SARASOTA, FLORIDA, January 18th 2017 – Market activity could be expected to pick up soon at Legends Bay, a bayfront community in West Bradenton, as its last 82 vacant lots have been recently sold.
Legends Bay Real Estate LLC, a subsidiary of Medallion Home, purchased the sites for $10.9 million from the property’s developer Ruben Holland Development. “Build it out . . . sell more homes,” was the comment of Medallion Home founder Carlos Beruff regarding the deal sealed on December 30 last year.
Beruff did not identify which homebuilders will work on the newly purchased Legends Bay home lots. However, his company has its own home-building arm, Medallion Signature Home, which has designed and constructed residences in the various neighborhoods of Medallion Home in southwest and central Florida.
The development of Legends Bay started some 12 years ago, banking on the property’s pristine natural setting which affords magnificent views of Sarasota Bay as well as nearby lush mangroves and Longboat Key. Located off south of El Conquistador Parkway, this community has already drawn in several other homebuilders, including national heavyweight DR Horton and custom-builders Arthur Rutenberg, Gibraltar Homes and John Cannon.
In 2014, DR Horton bought 18 Legends Bay lots which likewise involved a multi-million dollar deal. This national homebuilder has several move-in ready models currently listed amongst Bradenton homes for sale. These residences are priced in the $300s and the $400s, featuring floor plans of between 2,500 and 3,600 square feet designed with three to five bedrooms.
At these price points and square footages, Medallion Home and its homebuilding unit already have some home designs which could be suited in Legends Bay. One of these is the homebuilder’s Barbados 2800 model now sales-listed amongst Bradenton homes for sale at The Enclave at Country Meadows.
This model has a floor area of approximately 3,000 square feet designed with four bedrooms and three baths. Offered with a leaseback option, this residence at The Enclave is priced in the low $600s, at par with a John Cannon Homes pre-construction listing with a floor plan of about 2,400 square feet at Legends Bay.
West of Legends Bay, Medallion Home also owns land through Long Bar Pointe LLLP. Beruff and his partner, Larry Lieberman, applied to build on this site some 3,500 homes and multi-family units, in addition to a marina, hotel, a conference center, and close to 200,000 square feet of commercial space.
However, this plan was derailed in 2013 due to protests from environmentalists. A new development plan for the site has been refiled for a proposed “Aqua” residential project on 522 acres but its implementation remains tentative.
What’s more definite in the immediate vicinity of Legends Bay is the mixed-use Lake Flores which was approved last year across El Conquistador Parkway. This project is set on 1,500 acres of former farmlands now being groomed as a master-planned development under the New Urbanism concept. It is programmed not only for about 6,500 homes but also for 3 million square feet of retail and office space, amenities which could bring some added lift too for nearby Legend Bay homes for sale.
SARASOTA, FLORIDA, October 7, 2019 – Property values of communities in the Sarasota-Manatee region now face lesser threat from neighborhood eyesores brought about by abandoned, foreclosed homes. Known in the real estate trade as zombie foreclosures, these properties have shrunk significantly in the region. According to an August report of ATTOM Data Solutions, abandoned […] more>>