Elite home market increases in Lakewood Ranch area

Through the past decade, the East County area, with Lakewood Ranch as the driving force, has sold its share of million-dollar homes.

However, the area might not have caught the attention of the truly elite home seekers who have directed their attention to the coastal areas.

That has changed.

"This is an exciting time," said Realtor Donna Soda of the Schemmel Soda Group, who has listed the home at 20819 Parkstone Terrace in The Concession at $6,999,000. "These kind of homes can put Lakewood Ranch (area) on the map."

Certainly, Lakewood Ranch is on the map as the nation's No. 1-selling, multi-generational, master-planned community, providing homes for most levels of buyers. And the East County area has had some eye-popping sales, such as the $7.98 million sale in the Concession in 2022.

But the very top-level offerings are now increasing.

Currently, the Parkstone Terrace home, nicknamed the Magnolia Estate, is the highest dollar listing in East County, a few thousand dollars more than a pair of new home listings in the Lake Club that are just under $7 million.

The Parkstone Terrace home is the only home for sale in The Concession built by Perrone Construction, which collaborated with CMSA architects, Century Furniture, International Design Source and Parkstone Estates to create an "ultra-luxe custom home."

Soda said when multiple elite listings are available in an area, it "opens the eyes" of buyers on a national and international level. She said the elite homes attract the CEOs, CFOs and attorneys (among others)."

"They see the sales here and say, 'Maybe we should look into this.'"

She said the Parkstone Terrace home has drawn prospective buyers from all over the world.

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Such a listing presents a different kind of marketing challenge. The Schemmel Soda Group is under the Premier Sotheby's International Realty umbrella. She said Premier Sotheby's has taken out ads in the Wall Street Journal and Dwell magazine on the property. She said such a listing requires more networking and public relations work.

"You have to know your customer, because they've been around," she said.

Soda said savvy buyers know Sarasota's Perrone Construction, but often because of the company's work on Siesta Key. 

"This is a very notable Perrone home," she said.

Once the buyers, or their representatives, come to the area to inspect the home, Soda said it sells itself.

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"It's great to show," she said. "You just look at all the details. The trim work is exquisite throughout the house. The window casings are all trimmed out. The windows are hurricane glass. There are three sets of French doors."

"The home went on the market in June and we've had quite a few showings."

She said in "today's world," selling such a home often is a 6-8 month process.