Buyers are now sensing that now really IS the time to buy. Pendings and solds increased slightly last month with most of the activity in the under $200,000 range, but it is still not a significant upturn.
Some builders think the answer is to build smaller homes in the under $200,000 price range. However, most of our buyers really want MORE square footage even if there are only two people. Families tend to include parents living with them, young adults who cannot afford their own home yet and many guests who visit for weeks, sometimes months. We predict a trend to larger homes with more people living in them. Our last four buyers have actually wanted a newer 4 bedroom home under $250,000 and with lots of space. Due to the large number of investor and builder spec homes, many are getting a good deal on homes and then adding a pool for $25,000-$30,000.
A few more of the over $300,000 properties are now pending and sold, up a little from a couple of months ago, most likely due to drastic price reductions. Many of the higher end homes have been reduced by over $100,000.
With the huge number of listings in some stage of foreclosure, prices are still very attractive. When we work through this foreclosure phase, the market should begin to rise again.
According to the Florida Association of Realtors, "Only 5 percent of Florida homeowners surveyed by UF expected home values to fall during the next five years. The median respondent expected a gain of 18 percent, or a little more than 3 percent a year. "
They also reported that, "Florida also had four of the 10 counties with the highest proportion of people age 65 and older, with Charlotte County topping the list at 31.2 percent."
We have been advising lot owners to hold for now. North Port has over 2200 lots on the MLS and probably another 4000 by owner. Any lots actually selling are less than half of their price two years ago. Sales in the $10,000 to $20,000 range are the norm. Only 11 lots sold last month, and eight of them were under $20,000. With so many good deals out there on homes, the lots are almost free. Very few people are actually building a new home.
However, developers must expect even more growth for North Port. Yesterday's paper noted that a new mall is planned for the Toledo Blade exit within the next two years. Signs are up announcing a new Lowe's and Walgreen's, and buildings are going up at the corner of Toledo Blade and Price with Publix and many other retail shops. Even a small strip mall is going up out in the Atwater-Price area. Hopefully, it will include someplace to stop and get a cold drink when out on that end of town. With the housing market down, many of the builders are now concentrating on commercial real estate.
Worried about taxes? The TRIM notices for Sarasota County went out this week giving homeowners an idea of what their taxes may be. If you do NOT think you could sell your property at the market value listed as of Jan. 1, 2007, then you can challenge the appraiser's evaluation. Many of your questions will be answered if you just read the booklet they mailed or go to www.sarasotaproperty.net/trim It explains the proposed changes very well. Since the notices just went out, they are probably receiving thousands of calls and emails. Wait a day or so or go in person to their office, but I imagine the line is long there as well. This article in today's paper also is very informative:
If you have questions about real estate in North Port, Port Charlotte or Punta Gorda, email us at email@example.com
There are 1554 properties for sale in North Port, Florida in the MLS. The number of available properties is up by 2 properties from last month. 542 of the active listings are brand new, 2006-2007. This number has increased by 4 properties since last month.
In the past 30 days July 1-31, 69 properties went pending. 21 of the pending listings are brand new, built in 2006-2007. 6 more properties went pending this month than last month.
Looking at the pending properties, 16 have a listing price of -$150,000 or less.
26 of the pending properties have a listing price of between $150,001-$200,000.
7 of the pending properties have a listing price of between $200,001-$225,000.
8 of the pending properties have a listing price of between $225,001-$250,000.
2 of the pending properties have a listing price of between $250,001-$275,000.
6 of the pending properties have a listing price of between $275,001-$300,000.
5 properties have a listing price of $300,001 or more.
Using the same time frame, 45 properties closed. 2 more properties sold this month than last month. 11 of the sold listings were brand new, built in 2006-2007. The number of brand new listings sold is the same for the last two months. Last month 1.4 listings sold per day, this month 1.5 listings sold per day.
Looking at the sold properties, 7 have a listing price of -$150,000 or less.
26 properties sold between $150,001-$200,000.
4 properties sold between $200,001-$225,000.
2 properties sold between $225,001-$250,000.
2 properties sold between $250,001-$275,000.
1 properties sold between $275,001-$300,000.
3 properties sold for $300,001 or more.
Search our website yourself and see what is happening to prices in your area. http://www.twomoores.net/
Visit our new site TropicalFloridaProperty.com - coming in January 2008!
Looking for property in North Port, Port Charlotte, Punta Gorda, Englewood and the surrounding areas, visit any of our websites at http://www.twomoores.com/