Bradenton, FL (PRWEB) March 06, 2013
More property developers in Manatee, Florida, have committed themselves to explore emerging opportunities as signs of a home market recovery became more manifest in the county, Sarasota Bay Real Estate said, noting several significant deals on raw lands closed there in December.
The transactions included acreage for the new Esplanades golf community of Taylor Morrison in Lakewood Ranch and the expansion of Neal Communities in Country Club East, two projects which have been announced earlier. Also prominent among the deals was the $7.9 million purchase of 113 lots in The Concession by a company owned by John Peshkin, former CEO of Taylor Morrison.
DR Horton, a national homebuilder based in Fort Worth, Texas, has joined these developers who have upped their ante in the residential property market in Manatee. It concluded this December the $2.4 million purchase of 135 lots in the Rye Wilderness subdivision. The property is close to the Rye Wilderness Preserve and is located near the corner of Rye and Upper Manatee River roads in eastern Manatee County. This community is also less than five miles from the popular mixed property development of Lakewood Ranch.
The company plans to develop its new land acquisition into single family home sites, most of which measure just over one-half of an acre. These will constitute the fourth phase of the Rye Wilderness Estates. Unlike Taylor Morrison which has set building at Esplanades for this year, DR Horton is yet to announce when it expects to start construction.
Nonetheless, luxury residences with paver driveways and tile roofs are expected to be built, according to JoAnn Strutt, a sales person for Rye Wilderness Estates. The base price of the homes starts at the $284,000 mark but sales will only begin when the 60 lots estimated remaining in Phase III have been sold. Development of Phase IV should begin when the remaining Phase III lots are down to 25, Strutt added.
DR Horton’s new Rye Wilderness project is the company’s seventh in the Manatee-Sarasota area. In other recent property deals, the developer was reported to have purchased ten additional lots in the Palmer Oaks Estates in Bradenton and four more home sites in the Pennington Place subdivision in Venice.
Prior to the recent purchase, DR Horton already owns lots in the Rye Wilderness community. In 2010, it bought 20 lots there for $600,000 and started building homes in the neighborhood that same year. The company currently offers seven home models in the community with floor plans measuring from 2,325 square feet to 4,363 square feet. Their price range is in the high $200s and the $400s.
Some 36 homes have been sold in the Rye Wilderness community during the last two years with one currently pending and one newly added to about a dozen of its homes listed in the MLS, Sarasota Bay Real Estate said. This livelier market activity is a marked contrast to that in 2009 when Lee Wetherington Homes, the Rye Wilderness owner then, offered lots for “free” in the subdivision by applying the site’s cost on the home construction price.
About Sarasota Bay Real Estate
Sarasota Bay Real Estate is a full service real estate brokerage in Sarasota Florida owned by Sarasota real estate broker, Christina Miller, and marketing professional, Roy Hunter. Together they, and their team of well-experienced agents, provide the best-in-class real estate marketing services for the properties in the company’s inventory.
Sarasota Bay Real Estate Internet assets receive more than 1,000 visits from perspective home buyers a day due to the wealth of local community information published by the company. Through a direct feed from the Sarasota MLS, Sarasota Bay Real Estate publishes the most current real estate information on the Internet for the Sarasota, Florida, market.
Contact information for Sarasota Bay Real Estate can be found at SarasotaBayRealEstate.com.