Condos Sold In Bunches In Lakewood Ranch

Has the real estate market bounced back in Florida?

Some recent residential purchases in Lakewood Ranch suggest a new confidence in the market.

Pelican Investment Properties of Sarasota is drawing attention for its recent purchase of 14 condos, the majority in the Village at Town Park. The Sarasota Herald Tribune noted the big real estate buy in an article titled "Firm Buys 14 Condos, Cheaply."

In an unusual look at one company's real estate buys, reporter Michael Braga wrote:

"After spending $326,000 to buy three rental houses, Pelican Investments parted with $1.1 million to buy 14 condos. Eleven of them are in the Village at Town Park development in Lakewood Ranch."

The article noted the bargain-basement prices for these condos, which were up to 80 percent lower than previous asking prices during the real estate boom. 

The article offered some examples:

• 8827 Manor Loop, for $42,500, which had previously sold in 2005 for $194,900.

• 7424 Vista Way, for $43,500, which had previously sold in 2006 for $212,900.

• 7405 Vista Way, for $47,000, which had previously sold in in 2005 for $212,900.