Neal Communities buys Arlington Cove lots

BUYER: Neal Communities on the Brandon River LLC (managing member: James Schier), Bradenton

SELLER: Venice Arlington Cove LLC

PROPERTY: lots 1-28, 33-44, 53-62 and 69-74, Arlington Cove, on State Road 775 south of U.S. 41, Englewood

PRICE: $840,000

PREVIOUS PRICE: $392,000, June 2009

LAW FIRM ON DEED: Vogler Ashton, Bradenton

PLANS, DESCRIPTION: Neal Communities Inc. purchased 60 finished home lots in the Arlington Cove community for $840,000.

The price equated to $14,000 per lot.

Utilities, roadways and community amenities have already been developed.

“They're about 98% improved,” says Neal Communities CEO Pat Neal. “We will be doing some landscaping. It's a partially built community that has no problems at all. We purchased them for about a third of replacement cost.”

Neal says his company has been able to acquire two other communities at roughly that same replacement scale.

The firm is also under contract to acquire lots in a fourth community for that same reduced price soon, Neal says.

“We have been trying very hard to buy lots now, because of the upswing in the market,” Neal says.

Lakewood Ranch-based Neal Communities plans to sell the homes starting in the mid $150,000s. Model home construction is scheduled to start in mid-March and presales are scheduled for May.