SARASOTA, FLORIDA, February 13, 2019 – Neal Communities is girding to add more neighborhoods to its 15 new-home projects in the Manatee-Sarasota real estate market this 2019. These additions include Poinciana in Bradenton, and Vicenza and Cielo in Sarasota. Another two are set for launching during the first quarter of 2020, Neal Communities also announced recently.
Its unit specializing in custom-built high-end residences, Neal Signature Homes, for its part will launch the Aria neighborhood in Venice sometime summer 2019. Its acreage is located north of Border Road and west of Jacaranda Road opposite the Vilano residential development of Neal Communities. Notably, a new model home of this custom builder will open this spring in Country Club East in Lakewood Ranch.
Neal Communities is as pumped up in its south Florida market territory covering Lee and Collier counties where it has recently opened three new communities. It is girding to break ground early this year on the new community of Seychelles in Naples.
A stronger capital structure has enabled Neal Communities to undertake all of its recent property development projects. This homebuilder gained access to public capital for the first time last year. In 2018, it garnered a rating from a public bond-rating agency, allowing Neal to secure long-term debt at a fixed rate, thus diversifying its sources of capital to fund the company’s pursuit of growth opportunities. Significantly, with its newfound financial muscle, Neal Communities likewise was able to settle all of its bank and private debts in 2018.
According to the company’s CEO and chairman of the board, Pat Neal, this year the homebuilder will focus on its continued brand expansion and penetration of the markets in Sarasota and Collier Counties. He added that Neal Communities is targeting construction of homes priced under the $200s specifically for working families and young home buyers. Neal hopes to achieve this tack of building more cost-effective new homes by addressing some of the homebuilding cost drivers, like government, exclusionary zoning and land costs.
Last year, Neal Communities posted sales of 1,061 residences and 1,148 home closings in its 31 communities in South and Southwest Florida. Out of this market territory, the sales turnover was dominant in Neal’s communities in south Sarasota County and Lakewood Ranch. Exemplary market performance were exhibited in the community of Indigo in Lakewood Ranch. Similar sales strength was noted in Venice, particularly in Milano and Grand Palm at the master-planned development of West Villages.
Market rankings of data-cruncher Metro Study show that several residential developments of Neal Communities are consistently within the top 20 communities throughout 2018. Such a robust performance was noted specifically for Silverleaf in Parrish and Boca Royale Golf & Country Club in Englewood.
This homebuilder introduced Canoe Creek in 2018, a new community in Parrish, east Manatee, offering modern farmhouse and American coastal-style home designs. Nearly 60 percent of Neal Community’s 2018 sales involved buyers who already lived in Florida. Out-of-state buyers accounted for the remainder of about 40 percent, indicating a sustained influx of new residents into our region.
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>>