Looking in Lakewood Ranch.... (Sarasota, Golf: sales, rent, new home)

[pjbrien]

...and things are crazy!! We are out of town buyers which makes things even more difficult in this type of market. Two things jump out at me.

Can't get anyone at Toll Brothers to answer the phone or email all week which is unfortunate because they are one of the few communities with prime lots left to sell. The LR information office has no idea what is going on with them currently - they can't get ahold of them either.

Reached out to Towne Builders today - the very nice woman I spoke with told me they are "taking contracts' on pretty much everything they have left at Lakeshore Cove. We are looking at 65' frontage lots and they are about 85% sold out. We haven't given up on this community yet but it is a feeding frenzy to be sure.

A few other points after a long month of searching.....

Don't go by any of the site plans you find online - call them direct for updates as things are moving so quickly they can't keep the site plans current.

I wish Lennar didn't have such (IMO) pedestrian looking homes as they still do have some desirable lots left in Lakewood Ranch Golf and CC area - why would a builder sell drab, brown homes in SW coastal area of Florida?? These designs look straight out of the early 2000's.

The salespeople at Mallory Park couldn't be more responsive and if that community appeals to you there are still some decent options remaining.

Resales in LR look to be benefitting from the buying craze as builders continue to raise prices on a weekly basis. Most resales that aren't priced crazy seem to be pending within a couple of weeks of listing.

For any realtors here a quick question - I've seen new construction on the MLS selling for less than asking price on a few occasions - is there an opportunity to go in at less than asking price on new homes that are inventory or model homes?

Any insights would be most appreciated!!

pjbrien

[Sunshine Rules]

Unless it's a spec home, most area builders will not negotiate on base price of their homes (it messes up their comps and future sales.) Any negotiations will tend to be from reductions in price of the premium lot cost or free upgrades. So most likely the sales in the MLS you are referring to were spec homes the builders wanted out of their inventory sooner rather than later.

[AttyShekelman]

to pjbrien ~




FYI everything is overpriced because people are stupid and in a hurry - it's the herd.


Slow down and take your time. The bubble is only getting larger and ready to pop.

[Tommygphotos]

Rent for a while

[pjbrien]

Originally Posted by Sunshine Rules

Unless it's a spec home, most area builders will not negotiate on base price of their homes (it messes up their comps and future sales.) Any negotiations will tend to be from reductions in price of the premium lot cost or free upgrades. So most likely the sales in the MLS you are referring to were spec homes the builders wanted out of their inventory sooner rather than later.

Thank you Sunshine - after spending the day at LR today I believe you are correct.

One more observation after speaking with a number of people in the know today...there is no way they will be selling homes in this area in 15 years. The entire development is selling out fast and there is no more undeveloped land either under construction or planned to the North, East or West. All development will be to the south in the lake communities but that can't go on forever - it appears all will be developed within 5-7 years. This actually makes me feel better about buying there.

Have I missed something?

[beach43ofus]

What are the sales centers like in Lakewood Ranch during sales hours? They are packed in Southern Sarasota County. Cars overflowing the parking lots and people standing in lines outside to get in to speak to a sales person.

I'm not saying this is occurring in every single comunity down here, but the ones I drove through Sunday Jan 24th 2-3 pm were all mobbed.

[pjbrien]

I wouldn't say mob scene as much as steady stream in LR. They are raising prices so fast perhaps they're scaring them off.

[pjbrien]

Originally Posted by beach43ofus

What are the sales centers like in Lakewood Ranch during sales hours? They are packed in Southern Sarasota County. Cars overflowing the parking lots and people standing in lines outside to get in to speak to a sales person.

I'm not saying this is occurring in every single comunity down here, but the ones I drove through Sunday Jan 24th 2-3 pm were all mobbed.

I wouldn't say mob scene as much as steady stream in LR. They are raising prices so fast perhaps they're scaring them off.

[AttyShekelman]

lol...I wouldn't touch this market - seen this stuff before

[Hbcapital]

Current Home inventory in Sarasota county is 1250 homes or a 1.6 month supply according to the Sarasota realtors site. Back in 2005-06 at the peak of the market, there were 10,000 single family homes on the market and a 30-35 month supply. The glut of homes back then plus the recession caused the large drop in housing prices. With current inventory at historic lows, the housing boom will continue until inventory picks up substantially.