lakewood Ranch can afford to live and play here as well. While we will never abandon the country club lifestyle and amenities that Lakewood Ranch is known for, we are anxious to get back to providing affordable home options like we did back in the beginning, 15 years ago, when our first home sold for $89,000.”

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Lakewood Ranch is the 8,500-acre award winning master-planned community in Sarasota and Manatee counties on the West Coast of Florida. Visit www.lakewoodranch.com.