Sarasota Developers and Home Builders Display Confidence

They Obviously Believe Home Sales Will Continue to Improve

Posted June 24, 2010

    Developers and home builders across Sarasota and Manatee County are showing signs of life believing that the real estate slump in the Sarasota and Bradenton Florida area is behind them and better times are ahead. This upturn in activity reflects growing optimism among developers and landowners. Developers are moving ahead with already approved projects that had been halted or delayed earlier.

    One Manatee County planning manager recently expressed the opinion that home builders and developers want to get their land entitled now, so as the market returns, they can move ahead with building without delay. Last week, Manatee County commissioners approved preliminary site plans for two new projects proposing to build over 2,400 homes. The county’s planning commission is about to consider a 562 home subdivision on Moccasin Wallow Road, as well as allowing residential development on several parcels now zoned for agriculture use only.

    While some developers just want to get their entitlements in place before the November, 2010 vote on Florida Constitutional Amendment 4 which would require voter approval of local land use changes, other builders and developers are more aggressively moving ahead. Most activity right now is focused on already-approved projects that had been delayed by the real estate slowdown.

    Taylor Woodrow, for example, plans to start the first phase of its Artisan Lakes project, which its website says will include about 1,850 homes, by constructing model homes later this year.

    Recognizing the improving market, the Longboat Key Club has a request before the Longboat Key Town Commission to redesign its golf course and build two new condo mid-rises along with other changes and expansions.

    In May, the developers of Lakewood Ranch, received approval from the Sarasota County Commission to move forward with a 5,100-unit, mixed-use village development on about 5,500 acres to be known as known as the Villages of Lakewood Ranch South.

    Builders are tailoring their new communities and home floorplans to the realities of the market. Lee Wetherington Homes, for example has three new floorplan models for 2010. “We were very careful when we created these models.” Wetherington said. “They are essentially templates for three basic homes, beginning at 1,988 square feet. That’s just the right size for some of our homebuyers. For those who need more space, we can easily extend these plans without having to go back to the drawing board.”

    Developers and home builders use sophisticated processes to forecast housing demand. Their recent actions support the notion, backed by recent increases of existing home sales and pending sales, that the Sarasota and Manatee County real estate markets are rebounding and looking forward to much brighter tomorrows.

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