relocation to north port, fl (fsbo, for sale, business)

[SoFLGal]

CDD stands for Community Development District. Not all communities have CDD fees but it is something you want to look into when looking to buy in a community.

Developers petition the County to get permission to form a CDD. By forming as a CDD the developer is allowed to take out bonds to pay for building and preparing the development's infrastructure and amenities. Repayment of these bonds is passed along to the homeowners of the community. The bond repayment may last for many years and will be collected from homeowners who live within the CDD boundaries in their annual tax bill.

Usually the CDD will own all of the common areas and amenities (pool, clubhouse, tennis courts, etc) and will be responsible for assessing an annual fee to maintain and repair all the common areas and amenities.

When you pay your CDD assessment through your annual tax bill, a portion of your assessment will be budgeted to pay back the bond, and the remainder will be budgeted to pay for the repair and maintenance of the community.

[staywarm2]

Originally Posted by SoFLGal

CDD stands for Community Development District. Not all communities have CDD fees but it is something you want to look into when looking to buy in a community.

Developers petition the County to get permission to form a CDD. By forming as a CDD the developer is allowed to take out bonds to pay for building and preparing the development's infrastructure and amenities. Repayment of these bonds is passed along to the homeowners of the community. The bond repayment may last for many years and will be collected from homeowners who live within the CDD boundaries in their annual tax bill.

Usually the CDD will own all of the common areas and amenities (pool, clubhouse, tennis courts, etc) and will be responsible for assessing an annual fee to maintain and repair all the common areas and amenities.

When you pay your CDD assessment through your annual tax bill, a portion of your assessment will be budgeted to pay back the bond, and the remainder will be budgeted to pay for the repair and maintenance of the community.

Thanks for the info. I think we had this when I lived in Weston, FL a few years ago.

[Shawn & Jen]

Hi All,

I'm looking for info regarding buying a vacant lot in Northport. I was there a few weeks ago and the lots are really cheap. Is there a reason why they are selling so cheap?

The lot I looked at is a corner lot in a developed area close to Toledo blade blvd.

[SoFLGal]

They are selling so cheap because nobody is building. The lot prices soared when the investors and builders where snatching them up. Now the prices are back down to what they were selling for in the early 2000's. There are over 1600 lots for sale right now on the MLS and probably double that many For Sale By Owner. Only 57 North Port lots closed last month. It's a simple case of supply and demand. The average lot price in North Port right now is $8,000 and over 250 days on the market.

[sunrico90]

Originally Posted by SoFLGal

They are selling so cheap because nobody is building. The lot prices soared when the investors and builders where snatching them up. Now the prices are back down to what they were selling for in the early 2000's. There are over 1600 lots for sale right now on the MLS and probably double that many For Sale By Owner. Only 57 North Port lots closed last month. It's a simple case of supply and demand. The average lot price in North Port right now is $8,000 and over 250 days on the market.

If this is a buyer market, can an offer of $6K be a good one?

[Shawn & Jen]

Does anyone know of any banks that will do 100% financing for vacant lots?

Thanks

[SoFLGal]

Yes, Sunrico90 you could probably pick one up for around $6000. There are plenty of people that are looking to unload lots.

Shawn & Jen,
Last I knew Bank of America was writing 100% loans on lots. I'm not sure if that's the case anymore. You could also try AAA Mortgage in North Port, Michelle, she might be writing 100% on lots.

[Shawn & Jen]

Thank you everyone for all your help.

[jdber94]

Originally Posted by Shawn & Jen

Thank you everyone for all your help.

Try M & I Bank.

Additionally although there are some lot buys under $10k. They will not last long as investors are buying rapidly, everything under that mark. Several 100+ groups of lots have sold in the past 3 months with the last closing just days ago at just under $9k. I know of 4 big money groups that are putting together deals weekly on packages.

[MissPlacedTxn44]

I have a lot for sale in North Port. It is a cleared buildable lot in a nice residential neighborhood. I would appreciate any info on anyone that is buying. I am trying to go relocate back to TX and want to leave no unfinished business here.