Stock communities such as Paseo are selling well because of their features.

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Considering the subprime mortgage meltdown, the sluggish nature of the economy and the near-complete shutdown of housing starts, it’s no wonder most residential developers nationwide are sweating it out right now. However, Stock Development CEO Brian Stock says his company is already starting to breathe easier.

Stock says markets such as Fort Myers and Naples along the southwest coast of Florida are beginning to stabilize, and Stock’s developments in that region such as Lely Resort and Paseo are selling units despite the shaky conditions elsewhere in the nation. Stock attributes this against-the-odds success to the overall desirability of living in Florida, as well as the dedication to quality and unique living conditions espoused by Stock Development.

“I think this year we can conservatively sell 350 homes, both new build jobs and inventory,” Stock says. In 2007, Stock Development closed on more than 470 homes. “Even with the market having its challenges, we had our best year, closings-wise,” Stock says.

Stock Development is one part of the Stock Family of Companies, which also offers a construction division, pool company, interior design, property management, mortgage, title and other services related to homebuilding. The Stock family name has long been associated with the industry, beginning with Stock’s grandfather, who started a building material supply company in Oconto, Wis. Stock’s father, K.C. Stock, sold the company in 1998 and moved to Florida. K.C. Stock brought more than 40 years of experience in the real estate and homebuilding industries to the new venture, along with previous experience developing properties in Southwest Florida.

Brian Stock joined his father in 2001 and together they started Stock Development and its sister companies. He previously served as vice president of purchasing and director of mergers and acquisitions for the family company before helping found Stock Development in Florida.

“We’re fortunate our timing was good and we focused our philosophy on buying in good locations with amenity-heavy communities,” Stock says.

From the start, he says, the company focused on communities that featured homes from top-quality builders alongside amenities that went above and beyond anything offered in the marketplace. Stock describes the company’s developments as having a “resort-like” feel that provide residents with everything from tennis and golf to spas and pools.

Paseo in Fort Myers
“What sets us apart is we don’t have cookie-cutter product,” Stock says. “We have creative architecture  that looks good from the street.”

Anthony Lucas, sales manager for the Paseo development in Fort Myers, says the company was not interested in developing homes that spared good looks for reduced cost. “Every product here has a Spanish-slash-Mediterranean style, and on the multifamily product, we have rear-facing garages, so it’s very attractive,” he says.

Paseo is a combination of traditional single-family flats, two-story town homes and split-level town homes. Stock says it will eventually incorporate more than 1,100 units, nearly 750 of which will be multi-family units. “It’s a higher density, but it doesn’t feel dense because of the landscaping and walkability,” Stock says.

In addition to the natural beauty of the surrounding area, Paseo also offers residents the attention to amenities the developer is known for. A 26,000-square-foot village center debuting in March of this year includes such unique features such as an Internet café, an Irish pub and billiard hall, an ice cream parlor, a library and a 100-seat movie theater. A spa will also occupy the second floor of the center. Outdoor activities will include a fishing pier, volleyball, basketball and tennis.

A resort style pool with attractive water features and a children’s playground and high-quality landscaping will make residents feel as if they are on vacation, Stock says. He says the amenities planned for Paseo will make it especially attractive. “It’ll feel like being at a high-end resort,” he says.

Lucas says that the first phase of Paseo sold out quickly, but then Stock fell prey to the overall market conditions. “We all know what happened to the market, so [we] were sort of beat up like everybody else with cancellations,” he says.

However, the Fort Myers market has begun to bounce back in a big way, Lucas adds, and now Paseo sees more than 130 people come into its sales center each week. Lucas says his team is seizing the opportunity to put Paseo in the forefront of prospective buyers’ minds. “We’re reintroducing the product to the community with a very favorable response,” he says.

Lucas says Stock Development is excited to have one of the premier communities in the area, especially considering the fact that Lee County has been one of the worst counties in the nation for foreclosures as of late. “To be able to say that we’re selling homes in Lee County is a big deal,” Lucas says. “In relation to the competition, we’re pretty much outselling all the competition [in the area].

“There’s a lot of potential for that community going forward,” Stock says.

Lely Resort
Located in Naples, Lely Resort is another community by Stock Development that is gaining steam despite the troubles in the housing market, Stock says. Covering more than 3,000 acres, Lely comprises more than 6,000 units, ranging from custom-built single-family homes to multifamily options such as condominiums, town homes and coach homes.

Like Paseo, Lely Resort includes an amenities center boasting a spa, a billiards room, a theater, a resort style pool  and other luxury features.  Lely Resort gives homebuyers another reason to stop and take a look – three championship golf courses designed by some of the biggest names in the game.

The Classics course is designed by Gary Player, and makes the most of the surrounding sub-tropical woodlands, according to the company. “[Player’s] design reflects his philosophy that a series of well-hit shots should provide the golfer with a reasonable opportunity to make par and that a golf course should celebrate the natural environment that encompasses it,” the company says.

Designed by Robert Trent Jones Sr., Flamingo Island is another 18-hole course located within Lely Resort, and includes many water features. The Mustang, designed by Lee Trevino, incorporates 12 lakes throughout the course.

High Hopes
Stock says the company’s hopes are high for Lely Resort, as more than 115 units have sold throughout the early part of 2008. According to a release from the company in February, 58 new contracts were signed in January.

“The strength of our January sales exceeded all expectations,” Vice President of Sales and Marketing Claudine Legér-Wetzel said in a statement. “Twenty new homes were sold at Paseo and an amazing 38 contracts were signed at Lely Resort, with particularly strong sales numbers in our Olé neighborhood. In addition, the number of visitors to our sales centers was phenomenal. There were 120 to 170 visitors per week at each sales center.

“While most developers are struggling in the current market, Stock continues to market aggressively and expand,” she added. “It is paying off with strong sales numbers.”

According to the company, housing market research firm Metro Study recently announced Lely Resort was the No. 1 community in Southwest Florida for closings and move-ins for 2007.

Stock says the success of Lely Resort and Paseo demonstrates how well-suited Stock Development is to riding out the low points of the housing market’s current rollercoaster. He says the company has found a successful formula.

“We’re not a big national builder, but we feel we have created our niche,” he says. “Our customer base is a mixed demographic – we have the second home, retiree buyer and the younger year-round professional buyer.”

Earning Respect
Stock Development has earned the recognition of the homebuilding industry on numerous occasions. Awards won by the company include:

• 2005 Governor’s Entrepreneurship Award
• 2005 Excellence in Industry Entrepreneurship Award
• 2005 & 2006 Development Company of the Year by the Lee Building Industry Association
• 2005 & 2006 News-Press Grand Award
• 2004 & 2005 Company of the Year by the Naples Area Board of Realtors
• 2006 Punta Gorda Chamber of Commerce Business of the Year

The company says it is proud to have received the accolades it has. “The awards and recognition that Stock Development has earned over the years has helped solidify the company’s reputation as one of the most innovative and dynamic development companies in Florida,” the company says.

Charitable Contributions
Stock Development lives up to these lofty opinions by being intimately involved in the surrounding communities, it says. “The corporate culture at Stock Development is compassionate, caring and committed to the improvement and enhancement of Southwest Florida,” the company says.

“Continually striving to support causes and organizations that will aid in the betterment of the community, Stock Development focuses their efforts on specific causes including education, children, health and humanity,” it continues. “Over the years, Stock Development and associates have donated over $1 million to a variety of worthy organizations.

“Throughout the company’s rapid growth, the corporate philosophy on the importance of philanthropy has never wavered and has been central to the Stock family of companies since the beginning.”

Feeling Stronger
Inspired by the success it has experienced so far in 2008, Stock says Stock Development continues to look to the future with confidence. Lucas notes the company recently opened two new tracts in Paseo, to hold approximately 50 single family homes with four new models.

The company is also launching a new value series of homes. Lucas says the new models will  beat most other developers’ in terms of features, but will be geared more to the more modest homebuying market. “Considering the market, we thought that was a better direction to go in,” Lucas says.

Interest rate changes will continue to help strengthen the market, Stock says, and Stock Development will continue to stand out as more developers switch to lower-cost products. Unlike those developers, he says, Stock will continue to deliver quality even with a lower price point through its amenities. Others have only built cheaper, he says.

“I see a lot of people going toward more value-engineered, more entry-level price points and cookie-cutter products,” he says.

Above all else, he says, Stock Development will continue to follow the principles Stock says are most important to him. “Always surround yourself with good people and let your people manage,” he says. “I believe our strength is that we have a great team of people who not only look out for the best interests of the company, but also look out for the best interests of our consumers.”