Ryland Group buys first phase of GreyHawk Landing western expansion

BUYER: The Ryland Group Inc. (principals: Timothy Geckle, Larry Nicholson, Gordon Milne, Rene Mentch, Joseph Sabella and Sheri Markham), Westlake Village, Calif.
SELLER: Greyhawk Landing West LLC
PROPERTY: lots 42-81 Greyhawk Landing West, phase 1 north of State Road 64 and west of Greyhawk Boulevard, Bradenton
PRICE: $2.04 million
PREVIOUS PRICE: $1.04 million, March 2011 (included additional land)
LAW FIRM ON DEED: Icard, Merrill, Cullis, Timm, Furen & Ginsburg PA, Sarasota

PLANS, DESCRIPTION: Westlake Village, Calif.-based Ryland Homes purchased 40 lots in the new western phase of GreyHawk Landing in northern Bradenton for $2.04 million.

The price equated to $51,000 per lot.

The new western portion of GreyHawk Landing will feature nearly 500 lots with a new swimming pool and clubhouse.

“We feel this will be a nice addition to a very well established community,” says Joe Fontana, president of West Florida division for Ryland Homes. “This is part of our additional commitment to Manatee and Sarasota counties. This is just the first phase of what we hope will be five additional phases [in that community].”

Fontana says Ryland Homes plans to develop more than 200 homes in the western phases of GreyHawk Landing.

The homebuilder will offer homes ranging in size from 1,850 to 2,840 square feet and starting around $250,000. It recently completed a 2,840-square-foot model there.

Ultimately, the jump in homebuilding demand is being driven be declining home inventories and historically low interest rates, Fontana says.