A million reasons to buy in Lakewood Ranch

From Realtor Deborah O’Mara’s perspective, the luxury home market in the Lakewood Ranch area is on a hot streak.

In just the first three months of 2018, she’s already sold $10 million worth of real estate, nearly half of her sales volume for all of 2017.

“This year, I’m seeing houses over $1 million moving at a tremendous pace,” said O’Mara, an agent with Michael Saunders & Co. who has been in the industry for 40 years and in the Lakewood Ranch area since 1999. “I’ve had clients who said, ‘I’m not going to buy for a couple of years, but we’re going to buy now.’”

Sales numbers tell the story. Through April 20, the market has seen 20 homes of $1 million or more sell in the East County Area. That's on a pace for more than 60 for 2018 and it continues last year's pace when 59 homes of $1 million or more were sold in East County.

Even better for Realtors, 10 of those million-dollar sales came in April alone.

One a week, that's all the Realtors ask.

While potential buyers flock to areas like the Lake Club or the Concession to find million dollar, new home bargains, existing home sales are rallying as well. 

O'Mara said new construction homes continue to sell well, but resales are gaining traction, too. In 2017, only five existing homes in Country Club at Lakewood Ranch sold for more than $1 million. In the first three months of 2018, O'Mara has sold two in that neighborhood from holding open houses.

She attributes the change to sellers adjusting prices to show more value compared with new construction and because sellers are making updates so existing homes look more like models. She also said several Nor’easters along the nation’s eastern coast, as well as changes in the stock market, have contributed to buyers coming forward.

Lakewood Ranch resident Steve Greene is one of those buyers. He and his wife, Arlene, are scheduled to close on their four-bedroom, 4,348-square-foot Country Club home April 23. The Greenes, originally from New Jersey, are moving up after selling their 2,200-square-foot Country Club home.

“We didn’t really have intentions to buy a house,” said Steve Greene, who felt the rising market was right for the investment.

He and Arlene visited models during the Parade of Homes to see the new housing trends and they stopped by an open house that O’Mara hosted. They liked the house so much they decided to buy it, rather than investing the money from their New Jersey home in the stock market. It would give them plenty of space when their children and grandchildren visited, and they already had enough money invested in the stock market.

Steve Greene said Florida’s beautiful weather and low tax rates make it a great opportunity for people like himself, who want a diversified financial portfolio and high quality of life.

“People feel good about real estate again,” said Jim Soda, of The Soda Group with Premier Sotheby’s International Realty. “The stock market has been riding up and riding up. It’s just an overall confidence of what’s going on right now.”

Luxury-focused Realtors said the movement has been primarily in the $1 million to $1.3 million range. Even so, of the 20 million-dollar homes that have sold so far in 2018, eight have sold for more than $1.3 million. 

O'Mara said updates remain the key to selling existing homes for more than a million dollars. Sellers are motivated because the buyers are out there.

“The higher-end market is definitely waking up,” said Realtor Donna Soda of The Soda Group. “If the home is priced right, it will sell.”

Realtor Holly Pascarella, of Keller Williams Realty, agreed.

“I’ve definitely seen more movement in the last few months, than I did in the last six months (of 2017),” Pascarella said.

Despite the rally of the high-end market, Realtors continue to stress the resale homes won't move if they aren't updated.

“A lot goes into it,” Donna Soda said. “It’s not just if it’s priced right. It has to show well enough that somebody’s willing to buy a resale versus new.”

Realtor Stacy Haas, of Premier Sotheby's International Realty, has closed $20.5 million in real estate so far in 2018. Haas said her buyers have been more interested in existing homes.

"The people who don't want to wait are willing to buy resales," she said. "If the property is meticulous and has nice finishes, the property will garner a higher price."

Whether the buyers are looking for new or existing homes, the Realtors say the inventory of million-dollar homes in East County is impressive.

In the 34202 zip code alone, there currently are 76 homes for sale priced at $1 million or more. The 34202 zip code is generally the greater Lakewood Ranch area between University Parkway and State Road 70 and east of Interstate 75. It includes communities such as Country Club at Lakewood Ranch, The Concession, River Club and others.