EAST COUNTY Observer
YourObserver.com
THURSDAY, OCTOBER 4, 2012
3A
SALUTE!
real estate by Pam Eubanks | Managing Editor
by Pam Eubanks | Managing Editor
Ranch gears up for first Italian fest Lakewood Ranch Community Activities Corp. will host the family-friendly event Oct. 6.
New home construction in The Lake Club, in Lakewood Ranch, is well under way. There have been 27 new home sales in the community year-to-date.
Downward trend means ‘up’ in real-estate market Statistics show buyers are feeling more confident in the housing economy. EAST COUNTY — According to figures released by the Manatee Association of REALTORS, all indicators are pointing toward a healthier real-estate market. Recent statistics show the real-estate market in the Bradenton/Sarasota area is following national trends, with median home prices, pending sales and closed sales all up — more than 28% compared to this time last year for single-family homes in the area. Additionally, homes are staying on the market for less time, and fewer homes remain on the Multiple Listing Service. “It’s just busy,” said Leslie Wells, president of MAR. “All the agents we talk to are busy. We’re seeing, I think, a shrinking inventory, and, consequently, new home construction is up because of it.” Jimmy Stewart, vice president of sales for LWR Communities, a subsidiary of Lakewood Ranch developer SchroederManatee Ranch, reported nearly 400 new homes had sold in Lakewood Ranch through Aug. 31 — a 40% increase compared to 2011. The community also saw 251 re-sales through the same period. “Here, of all of the sales, 61% year-todate are new home sales,” he said. “That’s absolutely inverse to any other community out there.” Additionally, in Lakewood Ranch individuals can purchase a brand-new home for about 10% more than a re-sale. Currently, 214 homes are under construction in Lakewood Ranch, he said. Stewart said he is seeing more local activity in the housing market and wants to make more lots available to builders to keep up with demand for new homes. Numbers also indicate there is a resurgence in the high-end luxury-home market. In Lakewood Ranch’s most exclusive community, The Lake Club, there have been 27 sales year-to-date, with homes there priced at more than $1.2 million. “That’s a discretionary purchase,” Stewart said. “We don’t really compete with other (communities) in this area, but we compete with other destinations, such as Naples and Palm Beach. People are liking
By the numbers
16 — Percentage of homes tagged as distressed in the MLS
214 — Number of homes under
construction in Lakewood Ranch
251 — Number of sales for existing
homes in Lakewood Ranch in 2012, through Aug. 31 397 — Number of new home sales as of Aug. 31, in Lakewood Ranch
Photos by Pam Eubanks
“I’m seeing moves up and moves down within Lakewood Ranch,” said Jimmy Stewart, vice president of sales for LWR Communities, a subsidiary of Lakewood Ranch developer Schroeder-Manatee Ranch.
CASH PURCHASES FOR HOMES ON THE RISE Housing-industry professionals said they are seeing an increase in cash buyers again. During the most recent real-estate boom, high numbers of cash purchases often indicated an infiltration of investors in the real-estate market. Now, however, it means babyboomers are re-entering the market to purchase secondary homes, said Jimmy Stewart, vice president of sales for LWR Southwest Florida and (what the area) offers.” Peter Mason, president of sales for homebuilder Lee Wetherington Homes, agreed, noting the time when landowners were sitting on the sidelines, waiting to step back into the market, is now over. In The Founders Club, Lee Wetherington has seen three local custom-home purchases in four months. “This is a phenomenal sign of recovery in the Sarasota region,” Mason said. “Summer is traditionally slow for real estate in Florida, and to see the luxury market picking back up again in The Founder’s Club is a great sign of things to come this season. It’s really a strong indication that the local market is moving again.” Mason said the builder started a spec home to help drive traffic; the investment seems to be working. “(Buyers) feel now is the right time,” he said. “It’s nice to have people excited about housing again.” MAR’s figures show existing inventory also is seeing increased activity. Its most recent report shows single-family
Communities, a subsidiary of Lakewood Ranch developer Schroeder-Manatee Ranch. “Baby-boomers are sitting on a lot of cash,” he said. “We are seeing them at our information centers. These are people who have been visiting us for the last five to six years. They’re not retired yet, but media and market has told them it’s OK to buy now. They feel confident.” homes are being snatched up quickly with homes spending only 50 days on the market compared to 74 last year, a 32.7% decrease. Although new listings were up slightly — 8.8% (334 homes), home inventory is down 25.4%, from 1,494 to 1,114. Townhouses and condominiums are seeing a similar trend, spending 72 days on the market compared to 87 at the same time in 2011 — a 17.2% change. New listings are down 9.4%, and the number of units available for purchase has decreased by 21.9%, from 816 to 637. In the Multiple Listing Service, Stewart said, about 16% of homes are tagged as distressed properties, meaning they either are bank-owned or short sales. That figure is consistent with Lakewood Ranch’s resale homes, as well. “We have a very low re-sale inventory,” Stewart said. “There are about 115 homes active on the market out of 8,000.” The 115-home figure hasn’t changed much over the last year, indicating remaining inventory likely is not priced at market value and properties have been “picked over,” Stewart said.
LAKEWOOD RANCH — First generation Italian-American Stella Olinger’s eyes light up as soon as she starts talking about her Italian heritage. Although the Italian festivals in which she participated as a child originated as religious celebrations, they also were great family- and community-focused events. “We all grew up with them, especially in the Northeast,” Olinger said. “Everybody goes. It’s a great celebration of life, and it’s part of the Italian culture.” Lakewood Ranch Community Activities Corp. will host Lakewood Ranch’s first “Festa Italia” from 11 a.m. to 5:30 p.m. Oct. 6, at Central Park, 12150 Forest Park Circle, Lakewood Ranch. Parking will be available at B.D. Gullett Elementary, and a shuttle will transport festival-goers to the event. Attendees can enjoy live musical, opera and dance performances, as well as pony rides, a magician, crafters, face painting, photo opportunities and more. Fresh Italian food such as brick-oven baked pizza, shrimp scampi, zeppole and spedini and more will be available for purchase. “It’s so Italian,” said festival organizer, Lori Basilone, director of CAC. “You’ve got to do everything. I think (the event) taps in on all levels of interest; there’s something for everyone. Whether you are Italian or not, you are for the day.” Attendees also can participate in their choice of three contests: pizza eating, dog costume and Venetian mask. For the dog-costume contest, dogs and their owners can enter in one of three categories: Mario and Luigi, Milan runway fashion and Renaissance. Contest registration costs $5 and starts at 11 a.m., with judging starting around noon. A raffle being held also will benefit the Manatee County Humane Society; the grand-prize winner will get a seven-night stay in Florence, Italy. Tickets cost $10 apiece or $25 for three. Contact Pam Eubanks at peubanks@yourobserver.com.
IF YOU GO Festa Italia Lakewood Ranch When: 11 a.m. to 5:30 p.m. Saturday, Oct. 6 Where: Central Park, 12150 Forest Park Circle, Lakewood Ranch Contests: Pizza eating, dog costume and Venetian mask contests. Raffle tickets for seven-day stay in Italy and other prizes available at select sites or online at lwrcac.com. Parking: Gullett Elementary School, 12125 44th Ave. E., Lakewood Ranch. Free transportation to festival site available. Info: lwrcac.com
Event Schedule: 11:15 a.m. — Opera singer Joe Spinella 11:45 a.m. — Marcella Brown 12:15 p.m. — Sarasota Mandolin Orchestra 12:45 p.m. — Tarantella Dancers (TK) 1:15 p.m. — Dog costume contest winners announced 1:45 p.m. — Opera singer Joe Spinella 2:15 p.m. — Pizza-eating contest 2:35 p.m. — Tarantella Dancers 3:05 p.m. — Opera singer Joe Spinella 3:30 p.m. — Venetian mask contest 4 p.m. — Brian Tennyson, as Frank Sinatra