A report on new home construction shows housing sales dipping for many markets, while Babcock Ranch trended in the opposite direction.
The July report comes from the real-estate consulting firm RCLCO. The year-to-date numbers detail how housing sales in Babcock Ranch — straddling Charlotte and Lee counties — rose to the No. 10 spot on the Top 50 master-planned communities list in the United States.
Babcock moved up from the No. 14 spot since the end of 2021.
Meanwhile, the Wellen Park community in North Port dropped from a Top 5 community in new housing sales to 17th on the same list. The community continues to grow, and construction efforts are focusing on the Wellen Park Downtown business district and multi-family housing.
Babcock Ranch reported total home sales exceeding 2,220 and more than 1,700 homes closed. And more neighborhoods, builders and amenities are coming, company officials say, including the opening of Babcock High School and the Field House in August.
“We are thrilled that our vision and this special place have resonated with so many families who have chosen a better way to live,” said Syd Kitson, chairman and CEO of town developer Kitson & Partners.
The same report shows many master-planned communities in Florida slowing down in the past six months. Wellen Park decreased by 35%, from 534 units to 345, according to the survey.
Lakewood Ranch in Sarasota and Manatee counties declined 33% in that same period, while ranking No. 2 on the list. Even the titleholder of such gated developments, The Villages in Ocala, was down 25%.
A handful of master-planned communities in Florida, California, Texas and Utah bucked the trend. The Latitude-Margaritaville/Watersound community in the Panhandle nearly doubled in size in that period, for example.
Shortages of workers and supplies are blamed for the slowdown at Wellen Park, said Rick Severance, president of Wellen Park. Stair-step interest rates are also blamed, as is adjusted annual inflation of nearly 10%.
Still, Severance said, his team had pivoted on the downswing, completing the homes that were already sold ahead of selling more.
Single-family homes were just one aspect of the Wellen Park master plan strategy, which also included multifamily residential, commercial, health care, education, retail, restaurants and hotels, he said.
“We’ve remained focused on layering in other asset classes that will create a dynamic and multifaceted community, which includes Downtown Wellen,” he added.
Sales among the nation’s Top 50 communities of mid-year 2022 declined by 18% compared to the pace set in the first half of 2021. Florida represented about 36% of sales among ranked communities, followed by Texas at nearly 34%, survey numbers showed.
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