Ashton Woods Homes buys Palma Vista community

BUYER: Ashton Tampa Residential LLC, Maitland

SELLER: RES-FL Palma Vista LLC

PROPERTY: a portion of Palma Sola Boulevard north of Cortez Avenue, Bradenton

PRICE: $1.5 million

PREVIOUS PRICE: $4.05 million, October 2005

LAW FIRM ON DEED: Bilzin Sumberg Baena Price & Axelrod LLP, Miami

PLANS, DESCRIPTION: Ashton Woods Homes purchased the 23-lot Palma Vista development for $1.5 million.

The price equated to $65,217 per lot.

“We need to tweak the existing home plan,” says Michael Roche, vice president of sales and marketing for the homebuilder. “We hope to start building a model there in the April time frame. [Conditions] have really started to turn around in that submarket, and we definitely want to be there for the long term.”

The lots average 9,100 square feet each. Ashton Woods Homes plans to offer a Key West-inspired home design with 2,400 to 3,800 square feet of living space and three-car garages.

Randy Thibaut and David Truxton of Land Solutions Inc. handled the transaction.