Lakewood Ranch, one of the nation’s largest master-planned communities, maintained its position as the best-selling multi-generational community in the U.S., according to national real estate consulting firm RCLCO’s 2020 mid-year survey.
The ranch secured 838 new home sales through the end of June of 2020, beating last year’s numbers by 2 percent. Lakewood Ranch’s overall second place position put it among the top-selling master-planned communities in the country for nine consecutive years, according to the survey.
Despite the uncertainty that remains because of COVID-19, low interest rates and the barbell effect (millennials and boomers) continue to drive demand for homes in Lakewood Ranch at all price points. A surprising number of buyers have noted that COVID-19 has accelerated life plans to reestablish roots in an environment that affords a more connected and active lifestyle while offering ample open space and tranquility, the RCLCO survey indicated.
Floorplans with independent offices, separate entertainment rooms, technology packages, and pools have also generated more interest since the pandemic started.
“No question the outbreak has prompted a flight to quality,” Laura Cole, senior vice president for LWR Communities, LLC, said in the survey. “Buyers across the demographic and geographic spectrum have, in many cases, accelerated their decision to purchase a home in Lakewood Ranch because it has all the qualities and conveniences of an established town with the added benefit of resort-level amenities in their neighborhood.”
RCLCO Managing Director Gregg Logan pointed out that master-planned communities with more advanced tech features (virtual tours, community apps, etc.) to facilitate home sales had the most success during the slower period.
“Builders and developers who were already utilizing online and virtual technology have had a significant advantage during this period of social distancing,” Logan said. “We are seeing that those organizations that are adopting new technologies, such as accommodating self-showings and online transactions, are attractive to consumers for their safety as well as their simplicity and ease of use.”
Lakewood Ranch’s recent growth has come from millennials and baby boomers. Active adults accounted for a large percentage of sales, while young couples experienced the greatest increase in home sales of any consumer profile, jumping 38 percent year-over-year. Lakewood Ranch also outperformed the metropolitan area in attracting families and empty nesters. The northeast remained the largest feeder market for buyers from out of state, with increases in Midwest buyers, as well as those from the Maryland-D.C. area.