$22 MIL Real Estate Deal Good for Polk County, Florida Economy

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Florida Real Estate Journal

Richard Dempsey, Realtor® and Sales Associate with Coldwell Banker Commercial Saunders Real Estate (CBCSRE), recently closed a transaction involving 1,042 acres of citrus grove land in Polk County for over $22.3 MIL. Sold by Highland Cassidy to an LLC registered in Delaware, the land consists of 30 tracts of working groves that are scattered logistically between Davenport and Lake Wales in eastern Polk County, FL.

“This is great news for the Polk County economy. We are seeing increased activity in land interest,” states Dempsey. “Serious buyers and investors are starting to be enthusiastic in this buyer’s market.”

In addition to Dempsey’s view on the Polk County real estate market, he offers that the land market is unquestionably active but that the buyers’ objectives have changed. Two years ago we found that short-term speculators were among the most active buyers. Today, buyers are more carefully taking the long-term view, recognizing that growth pressure from Tampa and Orlando will continue to deplete the inventory of land available for development. Investors that are working their plan for the long-term are the ones that can benefit from what is happening right now. Coldwell Banker Commercial Saunders Real Estate (CBCSRE) agents are seeing increasing activity in large land tracts. For 2008 in August, closings amount to just over $61 MIL.

Since joining Saunders Real Estate in January 2000, Dempsey has sold over $120 million in properties, specializing in large acreage tracts, citrus groves, and development properties. Dempsey currently serves as a board member, Treasurer, and CID (Commercial Industrial Division) committee member for the Lakeland Association of Realtors®.