SouthWest Florida Developer Beats the Housing Odds
01/19/09 Bonita Bay Group, the Southwest Florida-based real estate developer of master-planned communities, reported a 58 percent increase in residential sales in 2008 over the prior year. Sales in The High-Rises at Bonita Bay in Bonita Springs, Mediterra and TwinEagles in Naples, Sandoval in Cape Coral and Verandah along the Orange River in Fort Myers totaled 258, topping the 2007 sales total of 163.
The 2008 sales volume for the five communities totaled more than $138 million, an increase of nearly 30 percent compared to 2007.
"Despite the challenges of the economy, Bonita Bay Group proved that 2008 was a great time to buy a home," said Vice President Gary Dumas. "Buyer surveys showed that our reputation and longevity in the market - spanning nearly three decades - significantly boosted consumer confidence. Plus, our sales incentives, including club memberships and master homeowner association fees, added to the incredible values.
"We expect the sales momentum to extend throughout 2009, particularly in Mediterra and Bonita Bay," said Dumas.
The number of remaining single-family homesites at Mediterra is limited, and the community’s extensive collection of amenities is complete. The expansion of The Sports Club, which was doubled in size, was finished during the summer of 2008. At Bonita Bay, construction is on schedule for the fall completion of Tavira, the fifth luxury high-rise developed by The Lutgert Companies. The building topped out in December, and designer-furnished model residences will be opening throughout 2009. Both Mediterra and Bonita Bay have beach parks on the Gulf of Mexico for the exclusive use of their residents.
Fueling the sales momentum at all Bonita Bay Group communities is the decision to continue buyer incentives on homes and homesites, as well as the ongoing efforts of homebuilders to enhance their offerings.
"Our homebuilding partners have worked closely with us to offer great value for homebuyers," said Dumas. "Value was a major factor in our sales increases during 2008."
The most dramatic increases were at Verandah, where annual sales increased from 28 in 2007 to 67 in 2008, and TwinEagles, where sales increased from 28 to 46. More than 20 percent of Mediterra’s 2008 sales were model residences, which, in 2007, accounted for 11 percent of sales.
Residential options are varied in the Bonita Bay Group communities, and a sales and information center is located at the entrance to each community. At Bonita Bay, luxury high-rise residences overlook the Gulf of Mexico. High-rise homes, represented exclusively by Premier Properties of Southwest Florida Inc. REALTORS, are available from $660,000 to nearly $2.9 million in Esperia South, which opened in October 2007, and Tavira. To learn more, log onto www.BonitaBayHighRises.com.
Mediterra offers luxury coach homes from the $700,000s, villas from the $800,000s, single-family homesites from less than $300,000 and custom homes from $1.6 million to more than $7 million. The Web site is www.Mediterra-Naples.com.
At TwinEagles, furnished estate home models are priced from $2,750,000, and coach homes, villas and single-family homes are priced from the $200,000s to more than $2 million. Visit www.TwinEagles.com to learn more.
Sandoval offers carriage homes, single-family homes and villas with home and homesite packages priced from the high $100,000s. Additional information is available at www.MeetSandoval.com.
Verandah offers estate, custom and traditional single-family homes, villas and coach homes priced from the low $200,000s to more than $1 million. More details can be found at www.Verandah.com.
Bonita Bay Group is celebrating more than 25 years in Southwest Florida as a diversified company involved in the planning, development, sales and management of master-planned communities, free-standing recreational amenities and commercial facilities. The company is respected for its commitment to meticulous planning, environmental stewardship, integrity and attention to detail. Additional information about the company is available at www.BonitaBayGroup.com.
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