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Sarasota Observer
June 8, 2006

Real Estate Report

Developer Gil Alvarez took a business cruise through the Mediterranean to draw inspiration for the Burns Court Villas in the Burns Square neighborhood.  The villas, which will feature 23 residences, are made up of two- and three-story townhouses, although the zoning would have allowed Alvarez to build up to 150 feet.

"We realized that wouldn't have been right, because Burns Court is quaint," said Alvarez.

The multi-colored villas are set for completion later this year, and Alvarez said they initially sold out within four months, but some units are back on the market.  Alvarez's development has three units back on the market for resale.  The units, which initially sold for between $800,000 and $900,000 back in 2004, are now listed in the $1.2 million range.

Alvarez said about 80% of the buyers were Sarasota residents who wanted to downsize their homes and relocate to downtown from barrier islands.

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