In the teeth of the worst mortgage crisis in decades, Sarasota mortgage bankers Priscilla Gratton and her twin sons, Brock and Blake, known as “Team Gratton,” have left AmSouth Mortgage, now known as Regions Mortgage, after only a half year and opened their own mortgage origination business at 741 S. Orange Ave.

The Grattons bring a combined 30 years of mortgage experience in the Sarasota market, with expertise in offering a complete range of mortgage products, including no-income, investment, extended rate locks, construction, alternative credit, and commercial lines.

“We are extremely excited to be able to provide our clients a full line of programs. In today’s market, you just can’t afford to limit yourself on your product line,” said Priscilla Gratton, adding that AmSouth’s “very conservative” approach to mortgage lending contributed to her team’s departure.

The Grattons said they can tap 200 lenders.

“Although many subprime lenders are cutting back programs, we believe we can still access mortgages for most borrowers,” Priscilla Gratton said.

The Grattons are known for marketing creativity with their liveried Realtor trolley.

Their new Web site is www.grattonmortgage.com.

Neal Communities launches ‘River’s Reach’

Neal Communities recently broke ground for its new River’s Reach neighborhood.

Pat Neal, John Neal, Leisa Weintraub and community leaders were on-scene.

“The property at River’s Reach is a unique one,” John Neal said of the property on the Manatee River. “The community has a setting that is open, has big, beautiful oak trees and rests along the river. We feel our buyers will have a sense of living in a wide open yet still beautifully natural space and they will have the added benefit of amenities that take full advantage of these natural features.”

The developers have plans for nature trails, a large playground, a sand volleyball court, a canoe livery, and a community center with a pool and poolside grill.

Homes are expected to range from 2,128 to 3,923 square feet and start from the low $400,000s.

Pat and John Neal are developing the property with Frank Cassata.

Manatee chamber favors affordable housing

The Manatee Chamber of Commerce said it supports increasing the number of work force housing units that meet the broader spectrum of community needs.

The chamber’s board noted that 75 percent of county residents cannot afford the median home price today in Manatee County.

“The continued productivity and competitiveness of our businesses and service organizations depend on the ability of our local work force to attain appropriate housing,” Bob Bartz, the chamber’s president, said in a statement. “We have defined work-force housing as home ownership in the $170,000-$250,000 price range.”

Housing prices that outpace wages affect business in three significant ways, Bartz said.

Recruitment: Too many employees essential to the local economy cannot afford to live where they work.

Retention: Workers often must move farther and farther away from their jobs. As a result, companies all too often experience high employee turnover — leading to extra costs for replacing and retraining workers.

Productivity: Long commutes contribute to low morale and high absenteeism, which cut into productivity.

Source: Sarasota Herald Tribune

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