In another clear sign that Southwest Florida is one of the regional real estate markets leading the housing recovery in the United States, home builder Taylor Morrison recently announced it will develop a new residential community in Sarasota. The new neighborhood will be located on the area known as Gulf Gate, where Taylor Morrison owns 77 acres of land that were previously acquired by a different developer just before the bursting of the American housing bubble.
The new gated community will be known as Esplanade by Siesta Key, a name that takes after the best-selling Esplanade at Lakewood Ranch neighborhood –also developed by Taylor Morrison. The home builder plans to build 247 homes in the land north of Clark Road and east of U.S. 41. Just like the similarly-named community in Lakewood Ranch, Esplanade by Siesta Key will cater to residents seeking the active lifestyle that has become a staple of Southwest Florida.
A Real Estate Revival
According to an article by Alex Mahadevan of the Siesta Key Observer, the Esplanade at Lakewood Ranch was originally purchased in 2005, right at the height of the housing boom, by a Florida builder that would later merge with Taylor Morrison. The builder waited to gain approval from the Sarasota County commissioners and finance the project through a community redevelopment initiative. By the time the approval came in 2007, the real estate market in Southwest Florida suffered a major hit when the housing bubble burst.
The situation is different now. Taylor Morrison is reviving the project as the Sarasota real estate inventory is at the five-month supply level. A similar situation is being felt across Southwest Florida, and the demand for new homes is growing among house hunters. In Manatee County, the inventory is at just 3.5 months.
High Quality of Life
Taylor Morrison is one of the premier home builders in Southwest Florida, and to this extent the Esplanade by Siesta Key is expected to feature a high quality of life. This starts with the location, which is five minutes away with the white sandy beaches of Siesta Key and surrounded by shopping and entertainment opportunities.
As with other Taylor Morrison neighborhoods, Esplanade by Siesta Key will be crisscrossed by lakes, nature preserves and walking trails. Residents will enjoy round-the-clock security and amenities such as tennis courts, a resort-style heated swimming pool, a barbecue and picnic area, a dog park, a clubhouse, and a fitness center.
Model homes at Esplanade by Siesta Key will be available for touring in early 2013, and they will feature the Mediterranean architectural style that is the quintessential Southwest Florida home design. Home shoppers will get to choose between single-family homes and maintenance-free villas. Pricing has not yet been announced, but it will probably be competitive since other developers are pretty busy building new neighborhoods across the region.