Luxury Home Market Picks Up Pace


If recent sales of residences valued at over $1 million are to be the gauge, the luxury home market in Southwest Florida looks on an upward momentum, Sarasota Bay Real reports. At the high-end golf community of The Concession in East Manatee, PGA titlist J.B. Holmes acquired in June 2014 a 6,300-square foot, five-bedroom residence for $2.05 million.

Demonstrating the vibrant mood of the luxury home market in the region, it took Holmes two tries before finally closing the deal at the Concession. The pro golfer, who clinched the Wells Fargo Championship at Quail Hollow Club, Charlotte, NC, in May, earlier failed in a bidding duel with a buyer from Peoria, IL for another sales-listed residence at the golf community. The eventual buyer, Michael J. Stone, shelled out $2.85 million for the contended 9,000-square-foot home.

In another deal, ownership of a 5,236-square-foot home at the Concession changed hands for $1.5 million home. This residence, bought by the couple of Daniel and Paula Santry, was constructed in 2007 in a lot of over half an acre and features four bedrooms and four baths.

Home lots turnover fast

Luxury Home Market Picks Up Pace

A pair of home deals both valued in the $2 million level was also closed at the Concession in May of 2014. Available lots are also moving fast in the golf community with 34 home sites already sold as of June, including one which was acquired by the newly drafted Pittsburgh Pirates pitcher Charlie Morton.

Home builders are keen to recognize the rising opportunities in the luxury housing market. Lee Wetherington Homes and Arthur Rutenberg Homes each introduced recently their new models at the Concession— the Verona the Modena, respectively. In June, Neal Signature Homes will unveil its new model while John Cannon Homes is set for an August introduction of a new design at the Concession.

Lady golfer sells at reduced price

In West Bradenton, meanwhile, LPGA standout Paula Creamer sold her 6,000-square-foot waterfront home at the Legends Bay property on Palma Sola Bay. The two-story, four-bedroom residence built in 2009 was purchased by Tuxedo, NY-based Russell and Joanne Vernon. This property had carried a listed price of as much as $4.5 million. This was down to $2.3 million when the Vernons looked at the property, eventually clinching the deal at $2.1 million.

Notably Gibraltar Homes, the builder of Creamer’s home, remains busy with Legends Bay construction projects. It expects to complete by early next year two lakeshore homes with floor plans ranging from 2,500 to 3,000 square feet. The other builders in Legends Bay include Arthur Rutenberg Homes and D.R. Horton.

These recent developments on upscale properties at the Concession and Legends Bay come on the heels of the reported $6-million purchase by upscale fashion designer Michael Kors of a 2.25-acre vacant beachfront lot on Longboat Key. Though no development plan has been announced for this site yet, Kors eventually building a residence is a likely possibility as he’s likewise opening an outlet at the University Town Center mall which is set for an October inauguration this year.