High Luxury Home Sales Spur New Development
Sales of luxury homes are on the rise in Southwest Florida, and with current real estate inventories diminishing by the day, new developments are quickly cropping up to satisfy the renewed buyer demand.
A local investment firm, Buyer Concession 113 LLC, purchased a plot of vacant land in December for $8 million in order to construct the second phase to the Concession Golf Course Community east of Lakewood Ranch, a sizable investment that suggests an overall restored confidence in the regionís already thriving real estate market.
A New Project in a Rejuvenated Luxury Sarasota Real Estate Market
This land deal comes amid a pronounced rejuvenation in luxury sales, with rates unseen since the market peaked in 2004 and 2005. Sales steadily trended upward through the Fall 2012 season in Sarasota and Manatee Counties, with 41 homes sold at seven figures in October and 38 traded in November, the height coming in December with a total of 47 luxury homes and condominiums exchanged in the region.
This past April also proved especially fruitful. Typically a strong month for real estate sales in Southwest Florida, a total of 46 properties were sold this year at over $1 million, reaching an overall total of $85.3 million in monthly sales, outperforming the previous yearís monthly total of $76.4 million in overall trades.
Concession 113 Brings New Inventory to a Dwindling Luxury Housing Supply
Concession 113ís second phase project will have to compete with home and lot sales in the upscale housing developmentís first phase, which contains around 100 sites and already 2 dozen constructed homes, many of which are currently owned by the family of notable golfer Jack Nicklaus, who also designed The Concessionís widely renowned golf course.
Concession 113, however, is secure in their projectís success. Real estate inventories in the region are rapidly shrinking. January of this year saw a hefty 57-month supply of homes, a number which dwindled staggeringly to a mere 12-month supply by the end of April. With demand continuously on the upswing in the Sarasota area, new development will surely be required to meet the marketís needs.
About LeahLeah has been a Florida resident for the past 24 years, a licensed real estate agent for over 16 years and a Sarasota resident for over twelve. She has raised her two daughters, Renata and Curstin, in Sarasota with her husband Christopher. Leah enjoys spending time with her husband, children and son-in law.My Google Profile+ View all posts by Leah →
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