Pat Neal is an oddity among Florida developers: He still builds and sells lots of new homes. The financial crisis that shattered many of his competitors only slowed Neal. His edge? He paid cash for land before the boom drove up prices. “I didn’t owe anybody any money,” said Neal, whose Neal Communities builds mostly in the Lakewood Ranch area east of Interstate 75 in Manatee and Sarasota counties. “I don’t like to take on debt and work hard to buy at the right price.”
Neal Communities’ housing starts peaked in 2005 at 386, fell to 121 in 2007 and should hit 397 this year. Neal expects to exceed 500 in 2012.
Earlier boom-and-bust cycles taught Neal a lesson in changing to meet the times. In postbust Florida, that meant building homes that are smaller, less expensive to build and thus more affordable.
via Developer Pat Neal made the best of the real estate bust.