Lakewood Ranch, FL Blog

Have you ever been to Watercrest in Lakewood Ranch?  This development consists of nineteen buildings, each with three residential floors above a ground floor level that houses two-car garages for each unit.  All (with the exception of one) offer spectacular views of beautiful Lake Uihlein and some overlook two holes of the Legacy Golf Course.  Now, luxury condos on water aren't really much of a story but, lately at Watercrest, the prices have fallen to such an extent that a savvy buyer can now purchase one of the three floor plans for prices that were never possible before.  Sure, some are short sales and some are foreclosures but these are usually the first to sell and they have caused many of the resales to adjust their prices to reasonable levels, too.

For example, in the past 90 days, seven condos have closed in Watercrest.  The Sanctuary floorplan, the largest of the three at 2482 square feet, represent two of the seven sales.  Although one was new (actually the builder's furnished model) the other one sold for $400,000, down from an asking price of $525,000!  It previously sold in November of 2005 for $715,000!

Four of the seven sales were the Mirabel floorplan, at 2287 square feet.  One was also a furnished builder's model.  The others sold for $389,000 (previously purchased 12/05 for $725,000), $361,000 (previously purchased 5/05 for $429,300), and $326,111 (previously purchased 11/05 for $825,000!)

Another of the smallest units, 1916 square feet sold for $345,000 and it was previously purchased for $424,900 back in July 2005.

Many of these units were purchased by speculators because this development came on line at the height of the wildly increasing real estate market of the time.  Clearly, there's been a major correction in our area but many indicators are creating the belief among the experts that we have either hit the bottom or are very near to it.  Will we see crazy runups again?  Probably not for a while.  But.....for buyers looking for a higher quality condominium living experience, in a great location, with fantastic views, it is hard to beat the values now at Watercrest in Lakewood Ranch.