Wall Street Journal Points to Developer Starwood as Example of Savvy Florida Investment in 2011
February 03, 2011 - Things are happening down here in Florida, good things, despite the doom and gloom reports that pepper the financial news these days. Here's a prime example of how land development and real estate deals are still going on in The Sunshine State - and how the media is picking up on these hints of better times ahead: this week, the Wall Street Journal's real estate blog focused upon Starwood Land Ventures and its recent buy of an Orlando master planned community.
What's happened is that Starwood Land Ventures scooped up a planned community in Orlando called Summerlake, admittedly at a bargain price that was less than half the original asking price in 2005. Starwood's goal is to profit through resale: offering the 1500 home sites that cover its 557-acre Orlando master plan to custom home builders who will be catching the wave of the upcoming real estate upturn.
That's right: Starwood is putting millions of dollars into Florida land because of a belief that there will be demand for new homes in the Orlando area. A $28,000,000 commitment to Florida's brighter future - good news for all of us.
"Summerlake is an integral part of Orange County's Horizons West master plan," said Mike Moser, Starwood Land Ventures' east region president. "We are investing in high quality real estate in the best submarket in Central Florida. We plan to strategically select top builders that will enhance the community's lifestyle and charm and provide high quality residences for our future homeowners."
Summerlake is a 557-acre property located 1.5 miles north of the Disney property and 17 miles Northwest of the Orlando International Airport. The community has more than 1,500 home sites approved for development with nearly 450 of them being fully developed and 30 homes completed. When homebuilding commences later this year, home prices are expected to start in the high $100,000's. Eventually more than 3,000 Summerlake residents will enjoy the high-end resort-style recreational facility, clubhouse, pools and tennis courts expected to open in 2012.