When you think about retirement housing in Florida does a cookie-cutter, high-rise condo come to mind? Well, think again. The Sarasota real estate landscape looks much different than you might expect in terms of retirement communities.
In fact, Sarasota homes designed for retirees come in all shapes and sizes and they suit a variety of tastes and preferences. Sarasota real estate developers have been particularly creative when it comes to active adult communities. The design of Sarasota homes built for these buyers has definitely kept pace with the changing and increasing demands of a new generation. more...
Thursday, November 16, 2006
Sarasota Sunshine and Sunsets
Sarasota is probably best known for its wonderful climate and glorious beaches. Both make the city a great place to live, a fact that is not lost on baby boomers making their move to Sarasota homes. Their attraction to Sarasota real estate is certainly understandable. Among the reasons: spectacular sunrises and sunsets over pristine beaches, year-round warmth, and abundant sunshine. more...
Friday, November 03, 2006
Home Sales Ease
September Homes Sales Ease, Inventory Tightens – New Construction off 10%
According to the National Association of Realtors, the Sarasota real estate market has begun to stabilize this year. Sales on Sarasota homes have eased a bit, and on top of that, there are actually less homes on the market.
Each region of the country has seen a different degree of decline in home sales -- with the exception of the South, which had an ever so slight increase in sales. All kinds of real estate -- single-family homes, townhomes, condominiums, and co-ops -- have had decreased sales, meaning there's been an overall fall of 1.9 percent in sales in just the last month and in the last year, there's been a steep dip of 14.2 percent! 6.18 million units, in total, were sold this year.
But this decrease in sales is not something to panic about. First of all, it's really only an indicator that the Sarasota real estate market (and market in general) is stabilizing, which means more home buyers are bound to come out of the woodwork and start participating in the market.
And, even so, the reason there has been a downward slant in sales is because in 2005, the sales were outrageously high -- there was a boom in homeownership. This was probably a result of the aging baby boomers who were buying homes left and right (and still are, but perhaps to a lesser extent this year, as they're mostly all sheltered by now). But it's becoming more common every year for these baby boomers, which consist of a huge portion of the home buyer population, to buy a second home. This could mean that the market sees an upward trend or at least settles at a comfortable pace as these home buyers start anchoring themselves in other cities and states.
So, as someone interested in Sarasota real estate or Sarasota homes, you're probably wondering what all of this means to you. The good news is that the South is one of the stronger markets. Sarasota, the cultural center of Florida, will always attract home buyers and with the increase in second-home ownership, this is truer today than it's been in a long time! Sarasota real estate, like the market in general, is not in bad shape at all (though it has seen a decline in sales like many other cities). It still happens to be in the only region that saw an increase in home sales this past year and that bodes well for it.
New homes are not being constructed as much as they were before (about 10% less). But this is inevitable. After every boom, there is some sort of crash, and luckily things seem pretty stable. As well, real estate doesn't have limitless possibility. The United States population has finally reached 300 million, and someday there simply won't be enough room for everybody. But right now there is still plenty of potential in the market and Sarasota, especially, offers great potential for profit for those interested in Sarasota real estate.
A stable real estate industry, while not as a wildly lucrative as it was a year ago, is not a bad thing. The conditions for profitable investment in real estate are typically stability and only mild inflation. It's nice to have a boom like in 2005, but that leads to unpredictability and inflation. The more orderly the industry is, the better, as people can buy and sell homes with a more carefree reliance on the economic indicators that change every day.
So what lies in the future? As the market has stabilized, it will probably begin to pick up again, perhaps in the next few months even.
Sales declined, inevitably, but as folks respond to the comfortable position the market is now in, sales will probably at least even out or increase in the next months and years. This will likely be more of a result of a balance between home buying and selling, rather than new construction however. In fact, in South Florida particularly (Sarasota), home construction has declined. This is mostly because of the torrential weather the state has faced during the past few years, most recently due to Hurricane Wilma.
Speaking of Hurricane Wilma, one major factor that can always threaten to throw the market on its side, is changing weather patterns. Following the detestation of Hurricane Katrina, the real estate industry, including Sarasota, in coastal regions is a bit on the insecure side. So keep on your toes if you want to keep tabs on the Sarasota real estate market!
According to the National Association of Realtors, the Sarasota real estate market has begun to stabilize this year. Sales on Sarasota homes have eased a bit, and on top of that, there are actually less homes on the market.
Each region of the country has seen a different degree of decline in home sales -- with the exception of the South, which had an ever so slight increase in sales. All kinds of real estate -- single-family homes, townhomes, condominiums, and co-ops -- have had decreased sales, meaning there's been an overall fall of 1.9 percent in sales in just the last month and in the last year, there's been a steep dip of 14.2 percent! 6.18 million units, in total, were sold this year.
But this decrease in sales is not something to panic about. First of all, it's really only an indicator that the Sarasota real estate market (and market in general) is stabilizing, which means more home buyers are bound to come out of the woodwork and start participating in the market.
And, even so, the reason there has been a downward slant in sales is because in 2005, the sales were outrageously high -- there was a boom in homeownership. This was probably a result of the aging baby boomers who were buying homes left and right (and still are, but perhaps to a lesser extent this year, as they're mostly all sheltered by now). But it's becoming more common every year for these baby boomers, which consist of a huge portion of the home buyer population, to buy a second home. This could mean that the market sees an upward trend or at least settles at a comfortable pace as these home buyers start anchoring themselves in other cities and states.
So, as someone interested in Sarasota real estate or Sarasota homes, you're probably wondering what all of this means to you. The good news is that the South is one of the stronger markets. Sarasota, the cultural center of Florida, will always attract home buyers and with the increase in second-home ownership, this is truer today than it's been in a long time! Sarasota real estate, like the market in general, is not in bad shape at all (though it has seen a decline in sales like many other cities). It still happens to be in the only region that saw an increase in home sales this past year and that bodes well for it.
New homes are not being constructed as much as they were before (about 10% less). But this is inevitable. After every boom, there is some sort of crash, and luckily things seem pretty stable. As well, real estate doesn't have limitless possibility. The United States population has finally reached 300 million, and someday there simply won't be enough room for everybody. But right now there is still plenty of potential in the market and Sarasota, especially, offers great potential for profit for those interested in Sarasota real estate.
A stable real estate industry, while not as a wildly lucrative as it was a year ago, is not a bad thing. The conditions for profitable investment in real estate are typically stability and only mild inflation. It's nice to have a boom like in 2005, but that leads to unpredictability and inflation. The more orderly the industry is, the better, as people can buy and sell homes with a more carefree reliance on the economic indicators that change every day.
So what lies in the future? As the market has stabilized, it will probably begin to pick up again, perhaps in the next few months even.
Sales declined, inevitably, but as folks respond to the comfortable position the market is now in, sales will probably at least even out or increase in the next months and years. This will likely be more of a result of a balance between home buying and selling, rather than new construction however. In fact, in South Florida particularly (Sarasota), home construction has declined. This is mostly because of the torrential weather the state has faced during the past few years, most recently due to Hurricane Wilma.
Speaking of Hurricane Wilma, one major factor that can always threaten to throw the market on its side, is changing weather patterns. Following the detestation of Hurricane Katrina, the real estate industry, including Sarasota, in coastal regions is a bit on the insecure side. So keep on your toes if you want to keep tabs on the Sarasota real estate market!
Saturday, October 28, 2006
Hiring a Home Inspector
Hiring a home inspector is a must when purchasing Sarasota real estate or any real estate. There are several good inspectors in the area. A good Realtor will supply his client with at least 5 names to call. Of course there is always the Yellow Pages too.
Choose wisely. Here is some information on hiring a Sarasota home inspector...
Choose wisely. Here is some information on hiring a Sarasota home inspector...
Hiring a Home Inspector
Hiring a home inspector is a must when purchasing Sarasota real estate or any real estate. There are several good inspectors in the area. A good Realtor will supply his client with at least 5 names to call. Of course there always the Yellow Pages too.
Choose wisely. Here is some information on hiring a Sarasota home inspector...
Choose wisely. Here is some information on hiring a Sarasota home inspector...
Wednesday, October 04, 2006
Lakewood Ranch - More New Homes
As Sarasota county "sits and studies" things, Manatee County plans to once again expand its tax base.
Schroeder-Manatee Ranch is looking past the current soft housing market and proposing two massive developments that could bring more than 8,000 new homes to Lakewood Ranch.
Both developments are slated for open pastoral northeast of the intersection of Lakewood Ranch Boulevard and State Road 70, near the stalled hockey arena project.
The 8,100 new homes would add to the roughly 6,000 already built in Lakewood Ranch, and were part of the Ranch's original master plan that extends over 30 years and could lead to development of 7,000 acres.
Schroeder-Manatee Ranch is looking past the current soft housing market and proposing two massive developments that could bring more than 8,000 new homes to Lakewood Ranch.
Both developments are slated for open pastoral northeast of the intersection of Lakewood Ranch Boulevard and State Road 70, near the stalled hockey arena project.
The 8,100 new homes would add to the roughly 6,000 already built in Lakewood Ranch, and were part of the Ranch's original master plan that extends over 30 years and could lead to development of 7,000 acres.
Monday, October 02, 2006
New Home Sales in Sarasota
NEW HOME SALES
Sales of new homes posted the biggest increase in five months in August, raising hopes that the steep slide in the housing industry may be leveling off. Sales of new single-family homes increased by 4.1 percent -- far better than the 3 percent decline economists had expected.
Sales of new homes posted the biggest increase in five months in August, raising hopes that the steep slide in the housing industry may be leveling off. Sales of new single-family homes increased by 4.1 percent -- far better than the 3 percent decline economists had expected.
Thursday, September 14, 2006
This morning I read the following in the paper...County commissioners on Tuesday OK'd a controversial $3.1 million purchase of land on the Myakka River, arguing that multimillion-dollar homes would be built on the pristine site if it isn't protected. There wasn't a single mention, though, of what has made the purchase controversial during the past two months -- that Tamara Ley, wife of County Administrator Jim Ley, is the real estate agent on the deal.Commissioners felt that issue was resolved last month when Tamara Ley promised to either donate her $45,000 commission to charity or not take a commission on the deal, said Commissioner Jon Thaxton.
The deal has also been criticized because the owner, Myakka Properties, bought the property 19 months ago for $650,000 and the price has since nearly quintupled.The land had been targeted for acquisition by the county's environmentally sensitive lands program since 2000. But the county's agent, The Nature Conservancy, had failed to close a deal at a time when the land was much cheaper.What the heck is going on? In these days of soaring insurance rates and soaring utility increases, why in the world would we spend 3 million dollars on land that potentially could generate more income to the county? Who in their lifetime or their children's lifetime will every even see this land let alone use it?
I bet if this purchase was financed by raising the local sales tax - it would never happen. In fact, thinking about it, that is exactly what should be done. Cut the real estate taxes so people are not taxed out of their homes and raise the sales tax. Then we'll see how the anti-growth geniuses manage a budget. Now they spend money like it is their own...
The deal has also been criticized because the owner, Myakka Properties, bought the property 19 months ago for $650,000 and the price has since nearly quintupled.The land had been targeted for acquisition by the county's environmentally sensitive lands program since 2000. But the county's agent, The Nature Conservancy, had failed to close a deal at a time when the land was much cheaper.What the heck is going on? In these days of soaring insurance rates and soaring utility increases, why in the world would we spend 3 million dollars on land that potentially could generate more income to the county? Who in their lifetime or their children's lifetime will every even see this land let alone use it?
I bet if this purchase was financed by raising the local sales tax - it would never happen. In fact, thinking about it, that is exactly what should be done. Cut the real estate taxes so people are not taxed out of their homes and raise the sales tax. Then we'll see how the anti-growth geniuses manage a budget. Now they spend money like it is their own...
Sunday, August 13, 2006
Thursday, August 03, 2006
Mortgage Rates Fall Again - more to come?
Mortgage rates declined for the second straight week on signs that the economy is growing at a slower pace than expected, Freddie Mac reported Thursday.
The average rate on 30-year fixed-rate loans fell to 6.63 percent for the week ending August 2 from 6.72 percent the week before.
A year ago, the 30-year mortgage rate averaged 5.82 percent.
"Second quarter Gross Domestic Product [GDP] came in weaker than the market had expected. This means inflation is less of a threat, and that translates into lower mortgage rates," Frank Nothaft, Freddie Mac vice president and chief economist said in a prepared statement.
"Although lower rates are a welcome sight, we still feel that the 30-year fixed-rate mortgage rate will drift up and down somewhat over the next few months, but will average less than seven percent for the year," Nothaft added.
The average rate on 30-year fixed-rate loans fell to 6.63 percent for the week ending August 2 from 6.72 percent the week before.
A year ago, the 30-year mortgage rate averaged 5.82 percent.
"Second quarter Gross Domestic Product [GDP] came in weaker than the market had expected. This means inflation is less of a threat, and that translates into lower mortgage rates," Frank Nothaft, Freddie Mac vice president and chief economist said in a prepared statement.
"Although lower rates are a welcome sight, we still feel that the 30-year fixed-rate mortgage rate will drift up and down somewhat over the next few months, but will average less than seven percent for the year," Nothaft added.
Wednesday, August 02, 2006
Pending Contracts rise
Pending home sales, a leading indicator for the housing sector, have risen for the last two months, according to the NATIONAL ASSOCIATION OF REALTORS®.
The Pending Home Sales Index, based on contracts signed in June, increased 0.4 percent to a reading of 113.9 from an upwardly revised level of 113.5 in June, but is 9.6 percent below June 2005.
The index is based on pending sales of existing homes. A sale is listed as pending when the contract has been signed and the transaction has not closed, but the sale usually is finalized within one or two months of signing.An index of 100 is equal to the average level of contract activity during 2001, the first year to be examined, and was the first of five consecutive record years for existing-home sales.
Market Strives for BalanceDavid Lereah, NAR’s chief economist, says the small rise in the index is good news, indicating that the trend is stabilizing. “Once again, we have various housing indicators moving in different directions, which itself is an indicator of a market in transition,” he says. “The housing market is striving for balance – a process that will take several months. "
A quieting in the movement of indicators should restore confidence to home buyers who’ve been on the sidelines, waiting for the right time to get into the market, and now is the best time we’ve seen since the 1990s in terms of housing choices and flexible terms.”
Regional Fluctuations:
Regionally, pending home sales in the South rose 2.5 percent in June to 130.7 but was 4.8 percent below June 2005.
The index in the Midwest increased 1.9 percent to 103.3 in June but was 11.9 percent below a year ago.
The index in the West was unchanged, holding at 110.1 in June, and was 14.2 percent lower than June 2005. In the Northeast, the index dropped 6.3 percent in June to 99.4 and was 11.6 percent below a year ago.
The Pending Home Sales Index, based on contracts signed in June, increased 0.4 percent to a reading of 113.9 from an upwardly revised level of 113.5 in June, but is 9.6 percent below June 2005.
The index is based on pending sales of existing homes. A sale is listed as pending when the contract has been signed and the transaction has not closed, but the sale usually is finalized within one or two months of signing.An index of 100 is equal to the average level of contract activity during 2001, the first year to be examined, and was the first of five consecutive record years for existing-home sales.
Market Strives for BalanceDavid Lereah, NAR’s chief economist, says the small rise in the index is good news, indicating that the trend is stabilizing. “Once again, we have various housing indicators moving in different directions, which itself is an indicator of a market in transition,” he says. “The housing market is striving for balance – a process that will take several months. "
A quieting in the movement of indicators should restore confidence to home buyers who’ve been on the sidelines, waiting for the right time to get into the market, and now is the best time we’ve seen since the 1990s in terms of housing choices and flexible terms.”
Regional Fluctuations:
Regionally, pending home sales in the South rose 2.5 percent in June to 130.7 but was 4.8 percent below June 2005.
The index in the Midwest increased 1.9 percent to 103.3 in June but was 11.9 percent below a year ago.
The index in the West was unchanged, holding at 110.1 in June, and was 14.2 percent lower than June 2005. In the Northeast, the index dropped 6.3 percent in June to 99.4 and was 11.6 percent below a year ago.
Monday, July 24, 2006
RESPA protects the consumer again!
RESPA protects consumers by outlawing kickbacks and referral fees that increase settlement costs in a real estate sale, but it can take many forms and sometimes enter gray areas. Last week, the Department of Housing and Urban Development (HUD) reached a $1.6 million agreement with CitiMortgage Inc. and two homebuilders, saying the company used a captive title reinsurance company to violate RESPA rules.
The agreements included a $650,000 settlement with CitiMortgage Inc., and its captive title reinsurance company Chesapeake Reinsurance; a $675,000 settlement with M.D.C. Holdings, Inc., certain of its Richmond American Homes homebuilding subsidiaries and AHT Reinsurance; and, a $305,000 settlement with WL Homes, which does business as John Laing Homes, a California and Colorado builder.
Captive title reinsurance is a practice whereby a title insurance company transfers a portion of the risk and title premium to a company owned by the builder, lender or real estate broker referring the title business. In HUD's view, illegal RESPA kickbacks may occur in these arrangements if the money paid to the developer-owned title company exceeds a reasonable amount necessary to shield against the accompanying risk of the corresponding insurance policy. HUD says there is "particular concern" when these arrangements involve an entity that is in a position to refer business to the primary title insurer.
"There is almost never any legitimate need or business purpose for title reinsurance on a single-family residence," says HUD Assistant Secretary for Housing Brian D. Montgomery. "HUD will continue to work with the states to investigate captive arrangements to make certain that they aren't created for the purpose of obscuring referral fees."
The companies cooperated with HUD in reaching settlements. In addition to the settlement payments, the companies agreed not to enter into any new captive title arrangements and to cease writing new captive title reinsurance business.
These are the first settlements in the nation involving the recipients of payments made by title companies to captive companies for reinsurance. The settlements come in the wake of recent settlements states have obtained from title insurance companies who paid significant portions of the premiums they received to such captive companies.
The Real Estate Settlement Procedures Act was enacted in 1974 to provide consumers advance disclosures of settlement charges and to curtail excessive fees in the home buying process. Section 8 of RESPA prohibits a person from giving or accepting anything of value in exchange for the referral of settlement service business.
The agreements included a $650,000 settlement with CitiMortgage Inc., and its captive title reinsurance company Chesapeake Reinsurance; a $675,000 settlement with M.D.C. Holdings, Inc., certain of its Richmond American Homes homebuilding subsidiaries and AHT Reinsurance; and, a $305,000 settlement with WL Homes, which does business as John Laing Homes, a California and Colorado builder.
Captive title reinsurance is a practice whereby a title insurance company transfers a portion of the risk and title premium to a company owned by the builder, lender or real estate broker referring the title business. In HUD's view, illegal RESPA kickbacks may occur in these arrangements if the money paid to the developer-owned title company exceeds a reasonable amount necessary to shield against the accompanying risk of the corresponding insurance policy. HUD says there is "particular concern" when these arrangements involve an entity that is in a position to refer business to the primary title insurer.
"There is almost never any legitimate need or business purpose for title reinsurance on a single-family residence," says HUD Assistant Secretary for Housing Brian D. Montgomery. "HUD will continue to work with the states to investigate captive arrangements to make certain that they aren't created for the purpose of obscuring referral fees."
The companies cooperated with HUD in reaching settlements. In addition to the settlement payments, the companies agreed not to enter into any new captive title arrangements and to cease writing new captive title reinsurance business.
These are the first settlements in the nation involving the recipients of payments made by title companies to captive companies for reinsurance. The settlements come in the wake of recent settlements states have obtained from title insurance companies who paid significant portions of the premiums they received to such captive companies.
The Real Estate Settlement Procedures Act was enacted in 1974 to provide consumers advance disclosures of settlement charges and to curtail excessive fees in the home buying process. Section 8 of RESPA prohibits a person from giving or accepting anything of value in exchange for the referral of settlement service business.
Saturday, June 17, 2006
Manasota Realty Opens in Lakewood Ranch
After 10 years with Re/Max, I recently opened a new brokerage, Manasota Realty, in part to service the Lakewood Ranch and surrounding neighborhoods. Since I personally own a house here and having built 7 others, all in Lakewood Ranch, I feel I am able to expertly promote the area on behalf of both sellers and buyers.
I was one of the first owners in Greenbrook. I still feel this is a very unique neighborhood which has expanded across Lorraine Road. I drove through the Greenbrook neighborhoods yesterday and the beauty of the area never ceases to amaze me. The pride of ownership is very evident. Properties are carefully maintained.
I also noted that every school servicing this community is an A rated school including Lakewood Ranch high school. That really says something about the family focus here. Anyone choosing a home in this area should feel very confident they have made an excellent choice.
I was one of the first owners in Greenbrook. I still feel this is a very unique neighborhood which has expanded across Lorraine Road. I drove through the Greenbrook neighborhoods yesterday and the beauty of the area never ceases to amaze me. The pride of ownership is very evident. Properties are carefully maintained.
I also noted that every school servicing this community is an A rated school including Lakewood Ranch high school. That really says something about the family focus here. Anyone choosing a home in this area should feel very confident they have made an excellent choice.
Sunday, June 11, 2006
Lakewood Ranch 6 month Real Estate Prices
I have updated my website for the current Lakewood Ranch real estate prices. The statistics are for the previous 6 months. It is very apparent that real estate Sellers are becoming more realistic with their asking prices. This reflects the current market trend which is normal, solid growth and appreciation. For a time, Sellers have been pricing their property to an unrealistic level. It is a great time to be a Buyer. The market definitely favors you...
Lakewood Ranch Prices
Lakewood Ranch Prices
Wednesday, May 31, 2006
Lakewood Ranch Continues to Expand
When exploring Sarasota Real Estate, the ever-expanding Lakewood Ranch is a 'must see' for Buyers looking to find the perfect Sarasota Planned Community. Lakewood Ranch has something for everyone. From condominiums on the water to estate sized single family homes; from gated communities to golf course settings; maintenance free living, you will not want to pass up seeing this most beautiful development.
There are two main divisions inside the Ranch- 'The Country Club' neighborhoods which are larger lots, are more expensive and located behind security gates. It has recently expanded to the East of Lorraine road. The non-country club neiighborhoods enjopy most of the same ammenities as found in the Country Club. There are condos in both sections as well as single family homes.
By the year 2020, State road 70 is expected to be in the center of Lakewood Ranch.
There are two main divisions inside the Ranch- 'The Country Club' neighborhoods which are larger lots, are more expensive and located behind security gates. It has recently expanded to the East of Lorraine road. The non-country club neiighborhoods enjopy most of the same ammenities as found in the Country Club. There are condos in both sections as well as single family homes.
By the year 2020, State road 70 is expected to be in the center of Lakewood Ranch.
Wednesday, May 17, 2006
Lakewood Ranch Plans a "Downtown"
The Bradenton Herald reported that the next step in Lakewood Ranch's rapid transformation from farmland to a burgeoning city is a downtown.
After 11 years of building Lakewood Ranch on the strength of suburban single-family homes, Schroeder-Manatee Ranch Inc. now plans something different - a high-density expansion with thousands of multifamily units, millions of square feet of commercial and office space, and hundreds of hotel rooms.
The company recently submitted plans for the project, called Lakewood Centre, to local and regional planners for review.
"It will be designed to serve as a true town center for the Lakewood Ranch community as well as other surrounding communities," said Todd Pokrywa, SMR's vice president of planning.
That center will sit on 695 acres bordered by State Road 70, Lakewood Ranch Boulevard, a future eastward extension of Malachite Drive and Pope Road. On it, SMR plans 3,675 homes, 1.77 million square feet of commercial space, 1.56 million square feet of office space and 300 hotel rooms, all wrapped around an uncompleted hockey arena that is not part of the company's fifth development of regional impact (DRI).
Of those homes, 3,239 are slated to be multifamily units and just 436 as single-family homes. Pokrywa said an unknown number of those multifamily units could be designated as work-force housing, now defined by Manatee County as homes priced between $160,000 and $192,000.
That's a departure for Lakewood Ranch, which has acquired an upscale image based on its development history of more-expensive single-family homes, gated neighborhoods and a corporate park with high-paying white-collar jobs.
"It is different from the other DRIs, but it fits in with where we are in community development," said Sondra Guffey, spokeswoman for LWR Communities LLC, Lakewood Ranch's developer and a SMR subsidiary. "The community has reached a maturation level where there's a need for this type of (multifamily) housing."
SMR hasn't yet determined what kind of housing the multifamily units will be, but it could be a mix of townhomes, apartments and/or condominiums, some possibly located over retail space, Guffey said.
It's also possible that some of the residential buildings will be taller than what's currently in Lakewood Ranch, she said. The tallest buildings now are three-story condominium buildings over ground-level parking.
The potential for work-force housing in the area excited Suzie Dobbs, the county's affordable/work-force housing coordinator. She said she has "strongly encouraged" SMR in the past to incorporate affordable and work-force housing as it develops more of its vast land holdings.
"We would love to get a start out there," Dobbs said, adding she has not yet spoken with SMR about Lakewood Centre.
There now is no officially designated work-force or affordable housing, defined as homes priced below $160,000, in the fast-growing area south of the Manatee River and east of Interstate 75, she said. The only affordable housing east of the interstate is Tuscany Lakes, a 348-unit complex on Mendoza Road in Ellenton.
SMR plans to develop Lakewood Centre in three phases through 2019:
• First phase: 900 multifamily units, 300 hotel rooms, 458,000 square feet of office and 460,000 square feet of retail through the year 2011.
• Second phase: 1,800 multifamily units, 200 single-family homes, 542,000 square feet of retail, and 458,000 square feet of office between 2011 and 2014.
• Third phase: 539 multifamily units, 236 single-family homes, 772,000 square feet of retail, and 647,000 square feet of office between 2014 and 2019.
The company is seeking Tampa Bay Regional Planning Council approval only for the first phase, said John Meyer, the council's DRI coordinator. Approval of the latter phases will depend on further traffic, environmental and other studies, he said.
Meyer estimated it could take 12 to 18 months for the project's first phase to get approval.
Lakewood Centre is the fifth portion of SMR's 31,000 acres in Manatee and Sarasota counties to be slated for development.
The company previously won approval to develop three portions, totaling nearly 9,400 acres, into more than 9,800 homes, 5.28 million square feet of office space, 1.63 million square feet of commercial/retail space and 4.7 million square feet of industrial space. Those approvals also included 215 hotel rooms and 150 hospital beds.
Plans for another 4,446 homes, 200,000 square feet of retail space and 105,000 square feet of office space on 1,500 acres immediately east and north of Lakewood Centre are being reviewed by county, regional and state planners.
After 11 years of building Lakewood Ranch on the strength of suburban single-family homes, Schroeder-Manatee Ranch Inc. now plans something different - a high-density expansion with thousands of multifamily units, millions of square feet of commercial and office space, and hundreds of hotel rooms.
The company recently submitted plans for the project, called Lakewood Centre, to local and regional planners for review.
"It will be designed to serve as a true town center for the Lakewood Ranch community as well as other surrounding communities," said Todd Pokrywa, SMR's vice president of planning.
That center will sit on 695 acres bordered by State Road 70, Lakewood Ranch Boulevard, a future eastward extension of Malachite Drive and Pope Road. On it, SMR plans 3,675 homes, 1.77 million square feet of commercial space, 1.56 million square feet of office space and 300 hotel rooms, all wrapped around an uncompleted hockey arena that is not part of the company's fifth development of regional impact (DRI).
Of those homes, 3,239 are slated to be multifamily units and just 436 as single-family homes. Pokrywa said an unknown number of those multifamily units could be designated as work-force housing, now defined by Manatee County as homes priced between $160,000 and $192,000.
That's a departure for Lakewood Ranch, which has acquired an upscale image based on its development history of more-expensive single-family homes, gated neighborhoods and a corporate park with high-paying white-collar jobs.
"It is different from the other DRIs, but it fits in with where we are in community development," said Sondra Guffey, spokeswoman for LWR Communities LLC, Lakewood Ranch's developer and a SMR subsidiary. "The community has reached a maturation level where there's a need for this type of (multifamily) housing."
SMR hasn't yet determined what kind of housing the multifamily units will be, but it could be a mix of townhomes, apartments and/or condominiums, some possibly located over retail space, Guffey said.
It's also possible that some of the residential buildings will be taller than what's currently in Lakewood Ranch, she said. The tallest buildings now are three-story condominium buildings over ground-level parking.
The potential for work-force housing in the area excited Suzie Dobbs, the county's affordable/work-force housing coordinator. She said she has "strongly encouraged" SMR in the past to incorporate affordable and work-force housing as it develops more of its vast land holdings.
"We would love to get a start out there," Dobbs said, adding she has not yet spoken with SMR about Lakewood Centre.
There now is no officially designated work-force or affordable housing, defined as homes priced below $160,000, in the fast-growing area south of the Manatee River and east of Interstate 75, she said. The only affordable housing east of the interstate is Tuscany Lakes, a 348-unit complex on Mendoza Road in Ellenton.
SMR plans to develop Lakewood Centre in three phases through 2019:
• First phase: 900 multifamily units, 300 hotel rooms, 458,000 square feet of office and 460,000 square feet of retail through the year 2011.
• Second phase: 1,800 multifamily units, 200 single-family homes, 542,000 square feet of retail, and 458,000 square feet of office between 2011 and 2014.
• Third phase: 539 multifamily units, 236 single-family homes, 772,000 square feet of retail, and 647,000 square feet of office between 2014 and 2019.
The company is seeking Tampa Bay Regional Planning Council approval only for the first phase, said John Meyer, the council's DRI coordinator. Approval of the latter phases will depend on further traffic, environmental and other studies, he said.
Meyer estimated it could take 12 to 18 months for the project's first phase to get approval.
Lakewood Centre is the fifth portion of SMR's 31,000 acres in Manatee and Sarasota counties to be slated for development.
The company previously won approval to develop three portions, totaling nearly 9,400 acres, into more than 9,800 homes, 5.28 million square feet of office space, 1.63 million square feet of commercial/retail space and 4.7 million square feet of industrial space. Those approvals also included 215 hotel rooms and 150 hospital beds.
Plans for another 4,446 homes, 200,000 square feet of retail space and 105,000 square feet of office space on 1,500 acres immediately east and north of Lakewood Centre are being reviewed by county, regional and state planners.
Saturday, May 06, 2006
Florida Sales Tax
A Message From Secretary Simone Marstiller
Fellow Floridians,
Governor Jeb Bush recently signed legislation authorizing Florida’s second annual sales tax holiday for hurricane preparedness. This is an important component of Governor Bush’s comprehensive plan to instill a “culture of preparedness” in Florida. The sales tax holiday begins on Saturday, May 21, to coincide with National Hurricane Preparedness Week, and ends on June 1, the first day of the 2006 Hurricane Season. It is important for all Floridians have a family disaster plan in place BEFORE a disaster threatens. So, I encourage you to prepare as soon as possible. I also urge all Florida business owners to take appropriate measures, including developing a disaster plan, to protect your businesses and business records, and to lay out how you will get your business up and running following a hurricane or other devastating event. Your plan should also include a process to account for employees after an event. For more information on creating a family disaster plan and for a list of tax exempt items, please visit http://www.floridadisaster.org/.
Fellow Floridians,
Governor Jeb Bush recently signed legislation authorizing Florida’s second annual sales tax holiday for hurricane preparedness. This is an important component of Governor Bush’s comprehensive plan to instill a “culture of preparedness” in Florida. The sales tax holiday begins on Saturday, May 21, to coincide with National Hurricane Preparedness Week, and ends on June 1, the first day of the 2006 Hurricane Season. It is important for all Floridians have a family disaster plan in place BEFORE a disaster threatens. So, I encourage you to prepare as soon as possible. I also urge all Florida business owners to take appropriate measures, including developing a disaster plan, to protect your businesses and business records, and to lay out how you will get your business up and running following a hurricane or other devastating event. Your plan should also include a process to account for employees after an event. For more information on creating a family disaster plan and for a list of tax exempt items, please visit http://www.floridadisaster.org/.
Thursday, April 20, 2006
Florida leads nation in population gain
With the "fed" giving off signs rising interest rates may be over and the recent news that Florida leads the nation in population gains, I think demand for real estate in Sarasota will continue to grow. Yesterday a new 400 acre development in Venice was basically approved - a sign our builders feel the same. Lakewood ranch has continued a nice steady growth as well.
Read more about the Florida population growth ... here
Read more about the Florida population growth ... here
Monday, March 27, 2006
Triple Crown of Polo in Lakewood Ranch
What does polo have to do with Lakewood Ranch real estate? Well, it is just another example of the vast array of activities available to the great Sarasota area. All of these amenities make our community more attractive and hence, bring more buyers to our area. The 4,000+ spectators attending yesterday's first leg of the triple crown of polo attest to the fact there is widespread local interest in this sport. I don't think NASCAR needs to worry about a drop in ratings but ESPN2 did record the event for a later viewing.
Triple Crown of Polo
Triple Crown of Polo
Monday, March 13, 2006
Contingency clauses make a comeback
Sellers should consider a contingency clause in exchange for getting a good price for their home. In a market where there is a competing inventory of homes, sellers may want to agree to the the contingency that the Buyer first sells their home. I would also recommend retaining the right to sell to another, giving the original purchaser the right of first refusal. Read more here... Contingency clauses make a comeback
Thursday, March 09, 2006
Bowling alley plan rolls on
Area amenities are a prime consideration when choosing a new home. Lakewood Ranch is loaded with them. And, they are about to get some more as plans for a new bowling entertainment center were recently announced. The new center will feature 40 bowling lanes plus billiards and of course food. Read more about it here ... More
Saturday, March 04, 2006
Relative Value Index - RVI
If you are considering purchasing property in Lakewood Ranch, lets us help you evaluate the asking price of the property. It is a free service for our clients ... more Relative Value Index - RVI
Thursday, February 23, 2006
Real Estate Classes Down
It was reported today that enrollment for real estate classes is down. Anyone who has been reading along knows I have been saying all along there are too many agents in the market. How can you have too many agents? Well too many agents equates to "drastic tactics" - such as over-pricing a property just to get the listing. I think we'll be seeing a drop-off in established agents as well more... Less new agents
Wednesday, February 15, 2006
Sarasota Homes
Morrison Homes is beginning to open sales for their new community in Palmetto. These are the first of many new developments planned for the area. I was hoping to see these new listings priced between $250,000 and $300,000. However, the lowest priced model is priced at just over $300,000. ...Sarasota Homes
Wednesday, February 08, 2006
Lakewood Ranch Directory
Check out my Lakewood Ranch directory for news and information about the Ranch. I have included some of the basic highlights regarding Lakewood Ranch. more...Lakewood Ranch Directory
Saturday, February 04, 2006
Manatee County School Choice Registration
Registration for the Manatee County school choice program is going on right now. 'Open Enrollment Choice" runs from January 30th through February 17th
During the General Application Period parents may select up to four schools and rank them in order of preference. The application must be returned to the Parent Information Center, either in person or by mail. Completing an application does not guarantee assignment to the choice school. Students not completing an application are assigned to their designated attendance boundary area as determined by their legal guardians address.
School choice is not available to Juniors or Seniors. For more information..
Saturday, January 21, 2006
Manatee County Services
Here is a table of services provided by Manatee County Government. When you review the list, the left column of the table has the link to the relevant page, while the right side of the table has a brief description of the service. more...Manatee County Services
Wednesday, January 11, 2006
Real estate funds- a smart holding
Investors continue to diversify their portfolios with real estate funds. more...Real estate funds
Sunday, January 01, 2006
All agree: Housing boom not waning
The number of homes proposed in 2005 - the most Manatee has seen in a single year in at least a decade - indicates developers remain bullish on Manatee. more...Housing boom
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