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Bella Collina has plans to expand to the north.
Bella Collina has plans to expand to the north. (Lake County Property Appraiser)

Bella Collina's comeback into the luxury home market has been so successful that its owners are planning to expand the neighborhood into about 56 acres it owns in the city limits of Monte Verde.

Bella Collina is planning to file site plans with Monte Verde for 78 homes on half-acre lots, set on property that lies on a hill north of the Bella Collina hill-top clubhouse, said Randall Greene, CEO/managing partner of RG Developments & Investments, LLC and Bella Collina Partners.

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The new land came with the package of Bella Collina land that affiliate DCS Investments purchased toward the end of the recession. It isn't platted and was just sitting in inventory, costing nothing but taxes.

A year after getting back into the swing of million-dollar home sales, Bella Collina Partners expect new custom home sales to average $2 million or more.

But this year, with 28 new multi-million dollar homes starting in Bella Collina, management decided there is enough momentum in the market to develop the extra land, which differs from that currently being developed in Bella Collina because it is in the town of Monte Verde, rather than in unincorporated Lake County.

The homes in the new development most likely will be priced under the $1 million mark that many homes are selling for in the current Bella Collina neighborhood. Greene says price tags between $800,000 and $1 million are likely.

Million-dollar houses are selling again in Bella Collina, a Lake County community that became a poster child for the damage a land boom and bust can wreak.

The Bella Collina development team has been waiting to see where the market is going and how long the favorable conditions will last to make the decision to develop the land, Greene said.

Teresa Burney can be reached at 352-455-1955 or at Teresaburney4@gmail.com. Follow GrowthSpotter on FacebookTwitter and LinkedIn.

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