Booming home sales during first half of 2021 lift Lakewood Ranch to new heights
With 1,535 new home sales through the end of June, Lakewood Ranch has been recognized as the best-selling community in the U.S., according to national real estate consulting firm RCLCO’s 2021 mid-year survey.
For the past three years, Lakewood Ranch has been recognized as the best-selling multi-generational master-planned community in the U.S.
The 2021 mid-year report marks the first time Lakewood Ranch has been ranked No. 1 overall, beating last year’s numbers by 83% percent
Lakewood Ranch was primed to meet the increased number of relocations spurred by the pandemic, Laura Cole, executive vice president of LWR Communities, said in a press release.
“The Ranch’s maturity, locational assets, and multi-generational appeal drew buyers and their extended families (and friends) from all corners of the U.S.,” Cole said.
“Five new villages opened during the pandemic, offering greater home choices at all price points with outstanding amenities and access to open space and trails — key criteria sought by buyers fleeing more urban locations,” she said.
Ground was broken on the 33,000-acre community in 1994 and Lakewood Ranch is now home to more than 50,000 residents.
“Buyers say they are looking to move close to family and friends, downsizing, or accelerating retirement. Year-over-year, we experienced the largest sales gains in the entry/first move-up segment (84% growth over prior year) which generally leans towards millennials. The empty nest/active adult market jumped by 71% during this period, and second home move-up/luxury buyers increased by 57%,” Cole said.
Lakewood Ranch’s first-place position put it among the top-selling master-planned communities in the country for 10 consecutive years.
The pandemic served as a catalyst for families looking to retire, move to a more desirable area, or find more open space, producing an influx of residents from the Northeast, Midwest and areas as far west as California.
People moving to Lakewood Ranch are in “pursuit of quality of life,” Cole said.
The existing single-family housing market also felt the pressure.
In May, the price of existing single-family houses in the Bradenton area broke a median price of $400,000 for the second consecutive month due to competitive bidding for homes on the market, which has steadily been driving up prices.
The median price, the exact midpoint price for all houses sold, was $75,000 greater than a year ago.
The frenzied buying has resulted in a shortage of inventory of existing single-family homes and new homes.
Lakewood Ranch builders are working to increase availability.
“As the market has become more competitive,” Cole said, “we feel it is essential to recognize the pressures confronting buyers and help them navigate options in the for-sale or rental space.”
New villages, Star Farms and Sweetwater, will be added to the 21 new home villages by year-end. Waterside Place, The Ranch’s newest town center — and its first in Sarasota County — will open this fall.
Rex Jensen, president and CEO of Schroeder-Manatee Ranch, Inc., developer of Lakewood Ranch, said that planning and execution continue to keep the community – which has been owned and guided by the same family since its inception over 25 years ago – at the top.
“Lakewood Ranch has been a perennial pack leader by delivering the features which epitomize top selling master planned communities: consumer centric homes, well integrated natural areas, abundant amenities and a vast array of lifestyle offerings,” Jensen said in the press release.
“Buyers across the demographic and geographic spectrum are attracted to the qualities and conveniences of our established community with the added benefit of resort-level amenities in their neighborhood,” Cole said.
Amenities at Lakewood Ranch include three town centers, five neighborhood shopping centers, Lakewood Ranch Medical Center, A-Rated schools, more than 120 miles of trails, a parks and recreation program, 60-plus clubs, Premier Sports Campus, Sarasota Polo Club, and more than 1,400 businesses.
This story was originally published July 13, 2021 at 10:46 AM.
