Lakewood Ranch firm buys lots ... $81 million worth

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Starwood Land Ventures, a Lakewood Ranch firm formed three years ago to acquire distressed real estate, has scored one of the largest land purchases in Florida in the

"This is really the culmination of Starwood Land's efforts in regards to searching and bidding on residential assets," said Mike Moser, the local company's east regional president.

As part of the acquisition, Miami-based Lennar Corp. has committed to buy 1,400 of the Starwood lots, and has options to buy another 1,350.

Analysts said Starwood Land's deal could also send ripples throughout Florida's housing market, and spur activity because of its scope and size.

"Look at it this way: A typical residential subdivision is 150 to 200 lots," said Jack McCabe, chief executive of McCabe Research & Consulting, of Deerfield Beach. "A purchase of 5,500 lots, at one time, is massive."

The acquisition also signals that, for hedge funds and well-capitalized home builders, at least, Florida's four-year housing depression may be ebbing.

"When you see a national company making an $80 million commitment of capital, betting that the market is headed up, it's a positive sign," said Pat Neal, president of Neal Communities, a developer and home builder also based in Lakewood Ranch.

"This is a sign that for builders, the market has definitely hit bottom," Neal said. "Now, they're mostly out there looking for lots to build on."