North Port & Port Charlotte Question? (Sarasota: fit in, for sale, 2014)

[LoveGulfCoast]

I am looking for information on North Port and Port Charlotte. I'd like to know in the different price points, how long are the houses in these 2 cities staying on the market (a few months of statistics) and what rents go for in these areas.

I'm trying to get info together for investment properties to see if these areas would be good investments.

If anyone knows how I can get these statistics, I would appreciate it.

Thanks

[SoFLGal]

Originally Posted by LoveGulfCoast

I am looking for information on North Port and Port Charlotte. I'd like to know in the different price points, how long are the houses in these 2 cities staying on the market (a few months of statistics) and what rents go for in these areas.

I'm trying to get info together for investment properties to see if these areas would be good investments.

If anyone knows how I can get these statistics, I would appreciate it.

Thanks

In the last three months in North Port 199 homes sold under $100K. The average DOM was 81 days. There were 109 homes that sold in NP in the $100K-$150K range in the last three months, average DOM was 91 days.

Looking at Port Charlotte in the last three months there were 275 homes that sold under $100K and the average DOM was 96 days. Looking at homes priced from $100K-$150K in the last three months there were 100 homes that sold, with an average DOM of 134 days.

The DOM is skewed somewhat because of the large amount of short sales on the market and the amount of time they sit on the market. For instance, if I take the first stat that I pulled of homes in NP in the last three months that sold under $100K and I take out the short sale properties the average DOM would be 50 days. So, the short sales jack the DOM up quite a bit.

For a newer 3/2 in North Port or Port Charlotte you would get somewhere in the range of $900 per month. Keep in mind that there's a lot on the market for rent so you would want to keep your expenses low enough to be able to support a lower rent payment.

Good luck with it!

[LoveGulfCoast]

thanks! I am going to have to put a chart together to see if my investors will be interested. Is there a website I can get this information from?

Also, is there a way to find out the level of the finishes in the houses that are under 100K?

Thanks for the info.

[Col.W.Deering]

Originally Posted by LoveGulfCoast

I am looking for information on North Port and Port Charlotte. I'd like to know in the different price points, how long are the houses in these 2 cities staying on the market (a few months of statistics) and what rents go for in these areas.

I'm trying to get info together for investment properties to see if these areas would be good investments.

If anyone knows how I can get these statistics, I would appreciate it.

Thanks

You and your investors may have better luck investing your money in the stock market than in turning cheap houses in rental units for profit. There is an overwhelming abundance of rental units in the area, and the pool of people to rent these houses to is diminishing.

[LoveGulfCoast]

Thanks Col. We would be looking for homes that were left unfinished and would finsh them and then turn them into rentals.

Thanks for your input. I will take it into consideration.

[SoFLGal]

Actually, no. To my knowledge you wouldn't have access to this info on the public side of the MLS: Florida Homes for Sale direct from MLS It takes me only few minutes to pull those kind of stats on the Realtor side of the MLS.

I think you could do well with turning homes, if you area knowledgeable about the area. There's a Realtor that just snatched up a home that was a former drug home. He bought it for $78K and put around $15K into it and sold it in a month for $125K. Of course, he's on the front lines and knows what he's doing but I would say that's a pretty good ROI in one months time. Don't know if you could turn that kind of profit in a month in the stock market. Not saying that one investment is truly better than the other because I think you have the potential to do well in both areas. Again, it all comes down to being an informed investor.

I have two rental units in Port Charlotte that I purchased and just recently finished doing the necessary repairs on and I found good tenants for both sides in a little over a week. I would however agree that it is tricky trying to find good tenants and there are a lot of places available to rent right now. One person found the place from the rent sign in front of the property and the other found the property from my ad on Craigslist.org. I spent no money advertising the places.

[Col.W.Deering]

Originally Posted by SoFLGal

I think you could do well with turning homes, if you area knowledgeable about the area.

I'm sorry, I thought the OP was talking about him and his investors becoming some kind of landlords for profit. I didn't know his question was about Flopping. I'm so naive sometimes.

[LoveGulfCoast]

Thanks to both of you for your comments. I was asking about both buying to finish and buying for rentals.

Do either of you know what sort of costs are involved in getting permits? Re-engineering,etc?

Thanks!

[SoFLGal]

Originally Posted by LoveGulfCoast

Thanks to both of you for your comments. I was asking about both buying to finish and buying for rentals.

Do either of you know what sort of costs are involved in getting permits? Re-engineering,etc?

Thanks!

I don't get to involved with the contracting end of things but I have been told that permitting in Sarasota county is more expensive than Charlotte county. For North Port call down to building and permitting and ask for Bud Korte, he's a real great guy and runs the place down there. Don't know anyone in Charlotte county permitting but I'm sure with a quick call you can get all the info you need.