Lakewood Ranch again a best-selling community in US, with record 2021 home sales
The housing market in 2021 was very, very busy for Lakewood Ranch, with buyers snapping up everything builders could put on the market and then asking for more.
Builders sold a record 2,574 new homes in 2021, a 20% increase over the previous record of 2,149 sold in 2020.
“Lakewood Ranch was in a strong position to capitalize on migration trends boosted by the pandemic,” Laura Cole, senior vice president of LWR Communities, said in a press release.
Those same trends have helped drive the price of all Bradenton-area housing sharply higher, including rentals, new homes, existing single-family homes, condominiums and townhouses.
“We have not seen a slowdown in prospect activity in recent months,” Cole said. “However, buyers are gaining acceptance of the longer lead and build times for new homes as well as price increases, all induced by the pandemic’s labor and supply woes.”
The average price of a new home in Lakewood Ranch in 2021 was $609,000, 19% above 2020’s average price. Base pricing for new homes at Lakewood Ranch starts at $263,000 and goes well above $2 million.
The existing single-family home market in the Bradenton area has also seen a steep run-up in prices. In November, the median price for an existing single-family home in the Bradenton area was $450,411, up 28.5 percent from the same month a year earlier when the median price was $350,500.
The average price for an existing single-family house in the Bradenton area in November was $593,109, up 28 percent year over year.
“Our housing diversity, multi-generational appeal, and expanded amenities drew buyers from high tax markets across the U.S., buyers with accelerated retirement plans, and buyers untethered to their jobs,” Cole said.
Sales were strong throughout 20 villages
Sales were robust throughout Lakewood Ranch’s more than 20 actively-selling village, including newly opened Esplanade and Park East at Azario, Lorraine Lakes, Sapphire Point and Solera.
New models also opened in LakeHouse Cove, Savanna and The Lake Club. Star Farms and Sweetwater both broke ground in 2021, with models opening in 2022.
Waterside, Lakewood Ranch’s village in Sarasota County which is planned for more than 5,000 homes, is now selling single-family homes in LakeHouse Cove and Shoreview as well as rental townhomes, apartments and senior living options in a variety of waterfront neighborhoods.
Builders will be introducing townhouses, cottages, single-family rentals and large custom homes in the next phase of Waterside development.
Waterside Place, Lakewood Ranch’s third town center, recently opened in Waterside Village. The other Lakewood Ranch Town Centers are Lakewood Ranch Main Street and The Green.
The newest addition to Waterside Place is Good Liquid Brewing Company, which opened a brewery and restaurant there, as the new dining and retail destination continues to evolve.
More senior and assisted living options are being explored, to serve the growing needs of families who move to Lakewood Ranch with their aging parents, Lakewood Ranch officials said..
Activity in the multi-family housing market has also grown with new apartment offerings at The Summerhouse and Botanic, and Artesia, a single-family rental development.
Apartment complexes have been a hot commodity for investors in the Bradenton area. Manatee County’s largest real estate transaction in 2021 was for Creekside Ranch Apartments, 11309 Ranch Creek Terrace, which changed hands for $76.3 million.
Lakewood Ranch has seven single-family rental projects in various stages of leasing and development, ranging from workforce to luxury.
Community continues to develop
The Ranch’s growing population, estimated at more than 50,000, has driven expanded educational offerings with additions planned for Lakewood Ranch High School and R. Dan Nolan Middle School, and a new K-8 school is scheduled to be finished by 2024. The Lakewood Ranch Preparatory Academy, a new K-12 charter school, projects a lower school opening in the fall of 2022, with construction of the high school to start in 2023.
Manatee County broke ground in Lakewood Ranch for the newest library in the Manatee County system in December, and plans were announced for expanding the Premier Sports Campus at Lakewood Ranch, including a new aquatic center.
Lakewood Ranch was recognized as the best-selling, master-planned multi-generational community in the country for the fourth year in a row by RCLCO, an independent real estate consulting firm.
Selling even more houses than Lakewood Ranch in 2021 was The Villages, a retirement community in Sumter County. The Villages recorded 4,004 net sales, 63 percent more than the 2,452 it sold in 2020.
