Banking on a parkway

A proposed extension of the Suncoast Parkway has big investors and smaller operators investing in Citrus real estate.

By JIM ROSS

© St. Petersburg Times, published August 13, 2000

[Times photo: Steve Hasel] Rick Couch of Inverness Farms Realty Group in Hernando discusses plans for a large parcel of land in Citrus near the proposed extension of the Suncoast Parkway.

CRYSTAL RIVER -- The Suncoast Parkway is coming to Citrus County's doorstep, and perhaps even closer. The powerful people who buy and sell land, develop residential communities and build commercial centers know this and have positioned themselves and their clients accordingly.

But the parkway has inspired smaller operators to take action, as well. These moves, though less obvious, will contribute to whatever collective change the new highway brings to Citrus.

Two of those lesser-known players are Richard and Jean Beetsma, who moved from Lakeland to Colorado Springs, Colo., three years ago.

The Beetsmas, retired farmers who lived most of their lives in Indiana, are always on the lookout for a good real estate investment. They think their Florida real estate adviser helped find them one in northwest Citrus, where they recently paid more than $700,000 for two large tracts, 630 acres in all.

"I expected that someone would buy this as just a private ranch," said Holly Simmons, the broker/associate with ERA Seven Rivers Real Estate Inc., who listed the property.

That's probably what would have happened 10 years ago. But the Beetsmas had different ideas.

As the ink on the closing papers dried, the Beetsmas hired an engineer to subdivide the land into 50 lots, some 10 acres, some 20 acres.

As the engineer worked, the Beetsmas asked their real estate representative to post a "for sale" sign. The asking price: $1.2-million.

Their stated goal -- for now, anyway -- is to sell the land to a developer who wants to cash in on the parkway. People from Pinellas and Hillsborough counties might like to live in that kind of subdivision and drive the parkway to work.

"A lot of people want to get out, have a little more room, have horses. I know I would," Richard Beetsma said during an interview. "Being from a farm, that's what I like. I wouldn't like living in the city."

Rick Couch, the Beetsmas' real estate broker, said the idea makes sense. His company, Inverness Farms Realty Group, specializes in helping clients who want to buy fairly substantial amounts of property.

Until one year ago, Couch said, most prospective buyers called from out of state. Recently, his listings have prompted inquiries from Tampa Bay.

"It's all because of the parkway," he said.

Right now, the parkway's northern border is U.S. 98. The state is strongly considering a plan to build a Citrus legthat would end at U.S. 19 just west of the Beetsmas' property.

A Citrus extension would make a subdivision on the Beetsma land even more attractive. But even if that doesn't happen for a while -- or at all, for that matter -- the development would be attractive, Couch said.

More and more, people aren't satisfied with a small lot and a driveway. "They're wanting 10 (acres) and more," Couch said. "They want more land between neighbors."

Other land owners, not to mention the people who operate existing residential developments, are banking on that general theory. Live here in the wide open spaces and drive there, if you must, to earn a paycheck.

Couch said he received four inquiries soon after the "for sale" sign was posted. Since then, he also has heard from local landowners who want to buy smaller chunks that are contiguous to their own properties.

Beetsma might sell the land piece by piece. But he is convinced that the subdivision idea is viable.

Although county regulatory approval would be necessary, the plan also appears to be consistent with Citrus County planning maps, which designate the land as rural residential. That means only one house per 10 acres is allowed.

And even if a developer wanted to wait and see how the market responds to the parkway, the purchase would make sense, Couch said. The lot lines would be officially registered with county government and ready to develop. In the meantime, the owner could lease the land to cattle owners and derive some income.

"What they're doing is buying time," Couch said.

"I think it would be a great success," said Simmons of Seven Rivers Real Estate, who has lived in Citrus since the 1960s. She noted that the land has some rolling hills and several high points.

Simmons said the sellers inherited the land and were leasing it to cattle owners before the sale.

"You see these types of things more often when you have a healthy economy like we have right now," said Gary Maidhof, director of development services for Citrus County. "Real estate is a proven investment, especially when you look at the demographics of this area."

Maidhof said he thought the Suncoast Parkway would accelerate inevitable growth, not create it. The Beetsmas' moves illustrate that theory.

"It (the highway) is going to make us much closer to the Tampa Bay job market," he said.

Other trends to watch: Older families seeking to sell land to avoid inheritance taxes and land companies snatching up development rights to "paper" subdivisions -- the kind that county government approved years ago but never were built.

The only potential problem with Citrus becoming an attractive candidate for Tampa Bay people would be consistently higher gas prices, in the $3-per-gallon range, Maidhof said.

"As long as people can afford to commute," he said. "Suburbs will still be a popular place to live."

Pete DeRosa knows a few things about land development. He came to Citrus in 1966 and started buying and subdividing property in the county's northwest territory, which eventually would come to be identified as DeRosa.

Back then, Crystal River had one traffic light.

"It can be done," DeRosa said of the Beetsmas' plan. "I'd like to see people move into this area."

But DeRosa said he is more concerned about the present than the future. Citrus County leaders must find a way to keep its younger population -- whether old-line families or people who move here from Tampa Bay -- employed in challenging work.

"They really need industry to keep the young people," he said.

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