In the midst of a rebound in the sales of luxury homes in southwest Florida, just under $8 million has been spent by a local investment group in order to gain control over vacant land which is intended to be part of The Concession golf course community phase two, situated east of Lakewood Ranch.
Vanguard Land Co founder John Peshkin is heading Buyer Concession 113 LLC, which also includes the developer of The Concession, Kevin Daves. The group effectively bought the land by undertaking negotiations with Wells Fargo Bank. The bank's predecessor, Wachovia, had actually filed a foreclosure lawsuit over three years ago, back in July 2009, against a group led by Daves over the issue of the repayment over a loan worth $22 million.
"Now we can really go and get aggressive about getting more homes out there," says Daves, who is also the co-developer of the resort known as Ritz-Carlton Sarasota. "We are very fortunate that we were able to negotiate a deal and then get a debt-free partnership."
The purchase of Concession 113 has come in the midst of what is being seen as the resurgence in high-end properties located in southwest Florida this year. In November alone, 38 properties priced at $1 million or more located in Sarasota and Manatee counties were sold, according to records, while 41 properties priced at seven figures were traded back in October.
It remains to be seen, however, whether the renewed luxury market will turn out to have enough strength to be able to carry the second phase of The Concession, where just four houses have so far been completed.
