April 5, 2016
Riverview’s Last Remaining Large Development Tract Sells For $12M
By Tamas Mondovics
Colliers International Tampa Bay recently helped sell 106-acres in Riverview to Mattamy Homes for $12.1 million, confirming that Riverview is not only open for business, but that the economy in the SouthShore portion of Hillsborough County is booming.
Mattamy Homes is no stranger to growth as it has more than 20 residential communities in Florida, including Triple Creek in Riverview, which is approximately five miles south of the newly purchased land parcel.
According to representatives of Colliers International Group Inc., the parcel previously owned by the Goolsby family is the last remaining large residential development tract of land in Riverview, located near the intersection of Boyette Rd. and McMullen Rd. adjacent to the Publix-anchored Goolsby Pointe shopping center.
The recent transaction is good news for investors in a community boasting of more residential development than any other submarket in the Tampa Bay area.
“The high level of home sales activity we are seeing in Riverview and throughout South Hillsborough County is due to the amount of available land combined with fair home pricing,” said Colliers Director of Land Services Mark Eilers. “This transaction marks the next step in the evolution of a competitive submarket with a high barrier to entry.”
Eilers words are backed by research company Metrostudy, which showed that South Hillsborough County had 2,502 homes begin construction in 2015, making it the number one area for new home growth in Hillsborough, Pinellas, Pasco and Hernando counties.
For example, a brand new four-bedroom, 2.5-bath 2,500-sq.-ft. home in Waterleaf Estates off Big Bend Rd. in Riverview built by Lennar, costs approximately $280,000, while the same size house in South Tampa would be upward of $500,000.
“Our communities in Southern Hillsborough County continue to attract a high level of interest and traffic from prospective buyers,” said Mark Metheny, Division President of Lennar Central Florida. “We’re thrilled to see the growth of the area with new restaurants, retail and things to do, which are attractive amenities, especially to families.”
Lennar is currently building in many communities in South Hillsborough including Belmont in Ruskin, Enclave at Boyette as well as Hawks Point, also in Ruskin, which features a price range from $192,990 – $253,99s and homes ranging from 1,677 to 3,210 sq. ft. with three to six bedrooms. Visit colliers.com.