D.J. Latest Entry

As I am sure you have noticed, the ultimate transformation of Toledo Blade Boulevard is well underway. I sat down with the city engineer, Pat Collins, recently and his hope was that the project to go to 4 lanes, from 2, should be completed between 12 to 18 months from commencement. If all goes to schedule, the project should be completed sometime between the 4th quarter of 2008 and the 1st quarter of 2009. I also had a chance to see the concept drawings of what the streetscape will look like, upon completion, and I came away very impressed with what the city of North Port has planned for this corridor. Pat also suggested that ultimately, the center of population density will be centered in this area. It’s also nice to see that the commercial construction is coming along nicely at the corner of Price and Toledo Blade and the opening of Publix is just the beginning. The last time I saw the development plan, included is Publix, Walgreen’s, a movie theater, YMCA, Library, several restaurant sites (rumor has it that one may be Chili’s), a home improvement store, several medical and retail office sites and much, much more. In addition, Dooley Mack has cleared the land where the Next Nine restaurant use to be. They currently have plans for a bank site, a convenience store/gas station and several office/retail buildings. Finally, some folks may have noticed the sign on Toledo Blade that shows the site for the new medical facility. Here are some highlights for that facility as published in the Sarasota Herald Tribune, Jan. 4th, 2008, as reported by John Davis: 1. one-third of the facility will be dedicated to emergency care which is owned and operated by Sarasota Memorial Hospital. 2. Another hope is that this facility will lure doctors to the city improving residents' options for on-going medical care. 3. The facility is scheduled to be open in Jan. 2009.

On another note, Premier Communities, Inc. is proud to announce plans for a top notch, 7,000 square foot day care center and a 15,000 square foot office/retail facility to be built on 2 acres of land, along Toledo Blade, on 2 commercial lots in Lakeside Plantation. The day care facility will be the first building erected with the office building to start some months later. The development plans have been approved by the city and our hope is that the day care center will start construction in Feb. ’08 with a completion date of August 1st. The marketing and enrollment program should start in the spring of 2008.

Finally, so many of us in the construction and real estate industry have been impacted by the downturn in the market. We have spent countless hours discussing, planning, and hoping for the turnaround. For the first time in a long while, the Sarasota Herald Tribune has reported the fact that home prices seem to be leveling. On Jan 1st, 2008 Michael Pollick and Michael Braga have reported what appears to be a “bouncing along the bottom” of the market. This is great news as it could be a strong signal that there is no better time for a buyer to go after that home they are looking for. Waiting longer could end up costing the buyer more money in the long run. A few excerpts from the article state the following: 1. “The median price in Sarasota-Bradenton in November was $267,700, down 4 percent from a year ago earlier, but an improvement from $244,300 in September and $263,900 in October, suggesting that the market might have found a bottom after a decline that lasted just over two years”. 2. “Despite the hoopla about the sub-prime mortgage crisis, mortgage brokers are begging for qualified customers with money to put down”. 3. Tierney Foster of Re/Max Gulfstream states, “We have such an amazing inventory. Because we’ve had so many foreclosures and a steep drop in prices, this is now one of the best markets in the country to buy in”. I agree with Tierney and strongly feel there is no better time to buy than now.

D.J. June
Vice-President
Premier Communities, Inc.
Turnberry Trace, LLC

LETTER FROM THE PRESIDENT

In uncertain economic times like we are currently experiencing, it is sometimes hard to stay focused on the personal principles and goals we have set for ourselves. Not a day goes by where the press and the media pound into our heads the impending doom and gloom of a recession and continuing drop in housing prices. One advantage of being in the housing industry for over thirty-five years is I’ve experienced multiple cycles where home values rose and fell. In the late 70’s and early 80’s the prime interest rate hit 21 ½ % and the so called pundits were predicting the deflation of the housing market for many years to come. The same market adjustments occurred in the early 90's and in 2001 after 9/11. Now after banner home appreciation years in 2003, 2004, and 2005 where the same media and press were highlighting the front pages of our local newspapers with Sarasota county leading the nation with 34% and 36% home appreciation, this same group of so called experts would have you think that your home will have no value whatsoever in a few more years! The reality and lesson to be learned is as follows: huge price swings and adjustments in housing values is not the norm; they are anomalies. Those markets that experienced the greatest short term appreciation will usually experience the greatest market correction. If you are an investor in short term buying and selling of real estate then those are the inherent risks you incur. If however you are a first or second home buyer, which the majority of our buyers are, then short term cycles should not cloud your goals. Real estate, in specific your primary residence, has always been the largest single investment that Americans make in their lifetime. The return on investment has been excellent over the long run. All you have to do is remember the very first home you bought. Mine was $27,500 in 1974! We all have stories about our first purchase of real estate and I would venture to say that we all feel that it was the best financial decision we ever made. Yes we are in a market correction and yes home values are downward in the short term. But rest assured that as the inventory of homes gets absorbed and the credit markets adjust from the sub prime fiasco the next cycle of home appreciation will begin. Well built homes in good locations reasonably priced will always be good investments. Premier Communities was founded on this philosophy and will not waiver on our goals and principles.

Sincerely, Mark G. Botts President Premier Communities