The prolonged downturn in the local real estate market is bringing with it a surprising upside for home buyers.
Evidence of this can be seen at The Founders Club on Fruitville Road, where its new operator, London Bay Homes, is bringing three new series of homes to the market with fresh designs and attractive pricing.President Mark Wilson says he believes the time is right to take make this move. “The market for new homes has been stale for some time now. We think we can capitalize on the upside of this downturn by introducing some new designs at prices that may surprise a lot of people,” he said.
Wilson points to the fact that the real estate recession has created some great opportunities for homebuilders with capital. Last summer, his company stepped up and purchased the remaining 86 home sites in The Founders Club, the gated, luxury golf community east of Interstate 75. “We were able to negotiate a purchase on very favorable terms, and that’s a result that ultimately will favor new home buyers,” Wilson said. In addition, the 20-year building veteran says construction costs are now 30% to 40% below their 2005-2006 peaks and that creates another upside for anyone building a new home.
London Bay is introducing three new model series at The Founders Club that include:
- Cottage Homes – maintenance-free single-family homes starting in the $500s
- The Fairway Collection – mid-size luxury homes starting in the $600s
- The Estate Series – the community’s largest homes priced from $1 million
Models from two of the collections are now under construction at The Founders Club with an anticipated public opening in mid-March. The Laurel is a 2,438 sq. ft. maintenance-free Cottage Home with three bedrooms, three baths and a den. The home features a spacious great room design and a large lanai to accommodate outdoor living. Exterior, pool and landscape maintenance is provided through the neighborhood association. The fully furnished Laurel is priced at $1,084,214.
The fully-furnished Isabella is a 2,879 sq. ft. Fairway Home with three bedrooms, three baths, den and formal dining room. It also features a great room floor plan and includes a large master suite that opens onto the home’s outdoor living areas and is priced at $1,126,620. The Travita is one of the larger Fairway Series homes with more than 4,000 sq. ft. under air and 5,600 sq. ft. of total area. The four-bedroom, four and one-half bath home features large sliding doors that open the family and living rooms out to the lanai and summer kitchen. It is fully-furnished and priced at $1,560,200. Among the homes’ many standard features are energy-efficient design, impact-resistant doors and windows, cement tile roofs, ceramic tile flooring, granite countertops, stainless steel kitchen appliances, structured wiring and security systems.
Wilson expects the new model homes to generate a renewed interest in The Founders Club. “This is a community far enough away from the hustle and bustle, but just 20 minutes from downtown Sarasota. The setting is unlike any other in the region with tremendous live oak trees framing the neighborhoods and golf course,” he said.
The Founders Club is a private, gated enclave with only 262 home sites on its 700 acres. It includes a Robert Trent Jones, Jr.-designed golf course with caddie program and a golf lodge that provides fine and casual dining, fitness and tennis facilities.
London Bay Homes builds luxury homes priced from the $600s to more than $5 million in seven luxury communities from Naples to Sarasota. It also builds custom homes on individual sites in many of the region’s most exclusive communities, on beachfront property, and in downtown districts ranging up to $10 million. It also operates remodeling and interior design divisions and was named America’s Best Builder in 2008.
