North Port/Port Charlotte lot prices ?? (Tampa, Cape Coral: sales, real estate, condominium)

[MrTudo]

Originally Posted by MrTudo

If they are in a good neighborhood then 15K sounds about right. I just made an offer on one of the lots I bought and sold in the last 3 years. On this particular lot, I paid 5K. Sold it for 28,500.00. It was listed for 45K. It's not going anywhere and I'd like to have it although it's land, not gold so 15K is my offer. In Port Charlotte.

Addendum: if the offer is not accepted and the sign is still up in 3 months, I will make another offer and it will be in the 10K or less range. That kind of offer won't fly some might say. Really? We'll see.

Remember it costs considerable money to bring water and utilities to these lots.

I would not even approach this number in Northport which is a town that is more like a 4th world country in my opinion. No cable internet, well water, and take a look at the easements in front of those lots and houses. Nice drainage huh? I was told that someone actually saw tiny catfish swimming around in front of their house.

Port Charlotte is NOT night and day unless you think that city water and comcast make it night and day. And it might be if one is living with a satelite dish or well water but in my opinion that's no reason to applaud. With all the talk about us being a "super power" it gets to looking rather pathetic when these types of necessities are not even available.

It was a major issue of ours when we went to Western North Carolina looking to buy a house. Virtually no cable internet options. I looked at a house one time just north of Asheville. Beautiful place. 400K ( 2 years ago ). Had cable in the listing. Yeah? Cable TV maybe ( we could sit and watch hehaw on saturday night I suppose). I called the cable company and they told me they had no intentions of adding high speed internet and that people like to go slow there. 400 Gs for that? LOL!

I digress. Sorry

[leroy]

Mr. Tudo is entitled to his opinion, however if one drives through Port Charlotte and then North Port (formerly North Port Charlotte) you will find that North Port has avoided many of the mistakes made in Port Charlotte.

Tamiami Trail in Port Charlotte is a mess. Development took place with minimal building codes. Drive the same route in North Port and you will find that all new construction has a mediteranean facade and without the confusing business signs lining the road in Port Charlotte.

Most of North Port's homes have been built in the last 5 years under strict hurricane codes. Hurricane Charley exposed the vulnerability of the much older housing in Port Charlotte, many of which still show damage.

North Port has a new high school, new middle school and new grade schools.
There is a state of the art skateboarding park (which draws many skaters from Port Charlotte) and a bike park is in the planning stage.

Vacant lots in North Port sell for more than those in Port Charlotte, and for good reasons. Not the least of which is that it is located in Sarasota county where the education system is considered by most to be superior to that in Charlotte county.

North Port is the 3rd fastest growing city in Florida. It is obvious that many people see the plethora of good points of this fine city. Like any city, it has its problems, but to label it as 'fourth world' is totally inaccurate.

Leroy

[MrTudo]

Leroy, having technology that goes beyond 3rd world is one big reason why I feel the way I do about Northport. I must have high speed cable internet and it's not available in most of Northport. I own an internet business as welll as a real estate business that IS in a 4th world country and my building there has high speed cable internet. Hence the comparison. We have city water there too, read on.

Water is another one. If you think that the well water in Northport is a good thing , well.............

I don't "skateboard". If that adds to the value of a lot in your opinion, well......

My Wife and I were in the walk in closet of our house here in Port Charlotte and what you just said is offensive to me. # 1, Northport didn't see much of Hurricane Charley therefore you don't KNOW how the houses would fare there if impacted with 145mph winds gusting into the 180's. Our house did fine and it was built way way back in the dark ages ( 1979 ). Lost some shingles , the fence and unfortunately a large piece of our beautiful giant oak tree which by the way has mostly come back and looks glorious.

Comparing one public school system to another is laughable and I'm not going there.

Far as Tamiami Trail is concerned.....the point is what again?

[jay chardon]

I have to agree with Leroy on many points.

I live in North Port-I have high speed internet-and while skateboarding is not important to me, it keeps many kids out of trouble. My son has spent many hours there and never got into trouble while skateboarding. Providing activities and recreation for residents does add to the value of property.

I also agree that Tamiami trail in Port Charlotte is an eyesore. It is the main route through town and makes the first impression on those passing through.

And yes, the fourth world comment is misleading.

There are many wells and septic tanks in North Port. The county plans to convert all houses to city water in the future, but how long that will take is uncertain. To date I know of no problems caused by wells and septic systems.

I do know that North Port is a good place to live and raise a family.

Jay

[jdber94]

Some of the above post are right on target. Lot prices in 2005 peaked in the mid to upper $50k range. Now lots in the same area's are priced in the $35k to $40k range. These are great area's with new homes on the same streets. The investor purchased homes are now selling quite well although I'd imagine we are about a year away from running out of existing home inventory. North Port will be paving approximately 100 miles of roads over the next year or so and that should help to get things moving again. If anyone wants any additional information on the area just give me an email.

[markhenshaw]

I am new here. I just stumbled on this post and had to reply. This is an absolutely ridiculous price for that size lot unless it is waterfront. Please don't bite on that one. I am a real estate agent in this area and I have many selling for 25-30k
The closer that you get to the beaches the higher the value is but in Port Charlotte and North Port you can expect to pick them up much cheaper.

[V20]

I believe that the southwest Florida real estate market is going to continue to fall for a relatively short while (6-18 months) and then it will re-ignite strongly. It is wise to hunt for dirt cheap quality lots now and into the near future. I have very young children. What if I were able to buy an off-water lot in Port Charlotte or North Port at $10-15K for each child? Is it likely to pay for their college education in 15 years? I don't see how it can't. 2.5 million Americans added every year and most moving to the south.

Now I know some will think that is overly optimistic, but people could have done that in the Boston area, Cape Cod (ten years ago desirable lots were 25K, now they are $300K), New Hampshire and clearly in many areas in Florida.

[firemed]

The Herald Tribune reports from Florida. “New home construction, the linchpin of this North Port’s spending plans, has slowed to a comparative standstill and even optimists say these doldrums are far from over. The massive drop in home building, which started in April, has left everyone from City Hall staffers to spec home buyers scrambling to adjust.”

“Impact fees, used to pay for capital projects such as road widenings and new parks, account for $28 million of this year’s budget. To collect that much money would take about 3,900 houses and 50 large commercial projects. The city is nowhere near that pace so far, being on track to issue about 1,000 home permits this budget year.”

“‘Whether we did (cut) enough or not remains to be seen,’ said City Manager Steven Crowell.”

“The real estate downturn has been a disappointment beyond City Hall. Rich Deeds, who lives in Pennsylvania, jumped into the North Port spec housing market right before this year’s precipitous drop. Now he’s sitting on two new houses in the city.”

“He tried to sell one on eBay this month but didn’t get a single bid. Now he’s spending $4,500 on Florida mortgages every month. ‘I expected a leveling out,’ he said. ‘I didn’t expect it to take a plunge.’”

Will taxes go up and the home prices drop ? over 1000 jobs were cut this month and more are on the way. The prices in Charlotte County may drop alot. optimists are mostly investers who seem to be in denial from what I have seen.

[firemed]

Originally Posted by V20

I believe that the southwest Florida real estate market is going to continue to fall for a relatively short while (6-18 months) and then it will re-ignite strongly. It is wise to hunt for dirt cheap quality lots now and into the near future. I have very young children. What if I were able to buy an off-water lot in Port Charlotte or North Port at $10-15K for each child? Is it likely to pay for their college education in 15 years? I don't see how it can't. 2.5 million Americans added every year and most moving to the south.

Now I know some will think that is overly optimistic, but people could have done that in the Boston area, Cape Cod (ten years ago desirable lots were 25K, now they are $300K), New Hampshire and clearly in many areas in Florida.

Why will the market re-ignite after 6-18 months ?

[V20]

Originally Posted by firemed

Why will the market re-ignite after 6-18 months ?

The current and projected population growth in Florida is very strong. As you state, building permits are down, which will lead buyers to consume existing inventory and eventually the glut will dissipate. Is it going to take 6 months, 18 months, 2 years, who knows, but I am confident it won't be 9 years. Over the next 14 years the population of Cape Coral is expected to grow by an additional 200,000 people. In 14 years more people will come into Cape Coral than have come into the 15 towns in Cape Cod in 400 years. Such a level of growth cannot be underestimated.

You say that most optimists are investors that are in denial. I am an optimist and an investor, but I am not in denial about anything. I am very excited about the tremendous amount of opportunities that are presenting themselves now. Many of my fellow investors are thinking the same way. Many people, including myself are merely waiting for the prices to hit bottom. I want the best deal.

Fifteen years ago my in-laws bought a very nice gulf access lot (tip lot on cul de sac, 180 feet on the water, 200 foot canal and intersecting views) in Marco Island for $48k. Even in this dead market, such property would easily sell for over 1 million now. Amazing opportunities were around in Naples and Marco not that long ago. But now only the wealthy can effectively invest in those markets.

For all intensive purposes you can't go south of Marco as you will run into the everglades. West is the ocean. So only east or north remain. East runs inland and that will develop, but it is not saltwater front area and will unlikely have as strong an appeal. So therefore only north is available. Bonita Springs, Fort Myers, Cape Coral and then Charlotte County. Over the last 5 years gulf access properties in Cape Coral have been disappearing at an amazing rate. Areas that I used to joke about and call "Iowa farmland" are now built out neighborhoods.

I have spent an enormous time studying the Cape Coral, Naples and Marco areas. I strongly believe that the remaining undeveloped gulf access lots in Cape Coral will be gone within five years.

Twenty miles away as the crow flies such properties are a million plus. Cape Coral gulf access properties can now be had at $125K.

Why would someone reasonably think that such properties will remain at such low prices indefinitely? As much as some optimists may be in denial, I bet you that the pessimists in Naples and Marco didn't see the opportunity around them a decade ago.