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Sarasota-Manatee
Business Observer Tuesday, Nov. 23, 2021 3 days ago

Developer exceeds sales goal two months early

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The crowning achievement came after North River Ranch community reached 350 home sales.

PARRISH — Typically, the fall season is a slow one for master-planned community developer Neal Land & Neighborhoods. But not this year with the housing market in full swing. 

That’s what led to the Manatee and Sarasota-based developer exceeding its annual sales goal two months early. After reaching 350 home sales earlier this month at its flagship community North River Ranch in Parrish, the developer is hurtling toward the end in rapid sales mode. 

“While fall is historically a slow period for the housing market, the fact that we have continued to sell at a rapid pace the past couple of months and released additional homesites to our builders shows that demand remains strong,” says John Neal, president of Neal Land & Neighborhoods, in a press release. “Available new construction homes are hard to come by, so we’re working quickly to fill that void for eager homebuyers in the entry-level, move-up and pre-empty nester segments.”

There were a lot of moving parts that went into this achievement, say company officials. 

North River Ranch added builder Pulte Homes to the Brightwood neighborhood to begin selling during the community’s final phase, for one example. In addition, KB Home, Park Square Homes and Homes by WestBay continued to sell their final lots in the current phase of Brightwood. Lastly, David Weekley Homes and Neal Communities have been actively selling in the community’s second neighborhood, Riverfield, the release states. 

The average home at North River Ranch sold for $378,000 this past month, a 6% increase since the first quarter of this year. That price is still more than $50,000 lower than the Realtor Association of Sarasota and Manatee’s latest reported median price for single-family homes in Manatee County. 

“As we expected,” Neal says, “prices have increased as we’ve progressed in the construction process at North River Ranch, which is typical for a new community. However, compared to industry averages, we’re a highly desirable choice for buyers looking for new construction homes in an amenity-rich community.”

Homes featured in North River Ranch currently range from the high $200,000s to $800,000s. The community is home to nearly 200 homeowners.

Neal Land & Neighborhoods currently owns or controls several thousand acres entitled for more than 9,000 future residential homes and the supporting mixed-use commercial and retail.

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