Neal Communities buys land for Collier's Buttonwood Cove

BUYER: Neal Communities on the Braden River LLC, Bradenton

SELLER: Buttonwood Partners LLC

PROPERTY: 3500, 3550, 3636 and 3710 Tree Farm Road, 1446, 1477 and 1480 Davila St., Naples

PRICE: $3.9 million

PREVIOUS PRICE: $3.5 million, May 2010

LAW FIRM ON DEED: Kevin A. Denti PA, Naples

PLANS, DESCRIPTION:
Homebuilder Neal Communities Inc. purchased the 54.2-acre Buttonwood Cove property in north Naples for $3.9 million. The price equated to $71,956 per acre, and the land will equate to 112 home sites.

Following completion of its needed approvals, Neal Communities expects to start developing the land in July or August with the goal of having new homes there by January 2014. The builder is still evaluating any amenities it will build in the community, but has decided it will sell its “Celebration” home model there.

It has been 31 years since Manatee County-based Neal Communities built homes in Lee or Collier counties, according to founder and CEO Pat Neal. Its return now was a decision, he says, driven by the heavy demand in the region.

“Collier County has the strongest [housing] market in the state right now,” he says. “The area with the most new family activity right now is northeastern Naples, and I would say that Buttonwood Cove is the epicenter of that.”

Buttonwood Cove is the third community purchased in a planned expansion by Neal Communities into Collier and Lee counties through its South Florida Division. Neal says the company has another three properties under contract and hopes to have a total of eight properties in hand by the end of the year. The homebuilder expects to open its first communities and start building homes in the southern counties later this year.