Neal launches new home development in Lakewood Ranch

Tucked into an enclave in the easternmost region of Lakewood Ranch, the 21-lot development of Waterbury Park is open for business.

Developed by Neal Signature Homes, the community’s newest development held a grand opening last week at the southwest corner of Bourneside Boulevard and The Masters Avenue.

“There are not many places left in the area where you can find attainable luxury homes that are close to everything,’’ says Carlos Puente, president of Neal Signature Homes. “The homes are spectacular, and they are minutes from shopping, restaurants, entertainment, schools and sports.”

According to a news release from Neal, exclusive of homesite and options, prices are set to begin at $1.4 million, and four models are available ranging from about 3,100 square feet to about 4,100 square feet.

During a live, webcast introduction to the development, Puente and Christina Potts, area sales manager, toured a model home and spoke about Waterbury Park’s home features. While the homes planned are not fully customizable, Potts said there is still plenty of room for buyers to add their own touches.

“Bring your ideas,’’ she said. “Our designers are going to work with you and your tastes and what you want to see in your home and in your style.’’

While the overall residential retail market in the Sarasota-Manatee area has turned from one favoring sellers to a more balanced market, the new home market is surging – especially in Lakewood Ranch. Nearby, the Waterside area has been growing rapidly on the strength of new construction.

Not far away, in Sarasota County, plans are moving forward for Lakewood Ranch Southeast, which could ultimately see 5,000 new homes built. Sarasota County commissioners recently rezoned more than 500 acres between University Parkway and Fruitville Road for residential development with plans for about 1,400 homes and apartments.

Meanwhile, prices on the resale market have tipped downward, according to reporting from the Business Observer, a sister publication, quoting real estate research company Homes.com.

Michelle Rumore, a senior director of market analytics at the CoStar-owned Homes.com, said properties are sitting on the market longer. That is leading to sellers making concessions, especially in new construction, and price cuts on existing homes.

“Despite these pricing improvements, mortgage rate volatility over the past 45 days has kept some buyers on the sidelines, dampening demand,” Rumore says.

According to the data, in Tampa Bay, the average median home price in the market declined in Tampa by 2.7% over this time last year to $365,000. Sarasota/Bradenton and Naples saw far steeper drops, with the median home price falling 13.8% from a year ago to $405,000 in Sarasota and 14% from a year ago to $620,000 in Naples.