Neal Communities buys 87 more lots

Neal Communities buys 87 more lots

BUYER: Neal Communities of Southwest Florida LLC,

SELLER: Synovus Bank fka Synovus Bank of Tampa Bay

PROPERTY: a portion of Sawgrass Bridge Road, Venice also known as lot 7, Sawgrass, unit 1; lots 273, 274, 303, 444, 450-453, 530, 531 and 554, Sawgrass, unit 4; lots 254-270, 333-336, 338-341 and more, Sawgrass, unit 6; and a portion of Lakescrene Drive, Venice also known as lots 396, 400 and portion 403 and more, Lakes of Jacaranda, unit 7

PRICE: $3.58 million

LAW FIRM ON DEED: Johnson Pope Boker Ruppel & Burns LLP, Clearwater

PLANS, DESCRIPTION: Homebuilder Neal Communities of Southwest Florida purchased 80 lots in the gated Sawgrass community and seven lots in Lakes of Jacaranda from Synovus Bank for $3.58 million.

The purchase price equated to $41,092 per lot. The purchase also includes other rights to the communities, including the right to be the exclusive homebuilder in Sawgrass.

“We paid about $42,500 per lot [in Sawgrass],” says the homebuilder's CEO Pat Neal. “There have been sales there as high $378,000 per lot, which I think shows we made a marvelous purchase. We're continuing to look for land in Venice.”

It is the company's third purchase since it ramped up its land buying in the third quarter of 2009. In late 2009, Neal purchased 63.8 acres in Lakewood Ranch's Country Club East from a Schroeder-Manatee Ranch subsidiary for $4.81 million.

Neal reiterated his belief that the recession has broken. He reports that sales continue to grow. The company will start sales in May, and model homes are expected to open in June or July.

Neal Communities of Southwest Florida mortgaged the property to the seller, Synovus Bank, for $1.83 million.