SARASOTA, FLORIDA, March 20th, 2017 – Residential properties in older communities east of downtown Sarasota, like Paver Park and Alta Vista, are getting increased market attention these days. At Paver Park, deals on about a dozen market listings were closed recently, while at its neighboring Alta Vista two spec builds were entered in the MLS of Sarasota homes for sale early this year.
The current construction boom at the downtown core is spilling over this side of town which helps in generating a vibrant market sentiment on these vintage neighborhoods. Much of this upbeat mood comes from developer David Weekley Homes, which is behind the two sales-listed spec homes at the Hudson Park neighborhood of Alta Vista.
This Houston-based homebuilder has committed to a larger project at 295, 301, 325 and 601 South School Avenue where it plans to develop the Payne Park Village, a community to be comprised of 135 residences. Last year, city officials and local residents gave preliminary approval to this project after David Weekly Homes presented a development with about two-thirds lesser density than an earlier proposal from another developer.
In 2005, developer Ron Burks pushed for a series of seven-story buildings with as many as 460 residences at the eight-acre site now planned for Payne Park Village. Residents led by those from Alta Vista opposed this original density, however, and they got the city to have the project revised to a mixed-use development with a five-story cap. The Great Recession, however, derailed Burk’s plans, setting the stage for the David Weekly Homes’ takeover.
For its planned new community, this developer plans to have a residential mix consisting of 66 duplexes, 32 townhouses and 33 single family homes. Their pricing are expected in the $300s‒$600s range.
This project is estimated to cost $65 million, and David Weekley hopes to begin infrastructure work this summer if it could get final city approval and close site purchase this spring. With this timeline, the company expects to open model homes in the first quarter of 2018 and pave the way for the first residents to move in late next year.
Prospective buyers of Sarasota homes for sale can have an earlier preview of the company’s two spec homes at Hudson Park in Alta Vista. Priced in the $500s, these residences now under construction have floor plans of about 2,000 square feet, featuring a choice on three or four bedrooms.
For pre-owned homes with investment potential, Paver Park is worth putting in a buyer’s watch list. Just this February, a classic, vintage mid-1950s home in this neighborhood was sales-listed with a tag price in the low $200s. It comes with a floor plan of 1,216 square feet designed with three bedrooms and enjoys proximity to local attractions including some planned additional amenities.
Much-awaited in this area is the city-approved makeover of the Ringling Shopping Center as a mixed-use development. In addition, this locality stands at the trailhead for the proposed downtown link to the popular Legacy Trail which extends southward all the way to Venice, yet another project that could further enliven the Paver Park‒Alta Vista property market.
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>>