The #1 Selling Planned Community in the U.S.

According to the mid-year report on sales in masterplanned communities by RCLCO Real Estate Consulting, Lakewood Ranch in the Sarasota, FL, area was the top-selling community in 2021 with an 83% increase in sales over 2020. And, it’s no wonder that people of all ages fall in love with Lakewood Ranch. It’s a destination unto itself, an incorporated town with 32 villages within the property, each with its own style. It’s filled with restaurants, shopping, entertainment, nature, and recreation, all wrapped up in a healthy lifestyle.

Lakewood Ranch's Senior Vice President, Laura Cole, spoke with ideal-LIVING about the wild ride of 2020-21. “No one would have guessed that in March 2020 we would have a pandemic and then bounce back so fast.”

Three Waves of Buyers

Laura saw the increased sales in three waves. The first wave was a frenzy in the early stages of the pandemic, where both retirees and young families were just ready to get out of where they were. In the next wave of buyers, others decided to move, but were frustrated because they were facing a lot of constraints, including increased pricing, inventory issues, and construction delays. Laura said, “That is starting to work itself out, and people recognize the environment that we are now in. We are starting to see a little bit of leveling off. The consumer is starting to take the buying process in stride. They may not have the homesite or home available to them immediately, so they may decide to rent until they can find their ideal home or perfect homesite in Lakewood Ranch.”

“And now we are seeing long horizon buyers who are just starting their search trying to get a sense of what will be there in the next few years.”

Real Estate Values

“Some people had suspended their home search during the pandemic, and they are now starting to contact us again. They now have sticker shock because they were looking before the pandemic. The average price point in Lakewood Ranch rose 16% between June 2020 and June 2021. The average luxury market price above $800,000 is up 34%.

“We are empathetic to what people are going through. Some of them have been searching for a while, and they knew which village they wanted. They had decided on Lakewood Ranch and now they have been priced out. It is very frustrating to now have the elevated pricing. I encourage everyone just to be patient. Do your research. Go in with whatever risk tolerance you have, and don’t get discouraged.

“I don’t think we really know exactly how this is going to play out. There are still a lot of unknowns in the world today. I feel like things will level out, and it looks like mortgage rates are going to stay low. This is the most interesting time I have seen.”

The New Culture of Renting in a Master-Planned Community

“We think that there will be people looking to rent while they build, but we also believe there will be a segment of the market that wants a rental product without the burden of homeownership. It gives them flexibility. About 17% of our total residential housing stock is rental. Of that, 20% is now either developed or planned for single-family rentals.”

Always Something New at Lakewood Ranch

The newest development at Lakewood Ranch, Waterplace, might just be their legacy piece. Laura says, “Waterplace is our baby. We are very excited. It’s a new town center experience with all sorts of amenities that will open by the end of year. We have a lot coming out of the ground there. Five hundred and seventy-five rental units surrounding the town center are at full occupancy. About 600 homes are in the ground now. The next phase is introducing new neighborhoods including workforce housing to luxury homes on the waterfront.”