So what's the catch with Port Charlotte Canal Homes?

[SoFLGal]

Hi Mark,

If you were talking about last weekends show, they were looking at homes in the South Gulf Cove area of Port Charlotte. There are lots of bargains in that area.

South Gulf Cove is an incomparable community just off Florida Route 771 south of Sarasota, between Port Charlotte and Boca Grande. South Gulf Cov is Convenient to golf, shopping, fishing, beaches and every imaginable amenity, South Gulf Cove is just minutes away from Gasparilla Island and Boca Grande. With a private, community boat dock and ramp plus direct access through a lock, residents can slip in and out of the neighborhood and spend a few relaxing hours in Charlotte Harbor and the Gulf of Mexico. Here you’ll find sailboat friendly areas with no bridges in the way.

Not so long ago, the South Gulf Cove area was deemed to be out of the way, but new retail and infrastructure South Gulf Cove is now only minutes away. Today’s South Gulf Cove residents do not have to sacrifice privacy and a casual lifestyle for the conveniences they love. They can enjoy retail shopping, unique boutiques, movies and museums and they have full access to schools and medical facilities.

Golfers will love the neighborhood for its four nearby golf courses – Long Marsh, Palm, Oakland Hills and Cape Haze, and water lovers will enjoy the local beaches, boating, water and jet skiing, kayaking and canoeing.

South Gulf Cove is a deed restricted community with a rich canal system comprised of approximately 55 miles of wide, navigable canals. All of the canals converge into Interceptor Lagoon and from there head into the Myakka River and on to Charlotte Harbor and the Gulf of Mexico. Many properties have bridge-free sailboat access to the harbor. Keep in mind though that some of the commutes out to the harbor are much longer then you would find in nearby Punta Gorda or other waterfront communities.

With 15,000 home sites, 4,000 of which are on the waterfront, South Gulf Cove comprises nearly one-third of the canals in Charlotte County. All waterfront homes have sea walls and a natural shoreline and there is a community Yacht Club. Fisherman can angle for both fresh water and salt water fish in this area, and all properties have access to the water, either from waterfront lots or from the community boat ramp.

Because this area has only recently become popular, there are still many choices and available home sites. The South Gulf Cove homeowner association is voluntary, though most residents are very active in the community and work hard to preserve quality of life and their natural surroundings. Most homes are less than ten years old and there are still plenty of vacant home sits on which you can conceive and build your dream home. The South Gulf Cove community is an upscale Florida waterfront community with reasonably priced properties; a rarity in today’s Florida real estate environment.

Prices vary from moderate to expensive, but properties that are closer to the lagoon will have a bigger price tag. You can find a four bedroom, three bathroom home or a palatial four bedroom, three bathroom estate for over a million. Prospective residents of South Gulf Cove will be pleased to know that future waterfront development will be actively monitored for ecological impact.
Close by South Gulf Cove is simply Gulf Cove, another General Development community that borders the Myakka River and has a community boat ramp. You’re just ten minutes from the mall in Port Charlotte or from shopping in Englewood. More expensive homes hover along the canals on the river, but moderate prices are still available farther from the water. Most of Gulf Cove has city water available.

The Gardens of Gulf Cove is an older established neighborhood of small homes with two community pools, clubhouse, tennis courts and shuffleboard. Most of the homes were built from 1970-80, but provide inexpensive housing for a winter home for first time homebuyer.

Punta Gorda Isles (PGI) is a large upscale waterfront community in Punta Gorda, FL. With city water and sewer and close proximity to I-75 and US 41, Punta Gorda Isles is convenient to all services and amenities and close to downtown Punta Gorda, Fort Myers and Naples. Punta Gorda Isles was once swampland dredged by General Development Corp. in 1957 to create a maze of seawalled saltwater canals. Canals in Punta Gorda Isles are 100 feet wide and 12 feet deep, and the seawalls and canals are maintained by the city of Punta Gorda. This is a primarily a boating, golfing and country club neighborhood with pretty Spanish tile roofs and a strong homeowner’s association to help maintain value.

You’ll find alluring street names like Aqui Esta, Via Paloma and Santa margarita in the older section and bird names like Whippoorwill, Plover and Turtle Dove in the newer area.

Punta Gorda also has a restored downtown area only a few blocks from Punta Gorda Isles that will send you back in time with quaint brick walkways, gas lights, fine food and interesting shops and art galleries while Fisherman’s Village is the gem of the waterfront, with lots of shopping and dining. The city of Punta Gorda appeals to families, retirees and winter residents. There is a strong civic pride and very active civic organizations in the Punta Gorda area. Ponce de Leon Historical Park and boat ramp are at the western end of Punta Gorda Isles. The Punta Gorda Yacht Club is located on the harbor and is always a popular place for visitors and residents alike.

At the center of Punta Gorda Isles is the St. Andrews Golf Club, along with a small commercial area that offers services to residents. Punta Gorda Isles is a deed restricted community with over 6,000 lots. Punta Gorda Isles has its own yacht club, and a private golf club, so residents never have to leave home to pursue their passion. This community is an ideal location for nature lovers, water enthusiasts, boaters and golfers. Homes in Punta Gorda Isles are beautifully landscaped and intelligently conceived to suit the surrounding environment. A few homes border Punta Gorda Isles Housesthe St. Andrew’s South Golf Club. The Punta Gorda Isles road system was designed to minimize traffic and to give the community the feel of a small, private neighborhood. There are a few new homes and lots in this community but many purchases today are for existing homes and condos, some dating back to the 1960s. Compared to Sarasota, Fort Myers and Naples, purchase prices in Punta Gorda Isles are very affordable. In Punta Gorda Isles you can find moderately priced waterfront homes and glorious waterfront estates. Residential lots are either on a canal or surrounding the St. Andrews South Golf Club. Most homes in Punta Gorda Isles have 3-5 bedrooms and 2-4 bathrooms.

Downtown Punta Gorda was hit pretty bad by Charlie but it is all rebuilt now. The hotel got hit and many of the homes right along Retta Esplanade (the main street along the harbor). It seems every weekend they have something going on down there. They have the Seafood Festival, The Peace River Art Show, The Air Show and many others. On Thursday nights they have a jam sessions in Gilchrist Park. Punta Gorda is a pretty cool town.

There are many places to go hang out: Harpoon Harry's (they usually have bands on the weekends), Bin82-which is new so someone else will have to comment on this place, I hear it's pretty cool, River City Grill is always good. I love to eat at Pies & Plates in PG.

Charlotte Regional Medical Center is in downtown PG on Marion St. Then right over the bridge is Fawcett Hospital and Peace River Medical Center.

Now, for areas that you should check out: Punta Gorda Isles is probably one of the best places if you want to be within biking/walking distance to downtown and have good access to the harbor. All of the seawalls in Punta Gorda Isles are maintained by the city of Punta Gorda, which isn't the case in nearby neighboring Port Charlotte. Punta Gorda Isles is a terrific neighborhood where most homes are on saltwater canals, and most locations provide relatively speedy access to the open water of Charlotte Harbor and the Peace River. Sailors like PGI because the waters are consistently deep and will provide 4+ ft of draft even on the winter low tides.

Then there's the Burnt Store area: Burnt Store Marina, Burnt Store Lakes, Burnt Store Meadows, Burnt Store Colony, Burnt Store Village, Burnt Store Isles. Burnt Store Marina is the only gated community out of them all. It also has the largest deep water marina in the SW gulf coast with 525 wet slips. Sailboat Magazine ranked this area one of the top ten places to sail. It also has a 27 hole golf course and restaurant. Burnt Store Isles also is mostly waterfront canal homes, but because of shoaling on Alligator creek isn't as attractive for deep draft boats. Both PGI and BSI have golf courses

Punta Gorda also has a really quaint historical section the runs along Gilchrist Park and the harbor. My sister-in-law lives in there and says she will never leave.

Pirate Harbor is also worth checking out but not as close to the downtown area.

When you hear that all of Florida is in a flood zone, this is correct but a misinformed statement. Depending on the area 50% to 80% flood zones are is in a special flood hazard area (SFHA), where the mortgage companies will require flood insurance. The other 20% to 50% is in the flood zone B, C and X where the flood insurance can be purchased but is a choice of the property owners.

Property owners should be aware of how flood insurance works and know what the average cost are. In the past owner's have accepted that they were in the flood zone and just paid it without knowing if they are paying the right amount or if it was correct. Talk with your neighbors, insurance should be within a reasonable range of each other, but it happens that three identical neighbors are paying $400, $1800 and $900 for the same coverage. The newest neighbor (within the last 5 years) should have been rated with the newest flood zone information and all the required documentation by the insurance agent; and their premium should be the benchmark for the neighborhood comparison.

Now the industry standard is the burden is left up to the property owner to know what flood zone their building is affected by. If your property has been upgraded to a better/new flood zone (lower risk), the lender or insurance company will not notify the owner to modify the existing flood insurance policy because of more beneficial flood zone. Modifying the current policy will require a new elevation certificate which can cost up to $150, but the savings depending on the flood zone can be $200-$1000 savings (plus possible refunds), it will be worth the investment to look into. Owners can find a flood insurance/zone consultants to determine the best option available, most of these companies do not charge if they cannot provided any solutions for the flood insurance. These companies are working for the property owners, not the lender or the insurance company.

Following list is how business and home owners are being affected by the new flood zones:

Your building has been re-designated into a new flood zone. The mortgage lender will now require flood insurance for your building because of a federal requirements. The owner should do one of the following:

1--Get an FEMA elevation certificate from a qualified surveyor. This certificate is used by the insurance companies to correctly rate flood insurance. The elevation certificate needs to show the newest flood zones, so older certificates will not be valid for new flood insurance policies. If the building is built correctly and conforms to the new flood zone the insurance cost for maximum coverage should be as follows: Zone AE = $1000+/- or less, Zone AH = $430+/- or less, Zone X = $0 to $348 (owners choice on coverage).

2--If the insurance seems too high, have a flood zone consultant verify if the building would benefit from a historical classification to the original flood zone at the time of construction. This is a special classification for insurance, because the building should not pay higher insurance premiums if it was build correctly at the time of construction.

3--Keep your previous coverage using the grandfathering rule, if the owner holds an existing policy they can continue using it (do not let your insurance lapse).

4--Challenge the new FEMA flood zone. This process only affects houses that are higher than the calculated flood. This process is determined on a house by house basis, one neighbor can be approved for an exemption while others will not (for example one will pass by 1/8" and the other fail by 1/8").

Your building has been re-designated out of the Special Flood Hazard Area. The mortgage lender will not require flood insurance for your building because of a federal requirements. The owner should do the following:

1--Contact the insurance division for the mortgage lender and notify them that a flood zone designation has changed. They will review the flood zone that affects the property and provide a written response for the owners request. If the bank releases the requirement for flood insurance, the owner can keep the current policy, or rewrite the current policy to a cheaper preferred risk policy, or cancel the current policy completely. The insurance policy holder is eligible for full refunds from the National Flood Insurance Program (NFIP)

Various items can cause the insurance to be different:

1--Never had an elevation certificate, the insurance company uses the elevation certificate to correctly rate the flood insurance policy. If the insurance company does not have an elevation certificate on record, the insurance policy is probably based on a pre-FIRM calculations (basically means the house was built before the flood zones). This rate is usually higher than using the new flood zones.

2--Elevation certificate has minor errors (1/8" can cost a homeowner a $600 difference in flood insurance premiums. The insurance companies can only input the elevations shown on the elevation certificate, they are not able to round numbers or validate the quality of the certificate documents. In most cases, the cheapest quote for an elevation certificate might not be the best option for the homeowner. The owner can obtain a second opinion on the previous elevation certificate to verify the original certificate.

3--Rated in the wrong flood zone or older flood zone, in some cases the flood zone change 10+ years ago and the owner is never informed that using the newer flood zone can help save money. Basically it is up to the property owner to review and question the insurance policy if there is a other options for their flood insurance needs.

4--Various of other red tape rules based on the construction of the house.

Good luck with your home search!

[CheriC]

I didn't see the episode but I am very familiar with the community South Gulf Cove. Although there are some beautiful homes in there, no one has mentioned the fact while some refer to it as a Deed Restricted Community, it does not appear to be enforced. It's really sad cause there are some gorgeous homes with pride of ownership and then there are others that really need to clean it up. Boats or boat trailers IMO left on the sides of homes aren't that bad given it's a boating community with canals. It's the collection of non-working boats and cars parked on lawns, over grown lawns, debris and such that ruin the appeal. Even with 45 mins to open water, you still are getting a piece of paradise at a great price if you enjoy the luxury of sitting on your lanai or at your kitchen table with birds eye view of your boat and knowing it's ready when you are. I think PGI would be a better choice if you are looking for a canal home and value a consistent clean cut neighborhood. It's still pretty cool that one of our local realtors made it on HGTV though. I just hope that the millions of people that watched the show realize it's reality TV in a sense. Research the area, visit the CCSO.org for crime stats and visit it yourself before you pack your bags.

[TamRE]

Here is a link to the South Gulf Cove Property Owners Association - South Gulf Cove HOA Inc.. A residential community in Port Charlotte, Florida

[dis2cruise]

Following

[Harbor Hopper]

Following what? This thread pretty much ended in February....

[mr&mrssunshine]

Joe Carroll ??


incidentally SGC is HOT right now...I have been looking at sailboat lots for an investor from Miami who wants to get building over there ...............more work !!!!

[Trader Vic]

We purchased a canal home in January. We were originally drawn to Port Charlotte because of the Money magazine article that called it one of the most affordable places to retire. Depressed prices, low interest rates. Not much has changed, but you have to do your homework. We researched for a year, and also had a bit of luck.

Be aware that many of the online photos of houses for sale are misleading. Our eventual purchase was very true to the pictures. Some were just run-away-screaming awful.

People are listing their homes too high in hopes of getting some "Northern Dollars" - the snowbirds that don't have tight budgets. Watch the asking prices fall over time. Seems like some sellers just won't budge, and as a result end up sitting on the market for a year or more. I sensed some desperation among the realtors as well. You need to be strong and in the lead of negotiations.

Moving water is necessary in a good canal. It refreshes the water twice daily with the tides. Don't go too far inland or you'll wind up on a bug-infested stinking fresh water drainage ditch of a water feature. The end of a canal is a poor choice for the same reason.

I didn't even know about the locks in South Gulf Cove. We're three bridges from the Harbor on the side south of Murdock Circle. Our property also has the advantage of being 13 feet above sea level. We don't need flood insurance as a result. Homes closer to the harbor will be swamped in a hurricane.

To say that Port Charlotte is "diverse" is putting it mildly. We keep hearing the saying "the home of the newly wed and nearly dead," which is funny but sort of accurate. Our neighbors are wonderful - in their 50s like us, and grounded people from the Midwest. The snowbird effect is pronounced, leaving a lot of homes vacant in the summer. We plan to live in PC year round when we finally move. For now it's a vacation home, and we couldn't be happier with our choice.

[MikeM8560]

Originally Posted by mr&mrssunshine

Joe Carroll ??


incidentally SGC is HOT right now...I have been looking at sailboat lots for an investor from Miami who wants to get building over there ...............more work !!!!

good news