K. Hovnanian Windward Homes purchased 32 finished home lots in Panther Trace for $1.04 million.
BUYER: K. Hovnanian Windward Homes LLC, Tampa
SELLER: S.T.O.F. Holdings Ltd.
PROPERTY: lots 1-8, 15-18, 20-27 and 33-36, block 9 and lots 4-7, 10, 17 and 18, block 10, Panther Trace, phase 2B-1, on U.S. 301 just north of Big Bend Road, Riverview
PRICE: $1.04 million
LAW FIRM ON DEED: Shutts & Bowen LLP, Tampa
PLANS, DESCRIPTION: K. Hovnanian Windward Homes purchased 32 finished home lots in Panther Trace for $1.04 million.
The price equated to $32,500 per lot.
K. Hovnanian vice president Paul Corace says an important factor in its decision to buy in bulk was a lower acquisition cost. The company signed a contract in late 2009 to buy 54 lots in the community, and it bought 22 of those 54 lots in an earlier deal.
Panther Trace has historically been one of the best-selling home communities in Hillsborough County, Corace says. The company will sell homes starting in the $160,000s.