Land Sales Close Quickly in Limited Dirt Market

"Dirt that used to sell for way under a dollar a square foot is now reaching highs of over $2 per sf in some of the more desirable development areas," Dean Fritchen, a senior associate in the Winter Park office of Coldwell Banker Commercial NRT, tells GlobeSt.com.

Daryl M. Carter, president, Maury L. Carter & Associates Inc., the oldest land brokerage in Central Florida, says the metro area has been losing out for some time to neighboring counties where more developable land is available at often lower prices and fewer construction restrictions. "Developers will go where they can get the best deal," Carter says.

Getting the best recent deal for Semoran Commercenter of suburban Maitland meant closing on an 18-acre tract near Orlando International Airport at Shadowridge Road and Hazeltine National Drive in southeast Orlando. Southern Gateway of Quincy, MA sold the parcel to Semoran Commercenter owners NAI Realvest and Bavar Properties Group of Baltimore. The price was $2.14 million or $$118,888 per acre ($2.73 per sf).

In northwest Orlando, George Asbate paid $1.2 million or $157,894 per acre ($3.62 per sf) for 7.6 acres at 6605 N. Orange Blossom Trail. Neighboring Lake County was the site of three transactions totaling 56 acres valued at $8.67 million. Hancock Fifteen LLC purchased a 15-acre tract on Hancock Road, south of State Road 50 in Clermont, south Lake County, from Greater Commercial Inc. for $2 million or $133,333 per acre ($3.06 per sf).

Also in Clermont, developer Frank Demarsh acquired a 20-acre tract at Steve's Road and US 27 from Eastridge Properties Inc. for $4.87 million or $243,500 per acre ($5.59 per sf). DeMarsh plans to build an Epic multi-screen theater in the first phase of a planned retail center, according to Colliers Arnold Commercial Real Estate Services Inc. in Orlando.

In northeast Lake County, Fort Lauderdale-based R&S Realty Group paid $1.8 million or $85,714 per acre ($1.97 per sf) for a 21-acre site at the intersection of County Roads 44 and 44B near Eustis. The sellers were Cole Whitaker and Jeff Schenk of Orlando.