Lakewood Ranch - Country Club East - Builders (Lee: foreclosures, to rent)

[movingnearthebeach]

So, just when I thought I was getting closer to make a decision . . . any help is greatly appreciated. I've narrowed my list of potential relocation spots to Lakewood Ranch - Country Club East. I think I want to build . . . But now I have some concerns:

- Narrowed to Lee Wetherington and Gibraltar. Worried about the price per square foot of a new build, no lot premium, no upgrades yet, and includes pool. They are quoting a price of approximately 170.00 per sq ft which seems high in this economic times in the housing world. Thoughts?

- I read that they both may have financial issues and that one builder is having challenges keeping up on paying his staff. The other builder had some issues with foreclosures.

I so want to make this work but don't want to get into financial troubles buy purchasing in before the bottom drops or from a builder that is overpriced and has financial challenges.

Any thoughts from my trusty Floridian experts?

[bbronston]

Actually, that is a very reasonable number. The average cost per square foot of all non-distressed resales in LWR Country Club and Country Club East over the past 3 months is $171.72. So, for a new house with a new warranty on a lot of your choce and with everything the way you want it, it's pretty reasonable.

Of course, that is for all single family homes. It may change if we look at a narrow range of square feet.

[movingnearthebeach]

Well, that's very good news. One of the homes is right at 2900 sq ft and the other home is at 3080. Both have been customized which is terrific.

[movingnearthebeach]

By the way, do you know if either builder is in financial trouble right now? I don't want to get into a situation where I start with a builder and then they fold.

Recently someone I know moved to Florida and because of the unsettled market, whom many suggest hasn't hit rock bottom yet, decided to rent for a year. I suppose that's a possibility, but in my head doesn't seem ideal.

[bbronston]

I have not heard any rumors and certainly wouldn't be in a position to know or advise in that regard. This is always a concern with builders. I usually Google them as I approach each new deal and see if there are any new articles that raise questions.

[movingnearthebeach]

Good thinking!