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Today we're going to answer one of the most common questions that we hear and that most real estate agents hear from just about everybody, and that's: How is the market? Is the market hot? Is it slow? Are things selling, and how quickly are they selling? I pulled some key data in a very specific neighborhood that gives a great measure for how Lakewood Ranch is doing overall. We will take it back six months from the last quarter of 2022 through the first quarter of 2023, and show you what's going on. Looking At Metrics For Country Club A great way to figure out what's happening in Lakewood Ranch is to focus on one neighborhood in particular, and that's Country Club. The reason that I say that is Country Club is a fully built out neighborhood. There is no more new construction there, and it's very, very large. It's one of the biggest neighborhoods in the entire area. So by taking metrics of the entire neighborhood for the last six months, we can see how resale is doing, what the price point is, the average price per square foot, what's selling, and what's not.
The Absorption Rate At Country Club And then there's this little measure that the real estate industry uses called the absorption rate, and that is going to tell us how quickly homes sell and whether it's a buyer's market or a seller's market. I looked up absorption rate calculator in Google and found this article on Rocket Mortgage's website, and it's pretty self-explanatory. “Absorption rate is a term used in real estate to describe the speed of homes that are sold in a specific market in a specific timeframe. It's determined by dividing the number of homes sold by the number of available homes within that timeframe.” Link to full article: The goal here is to figure out that number, as it relates to Country Club in Lakewood Ranch. A market with an absorption rate above 20% is typically called a seller's market and below 20% is a buyer's market. Another way to look at it is how long does it take to sell the current inventory? Generally speaking, six month's worth of inventory is considered a balanced market. It's neither buyer nor seller. What Does The Current Market Tell Us? In Country Club, right now there are 33 active listings, 33 properties total that are for sale within country club. That includes primarily single family, but there are some villas, which would be like side by side units. There are also some townhomes or condos. For the purpose of this exercise, we are using all the current listings. The average sale is a three bed, three bath house, 2,755 square feet. The average list price of these active listings is $1.14 million, and the average days on market as of today is 60. Now let's take a look at what's currently pending. So all properties that are for sale right now within Country Club that have an executed sales contract, they are under contract. Going back six months, 180 days, we have 17 homes in Country Club under deposit. The average is 3 bed, 3 bath, 2,700 square feet, which sounds familiar to the active listings. $1.13 million is the average list price of those homes that are under contract, so just under $400 a square foot, and it looks like the average days to contract is between 40 and 50. The State of Canceled And Expired Listings All right, now let's look at canceled, withdrawn, and expired listings. There's a total of 20, from the last quarter of 2022 to the first quarter of 2023, there's only 20, which is not much. The expireds tell a better story of failure, for lack of a better word because those properties tried to sell, and did not give up. It just didn't sell. Canceled and withdrawn listings could be a little bit different and might have unique circumstances of the seller; maybe they decided they just didn't want to sell any longer and took the property off the market. But for this exercise, I'm not going to differentiate. We're just going to count this number: 20 total properties that did not sell over the last six months that were on the market for sale. Putting It All Together - What The Numbers Tell Us Now we will compare this to the sold properties over the last six months in Country Club. Okay, so we have 55 total properties, and taking a look at those statistics, if you summarize, the average was a 3 bed, 3 bath, 2,678 square foot with an average list price just under $1.1 million and the average close price looks like it was just under $1.05 million. Which seems pretty consistent with the other data. The average days on market shows 42 to contract and 92 days to the closing. All very good statistics for a seller. Now, let's dig a little deeper into those numbers and put them in relation to each other so we could see what the absorption rate is. All right, to calculate the absorption rate, we take the total number of homes sold over the last six months in Country Club, which was 55, and divide that by six months. So 9.16, or just over nine homes per month sold in Country Club over the last six months. Currently, there are 17 active listings. So how long will take to sell those 17 homes given the absorption rate that the 55 homes dictated? The current 17 homes will only take two months to sell. Nine times two is 18, so if our absorption rate is a little over 9, they will realistically sell in less than two months. Another way to calculate the absorption rate is to put it into a percentage. So let's divide the number of homes per month, that number nine that I came up with, divided by 17, which are the active properties. And nine divided by 17 puts the absorption rate at 53%. Typically is the absorption rate is 15 to 20%, that would be a more neutral market. Anything over 20% indicates a seller’s market. We are at 53%, so the Lakewood Ranch market is still seriously hot and not slowing down. The proof is in the data. Sometimes it's easier just to focus on the numbers, which is why I wanted to do this exercise with you. We’re On An Upwards Growth Trajectory In A Seller’s Market Lakewood Ranch is going to continue to grow, especially east and south from here. We're 65% built out. There are options and opportunities for new construction. There's plenty of options for resale. If you're considering a move to Lakewood Ranch, give us a call. We'd be happy to chat with you, provide some guidance, answer any questions that you have, and we can work together to find the perfect home for you.
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Looking for Florida luxury homes? This Toll Brothers gated community is north of University Parkway in Lakewood Ranch, FL and consists of 470 home sites on 340 acres of land designed with a coastal contemporary theme (think: luxury Caribbean). This village features two collections of homes, the Captiva Collection and the Sanibel Collection, with flexible floorplans and hundreds of options to personalize your dream home.
Looking for other Lakewood Ranch villages? Check out this video: https://youtu.be/EJduGVkjc88 Today we show you the Solana Model, which is one of 4 model homes available to see in this village. It is a 4 bedroom, 3 and a half bathroom home with 3,362 square feet and a 3-car garage. Starting price for this home is $607,995 and everything can be customized or upgraded to your liking. Built by Toll Brothers, builders known for their attention to detail and commitment to quality construction, The Isles at Lakewood Ranch offer homes ranging in size from 2,220 square feet to over 3,400 square feet with up to 5 bedrooms. 4 car garages are also available in the Captiva Collection plans. Homes for sale in The Isles at Lakewood Ranch start in the high $400s. The HOA fee is just under $300/month, maintenance included, and these homes are also subject to CDD fees as part of the tax amount. Amenities at The Isles: Gated Entry On Site Lifestyle Director Clubhouse State-of-the-art Fitness Center Resort style pool Sports Courts for Tennis and Pickleball Dog Park and open space for playing Walking Trails To search current homes for sale in The Isles at Lakewood Ranch, click here. Contact us with any questions! (941) 348-2653 contact@chenkus.com  When you imagine life in Florida, is golf on the agenda? Put on those funky golf shorts and start enjoying southwest Florida golf courses by joining the Lakewood Ranch Golf and Country Club! This country club is open to anyone, not just residents of Lakewood Ranch, and there are various levels of membership to consider. Benefits of membership to the Lakewood Ranch Country Club can include social events at the club, dining at two clubhouses, tennis, pickleball, fitness classes, and of course – golf. You can choose the various layers of benefits you want included in your membership. There are fees associated with joining the club, as well as a monthly fee to maintain membership. There are no food or beverage minimums required, however. This club is absolutely one of the best ways to enjoy Lakewood Ranch golf, and so much more! Lakewood Ranch Golf & Country Club's Premier Memberships include access to all three of the 18-hole championship golf courses, two of which are designed by world renowned golf course architect and player Arnold Palmer for the perfect amount of challenge. The Club also offers two world-class practice facilities, each with 400-yard driving ranges. The Golf Academy is the only one of its kind in the area, with programs to enhance your game at every skill level.
The tennis membership includes access to the 20 tennis courts, private and group lessons, and tennis leagues. There are also opportunities for youth tennis in Lakewood Ranch through club membership, and the kiddos can attend various tennis camps. Fitness memberships for the Lakewood Ranch Golf and Country Club provide 24 hour access to the 18,000 square foot athletic center with over 60 pieces of cardio equipment and weights. There are four studios for boot camp, conditioning classes, dance, yoga, barre pilates, and personal training options. There are also massage therapy and locker rooms available. The resort style pool and lap pool offer aquatic options, as well as classes, so you can embrace your inner mermaid (or merman). Plan an event or a Lakewood Ranch Country Club wedding in the gorgeous banquet room with breathtaking views of the award-winning golf course. There is additional small event/meeting spaces in the Main Clubhouse and at the Lodge in Country Club East. Both clubhouses have fantastic dining experiences, happy hours, and social events to participate in. Pro Shops are available, along with indoor and outdoor dining options in both locations. Embrace all aspects of Florida life and the best Lakewood Ranch has to offer by becoming a member of this amazing club. There is a more detailed breakdown of membership options, below, and if you are interested in pricing you, we will send you the current pricing information, just fill out the form, below! We will let you know if those fees change, too!   Membership Options PREMIER MEMBERSHIPS PREMIER GOLF Amenities include: Golf, Tennis, Pickleball, Fitness, Aquatics, Dining and Social Activities • Members have a 7-day sign-up privilege to reserve golf tee times. • Members play for cart fee only. Members' guests play for cart and guest fees. Members have a 3-day sign-up privilege to reserve tennis courts. PREMIER TENNIS Amenities include: Tennis, Pickleball, Fitness, Aquatics, Dining and Social Activities • Members have a 3-day sign-up privilege to reserve tennis courts. • The golf courses and practice facilities may be used May 1- October 31 upon payment of applicable fees. Members have a 2-day sign-up privilege to reserve golf tee times. PREMIER FITNESS Amenities include: Fitness, Aquatics, Dining and Social Activities • The golf courses and practice facilities may be used May 1 - October 31 upon payment of applicable fees. Members have a 2-day sign-up privilege to reserve golf tee times. SOCIAL MEMBERSHIPS TENNIS AND FITNESS SOCIAL Amenities include: Tennis, Pickleball, Fitness, Aquatics, Dining and Social Activities • Pickleball – 4-day sign up privilege • Tennis – 3-day sign up privilege TENNIS SOCIAL Amenities include: Tennis, Pickleball, Dining and Social Activities • Pickleball – 4-day sign up privilege • Tennis – 3-day sign up privilege FITNESS SOCIAL Amenities include: Fitness, Aquatics, Dining and Social Activities SOCIAL Amenities include: Dining and Social Activities  One of the questions we get asked most often is: How close is Lakewood Ranch to other cities and things to do? Well, good news! Sarasota is an amazing city less than 30 minutes away from Lakewood Ranch with TONS of dining options, bars, happy hours, theater, and more! In this video, we highlight a few places we have visited and love, but there are so many more to discover! Hyde Park Prime Steakhouse – Entering this restaurant is like stepping back in time to the gilded age – all rich wood, plush velvets, and ambient lighting. It reminds me of an older, swanky New York steakhouse, and that vibe is not created by accident. The Happy Hour menu at the bar is one of the best in Sarasota with bar bites starting at $5 and crafted cocktails starting at $7. There is an extensive wine list and amazing a la carte menu in the dining room, as well, in case you want to extend your stay beyond Happy Hour! Our Faves: The Rose All Day cocktail and the Calamari App. Check out the full menu here: http://www.hydeparkrestaurants.com/menus/index.htm Grand Cru Wine Bar – If you love trying different types of wine and beer, this is the place for you! Featuring a unique self-service pouring system, this wine bar offers a great variety on tap, as well as in bottles. They have a Pint Night special on Tuesdays for the beer lovers out there, and a Ladies Night special each Thursday, which includes a great deal on a charcuterie board. (Because who can have wine without cheese?!) Our Faves: Naughty Monk Brewing Blonde Ale (local beer!) and Fiorelli Winery “Chill” (local wine!) Plan your visit here: https://www.gcwinebar.com/ State Street Eating House & Cocktails – The vibe in this Mid-century Industrial chic lounge cannot be replicated anywhere. It is truly a testament to its original glory days. As their website claims, “The space, that was recently a defunct bakery has been restored to its Mid–Century bones. From the utilization of its original exposed rafters to the use of reclaimed lumber, iron and concrete features”, this is one place you NEED to experience. The hand-crafted cocktails are extremely unique (and award-winning!) and the food is innovative and fresh. Our Faves: YAAAS Queen cocktail and the Charcuterie board. Also the fries with pink sea salt. Also the Brussel sprouts. Also the… you get the point. Start drooling here: https://www.statestreetsrq.com/dinner.html Also featured in the video is the Gator Club, a Sarasota staple that features live music each night, and Boca Sarasota which is an amazing farm-to-table spot with Happy Hour all night on Tuesdays! We can’t wait to share more of Sarasota with you. If you are looking for other great spots to visit, this article lists some more amazing options: https://www.sarasotamagazine.com/articles/2019/10/29/best-restaurants-sarasota Thanks for joining us on this journey and stay tuned for more Sarasota fun! Leave a comment with some of YOUR favorite spots for us to check out... |
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Charles Rutenberg Realty
"The Standard of Excellence"
Florida's Largest Real Estate Office
941-348-2653 | Sitemap
"The Standard of Excellence"
Florida's Largest Real Estate Office
941-348-2653 | Sitemap
