A developer is launching sales at a 55-and-over development in Central Florida, about 30 miles west of the nation's top-selling master-planned community.
Davis Reserve in the city of Hernando is expected to have approximately 400 homes upon completion within the next five years, according to Citrus Hills Construction. The homes will feature custom layouts ranging from 1,400 to 2,200 square feet, with prices starting in the $400,000s, according to the developer.
About 80 miles northeast of Tampa, Davis Reserve will be part of the 6,000-home Villages of Citrus Hills in Citrus County. The family-owned development began in the 1960s.
Both projects are separate from The Villages, the 55-and-over development with more than 70,000 homes northwest of Walt Disney World. The Villages sold 3,208 homes last year, the most of any master-planned community in the country, according to the RCLCO consulting firm.
Central Florida has one of the nation's fastest rates of population growth, according to Lisa McNatt, director of market analytics for Homes.com.
The number of households has grown by 15% since 2010, and research firm Oxford Economics forecasts the area will experience net inward migration of around 166,500 people from 2025 to 2029. The most significant increase during that period is expected to come from residents aged 55 and over, McNatt said.
Villages of Citrus Hills residents own their homes and the lots, according to the developer. But in some Central Florida communities, investment group owners charge individual homeowners to rent the lots and have passed along steep annual increases that have burdened residents, McNatt said.
Unlike other Florida markets that are seeing a buildup of new home inventory and a slowdown in sales due to elevated interest rates, Villages of Citrus Hills has strong demand from the Northeast, Midwest and Floridians seeking to escape traffic and crowds in other parts of the state, according to Jake Tamposi, vice president of the development.
"Many of our homebuyers began their Florida retirement journey in The Villages," Tamposi said in an email to Homes.com. "They often appreciate the lifestyle and amenities there but ultimately seek a more private, refined, and close-knit community experience."
The gated Davis Reserve will feature a private clubhouse and pool, and residents will also have access to four golf courses and other amenities at Villages of Citrus Hills, the developer stated. Open houses and public tours at Davis Reserve begin Nov. 6.